About the sources of the transformation of Turkish financial and economic crises in the globalization period

Abstract

The article focuses on one of the most important features of Turkey’s economic development in recent decades: periodic crises of growth arising from a similar set of causes. During globalization, the sources of these crises changed. Whereas they previously had mainly external origins, domestic financial tensions and consequent macroeconomic instability also became sources. The author regards this change as a result of Turkey’s growing agency in international financial relations under conditions of financial openness, one of the main attributes of globalization.