F O R E W O R D

International Economic Issues 5
Dear Readers,
As we all observe, in the last couple of months the global economy has entered the
most serious recession of the last fifty years. The downturn in the global economic
situation has become the greatest source of concern for the international community. It
is clear that the global economic crisis will dominate the agenda of international
economic relations in 2009.
The importance of the recent developments in the global economy have led us to
prepare a special edition of the “International Economic Relations” periodical, devoted
to articles on the global financial and economic crisis. When selecting the articles, we
tried to gather different views and perspectives which will broaden our vision and
understanding of the crisis. We hope that the following articles will help understand the
nature and effects of the crisis in a global perspective.
The first article by Mr. İbrahim H.Çanakcı, Undersecretary of the Treasury of
Turkey, gives us a deep insight of the impact of the crisis on the world economy and
Turkey.
The second article by Mr. Durmuş Yılmaz, Governor of the Central Bank of Turkey
summarizes the recent developments in the international financial markets and the
Turkish economy.
In the third article, Professor Gülnur Muradoğlu, from the City University of
London discusses the key characteristics of the crisis of 2008 in the United
Kingdom.
Andrew Sheng, Former Chairman of the Hong Kong Securities and Futures
Commission reflects the views of an Asian on the global financial crisis, in his article
named as, “The New Financial Disorder”.
In the following article, Professor Sergei Karaganov, from the Russian Academy of
Sciences, elaborates on the global crisis as a time for new opportunities, particularly
for the creation of a new global financial system.
Finally in the last article, Former Vice President of the World Bank Johannes F.Linn,
together with Colin I. Bradford; Senior Researcher at the Brookings Institute, analyzes
the importance of the G-20 platform as a significant forum for the international
discussions on the crisis, in an article titled “The G-20 Summit – Its Significance for
the World and for Turkey”.

INDEX

Global Financial Crisis: Impact on the Prospects for the World Economy and Turkey
İbrahim H. Çanakcı 

Recent Developments in the International Financial Markets and the Turkish Economy
Durmuş Yılmaz

The Crisis of 2008: A United Kingdom Perspective
Prof.Dr Gülnur Muradoğlu

The New Financial Disorder- An Asian View of the Financial Crisis
Andrew Sheng 

The World Crisis - A Time for Creation
Prof.Dr.Sergei Karaganov

The G-20 Summit – Its Significance for World and for Turkey
Colin I Bradford, Jr – Johannes F. Linn