Turkish Financial Crisis

Paper Summary:

The paper identifies the causes of the 2000 economic crisis in Turkey, which involved the lack of political unity, foreign investment as well as other macroeconomic viewpoints. The paper discusses the effects and repercussions of this crisis but points out that with the addition of a new philosophy, a new government and new policies, it looks like Turkey is poised to become a solid economy.

Outline:
Possible Causes
Effects of Crisis

From the Paper:

"Economic infrastructure is based on many factors. The devaluation of Turkey's fiscal market deteriorated through a series of specific sequences of events. Yet, various theorists argue what caused this was just a rational outcome of policies put in place years before. In December 1999, a new disinflation program was introduced as the political regime in Turkey had taken power. At this time, the Turkish government presented the viewpoint that the disinflation program had worked and a more regimented, stringent approach was needed to continue to win the war on inflation. Here, the potential of the program was written in a letter to the International Monetary Fund (IMF) in September 1999. Given the fact that Turkey had just experienced a devastating earthquake in August, the citizens embraced any hope of inflation reform and challenged few who presented notions of minimizing inflation rates."

Sample of Sources Used:

• Carkoglu, Ali. 2003. "Conclusion." Turkish Studies Journal. Retrieved from EBSCOhost Research Database on 22 January 2007.
• Dincerler, Goktekin E., Stockmeier, Hans-Martin. 2003. "Strengthening Turkish Banking." McKinsley Quarterly. Issue 2, p104-109. Retrieved from EBSCOhost Research Database on 22 January 2007.
• Gokkent, G., Moslares, C., & Amiel-Saenz. 2003. "Failure of an Exchange-Rate-Based Stabilization Plan in Turkey." Eastern European Economics: Jan/Feb 2003, Vol 41, Issue 1, p35. Retrieved from EBSCOhost Research Database on 22 January 2007.
• HSBC. 2007. "Turkey." http://www.hsbc.com/hsbc/about_hsbc/international-networks/europe/turkey.
• OECD. 2004. "Macroeconomic Policies: Strengthening Confidence & Reducing Risk Premia." OECD Economic Surveys: Turkey. Dec 2004, Vol 2004, Issue 15, p 39-59. Retrieved from EBSCOhost Research Database on 22 January 2007.

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