Para Krizi Modelleri: Türkiye 2001 Krizi Örneği

This article examines the causes of the 2001 financial crisis in the Turkish economy with the help of the currency crisis models. While the reasons of the crisis that are based on weak economic fundamentals can be explained by the first and second generation models, the reasons that are based on financial fragility can be explained by the third generation models. Results showed that the 2001 crisis had relevant features with all three generations models. However, it must be especially mentioned that the financial fragility played an important role in transforming the February 2001 currency crisis into a financial crisis. 2001 crisis had two important policy lessons for other emerging market economies as well. First, in designing policies to prevent future financial crises, policymakers should not only consider measures for strong fundamentals but also measures for a sound financial system. Second, they should not forget that a sound financial system is a prerequisite for well-functioning fixed-exchange rate regimes.