Shaky emerging economies in view of the global financial crisis: the Turkish economy after three decades of liberal reforms

Faruk Ülgen

Post-Print from HAL

Abstract: In the wake of the global change of a new accumulation regime in major capitalist economies, the opening up and liberalisation process of emerging economies from the 1980s has provoked great expectations that resulted in recurrent disappointing crises. Studied as a stylized fact, the Turkish experience leads us to assess the role of liberalised macroeconomic environment, unsuitable economic policies and hesitant and weak regulatory mechanisms as the main sources of perverse sequencing in the reform area. The paper shows that the Turkish crises since the 1980s arose from bad macroeconomic policies, which implemented the neo-liberal shock therapy model and triggered boom-and-bust cycles. After three decades of liberal reforms, the Turkish economy remains still subject to structural downturns. The economic recovery is not guaranteed by a hasty liberalisation. It requires consistent policies which should frame economic agents' forms of behaviour in order to induce a sustainable macroeconomic development.

Keywords: liberalisation; stability; sustainable growth regime; Turkish economy (search for similar items in EconPapers)
Date: 2013-10-28
New Economics Papers: this item is included in nep-ara, nep-cwa, nep-ger and nep-mac
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00968501v1
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Published in Conference online "Neoliberalism in Turkey : a balance sheet of three decades", World economics association, 28 octobre-24 novembre 2013, Oct 2013

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Related works:
Working Paper: Shaky emerging economies in view of the global financial crisis: The Turkish economy after three decades of liberal reforms (2011)
Working Paper: Shaky emerging economies in view of the global financial crisis: the Turkish economy after three decades of liberal reforms (2010)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00968501

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