Black Swan: Economic Crises, Volume III by Unknown

Author:Unknown
Language: eng
Format: epub
ISBN: 9789819758869
Publisher: Springer Nature Singapore

5.6 2008 Global Economic Crisis and Turkiye

Before the global crisis and after the Asian crisis, the Trade volume of developing econo and Turkiye concluded a Staff Monitoring Agreement, which would last 10 years, in 1998 to deepen its audit (Bağımsız Sosyal Bilimciler 2006 Yılı Raporu 2006: 5). Also, in parallel with the 2001 crisis, Strong Economy Transition Program was launched in Turkiye. With this program, tight fiscal policies were implemented in order to provide a primary surplus. It was aimed to decrease public expenditures and increase public revenues thanks to the contractionary fiscal policies. The fiscal policies implemented in the 2002–2006 period yielded positive results, and the budget sizes began to be controlled, public deficits were reduced, the borrowing requirement decreased and the share of interest payments in the budget was reduced. However, the US mortgage crisis breaking out in September 2007 became global phenomenon in the last quarter of 2008 and after 2001, Turkiye had to face another major crisis. US housing loans stemming from the non-repayment of housing loans soon turned into a global crisis of 2008 that had an impact on Turkiye's economy. With public sector fiscal discipline policies and measures implemented since 2001, Turkiye's economy was able to resist the powers of the global crisis. However, the Turkish private sector could not confront the crisis in the same way as the public sector had done which gave rise to a decline in domestic and external demand, production, exports and a negative result in unemployment (Susam 2009: 227 as cited in Göze Kaya and Durgun Kaygısız 2015: 179).

Download

Copyright Disclaimer:
This site does not store any files on its server. We only index and link to content provided by other sites. Please contact the content providers to delete copyright contents if any and email us, we'll remove relevant links or contents immediately.