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The crisis of 2001 and the program for the transition to a strong economy

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Chapter Summary

This chapter analyzes the economic events that led to and followed the adoption of a floating exchange rate regime, which was a major departure from Turkey's 1999 Disinflation and Fiscal Adjustment Program. A detailed review of the program outcome and the November 2000 banking crisis is followed by highlights of the 2001 crisis and a discussion of the Memorandum on Economic Policies and various letters of intent that were submitted to the International Monetary Fund. The chapter highlights the economic and political factors that might have led to the Adalet ve Kalkinma Partisi's (AKP) strong showing in the 2002 parliamentary election. Among likely factors that may have underscored the defeat of Bülent Ecevit's coalition government and thus brought Turkey's alleged Islamists to power, the chapter focuses on economic hardship, the declining credibility and influence of traditional politics, and the weak public policy responses to corrupt practices in the past.

Keywords: 2001 crisis; 2002 parliamentary election; Adalet ve Kalkinma Partisi (AKP); Fiscal Adjustment Program; Turkish economy



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