ERC Homepage ERC Homepage
ERC CONFERENCES
ERC Lectures in Economics
ERC Working Papers
Executive Committee
About ERC
e-mail
METU Home Page
Department of Economics
 

ERC WORKING PAPERS

The Impacts of the Global Crisis on the Turkish Economy and Policy Responses

Hasan Comert and Selman Colak

Abstract:
This paper focuses on the impacts of the recent global crisis on the Turkish economy and the policy measures taken in response to the crisis. Turkish economy was adversely affected by the crisis through mainly three channels, namely expectations channel, trade channel and financial channel. The distinctive characteristic of the crisis was a severe export shock which can account for an important part of the decline in production in Turkey. Beside this, a significant sudden stop in financial flows worsened the credit conditions in the economy. As a result, the Turkish economy witnessed one of its worst economic down-turns after the Second World War. In fact, the Turkish growth performance was one of the worsts among developing countries. However, as opposed to previous crises, the financial markets in Turkey and many other developing countries did not experience a collapse. We argue that this is mainly related to the small magnitude and short duration of the financial shocks hitting Turkey and other developing countries relative to the ones in the previous decades. In this sense, the Turkish economy might not have been fully tested during the last global crisis. How the economy will behave in case of a larger financial shock is still unknown. 

Full Text (in Adobe Acrobat format)

2014

  • 14/17 The Impacts of the Global Crisis on the Turkish Economy and Policy Responses
    Hasan Comert and Selman Colak

  • 14/16 Kuresel Dengesizlikler ve Kriz Tartismasi Isiginda Cari Denge ve Sermaye Hesabini Anlamak
    Hasan Comert and Guney Duzcay

  • 14/15 Financial Integration and Growth: A Nonlinear Panel Data Analysis
    Duygu Yolcu Karadam and Nadir Ocal

  • 14/14 Wage Inequality and Wage Mobility in Turkey
    Aysit Tansel , Basak Dalgic and Aytekin Guven

  • 14/13 Structural Change in Turkish External Trade: Evidence from BEC Sectors
    Erdal Ozmen and Duygu Yolcu-Karadam

  • 14/12 Reel Doviz Kuru ve Turkiye Dis Ticaret Dinamikleri
    Erdal Ozmen

  • 14/11 Can Financial Stability be Maintained in Developing Countries after the Global Crisis: The Role of External Financial Shocks?
    Hasan Comert and Mehmet Selman Colak

  • 14/10 Turkiye Enflasyon Hedeflemesi Deneyiminde Doviz Kurunun Rolu
    Ahmet Benlialper and Hasan Comert

  • 14/09 Defining and measuring informality in the Turkish labor market
    Elif Oznur Acar and Aysit Tansel

  • 14/08 Does private tutoring increase students’ academic performance? Evidence from Turkey
    Giray Berberoglu and Aysit Tansel

  • 14/07 Gelir Hareketliligi Esitsizlikleri Azaltabilir mi? Turkiye Ornegi
    Aytekin Guven , Basak Dalgic and Aysit Tansel

  • 14/06 Health Behaviors and Education in Turkey
    Aysit Tansel and Deniz Karaoglan

  • 14/05 Globalization, Technology and Skills: Evidence from Turkish Longitudinal Microdata
    Ilina Srour , Erol Taymaz and Marco Vivarelli

  • 14/04 Exchange Rate Regimes and Business Cycles: An Empirical Investigation
    Fatma Pinar Erdem and Erdal Ozmen

  • 14/03 Entry to Foreign Markets and Productivity: Evidence from a Matched Sample of Turkish Manufacturing Firms
    Basak Dalgic , Burcu Fazlioglu and Deniz Karaoglan

  • 14/02 Impact of Internal Migration on Political Participation in Turkey
    Ali T. Akarca and Aysit Tansel

  • 14/01 Changes in Global Trade Patterns and Women's Employment in Manufacturing: an Analysis over the Period of Asianization and De-industrialization
    Burca Kizilirmak , Emel Memis , Sirin Saracoglu and Ebru Voyvoda
  • 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996