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Makale Özeti:
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There has been much discussion on the issue of whether financial crisis are caused
by external factors or internal factors. In this context, internal factors in economic
crisis refer to the financial structure of a country, lack of monetary policy and so
on. In addition, it has to be noted that these internal factors can be controlled and
altered by the government of the country. In contrast, external factors represent to
macroeconomic matters throughout the world, which cannot be controlled by the
government of the country. In the case of Turkey, on the February 19, 2001, the
Turkey economy was hit by massive financial crisis. In that time, overnight interest
rates of the Central Bank of Turkey (CB) skyrocketed to 4059 percent in few days
(Table 8), CB lost 7,5 billion dollars of reserves and the dollar exchange rate
jumped from 685 thousand liras to 958 thousand liras (Fatih and Guven 2002).
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