The 2008-09 Crisis in Turkey: Performance, Policy Responses and Challenges for Sustaining the Recovery
Turkey is recovering from its most severe recession in several decades. The massive contraction in GDP is largely explained by the unprecedented collapse in foreign demand, which was aggravated in Turkey by negative confidence effects and structural problems with competitiveness prior to the crisis....
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2010
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| Schriftenreihe: | OECD Economics Department Working Papers
no.819 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | Turkey is recovering from its most severe recession in several decades. The massive contraction in GDP is largely explained by the unprecedented collapse in foreign demand, which was aggravated in Turkey by negative confidence effects and structural problems with competitiveness prior to the crisis. In contrast to previous recessions, Turkey could afford counter-cyclical polices and the financial markets proved resilient. During the crisis, the authorities cut interest rates significantly and promptly and implemented fiscal stimulus. This truly novel experience was possible thanks to a better macroeconomic position, a sounder monetary and fiscal policy framework, and better financial market regulations. The immediate policy challenge is to gradually remove policy stimulus and address medium-term stability considerations in a way that does not jeopardise the recovery. This paper relates to the 2010 OECD Economic Review of Turkey (www.oecd.org/eco/surveys/turkey). |
| Beschreibung: | 1 Online-Ressource (29 p.) 21 x 29.7cm. |
| DOI: | 10.1787/5km36j7d320s-en |
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| spelling | Rawdanowicz, Łukasz VerfasserIn aut The 2008-09 Crisis in Turkey Performance, Policy Responses and Challenges for Sustaining the Recovery Łukasz, Rawdanowicz = La crise 2008-09 dans la Turquie : La performance, les réponses politiques et défis pour le maintien de récupération / Łukasz, Rawdanowicz La crise 2008-09 dans la Turquie Paris OECD Publishing 2010 1 Online-Ressource (29 p.) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.819 Turkey is recovering from its most severe recession in several decades. The massive contraction in GDP is largely explained by the unprecedented collapse in foreign demand, which was aggravated in Turkey by negative confidence effects and structural problems with competitiveness prior to the crisis. In contrast to previous recessions, Turkey could afford counter-cyclical polices and the financial markets proved resilient. During the crisis, the authorities cut interest rates significantly and promptly and implemented fiscal stimulus. This truly novel experience was possible thanks to a better macroeconomic position, a sounder monetary and fiscal policy framework, and better financial market regulations. The immediate policy challenge is to gradually remove policy stimulus and address medium-term stability considerations in a way that does not jeopardise the recovery. This paper relates to the 2010 OECD Economic Review of Turkey (www.oecd.org/eco/surveys/turkey). Economics Türkiye FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/5km36j7d320s-en Volltext |
| spellingShingle | Rawdanowicz, Łukasz The 2008-09 Crisis in Turkey Performance, Policy Responses and Challenges for Sustaining the Recovery Economics Türkiye |
| title | The 2008-09 Crisis in Turkey Performance, Policy Responses and Challenges for Sustaining the Recovery |
| title_alt | La crise 2008-09 dans la Turquie |
| title_auth | The 2008-09 Crisis in Turkey Performance, Policy Responses and Challenges for Sustaining the Recovery |
| title_exact_search | The 2008-09 Crisis in Turkey Performance, Policy Responses and Challenges for Sustaining the Recovery |
| title_full | The 2008-09 Crisis in Turkey Performance, Policy Responses and Challenges for Sustaining the Recovery Łukasz, Rawdanowicz = La crise 2008-09 dans la Turquie : La performance, les réponses politiques et défis pour le maintien de récupération / Łukasz, Rawdanowicz |
| title_fullStr | The 2008-09 Crisis in Turkey Performance, Policy Responses and Challenges for Sustaining the Recovery Łukasz, Rawdanowicz = La crise 2008-09 dans la Turquie : La performance, les réponses politiques et défis pour le maintien de récupération / Łukasz, Rawdanowicz |
| title_full_unstemmed | The 2008-09 Crisis in Turkey Performance, Policy Responses and Challenges for Sustaining the Recovery Łukasz, Rawdanowicz = La crise 2008-09 dans la Turquie : La performance, les réponses politiques et défis pour le maintien de récupération / Łukasz, Rawdanowicz |
| title_short | The 2008-09 Crisis in Turkey |
| title_sort | 2008 09 crisis in turkey performance policy responses and challenges for sustaining the recovery |
| title_sub | Performance, Policy Responses and Challenges for Sustaining the Recovery |
| topic | Economics Türkiye |
| topic_facet | Economics Türkiye |
| url | https://doi.org/10.1787/5km36j7d320s-en |
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