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Turkey's response to the global economic crisis

By Ibrahim M. Turhan and Zubeyir Kilinc

Abstract

Turkey was not affected by the financial crisis as much as the advanced economies and managed to rapidly exit the turmoil. The reasons behind the strong response and quick recovery of the Turkish economy were its low country risk and low currency risk premiums. This study shows the foundations of these low risk premiums and compares some measures of these risks of the Turkish economy with peer countries. Second, this paper demonstrates that all of Turkey’s economic sectors were very strong before the crisis and sustained this strength during the course of the crisis. Finally, it discusses the policies that have already been taken and planned to be taken by Turkey’s economic authorities. The government seems to be very determined in keeping fiscal discipline as tight as necessary while not being excessive

Topics: E66 - General Outlook and Conditions, E58 - Central Banks and Their Policies, G28 - Government Policy and Regulation, G01 - Financial Crises
Year: 2011
DOI identifier: 10.2753/ree1540-496x4806s502
OAI identifier: oai:mpra.ub.uni-muenchen.de:31214

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