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  • 1. Written by eight OECD economists, the title of the report is ‘Looking to 2060: Longterm Global Growth Prospects’ and was published in November 2012; see Johansson et al. (2012).
  • 2. Oni§ and Aysan (2000) and Akin et al. (2009) provide evidence that the unstable political landscape of the 1990s had a substantial adverse effect on the Turkish economy.
  • 3. For evidence on these so-called duty losses, see IMF (1998), Al and Aysan (2006), Aysan and Ceyhan (2007), Aysan and Ceyhan (2008a, 2008b) and Abbasoglu et al. (2007).
  • 4. The European Council at its December 2004 summit in Brussels clearly underlined the rapid pace of transformation and reform that Turkey experienced after 2001. Also see Turhan (2008), Aysan et al. (2011), Turhan and Kilinc (2011) and Kilmf et al. (2012).
  • 5. See UNCTAD (2003) on the importance of private sector credits in generating high and sustained growth in middle-income developing countries.
  • 6. See Cetorelli and Goldberg (2011).


Abbasoglu O.F., A.F. Aysan and A. Gunes (2007), ‘Concentration, competition, efficiency and profitability of the Turkish banking sector in the post-crisis period’, Banks and Bank Systems, 2 (3), 106-15.

Akin, G.G., A.F. Aysan and L. Yildiran (2009), ‘Transformation of the Turkish financial sector in the aftermath of the 2001 crisis’, in Z. Onis and F. Senses (eds), Turkish Economy in the Post-Crisis Era: the New Phase of Neo-Liberal Restructuring and Integration to the Global Economy, London: Routledge, pp. 73-100.

Al, H. and A.F. Aysan (2006), ‘Assessing the preconditions in establishing an independent regulatory and supervisory agency in globalized financial markets: the case of Turkey’, International Journal of Applied Business and Economic Research, 4, 125-46.

Aysan, A.F. and S.P. Ceyhan (2008a), ‘Structural change and the efficiency of banking in Turkey: does ownership matter?’, MPRA Paper 17849, University Library of Munich, Germany.

Aysan, A.F. and S.P. Ceyhan (2008b), ‘What determines the banking sector performance in globalized financial markets? The case of Turkey’, Physica A: Statistical Mechanics and its Applications, 387 (7), 1593-602.

Aysan, A.F., M.M. Karakaya and M. Uyanik (2011), ‘Panel stochastic frontier analysis of the profitability and efficiency of the Turkish banking sector in the post-crisis era’, Journal of Business Economics and Management, 12 (4), 629-54.

Cetorelli, N. and L. Goldberg (2011), ‘Global banks and international shock transmission: evidence from the crisis’, IMF Economic Review, 59 (1), 41-76.

IMF (1998), ‘Turkey: Recent economic developments and selected issues’, IMF Staff Country Report, 98/104, Washington, DC.

Johansson, A., Y. Guillemette, F. Murtin, D. Turner, G. Nicoletti, C. Maisonneuve, G. Bousquet and F. Spinelli (2012), ‘Looking to 2060: Long-term global growth prospects’, A Going for Growth Report, Paris: OECD.

KilmQ, M., Z. KilmQ and M.I. Turhan (2012), ‘Resilience of Turkish economy during the global financial crisis of 2008’, Emerging Markets Finance and Trade, 48 (S5), 19-34.

Oni§, Z. and A.F. Aysan (2000), ‘Neoliberal globalization, the nation state and financial crisis in the semi-periphery: a comparative analysis’, Third World Quarterly, 21 (1), 119-39.

Turhan, M.I. (2008), ‘Why did it work this time? A comparative analysis of transformation of Turkish economy after 2002’, Asian-African Journal of Economics and Econometrics, 8, 255-80.

Turhan, M.I. and Z. Kilinc (2011), ‘Turkey’s response to the global economic crisis’, Insight Turkey, 13 (1), 37-45.

UNCTAD (2003), ‘Trade and development report: capital accumulation, growth and structural change’, Geneva: United Nations Conference on Trade and Development.

Ward, K. (2012), ‘The world in 2050: quantifying the shift in the global economy’, HSBC Global Research.

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