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

Year 2016, Volume: 4 Issue: 2, 149 - 159, 01.04.2016

Musa Gün Fatih Yiğit

Abstract

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

Abstract

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

Keywords

Global Crisis, Structural Change, Turkey’s Economy

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