Research Article

A Comparative Analysis of Crisis Profiles in Türkiye: Macroeconomic Adjustment Dynamics During the 2008–2009 Global Financial Crisis and the 2020–2022 Pandemic and Post-Pandemic Adjustment Period

Volume: 10 Number: 2 October 4, 2026
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A Comparative Analysis of Crisis Profiles in Türkiye: Macroeconomic Adjustment Dynamics During the 2008–2009 Global Financial Crisis and the 2020–2022 Pandemic and Post-Pandemic Adjustment Period

Abstract

This article aims to compare the macroeconomic crisis profiles of Türkiye during the 2008–2009 global financial crisis and the 2020–2022 pandemic and post-pandemic adjustment period. Rather than evaluating crises solely through growth outcomes, the study focuses on identifying the dominant channels through which macroeconomic vulnerability became visible in each episode. To this end, the research employs a comparative descriptive framework based on selected benchmark years: 2008, 2009, 2020, 2021, and 2022. The dataset consists of macroeconomic indicators representing the real economy, income, labor market, price stability, external balance, external trade, external finance, public finance, public debt, and monetary-policy conditions. The analysis proceeds through level comparison, directional assessment, dimensional evaluation, and relative crisis-intensity interpretation, followed by the construction of a comparative crisis profile matrix. The findings indicate that the 2009 episode was shaped more strongly by output contraction, labor-market deterioration, trade compression, and public-debt pressure. By contrast, the 2020–2022 period displayed a more layered crisis profile: the initial pandemic shock in 2020 was followed by strong rebound dynamics in 2021, while 2022 was characterized more prominently by inflationary pressure, external imbalance, trade-deficit expansion, and policy constraints. The study concludes that these two episodes should not be treated as identical crises of different magnitudes, but as distinct macroeconomic regimes with different vulnerability structures. In this respect, the article contributes to the literature by offering a compact framework for interpreting changing crisis composition in Türkiye beyond a single GDP-based crisis assessment.

Keywords

References

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  3. Alp, H., Elekdağ, S., & Lall, S. (2011). The role of monetary policy in Turkey during the global financial crisis (IMF Working Paper No. 11/150). International Monetary Fund.
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  6. Bayar, A. A., Günçavdı, Ö., Levent, H., & Voyvoda, E. (2022). Evaluating the impacts of the COVID-19 pandemic on unemployment, income distribution and poverty in Turkey. Structural Change and Economic Dynamics, 63, 180–190.
  7. Bernanke, B. S., & Gertler, M. (1995). Inside the black box: The credit channel of monetary policy transmission. Journal of Economic Perspectives, 9(4), 27–48.
  8. Bernanke, B. S., Gertler, M., & Gilchrist, S. (1999). The financial accelerator in a quantitative business cycle framework. J. B. Taylor & M. Woodford (Eds.), Handbook of macroeconomics (Vol. 1C, pp. 1341–1393). Elsevier.

Details

Primary Language

English

Subjects

Macroeconomics (Other), Theory of Economy, International Economics (Other)

Journal Section

Research Article

Publication Date

October 4, 2026

Submission Date

April 7, 2026

Acceptance Date

August 16, 2026

Published in Issue

Year 2026 Volume: 10 Number: 2

APA
İmamoğlu, Ö. (2026). A Comparative Analysis of Crisis Profiles in Türkiye: Macroeconomic Adjustment Dynamics During the 2008–2009 Global Financial Crisis and the 2020–2022 Pandemic and Post-Pandemic Adjustment Period. Fiscaoeconomia, 10(2), 1-23. https://doi.org/10.25295/fsecon.1925178
AMA
1.İmamoğlu Ö. A Comparative Analysis of Crisis Profiles in Türkiye: Macroeconomic Adjustment Dynamics During the 2008–2009 Global Financial Crisis and the 2020–2022 Pandemic and Post-Pandemic Adjustment Period. FSECON. 2026;10(2):1-23. doi:10.25295/fsecon.1925178
Chicago
İmamoğlu, Özkan. 2026. “A Comparative Analysis of Crisis Profiles in Türkiye: Macroeconomic Adjustment Dynamics During the 2008–2009 Global Financial Crisis and the 2020–2022 Pandemic and Post-Pandemic Adjustment Period”. Fiscaoeconomia 10 (2): 1-23. https://doi.org/10.25295/fsecon.1925178.
EndNote
İmamoğlu Ö (October 1, 2026) A Comparative Analysis of Crisis Profiles in Türkiye: Macroeconomic Adjustment Dynamics During the 2008–2009 Global Financial Crisis and the 2020–2022 Pandemic and Post-Pandemic Adjustment Period. Fiscaoeconomia 10 2 1–23.
IEEE
[1]Ö. İmamoğlu, “A Comparative Analysis of Crisis Profiles in Türkiye: Macroeconomic Adjustment Dynamics During the 2008–2009 Global Financial Crisis and the 2020–2022 Pandemic and Post-Pandemic Adjustment Period”, FSECON, vol. 10, no. 2, pp. 1–23, Oct. 2026, doi: 10.25295/fsecon.1925178.
ISNAD
İmamoğlu, Özkan. “A Comparative Analysis of Crisis Profiles in Türkiye: Macroeconomic Adjustment Dynamics During the 2008–2009 Global Financial Crisis and the 2020–2022 Pandemic and Post-Pandemic Adjustment Period”. Fiscaoeconomia 10/2 (October 1, 2026): 1-23. https://doi.org/10.25295/fsecon.1925178.
JAMA
1.İmamoğlu Ö. A Comparative Analysis of Crisis Profiles in Türkiye: Macroeconomic Adjustment Dynamics During the 2008–2009 Global Financial Crisis and the 2020–2022 Pandemic and Post-Pandemic Adjustment Period. FSECON. 2026;10:1–23.
MLA
İmamoğlu, Özkan. “A Comparative Analysis of Crisis Profiles in Türkiye: Macroeconomic Adjustment Dynamics During the 2008–2009 Global Financial Crisis and the 2020–2022 Pandemic and Post-Pandemic Adjustment Period”. Fiscaoeconomia, vol. 10, no. 2, Oct. 2026, pp. 1-23, doi:10.25295/fsecon.1925178.
Vancouver
1.Özkan İmamoğlu. A Comparative Analysis of Crisis Profiles in Türkiye: Macroeconomic Adjustment Dynamics During the 2008–2009 Global Financial Crisis and the 2020–2022 Pandemic and Post-Pandemic Adjustment Period. FSECON. 2026 Oct. 1;10(2):1-23. doi:10.25295/fsecon.1925178
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