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.
The work reported here is partially based on a joint research project with Dani Rodrik in the context of the NBER project on Developing Country Debt. Research support by Tevfik Yaprak and helpful suggestions by Dani Rodrik are gratefully acknowledged.
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© 1990 Tosun Arıcanlı and Dani Rodrik
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Celâsun, M. (1990). Fiscal Aspects of Adjustment in the 1980s. In: The Political Economy of Turkey. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-11274-6_3
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DOI: https://doi.org/10.1007/978-1-349-11274-6_3
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