ABSTRACT
In the aftermath of her debt crisis in 1978-80, Turkey’s tradeoriented adjustment process yielded a substantial amount of restructuring and growth in the greater part of the 1980s. In the context of the prolonged adjustment difficulties in major debtor countries, Turkey’s economic recovery was very rapid in the early 1980s, and was followed by well-sustained export-led expansion in the mid-1980s. Given Turkey’s import-substitution-based policy stance from the mid1950s to the late 1970s, a strong post-1980 commitment to greater openness and liberalization attracted considerable research attention in the recent literature. The bulk of this literature covered the 1980 to 1987-8 period, and evaluated its various policy aspects.1
