Elekdag, Selim; Alp, Harun - International Monetary Fund (IMF) - 2011
implemented by the CBRT and exchange rate flexibility both helped substantially soften the impact of the global financial crisis. …Turkey is an interesting case study because it was one of the hardest hit emerging economies by the global financial … crisis, with a year-over-year contraction of 15 percent during the first quarter of 2009. At the same time, anticipating the …