Impacts of The Global Economic Crisis on Economic Structure: An Example of Turkey’s Economy

Öz

In 2008, the global economic crisis is felt mainly in the world economy have led to major changes, the emergence of new and crisis effectively on a global scale are triggered. One of the effects of the global economic crisis is the structural changes in economies. In this study, the causes of the global economic crisis the course of the crisis and the effects appeared after the crisis have been examined. In the empirical study, the structure of Turkey’s economy between the period of 1998-2012 and the impact of the global crisis on the economy has been investigated using data from the Central Bank. In the study, it is assumed that the effects of the economic crisis will reflect on the country's Gross Domestic Product as a result. Firstly, using the quarterly GDP data a model of analysis was set for the entire period. Then, in order to determine the impact on the economic structure of the global crisis, the period was divided into two parts. As a result of the study, a structural change in Turkey’s economy has been seen on the basis of the global economic crisis of the 2008. Thus, Turkey's economy has been affected by the global economic crisis not as a temporarily change but a structural change. And it was seen that variables before and after the crisis is different from each other and it was concluded that the economy has entered into a new structural trend.

Impacts of The Global Economic Crisis on Economic Structure: An Example of Turkey’s Economy

Öz

In 2008, the global economic crisis is felt mainly in the world economy have led to major changes, the emergence of new and crisis effectively on a global scale are triggered. One of the effects of the global economic crisis is the structural changes in economies. In this study, the causes of the global economic crisis the course of the crisis and the effects appeared after the crisis have been examined. In the empirical study, the structure of Turkey’s economy between the period of 1998-2012 and the impact of the global crisis on the economy has been investigated using data from the Central Bank. In the study, it is assumed that the effects of the economic crisis will reflect on the country's Gross Domestic Product as a result. Firstly, using the quarterly GDP data a model of analysis was set for the entire period. Then, in order to determine the impact on the economic structure of the global crisis, the period was divided into two parts. As a result of the study, a structural change in Turkey’s economy has been seen on the basis of the global economic crisis of the 2008. Thus, Turkey's economy has been affected by the global economic crisis not as a temporarily change but a structural change. And it was seen that variables before and after the crisis is different from each other and it was concluded that the economy has entered into a new structural trend

Anahtar Kelimeler

• Global Crisis,Structural Change,Turkey’s Economy

Kaynakça

1. Afşar, M. (2011), “Küresel Kriz ve Türk Bankacılık Sektörüne Yansımaları”, Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 6 (2), 143-171.
2. Berberoğlu, B. (2011), “2008 Global Krizinin Türkiye ve Avrupa Birliği’ndeki Etkilerinin Kümeleme Analizi ile İncelenmesi”, Anadolu Üniversitesi Sosyal Bilimler Dergisi, 11 (1), 105-130.
3. Demyanyk, Yuliya and Hemert, Otto Van (2011), “Understanding the Subprime Mortgage Crisis”, Review of Financial Studies, 24(6): 1848-1880 doi:10.1093/rfs/hhp033. published online May 4, 2009
4. Eğilmez, Mahfi (2008), Küresel Finans Krizi, Piyasa Sisteminin Eleştirisi, Remzi Kitabevi, 2. Basım, sayfa 68, İstanbul.
5. Frame, W. Scott (2010), “Estimating the effect of mortgage foreclosures on nearby property values: A critical review of the literature”, Economic Review-Federal Reserve Bank of Atlanta, 95(3), II.
6. Foote, Chris, Kristopher Gerardi, and Paul Willen (2008), “Negative equity and foreclosure: Theory and evidence”, Journal of Urban Economics, 64, no. 2:234–45.
7. Gerardi, Kristopher, and Wenli Li (2010), “Mortgage foreclosure prevention efforts”, Federal Reserve Bank of Atlanta Economic Review, 95, no. 2:1–13.
8. Global Employment Trends: January 2009 / International Labour Office – Geneva: ILO, 2009, ILO Cataloguing in Publication Data

9. IMF, (2009) , World Economic Outlook 2009.
10. João A. C. Santos (2011), “Bank Corporate Loan Pricing Following the Subprime Crisis”, Review of Financial Studies, 24(6): 1916-1943 first published online November 16, 2010 doi:10.1093/rfs/hhq115
11. Murad Al-Shibli (2011), “The Fundamental Principle of Conservation of Physical Money: Its Violation and the Global Financial System Collapse, Journal of iBusiness, Vol. 3 No. 1, pp. 76-87. doi: 10.4236/ib.2011.31013.
12. OECD (2009), Harmonized Unemployment Rates, New Release – Paris, 9 February 2009.
13. Öcal, Nuran (2007), Türkiye’de Menkul Kıymetleştirme Uygulaması, Etkileri, Sorunlar Ve Çözüm Önerileri, SPK Yayınları, Yayın No: 106, Ankara.
14. Sancak, E. ve Demirbaş, E. (2011). “Küresel Ekonomik Kriz ve Türkiye Konut Sektörüne Etkileri”, Süleyman Demirel Üniversitesi İİBF Dergisi, 16 (3), 171-190.
15. Yavuz, S. ve Aslan, İ. (2012), “Türkiye’de 2008 Küresel Finansal Krizi: Krizin Erzincan İline Etkileri ve Beklentiler”, C.Ü. İktisadi ve İdari Bilimler Dergisi, 13 (1), 179-194.