Recurring financial crises in the semi-periphery have raised serious question marks concerning the role of the IMF in the era of financial globalization, particularly in the aftermath of the Asian Crisis of 1997. The present paper attempts to provide a critical and at the same time a balanced...

Turkey has experienced consecutive financial cises in November 2000 and February 2001. The crisis of 2001 was particularly far-reaching in terms of its impact resulting in a major collapse of output and employment. It was also quite distinct in terms of its income distributional consequences...

Subsidized capital flows have made a major contribution to the recovery of the Turkish economy from the acute balance of payments crisis of the late 1970s. The inflow of foreign capital on a substantial scale has facilitated rapid growth in imports of essential raw materials and investment goods...