Turkey's Distressing Dance with Capital Flows Report / Fatih Özatay, PhD

"In the aftermath of the 2001 crisis Turkey took important steps towards achieving macroeconomic and financial stability. Together with favorable international financial conditions, this helped to achieve a rather high per-capita GDP growth. The high growth period failed to be sustainable, however. From 2008 to 2013, Turkey had a rather volatile and low growth. This paper aims at analyzing the underlying reasons of high volatility of growth and discussing short-term economic policy alternatives to mitigate such undesired fluctuations..."