The effects of the financial crisis experienced in the period after 1990 on the macroeconomic equilibriums of Turkey

In the early 1990s (the period of financial liberalization) the fact that international capital had the opportunity to move freely all around the world and could flow from one country to another swiftly became an important factor of instability especially for the economies of developing countries. Just as the access of a number of countries into international financial markets without carrying out required structural reforms resulted in deep financial crises one after another. On this account financial crisis has been one of the most spoken issues.After 1989 Transformation, which enabled Turkey to initiate financial liberalization policy, should be analyzed in this context. As a matter of fact the object of this study is to comment these crises generally and state how much Turkey was affected by the Global Financial Crisis in 2008.Firstly the concept of economic crisis is defined. On that score theoretical approaches, economic crisis types and financial crisis models are studied. Then the reasons, results and following process of 1994, 2000 and 2001 crises that had deep effects on Turkish Economy are analyzed based on some basic macroeconomic indicators. Finally 2008 Financial Crisis, which dominated all the world is considered generally and its reflections on Turkey is investigated.