I’ll quote him directly: “They understand Turkey’s macro story is stuck but also say they cannot do these reforms quite yet. Therefore, a more realistic way of interpreting Simsek’s WSJ op-ed is to realize that he may be trying to buy time, as economist Murat Ucer underlined in the FT piece I hyperlinked in the column. And if Babacan is a really a goner after the elections (if the AKP’s rules don’t change), I am not sure if Simsek will be able to push for reform himself- unless Erdogan Bulut suddenly realize that Turkey can not grow anymore without reforms. However, he and Babacan should also know that they won’t be able to convince Erdogan on the need for structural reforms before the very important 2015 general elections- as Erdogan will try to get enough votes to change the Constitution. adviser Brave Cloud) are well aware that Turkey cannot grow more than 3-3.5 percent without structural reforms, which won’t be enough to absorb new entrants to the labor force and keep unemployment at bay- as he notes in his WSJ op-ed. czar Babacan (but not President Erdogan and his chief econ. That’s why Simsek, Mexico’s President and others are rushing to emphasize their zeal for reform, whether real or not…So is Simsek’s real? Probably yes.
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I would like to elaborate on Simsek’s motivations for writing his op-ed: For one thing, once the Fed starts raising its interest rates, the decade of easy money to EMs will be over, and foreign investors will have to be picky.They will choose countries that can continue to grow in this new world. Here’s a columnwhere I sketched those ideas.
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Last, but not the least, innovation… This is the one I have written the least about among the three, because for one thing, I believe that if you give incentives to innovate and have human capital able to support it, innovation will just follow.