KOÇ UNIVERSITY COLLEGE OF ADMINISTRATIVE SCIENCES AND ECONOMICS DEPARTMENT OF INTERNATIONAL RELATIONS

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1 KOÇ UNIVERSITY COLLEGE OF ADMINISTRATIVE SCIENCES AND ECONOMICS DEPARTMENT OF INTERNATIONAL RELATIONS Course: ECON 481/ INTL 410 TURKISH ECONOMY I Spring 2006 Lectures: Tuesdays & Thursdays: pm/casb07 Office Hours: Tuesdays 14:00-15:15 Instructor: Professor Caner BAKIR Case Building: CAS154 Telephone: cbakir@ku.edu.tr Teaching Assistant: Gulhan Aygun gaygun@ku.edu.tr Course Description: The course aims to provide a comprehensive introduction to the Turkish economy with an emphasis on historical evolution, political economy and current policy issues. The Turkish experience is also investigated from a comparative perspective with explicit reference to Latin American and East Asian NICs. The historical component of the course examines agriculture-led growth and integration into the world economy ( ), import-substituting industrialization and planned development ( ) and the post-1980 neo-liberal era under outward-oriented development strategies. The substantive part of the course focuses on selected current policy issues. These include inflation, macroeconomic management and the reform of the state, public enterprise reform, privatization and regulation, financial globalization and the Turkish financial crises of 1994 and in comparative perspective, trade policy, foreign direct investment and the political economy of Turkey s external relations with the EU and income distribution, poverty and informal networks. Course Requirements: Mid-term examination 25% (due on APRIL 11 along with the abstract of term paper) Final examination 40% Term paper (maximum 15 pages) 25% (due on 25 May) Class participation 10% Note: Mid-term exam and paper deadline will not be postponed. Late paper submissions will be subject to the penalty mark of 2 points/per day. Class participation includes meaningful and analytical contribution to class lectures. 1

2 Course Outline and key readings: Important Background Reading Yeldan, E Küreselleşme Sürecinde Türkiye Ekonomisi. Bölüşüm, Birikim ve Büyüme.Istanbul: İletişim Yayınları Öniş, Z. and B. Rubin, eds., 2003, Turkey s Economy in Crisis. London: Frank Cass Kazgan, G Tanzimattan XXI inci Yüzyıla Türkiye Ekonomisi. Birinci Küreselleşmeden İkinci Küreselleşmeye. İstanbul: İstanbul Bilgi Üniversitesi Yayınları Yentürk, N Körlerin Yürüyüşü Sonrası Türkiye Ekonomisi ve Krizler.Istanbul: Istanbul Bilgi Üniversitesi Yayınları Kepenek, Y. and Nurhan Yentürk Türkiye Ekonomisi. Istanbul: Remzi Kitabevi Eğilmez M, and Ercan Kumcu-Ekonomi Politikasi Teori ve Turkiye Uygulamasi. Remzi Kitapevi, İstanbul Mart Boratav, Korkut (2004) Türkiye İktisat Tarihi: (gözden geçirilmiş 7. baskı, İmge Kitabevi Yayınları, 2003, 2004) Policy Phases of the Turkish Economy: Historical and Comparative Perspectives Turkey in the Light of East Asian and Latin American Experiences Owen, R. and Ş. Pamuk A History of the Middle East Economies in the Twentieth Century.London: I.B. Tauris. Chs. 1 and 5. Öniş, Z. and B. Rubin, eds., 2003, Turkey s Economy in Crisis. London: Frank Cass (Ch. 1) Öniş, Z State and Market. The Political Economy of Turkey in Comparative Perspective. İstanbul: Boğaziçi University Press ( Ch.9,12,16,17,19, 25,27) Macroeconomic Management: Fiscal and Monetary Performance Ertuğrul, A. and F. Selçuk A Brief Account of the Turkish Economy. Russian and East European Finance and Trade, Vol.37, No.6. Derviş, K. et. al Stabilizing Stabilization. Centre for European Policy Studies, Brussels, EU-Turkey Working Papers, No. 7. September. Bakır, C "Merkez Bankasi Bagimsizligi, Hesap verebilirligi ve Saydamligi: TCMB Uygulamasi ve Uluslararasi bir Karsilastirma" (Central Bank Independence, 2

3 Accountability and Transparency: A Comparative Study of the Central Bank of Republic of Turkey) Iktisat, Isletme ve Finans, August, 233, pp Keyder, N Turkiye Istikrarsiz Donemi Geride Birakti: Durum Tespiti, Iktisat, Isletme ve Finans, February, 227, pp Keyder, N Turkiye Istikrara Kavustu mu?, Iktisat, Isletme ve Finans, January, 227, pp Financial Globalization and the Turkish Banking System Bakır, C 'Governance by Supranational Interdependence: Domestic Policy Change in the Turkish Financial Services Industry' in Jonathan Batten and Colm Kearney eds., Emerging European Financial Markets: Independence and Integration Post- Enlargement. London: Elsevier (forthcoming, 2005). Denizer, C. M.N. Gültekin and B. Gültekin Distorted Incentives and Financial Development in Turkey.Financial Structure Conference Papers, mimeographed. The World Bank. Öniş, Z. And E.Alper The Turkish Banking System,Financial Crises and the IMF in the Age of Capital Account Liberalization: A Political Economy Perspective. New Perspectives on Turkey, 30. Recurrent Crises, the Relations with the IMF and Post-crisis Dynamics Evrensel, A. (2004). "IMF Programs and Financial Liberalization in Turkey," Emerging Markets Finance and Trade, 40 (4), Akyüz, Y and K. Boratav The Making of the Turkish Financial Crises. World Development, Vol. 31, No.9. Öniş, Z. and C. Bakır Turkey's Political Economy in the Age of Financial Globalization: The Significance the EU Anchor (manuscript under-review) E.Alper Emerging Market Crises and the IMF: Rethinking the Role of the IMF in the Light of Turkey s 2000 and 2001 Crises.Canadian Journal of Development Studies, Vol.24, No.2. Öniş, Z Argentina, IMF and the Limits of Neo-Liberal Globalization: A Comparative Perspective.The Review of International Affairs, Vol. 3, No.3. Public Enterprises, Privatization and Regulation Celasun, M. and İ. Arslan State-Owned Enterprises and Privatization in Turkey: Policy, Performance and Reform Experience, ERF Working Paper. 3

4 Ercan, M. and Öniş, Z Turkish Privatization: Institutions and Dilemmes Turkish Studies, Vol. 2, No.1. Zenginobuz, Ü The Political Economy of Independent Regulatory Authorities: The Case of Turkey. Mimeographed, Department of Economics, Boğaziçi University. Trade, Foreign Direct Investment and The Political Economy of Turkey s Economic Relations with the EU Erdilek, A. August A Comparative Analysis of Inward and Outward FDI in Turkey, Iktisat, Isletme ve Finans, 233, Yilmaz, K., Mark Dutz and Melek Us (2005)."Turkey's Foreign Direct Investment Challenges: Competition, Rule of Law and and the EU Accession," in Togan, Subidey, ed. Turkey: Towards EU Accession. Oxford University Press. Derviş, K. et al Relative Income Growth and Convergence. Centre for European Policy Studies, Brussels EU-Turkey Working Papers, No. 8, September. Derviş, K. et. al Turkey and the EU Budget: Prospects and Issues. Centre for European Policy Studies Working Papers, No. 6, August DPT. Dış Ekonomik İlişkiler Özel İhtisas Komisyonu Raporu, pp.* (forthcoming 2006) Hazine Musteşarlıgı. Kasım Dogrudan Yabancı Yatırım Raporu. Ankara. Income Distribution, Unemployment, Poverty and Informal Networks Buğra, A. and Keyder, C Poverty and social policy in contemporary Turkey. Bogazici University, Social Forum. JANUARY. Buğra, A The Place of the Economy in Turkish Society. The South Atlantic Quarterly. Vol. 102, No.2/3. Şenses, F Economic Crisis as an Instigator of Distributional Conflict: The Turkish Case in , in Öniş and Rubin (2003) Adaman, Fikret and A. Çarkoğlu Social Capital and Corruption During Times of Economic Crises: A Look at the Turkish Firms in Economic Crisis of 2001, in Öniş and Rubin (2003). World Bank Turkey: Poverty Policy Recommendations. Report no: TU, 8 August. ACADEMIC HONESTY 4

5 Honesty and trust are important to us all as individuals. Students and faculty adhere to the following principles of academic honesty at Koc University 1. Individual accountability for all individual work, written or oral. Copying from others or providing answers or information, written or oral, to others is cheating. 2. Providing proper acknowledgment of the original author. Copying from another student s paper or from another text without acknowledgment is plagiarism. 3. Study or project group activity is effective and authorized teamwork. Unauthorized help from another person or having someone else to write one s paper or assignment is collusion. Cheating, plagiarism and collusion are serious offences resulting in an F grade and disciplinary action. 5