Fiscal Aspects of Adjustment in the 1980s

  • Merih Celâsun


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.


Fiscal Policy Public Debt External Debt Fiscal Deficit Debt Relief 
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© Tosun Arıcanlı and Dani Rodrik 1990

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  • Merih Celâsun

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