ECONOMIC CRISIS AND LEARNING ECONOMY: AN EMPIRICAL ANALYSIS ON TURKEY

Abstract

While economic crises have a negative effect on economies in general, they also provide new opportunities for the economies by requiring new regulations and reforms. Thus, crises could allow the economies to learn from the problems during the post-crisis periods through new policies and implementations. In this respect, the learning economy emphasizes the organizations required in post-crisis periods by the economies. Thus, the present study focused on the things learned by the Turkish economy  after the November 2000 and February 2001 crises, For this purpose, Box-Jenkins Analysis was used to analyze the post-2001 quarterly GDP, inflation, industrial production index, real exchange rate, interest rate and current account balance figures. The study findings determined that the structural adjustments and reforms implemented in Turkish economy after the November 2000 and February 2001 crises significantly improved the economic performance. Based on these findings, Turkish economy became a learning economy after these twin crises.