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Fiscal Aspects of Adjustment in the 1980s

  • Merih Celâsun

Abstract

In the post-1973 era, Turkey faced her debt crisis before the second oil shock of 1979, and launched an outward-oriented and market-based program in 1980. Against the background of the rapidly worsening economic situation in 1978–9, the post-1980 adjustment effort produced credible results in a number of important directions. After a brief interval of output contraction in 1980, the program proved to be effective in relieving commodity shortages and hoarding, inducing an export-led recovery, and restoring creditworthiness just as other heavily indebted LDCs were entering into deepest crises in their recent history.

Keywords

Fiscal Policy Public Debt External Debt Fiscal Deficit Debt Relief 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Tosun Arıcanlı and Dani Rodrik 1990

Authors and Affiliations

  • Merih Celâsun

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