Turkish Economy: Between Middle Income Trap and High Income Status 9783319703794, 9783319703800, 331970379X

Table of contents :
Contents
Notes on Contributors
List of Figures
List of Tables
On the Path to High-Income Status or to Middle-Income Trap: The Turkish Economy in Search of Its Future
1 Introduction
2 State, Institutions, and Political Economy
3 Financial System
4 Real Economy
Part I: Political Economy
The Role of the State in the Turkish Economy
1 Introduction
2 Public Finance and Fiscal Policies
3 Quality of Institutions
4 Smart Industrial Policies
5 Conclusion
References
Political Economy of Transformation of Capital Structure in Turkey: A Historical and Comparative View
1 Introduction
2 A Historical View: Two Different Perspectives and Political-Economic Bases
3 Breakthrough Period: Özal Era, Policy Implications, and Formation of a New Capital Structure
4 Positioning the Two Main Business Groups MUSIAD and TUSIAD Within the Junction of Transformation
References
Single-Party Governments as a Cause and Coalitions as a Consequence of Coups in Turkey
1 Introduction
2 Historical Background
3 Empirical Evidence
4 Summary and Conclusions
Appendix: Classification of Turkish Political Parties
References
Between Risks and Opportunities: Social Policies in Contemporary Turkey
1 Introduction
2 The Main Characteristics of the Turkish Welfare Regime and Social Policies in Turkey
3 The State and Social Policies in the Early Twenty-First Century
3.1 Education
3.2 Social Security
3.3 Health
3.4 Social Services
3.5 Housing
4 Policy Recommendations for the New Challenges Ahead
5 Conclusion
References
Turkey’s Struggle to Achieve High-­Income Status Through Adaptation to the Knowledge Economy
1 Introduction
2 Middle-Income-Trap Literature
3 Findings and Discussion
3.1 First Pillar: Turkey’s Education and Training Base
3.2 Second Pillar: Turkey’s Information and Telecommunications Infrastructure
3.3 Third Pillar: Turkey’s Innovation Base
3.4 Fourth Pillar: Turkey’s Business and Governance Climate
4 Conclusion
References
Part II: Financial System
Financial Openness, Financial Stability, and Macroeconomic Performance in Turkey: A Comparative Perspective
1 Introduction
2 Financial Openness: Is It Growth-
3 Turkish Liberalization Experience: From Crises to Growth
4 Conclusion
References
Capital Inflows and Banking in the Turkish Economy
1 Introduction
2 The Turkish Economy and Financial Inflows
3 Types of Financial Flows and Banking Through Non-core Liabilities
4 Turkish Banking Sector
4.1 Pre-2001 Developments
4.2 Post-2001 Developments
4.3 The Turkish Banking Sector and Non-core Liabilities
4.4 Overall Outlook and Some Policy Recommendations
5 Conclusion
References
Turkish Banking Industry: A CAMELS Analysis
1 Introduction
2 CAMELS
2.1 Capital Structure
2.2 Asset Quality
2.3 Management Capabilities (Financial Performance, Governance, and Rating)
2.4 Earnings
2.5 Liquidity Structure
2.6 Sensitivity to Market Risk and Interest-Rate Risk
3 Challenges and Opportunities Ahead
4 Conclusion
References
Modern History of Islamic Finance and a Strategic Roadmap for Its Development in Turkey
1 Introduction
2 Modern History of Islamic Finance in Turkey
2.1 Islamic Banking
2.2 Islamic Capital Markets
Sukuk
Islamic Indices and Funds
2.3 Takaful (Islamic Insurance)
2.4 Islamic Pension Funds
2.5 Islamic Microfinance
3 Policy Recommendations
References
Saving Behaviour in Turkey: Where Are We? And What Can We Do About It?
1 Introduction
2 Methodology
3 Potential Determinants of Saving
4 Stylized Facts Regarding Saving Rates in Turkey
5 Saving Behaviour in Turkey
6 Different Definitions of Saving
7 Where Are We and What Can We Do About It?
References
Part III: Real Economy, Trade and Energy
Towards Inclusive Growth and Sustainable Development: Science, Technology, and Innovation Strategies and Policy Implications
1 Introduction
2 STI Policies in Turkey
3 Comparative Performance of NSTI Systems
4 Policy Recommendation for Second Phase of NSTI Strategy
5 Conclusion
References
Thinking About a New Industrial Policy Framework for Turkey
1 Introduction
2 Industrialization and Industrial Policies in Turkey: Background
2.1 A Summary of Industrial Policies and Outcomes in Turkey
3 Current Level of Industrialization in Turkey
3.1 Manufacturing Value Added: Turkey and Some Comparators
3.2 Exports and Export Sophistication
3.3 Positioning Turkey in a Streamlined Industrialization Process Map
4 Thinking About a New Industrial Policy for Turkey
4.1 Concentration on Technical Capabilities of Industrial Layer
4.2 Sector Targeting
4.3 Branding for Product Differentiation
4.4 Science, Technology, and Innovation Policies and Innovation in Product Differentiation
4.5 Development-Based Public Procurement Policy
4.6 Reorganization of Industrial Policy Related to Public Entities
5 Conclusions
Appendix 1: Industrial Facilities Included in First Five-Year Industrial Plan (1934–1938) and Their Year of Establishment
References
Turkish Labour Market: Outlook, Key Challenges, and Policy Recommendations
1 Introduction
2 Turkish Labour Market Dynamics
3 Labour Market Reform to Boost Employment and Suggestions for Turkey
4 Conclusion
References
Developing National Competence in Nuclear Energy: The Case of Turkey
1 Introduction
2 Background Information: Turkey’s Nuclear Story
3 Discussion: Main Pillars of Nuclear Strategy
3.1 Human Capital
3.2 Research and Development
3.3 Safety
3.4 Industry
4 Conclusion
References
Beyond Planning and Liberalization: Foreign Trade and Industrial Development in Turkey
1 Introduction
2 A Tale of Industrialization and Deindustrialization in Turkey
3 Setting the Stage: Foreign Trade for Industrial Development
4 Collective Action in Governing the Commons: Reindustrialization and Trade
5 Conclusion
References
Challenges of Turkish Family Businesses Related to Effective Management Strategies
1 Introduction
2 Dynamics of Family Businesses
2.1 Issues Related to Founder-Entrepreneur
Fear of Losing Control: One-Man Control
The Question of Succession
Lack of Trust for Professionals
2.2 Issues Related to Family Culture
Effect of Socioemotional Wealth
Role Confusion in Relationships
Gender Issue in Succession and Employment
The Question of Nepotism
Overlooking Family Conflicts
2.3 Issues Related to Business Management
Consciousness of Life Cycle of Firm
Separation of Ownership and Management
Corporate Governance Structure
Board of Directors: Processes and Composition
Effective Management of Non-family Members
3 Suggestions and Comments
References
Index