英国硕士经济贸易历史论文 [23]
论文作者:英语论文论文属性:硕士毕业论文 thesis登出时间:2014-09-29编辑:yangcheng点击率:28988
论文字数:12254论文编号:org201409272336287848语种:英语 English地区:马来西亚价格:免费论文
关键词:商队之路丝绸之路Silk Road大集市模型
摘要:本文是一篇留学生经济贸易历史的作业,已知的最古老的商队之路是西亚的丝绸之路。根据出生在伊斯坦布尔的m . Cerasi描述,其结构就像集市一样。
市场不仅仅是购物的地方,这是一个生产的地方并且拥有巨大的经济价值。在这个模型以前资本主义很难区分出集市的财政和工厂价值与文化的区别。
n of the economy which is depressing valuations for export-oriented local players, as well as the upcoming introduction of Turkey’s new commercial code which will improve transparency and strengthen shareholders rights. As competition for the best assets from private equity funds intensifies, MNCs will have a limited opportunity to take advantage of this favorable environment and reap the benefits of improved profitability in Turkey.
Turkey had a strong 2011, with GDP growth exceeding 8% for the year. However, we expect a noticeable slowdown in 2012 to 1.7% YoY. The main drivers of the slowdown are weakening industrial production as eurozone demand for Turkish exports slows, tightening credit conditions in the eurozone, and rising inflation in Turkey. These factors will come together to put downward pressure both on business and consumer demand and will affect multinational companies across a wide variety of sectors.
However, Turkey has consistently surprised on the upside over the past several months, and a very gradual slowdown of the economy in 2012 is becoming increasingly likely. What is more, as the Turkish lira remains relatively weak, the exchange rate will favor companies exporting from Turkey and will partly offset the declin in export demand from the eurozone. We expect Turkish growth to accelerate once again in 2013 as the effect of the eurozone crisis wears off and Turkey’s current account deficit narrows, improving market confidence in the country’s economic stability.
Meanwhile, 2012 is a year of opportunity for companies looking to invest on the Turkish market. With tighter credit conditions and low export demand putting pressure on the local companies’ financial stability, a weak currency, and lower investment from the eurozone, MNCs will have more targets to choose from for M&A this year, at a lower cost of investment, and facing weaker external competition for priority targets. With the market expected to rebound next year, companies that invest in Turkey this year will find themselves positioned for stronger growth in 2013 and beyond. (by Martina Bozadzhieva - July 31, 2012)
TURKEY’S CURRENT SITUATION
While Europe is having economic issues, Turkey is one of the world’s fastest growing economies. Jim O’Neill who brought up the word BRIC, included Turkey in a rising starts group called MIST along with Mexico, Indonesia and South Korea. Shown in Chart 1, on April 2nd, Turkey’s GDP increased by 8.5% in 2011 and 9% in 2010.
Even tough the recent growth seems all positive, Turkey’s economy is really fragile
But Turkey's rapid recent growth comes with side-effects that have left its economy vulnerable. One concern is inflation, which was 10.4% in March—well above the central bank's target and the inflation rates of most of Turkey's emerging-market peers. A bigger concern is Turkey's growing dependence on foreign capital to fuel its economy: its current-account deficit averaged 10% of GDP last year (see chart 2). Turkey's deficit measured in dollars is second only to America's.
More worrying still is that much of the foreign capital that finances Turkey's current-account deficit is of the flighty sort (flows into banks or purchases of stocks or bonds), which can leave again quickly. Turkey wobbled at the end of last year as worries about the euro zone and its banks intensified. A chunk of Turkey's banki
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