KARAKURT, Birol Karadeniz Teknik Üniversitesi - Iktisadi ve Idari Bilimler Fakültesi (İİBF) - Maliye Bölümü, Turkey

WASHİNGTON KONSENSÜSÜ’NDEN KÜRESEL MALİ KRİZE MALİ DİSİPLİN VE TÜRKİYE’DEKİ GELİŞMELER

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The Washington Consensus managing global economy last 20 years was initially considered to stabilize the Latin America economies countries in the 1980s. Consensus’s policy recommendations have also been adopted by IMF and World Bank, and suggested for whole developing countries. The most important policy recommendation of the Consensus is fiscal discipline. Being consistent with the Concensus’s policy recomendations, IMF policies have emphasized the fiscal discipline to prevent economic crises caused by budget deficit and debt stock. Even though Turkey’s stabilization programs targeting to realize fiscal discipline, the occurrence of several economic crises points out the persistency of financial fragility in the Turkish economy. Contrary to the Consensus’s policy recomendations, global financial crises encouraged expansionary fiscal policies in several countries, inclluding Turkey. Consequently, the effects of expansionary fiscal policy can be seen in the Turkish central government budget and mid-term programme.

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Washington Consensus , Fiscal Discipline , Global Crisis , IMF , Turkey

Journal Of Economics and Administrative Sciences, Ataturk University

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