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Title:Global crisis, national responses: the political economy of Turkish exceptionalism PDF Logo
Authors:Öniş, Ziya
Güven, Ali Burak
Issue Date:2010
Series/Report no.:TÜSİAD-Koç University Economic Research Forum working paper series 1013
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.
Subjects:global economic crisis
fiscal stimulus
IMF
emerging markets
Turkey
Document Type:Working Paper
Appears in Collections:ERF Working Paper Series, TÜSİAD-Koç University Economic Research Forum (ERF)

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