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Free-Spending Turkey Hopes to Avoid a Fall
Keywords:
Signs that Turkey's economy is growing and consuming beyond its capacity. The current account deficit is now at 8%, and foreign credit is helping finance the boom. General purpose consumer loans are growing rapidly- at 42% in 2010, and at 61% on average from 2005 to 2008- according to Standard Unlu, an Istanbul based investment bank. Banks are known to send text messages to borrowers if they qualify, so that the money can be picked up at the bank branch. Turkey has gone through two boom bust cycles- in 1994 and in 2001. The central bank of Turkey has increased the level of interest free deposits banks must keep at the central bank, a move designed to reduce lending. However Turkey's younger generation of consumers are on a spending binge, and access to personal loans is easy. Signs of an asset bubble are easy to find. A 24 acre plot in Istanbul's city center sold for $33.3 million.
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No Ticker Tape Parade for Brazil's Currency Heroes
Wall Street Journal 06/06/2013
A Warning Light to Alert the I.M.F.
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Financial Fears Gain Credence as Unrest Shakes Turkey
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Mom-and-Pop Investors Bolt Emerging Markets
Wall Street Journal 08/22/2013
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04/25/2011
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Financial Fears Gain Credence as Unrest Shakes Turkey
New York Times 06/05/2013
Mom-and-Pop Investors Bolt Emerging Markets
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A Warning Light to Alert the I.M.F.
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Emerging Markets, Hitting a Wall
New York Times 06/22/2013
Mom-and-Pop Investors Bolt Emerging Markets
Wall Street Journal 08/22/2013
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Turkey Must Balance Success With Excess
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Mom-and-Pop Investors Bolt Emerging Markets
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Turkish Intervention Fails to Stem Lira Sell-Off
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Turkey Gets Aggressive on Rates
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A sea of liquidity is undermining the economy in Turkey and Brazil.
Linked Articles
Free-Spending Turkey Hopes to Avoid a Fall
New York Times 04/25/2011
Turkish Leader Rides Spending Toward Win
Wall Street Journal 06/11/2011
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