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 18 November 2008 An Example of Measures to Tackle the Crisis: Credit Guarantee System,Tepav Policy Paper
Ankara – TEPAV published a policy note on a policy measure targeted to ensure the continuation of loan flow disrupted by the global crisis. The note prepared by the Global Crisis Working Group presents a measure recommendation for the expansion of the Loan Guarantee Mechanism practice. TEPAV report underlines that the recommended measure does not solve the resource tightening problem of banks which result from deposit withdrawals and capital evaporations and says the mechanism targets to increase the volume of loans the banks extend under a certain resource level.
The report argues that to prevent or ease resource problem, primarily policies improving the confidence in the economy must be considered and then deposit guarantee and capital support to the system must be provided, if necessary. Furthermore, it is emphasized that the recommended fund mechanism will indirectly contribute to the establishment of the confidence in the economy.
The recommended measure was among measures addressed in the “Global Crisis and Turkey: Impacts and Recommendations” report launched by the TEPAV Global Crisis Working Group on 9 November 2008.
TEPAV will go on publishing policy notes elaborating on other measure options addressed in the mentioned report. Click here to continue...
13 November 2008 Search for Ways out of the Global Crisis: What should Turkey do in the G-20 Summit?,Tepav Policy Paper
Global financial crisis has provoked a debate on how countries should cooperate for tackling the adverse effects of the crisis on the one hand and prompted a new milieu where economic relations between nation states will be restructured. The G20 meeting to be held in mid-November is significant in being the first and the most important platform for the discussion of the new global architecture along with measures against the crisis. In an era when debates on the governance of the global economy have begun, Turkey’s active participation in these debates will bring on new opportunities in terms of its position in the new global architecture.
This note aims to contribute to these debates and offers an assessment framework to this end.
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09 November 2008 2007-08 Global Financial Crisis and Turkey: Impacts and Recommendations ,Tepav Policy Paper
The 2007-08 crisis differs from the crises that have been faced to date on account of its characteristic of “being global from the beginning”.
In terms of globality, the importance of the 1997-98 East Asian Crisis can also be emphasized. In fact, the concepts of “contagion effect” and spillover had frequently been referred to in the literature during the East Asian Crisis. On the other hand, it is clear that the nature of the East Asian Crisis does not indicate the characteristic of “being global from the beginning”. The crisis not only brings to the forefront the need for coordination among nation states within the current global financial architecture but also generates debate on the designation of new global mechanisms. More significantly still, the crisis brings along a risk for Turkey to lose years 2008 as well as 2009 and 2010 in terms of growth potential unless necessary measures are taken immediately.
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