In this policy paper, Prof. Ceyhun Elgin of Columbia University and Dr. Gökçe Başbuğ of Sungkyunkwan University comparatively evaluate the economic stimulus packages adopted by national governments as a response to the economic crisis arising from the COVID-19 pandemic and focus particularly on the case of Turkey to put forward available policy options.

In this policy paper, Prof. Elgin and Dr. Bağbuğ evaluate the economic stimulus packages adopted by national governments and policy makers as a response to the COVID-19 pandemic. Using a comprehensive database including fiscal, monetary, balance of payment and exchange rate policy responses of 168 economics in the world, the authors do a cross-country comparison of packages and investigate whether country-specific characteristics are associated with the size of packages. In addition, the authors compare the economic stimulus package announced by the Turkish government with those adopted by developed economies including Germany, the UK, and the US, and with the ones whose economy is similar to Turkey such as South Africa, Argentina, Thailand, Brazil and Mexico as well as with some Mediterranean economies such as Greece, Portugal and Spain. Finally, the authors propose and discuss several policy recommendations for Turkey.

(The report is available only in Turkish.)