Download or read book Financial Reforms, Stabilization and Development in 21st Century Turkey written by Haluk Haksal and published by Vernon Press. This book was released on 2017-10-22 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: "This book addresses the following problem: How a developing country needs to conduct the transition to a free market economy with particular focus on financial market reforms. Additionally, it provides a basis for explaining potential divergence from desired outcomes. We present and analyze the case of Turkey. We explore the roots of Turkey's traditionally unstable economic performance, which we have identified as being linked to weak institutions and politically-led economic management. The Turkish case shows that though internationally accredited development policies are useful guidelines for policymakers, they constitute only an initial phase of an effective transition to be completed through a domestic commitment to achieve a de-politicized and a development-oriented institutional framework. The book not only explores the complex relationship between economic instability and structural reforms in an emerging economy, but it also investigates why the international development policies proposed to developing countries have not always been successful. It is a story of how institutions developed in one part of the world become adopted and adapted in other parts of the world, each time with tensions and difficulties. It is an on-going story of global inter-cultural institutional migration of gradually sorting out best practices, adopting norms and standards in a gradual process of trial and error. This book tells the story and analyses the role that Turkey has played in this process from 1980 onwards (with some flashbacks to earlier times when appropriate) with special reference to the premature deregulation of its financial markets. It thus examines the financial reforms undertaken by Turkey as it moved towards EU membership, with particular focus on central bank monetary policies. A book length study examining the reforms Turkey undertook in the financial area during this period does not exist. We have used country risk scores published by independent rating agencies and other metrics in the post-institutional reform period, which we believe constitute acceptable measures of the degree to which institutional reform has been successful or not."