Comparison of the economic implications of financal crisis in Turkey after 1980

The concept of crisis is a situation that arises in the economy in a sudden or unexpected situation and time, negatively affecting the current position and future of the country's economies, and has an important place in world economies. The globalization and liberalization movement that started in the 1980s caused the economies of the countries to become increasingly fragile and frequently faced with crises. However, due to the fact that the crises are in a constant state of transformation by adapting to the changes experienced, this situation has led to many different crises in the world economies in terms of their causes and consequences. With the Decree Law No. 32 issued in the context of the Neo-Liberal policies that were implemented in Turkey with the Decisions of 24 January 1980, monetary and capital markets were liberalized and the transition was made from the import-substitutive development model to an export-oriented model. Thus, Turkey has tried to meet the need for foreign resources for economic development with foreign savings. However, the uncontrolled financial liberalization led to exchange rate shocks, sudden capital inflows and outflows, instabilities in inflation and interest rates and therefore led to crises. The main purpose of this thesis is to examine the 1994, 2000-2001, 2009, 2018 and 2020 economic and financial crises experienced in Turkey after 1980 and to rank the crises from the most negative to the least with the help of an index that analyzes the effects of the crises on the economy with the data obtained. In this thesis; In order to better understand the concept of economic and financial crisis, its definition, types, models, approaches to crises and causes of crises are explained. Afterwards, with the financial crises in the world after 1980, Turkey's situation before 1980 and the financial crises after it were examined in detail. Finally, the policies and decisions implemented to prevent the financial crisis years were explained and each crisis is compared economically with the previous crisis. In this comparison, by creating a macroeconomic index with the data obtained, to explain the effects of the financial crises and to make a ranking from the most severe economic crisis to the lightest crisis. According to the results of the thesis, among the economic and financial crises experienced in Turkey after 1980, the crisis years with the worst macroeconomic performance were the crises of 2000-2001, 2020, 1994, 2009 and 2018, respectively. Accordingly, the Turkish economy experienced its heaviest financial and economic depression in 2000-2001. The Pandemic crisis in 2020 was the second most severe crisis period after the 2000-2001 crisis. The financial crisis experienced in 1994 was the third most severe crisis in terms of its consequences among the economic and financial crises experienced after 1980. In this context, in the economic and financial crisis processes that the crisis with the worst macroeconomic performance is the 2018 crisis with 0.60 points. 1994, 2000-2001, 2009 and 2020 crises showed very poor macroeconomic performance with a score between 0.25 and 0.50.