Between 1946 and 2010, Turkey evolved from a backward, closed agrarian economy into an open, urbanized economy with a significant industrial base capable of exporting a diverse set of products to many countries. The Turkish political system was transformed into a multi-party regime that allowed...

The following section are included:IntroductionThe Single-Party Regime and Étatism (1923–1945)Transition to Multi-Party Regime (1946–1950)Infancy Phase of the Multi-Party Regime — Failure on Both Fronts (1950–1960)Multi-Party Regime on a Fragile PathTowards an Open Market EconomyThe...

During the last two and half decades Turkey has suffered from three foreign exchange crisis resulting in considerable loss of income. The paper argues that the country in order to avoid the foreign exchange crisis has to stay away from having too big current account deficits. Noting that under...

Concerns of the EU countries on Turkey’s membership are summarized by the term ‘EU’s absorption capacity’. This implies that Turkey may end up as a member of the EU or may not. Even the reform process can abruptly come to an end due to reasons irrespective of the performance of Turkey....

National Defense is a public good that requires resources for its production and its availability affects the economic behavior of private agents. A major policy problem of the government is to find an optimal allocation of resources between private use and national defense. It is shown that, in...

This paper addresses two questions: Do Turkish private commercial banks take macroeconomic information into account in taking their major managerial decisions? And, if so, do they react to such information in a predictable manner? The findings, based on pooled cross-section time-series data for...

What macroeconomic requirements must Turkey meet in its quest to accede to the European Union? This book, with its distinguished contributors – well-known economists and policymakers – examines and analyses these macroeconomic challenges confronting Turkey. Although the focus is on...

For many observers, Turkey’s performance during the “2007+ global financial crisis”1 was puzzling. In the first half of the 2009, Turkey was one of the worst affected countries in the world. In addition, the Turkish government was too slow to react, and the measures taken seemed...

During the last two and half decades Turkey has suffered from three foreign exchange crises resulting in considerable loss of income. The paper argues that the country in order to avoid the foreign exchange crisis has to stay away from having too big current account deficits. Noting that under...

Finansal istikrarsızlık kavramı finans sisteminin temel işlevlerini yerine getirmemesi nedeniyle reel kesimin işleyişini olumsuz yönde etkilemesi olarak tanımlanabilir. Dolayısıyla, finansal istikrarın sağlanması için makro amaçlara ulaşmak üzere sistemi oluşturan mikro...