EconoMonitor

The Kapali Carsi

  • A tale of two Turkeys

    You probably often see very conflicting views of the Turkish economy. If you are sick of my gloomy writings (hey, it is called the dismal science), there are plenty of columns and research reports painting a rosy view of the Turkish economy. So how can we reconcile these different assessments? Well, the easiest way out […]

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  • The end of military tutelage: Historic moment for Turkey

    I don’t want to say too much and spoil the fun of my latest Hurriyet Daily News column– except that you should read it all the way. Two of my readers asked me to remove them from my mailing list this morning, presumably after reading my column, and so unless this is a coincidence, they […]

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  • The similarity between Turkish PM Erdogan and a Pigeon

    Yep, that’s right: Turkish PM Recep Tayyip Erdogan is very similar to a pigeon. Not a dove, I mind you, a pigeon, so don’t have any “peace” images in your mind. I don’t have the size of their brains in mind, either:) Anyway, if you’d like to know how come, have a look at my […]

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  • The World Cup, Food Poisoning, London, Charles Dickens and more

    I am back again after a short absence. What was I up to during this time? I continued to write for the Hurriyet Daily News (HDN) during my EconoMonitor absence, and my columns there summarize what I was up to. Well first, I wrote about economists’ predictions on the World Cup– and why you should […]

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  • Coal for votes – or maybe even lives? (and other Turkey data tales)

    This week (June 8-13) is/was Turkey’s quarterly data intensive week. In addition to first quarter National Income Accounts, we had April Industrial Production and Balance of Payments- as well as a bunch of second-tier data. In my latest Hurriyet Daily News (HDN) column, I summarized this data and highlighted a particular observation about industrial production. […]

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  • Summary of Turkish 1Q GDP

    Turkish first quarter National Income Accounts (NIA) were released today. It is safe to say that the key word is rebalancing- from domestic to external demand, which is a positive development given the country’s large current account deficit and dependency on capital flows for growth: Some analysts have claimed that the adjustment is mainly due […]

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  • Turkish government’s “coal for votes” program

    At 4.6 percent yoy, April industrial production, which was released yesterday (June 9), turned out to higher than expectations of 3.5 percent. At first glance, the data confirms the dichotomy between domestic and external demand. While sectors catering to domestic demand grew moderately, production in export-oriented sectors such as textiles, chemicals and motor vehicles rose […]

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  • Highway to Heil, paving the way for Erdogan

    “At least, he built the Autobahn.” According to economists Nico Voigtlaender and Hans-Joachim Voth (V&V), this is how many Germans (and historians) explain the Nazi regime’s widespread support. The Hitler government started building the world’s first nationwide highway system within nine months of taking office in 1933. In their working paper “Highway to Hitler,” which […]

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  • The Turkish duke of moral hazard, encore

    Prime Minister Recep Tayyip Erdoğan never ceases to amaze me. Just as I was thinking he had set a new standard in damaging the economy by attacking the Central Bank, he raised the bar by announcing a vast debt amnesty. Here is the introduction to my latest Hurriyet Daily News (HDN) column, on the Turkish […]

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  • Turkey: Demystifying Erdoganomics

    Before attempting to demystify Erdoganomics, I gues I should define it first: An invention of your friendly neighborhood economist, it refers to Turkish Prime Minister Recep Tayyip Erdogan’s idea that higher rates beget higher inflation. I was originally thinking about writing on this “interesting” theory for my June 2 Hurriyet Daily News (HDN) column, but […]

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