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The Turkish Experience With The International Monetary Fund

Turkey is one of the many countries in the world that has experienced financial and economic crises that were so sever that they had to seek assistance from the International Monetary Fund (IMF). This paper examines the experience of Turkey in its interactions with the IMF. The examination reviews (a) past experiences, (b) the current experience, and (c) attempts to predict possible future experiences. In the latter instance, the experiences of other countries with the IMF are considered. This approach necessarily limited such consideration to countries that have had to seek assistance from the IMF, as opposed to prosperous and stable (financially and economically) countries such as Switzerland. Countries such as Switzerland, as members of the IMF, are subject to reviews and consultations (Merz, 2008); however, they are not subject to the intrusive and coercive actions that occur between the IMF and countries that are attempting to recover from financial and economic crises (Momani, 2006/2007. Thus, the experiences of other borrower countries are considered in relation to the past, present, ad possible future Turkish experiences.

The IMF and Its Programs for Countries in Such as Turkey and Other Countries Experiencing Financial and Economic Crises

The impetus for the creation of the IMF was provided by events that staggered the international economy from 1929 to the beginning of the Second World War. Attempting to maintain domestic economic stability and retain international market positions during this time period, most countries engaged in competitive devaluations, foreign exchange controls, and import restrictions. The disastrous consequences of these actions resulted in a near universal recognition of a need to establish some sort of mechanism through which international economic stability could be both created and maintained (Heller, 1993).

Following international negotiation on such a mechanism d...

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The Turkish Experience With The International Monetary Fund. (1969, December 31). In LotsofEssays.com. Retrieved 08:30, March 28, 2024, from https://www.lotsofessays.com/viewpaper/2000085.html