@techreport{8a9373ba0b3c4979b22de26915a33809,
title = "Speculation-led growth and fragility in Turkey: Does EU make a difference or {"}can it happen again{"}?",
abstract = "The aim of this paper is to analyze the pattern of speculation-led growth in Turkey. It is dependent on international capital flows, whose continuity becomes more and more critical given the current account deficit, which is estimated to reach 6.1% as a ratio to GDP at the end of 2005. The paper assesses the sustainability of this speculation-led growth in the context of EU enlargement and compares the current state of fragility with former crises in Turkey as well as in East Asia and Latin America. Following a severe financial crisis in 2001, Turkey has entered a new phase of fragile growth led by boom-euphoric expectations. The paper aims at explaining this new phase and the evolution of the risk perceptions of both the creditors as well as the debtors in this {"}speculation game{"} based on the post-Keynesian/Minskyan concepts of endogenous expectations and financial fragility.",
author = "{\"O}zlem Onaran",
year = "2006",
doi = "10.57938/8a9373ba-0b3c-4979-b22d-e26915a33809",
language = "English",
series = "Department of Economics Working Paper Series",
number = "93",
publisher = "Inst. f{\"u}r Volkswirtschaftstheorie und -politik, WU Vienna University of Economics and Business",
edition = "May 2006",
type = "WorkingPaper",
institution = "Inst. f{\"u}r Volkswirtschaftstheorie und -politik, WU Vienna University of Economics and Business",
}