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By Tevfik Nas

This e-book examines the industrial transformation of Turkey, a country that has risen from naked subsistence within the early Twenties to a thriving marketplace financial system because it techniques its ecu vacation spot. It reports the liberal interval of the Twenties, highlights Turkey's inward-looking monetary and coverage environments that prevailed for greater than 4 many years, and gives an in-depth examine the stabilization and restructuring efforts because the Nineteen Eighties, concentrating on the legislative and political reforms applied to conform with the phrases of access into the european. it is a well timed identify that may be of serious curiosity to coverage makers, teachers, and most people, and is a precious reference for college students and students of foreign economics, macroeconomics, and public coverage.

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Extra resources for Tracing the Economic Transformation of Turkey from the 1920s to EU Accession

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CHAPTER THREE STABILIZATION AND RESTRUCTURING DURING THE 1980s Throughout the 1970s, excessive public- and private-sector spending in Turkey contributed to high inflation, greater dependency on imported inputs, and severe foreign-exchange shortages that ultimately led to the introduction of the 1980 stabilization and structural adjustment program. Prior to the program’s implementation, exchange rates were fixed, and even with occasional devaluations, the Turkish lira was continually overvalued.

Sources: The Grand National Assembly of Turkey and The Republic of Turkey Ministry of Foreign Affairs. 1 34 chapter three stabilization and restructuring during the s 35 essential for Turkey to abandon its state-led industrialization, its restrictive trade regime, and its financial repression. They also believed that to achieve those ends, the country had to employ adjustment measures that were in accordance with an outward-looking free-market-oriented structural adjustment and stabilization program.

Generous export incentives in the form of tax rebates and subsidized credit rates and the availability of substantial excess capacity 13 “Turkey Puts the Brakes on Rapid Growth,” Wall Street Journal, August 4, 1988. 7 Sources: TÜRKSTAT, Statistical Indicators 1923–2005; Central Bank of the Republic of Turkey, Electronic Data Delivery System; Turkish Treasury, Economic Indicators. State Planning Organization, Economic and Social Indicators 1950–2006. 3 Sources: TÜRKSTAT, Statistical Indicators 1923–2005; Central Bank of the Republic of Turkey, Electronic Data Delivery System; Turkish Treasury, Economic Indicators, Treasury Statistics 1980–2003.

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