Turkey at the beginning of the 2000’s had experienced two major economic crisis. These crises, which had unique dynamics, opened deep wounds to the socioeconomical structure of society.The 2001 crisis that emerged as a result of internal shocks and foundations which were laid a long time ago, was a Turkey-specific crisis, but the 2008 crisis was a global crisis stemming from external shocks. For this reason, with the financial and monetary measures taken in the first place, many different points have been identified that differentiate the two crises from each other. In the aftermath of the crises, the recession and instability in the economy were reflected in macroeconomic indicators and many macroeconomic variables were adversely affected by the developments. In addition, the CBRT's (Central Bank of the Republic of Turkey) policy implementations were inadequate and the policy framework was reshaped after both crises. In conclusion, the purpose of this study is about to define the emerging period of Turkish crisis of 2001 with 2008 Global crisis and effects of these crisis on economy. In addition, political counter-measurements and final solutions of these measurements are placed on this study too.
Economic Crisis, Turkish economy, Central Bank, Monetary Policy, Financial Stance