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Economic crises and long-term growth in Turkey, Volume 1
Author:Onis, Ziya; Riedel, James; Country:Turkey;
Date Stored:2002/09/12Document Date:1993/01/31
Document Type:PublicationSubTopics:Achieving Shared Growth; Environmental Economics & Policies; Macroeconomic Management; Economic Theory & Research; Economic Stabilization
ISBN:ISBN 0-8213-2298-2Language:English
Major Sector:(Historic)Economic PolicyRegion:Europe and Central Asia
Report Number:11744Sub Sectors:(Historic)Macro/non-trade
Collection Title:World Bank comparative macroeconomic studiesVolume No:1

Summary: This book explains why Turkey has experienced persistent macroeconomic instability punctuated by a crisis, or the clear threat of crisis, about every ten years or so since the end of World War II. In addition to identifying the sources of Turkey's macroeconomic problems and explaining why Turkish governments responded to crises in the ways they did, the book analyzes the effects of macroeconomic policy in general, and of crisis management in particular, on long-term economic growth. The focus on the link between macroeconomic policy and long-term growth sets this book apart from most of the existing literature, which routinely treats these issues as separate from each other. While economic crises in developing countries are often attributed to external shocks, this book argues that Turkey's were home-grown difficulties which were mainly the result of successive attempts to make the economy grow faster than was possible without incurring both political and economic crisis. To explain why successive governments, whether right or left of the political center, periodically pushed the economy beyond stability and into crisis, the book explores the political economy of Turkey, in which ideology and institutions, social structure and economic policy, are intertwined.

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