Yıl 2015, Cilt 1, Sayı 1, Sayfalar 5 - 16 2015-03-12

From Financial Crisis to Financial Stability (Turkish Experience)

Ali Arshadi [1]

190 523

This paper try to give a picture of Turkish crisis during 2000-2001 and the reforms were fulfilled after that especially in financial system sector. Survey about experiences such as turkey can have many useful lessons for countries like Iran and other developing countries that have similar conditions.

Turkish experience show us in a unstable economic environment that has been characterized by runaway and chronic inflation ; high past through exchange rate; fragility in banking system and heavy fiscal dominance; could implement a structural reforms during a short period and come bake to the right way and reach to the amazing results as soon as possible.[1] The conducted exit strategy in turkey consist of  three main channel including 1) fiscal reforms; 2)adoption a sustainable monetary policy based on floating exchange rate and tightening monetary base and 3)finally banking sector restructuring.[2] The consequence of conducted reforms can be shown in slowdown inflation rate and achievement to a stable economic growth.

It’s necessary to be mentioned that turkey before 2001 reforms had experienced several efforts to achieve a suitable economic conditions but all of them had failed.

The structure of this paper is including: i) in the first section; the conditions before crisis that Turkish economy had be faced with them are drawn. ii) And in the second sector; the main performances were done to pass the crisis especially in the financial sector has been discussed. iii) Finally the lessons taken from Turkish will be explained.

Keywords: monetary policy; banking system; inflation targeting


[1] The best evidence for this comment can be shown with the trend of inflation during 2002-2004 periods. while in the November of 2000; inflation was 68 percent ;in the end of 2004 this index reached to the 14%

[2] The banking restructuring program was initiated in May 2001.

monetary policy; banking system; inflation targeting
  • Akinik’o and b.usta(2005)indicators for the dollarization process in turkey, working paper no.05/17,central bank of turkey, Ankara
  • CBT(2005): general framework of inflation targeting regime and monetary and exchange rate policy for 2006,www.tcmb.gov.tr
  • Kara ,h.(2006): Turkish experience with implicit inflation targeting; working paper no.06/03,central bank of turkey
  • Kara;h. (2008) exchange rate passes through in turkey. Working paper no, 05/04, central bank of turkey, Ankara.
  • Ozatay; f and g.sak (2007): banking sector fragility turkey’s 2000-2001 financial crises ‘Washington d.c brooking institution press’pp/121-160
  • World Bank (2006): turkey: country economic memorandum; toward macroeconomic stability and sustained growth; World Bank report no26301-tu Washington d.c.
  • www.tcmb.gov
  • www.tmsf.gov
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Bibtex @ { ijasos104800, journal = {International E-Journal of Advances in Social Sciences}, issn = {}, eissn = {2411-183X}, address = {OCERINT International Organization Center of Academic Research}, year = {2015}, volume = {1}, pages = {5 - 16}, doi = {10.18769/ijasos.79694}, title = {From Financial Crisis to Financial Stability (Turkish Experience)}, key = {cite}, author = {Arshadi, Ali} }
APA Arshadi, A . (2015). From Financial Crisis to Financial Stability (Turkish Experience). International E-Journal of Advances in Social Sciences, 1 (1), 5-16. DOI: 10.18769/ijasos.79694
MLA Arshadi, A . "From Financial Crisis to Financial Stability (Turkish Experience)". International E-Journal of Advances in Social Sciences 1 (2015): 5-16 <http://ijasos.ocerintjournals.org/issue/7985/104800>
Chicago Arshadi, A . "From Financial Crisis to Financial Stability (Turkish Experience)". International E-Journal of Advances in Social Sciences 1 (2015): 5-16
RIS TY - JOUR T1 - From Financial Crisis to Financial Stability (Turkish Experience) AU - Ali Arshadi Y1 - 2015 PY - 2015 N1 - doi: 10.18769/ijasos.79694 DO - 10.18769/ijasos.79694 T2 - International E-Journal of Advances in Social Sciences JF - Journal JO - JOR SP - 5 EP - 16 VL - 1 IS - 1 SN - -2411-183X M3 - doi: 10.18769/ijasos.79694 UR - http://dx.doi.org/10.18769/ijasos.79694 Y2 - 2018 ER -
EndNote %0 International E-Journal of Advances in Social Sciences From Financial Crisis to Financial Stability (Turkish Experience) %A Ali Arshadi %T From Financial Crisis to Financial Stability (Turkish Experience) %D 2015 %J International E-Journal of Advances in Social Sciences %P -2411-183X %V 1 %N 1 %R doi: 10.18769/ijasos.79694 %U 10.18769/ijasos.79694