By Prof Yener Altunbas;Dr Alper Kara;?zlem Olgu
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Additional info for Turkish Banking: Banking under Political Instability and Chronic High Inflation
During the fourteen years of Atatürk’s presidency, the country underwent a great transformation, attempting to change the religious, social and cultural bases of Turkish society as well as its political and economic structure. The Ottoman Empire, predecessor of the Turkish Republic, had been a strong Islamic Empire in the world and had powerful religious ties. 5 Adnan MENDERES Adnan MENDERES Adnan MENDERES Adnan MENDERES Adnan MENDERES Cemal GÜRSEL Cemal GÜRSEL I˙ smet I˙ NÖNÜ I˙ smet I˙ NÖNÜ I˙ smet I˙ NÖNÜ Suat Hayri ÜRGÜPLÜ Süleyman DEMI˙ REL ˙ Süleyman DEMIREL Süleyman DEMI˙ REL ˙ Nihat ERIM ˙ Nihat ERIM Ferit MELEN Naim TALU Mustafa Bülent ECEVI˙ T Sadi IRMAK Süleyman DEMI˙ REL ˙ Mustafa Bülent ECEVIT Süleyman DEMI˙ REL ˙ Mustafa Bülent ECEVIT ˙ Süleyman DEMIREL Bülent ULUSU Turgut ÖZAL Turgut ÖZAL Yıldırım AKBULUT A.
The beginning of the 1980s saw another structural change in the Turkish economy, towards export-orientated growth supported by capital account and trade liberalization, and the establishment of a free market economy. The inability to control fiscal deficits was the core problem in the Turkish economy during this period, leading to high chronic inflation that ranged between 30 per cent and 100 per cent. Irresponsible fiscal spending, high interest rates and inflation, lax macroeconomic policies, a weak financial system and the impact of sudden capital inflows and outflows led to severe economic crises in both 1994 and 2000/01.
5 per cent of GNP in the 1990s. 3. Portfolio investments have not been as important as deposits, loans and trade credits, and in most years of the 1990s, deposits and credits were dominated by short-term flows. Investments in equity securities have been less important than investments in debt securities. 4. The public sector has been a net repayer to (rather than a net borrower from) the foreign sector. 5. In the first half of the 1990s, most loans and credits were extended by foreign investors through banks.