What can Turkey learn from Argentina
Th is paper compares the experiences of Turkey and Argentina in the face of the recent global economic meltdown. Th e historical and economic peculiarities of these two countries render them as perfect comparative case study. Th ey both historically had acute macroeconomic instabilities with high infl ation rates and internal and external disequilibrium. In both countries volatility in economic growth rates (stop-and-go cycles) have been associated with current account and fi scal defi cits. Th ey both adopted a number of stabilization policies guided by the IMF which were all unsuccessful. Th ey both got into the new millennium with almost simultaneous (February 2001 in Turkey and December 2001 in Argentina) and the most severe economic crises in their histories. Th ey both have experienced very rapid growth rates since their economic crises. Economic recovery in Argentina has been in a better shape and more sustainable than Turkey. Although both countries will inevitably face the negative impacts of the global crisis, the impact is likely to be more severe for Turkey. JEL Classifi cation Code: E22, F3, G10, O16.