Global Crisis, National Responses: The Political Economy of Turkish Exceptionalism

Ziya Onis () and Ali Burak Güven
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Ziya Onis: Koc University

Koç University-TUSIAD Economic Research Forum Working Papers from Koc University-TUSIAD Economic Research Forum

Abstract: With its dilatory and piecemeal fiscal activism and uncharacteristic reluctance toward IMF assistance, the Turkish government’s response to the global economic crisis of 2008-2009 sharply contrasted the bold approaches adopted by other major emerging market countries. Underlying this policy exceptionalism were the constraints posed by Turkey’s pre-existing policy and macroeconomic constraints, cognitive failures on the part of policymakers, and the conjunctural dynamics of domestic politics. The interplay of these factors progressively narrowed the policy space for vigorous action, leading instead to a motley combination of reactive initiatives that neither offered sufficient protection to the most vulnerable social groups during the crisis nor promised sustainable growth in the long run.

Keywords: global economic crisis; fiscal stimulus; IMF; emerging markets; Turkey (search for similar items in EconPapers)
JEL-codes: F33 F39 (search for similar items in EconPapers)
Pages: 27 pages
Date: 2010-04
New Economics Papers: this item is included in nep-ara and nep-cwa
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