Crisis as a Political and Economic Concept

A Multidisciplinary Approach

by Ekrem Yasar Akcay (Volume editor) Habip Demirhan (Volume editor) Selim Demez (Volume editor)
©2019 Edited Collection 178 Pages


The volume provides a collection of research papers elucidating the concept of crisis from a multidisciplinary standpoint. The authors, all academicians of Hakkâri University’s (HU) Faculty of Economics and Administrative Sciences, discuss the concept of crisis in the context of different case studies.

Table Of Contents

  • Cover
  • Title Page
  • Copyright Page
  • About the editors
  • About the book
  • Citability of the eBook
  • Contents
  • Preface
  • Acknowledgment
  • List of Abbreviations
  • Introduction
  • I The Effectiveness of the European Union in the Iraq Crisis in 2003
  • Introduction
  • September 9/11 Terrorist Attacks and Change in US Foreign Policy
  • Iraq Intervention of US in 2003
  • EU’s Iraq Policy and Ineffectiveness in Iraqi Intervention: A Bee That Cannot Make Honey
  • Conclusion
  • References
  • II The 1990–1991 Gulf Crisis from a Neorealist Perspective
  • Introduction
  • Neorealism and the Crisis Situation
  • Conceptualization of the Neorealist Approach
  • International and Regional Environment between 1990 and 1991
  • Iraq and Kuwait
  • Implementation of Revisionist Strategies by Iraq
  • The Importance of Kuwait for the System
  • The Reaction of the International System Against the Invasion of Kuwait
  • Consequences of the Crisis and the War
  • Conclusion and Evaluation
  • References
  • III Effects of Economic Crises on Urban Quality of Life
  • Introduction
  • The Urban Quality of Life
  • The Economy and the Urban Quality of Life
  • Conclusion
  • References
  • IV European Union Debt Crisis: Debt Consolidation and Measures for the Crisis
  • Introduction
  • The Brief History of European Union
  • EU Debt Crisis (Eurozone Crisis)
  • Fiscal Consolidation
  • Fıscal Consolidation and Its Instruments
  • The Reasons, Effects and Outcomes of Fiscal Consolidation
  • Measures for Debt Crisis in European Union
  • Measures of Member States
  • Greece
  • Spain
  • Portugal
  • Italy
  • Measures of European Union for Crisis
  • Balance of Payment Facility
  • Pooled Loans (Greek Loan Facility)
  • European Financial Stability Mechanism
  • European Financial Stability Facility
  • European Stability Mechanism
  • Euro-Plus Pact
  • Fiscal Union
  • Conclusion
  • References
  • V The Role of the Economic Crisis to Expand the Public Sector
  • Introduction
  • Criticisms Towards the Public Sector
  • Weakening of Liberal Economy
  • Conclusion
  • References
  • VI Theories of Monetary Crisis∗1
  • Introduction
  • Crisis Concept and Economic Crises
  • Real Sector Crises
  • Financial Crises
  • Banking Crisis
  • Currency Crisis (Monetary Crisis)
  • Theoretical and Empirical Monetary Crisis Models
  • Monetary Crisis Theories
  • Theoretical Monetary Crisis Models
  • The First Generation Monetary Crisis Theory
  • Extended First Generation Model
  • Second Generation Monetary Crisis Theory
  • Third Generation Monetary Crisis Theory
  • Empirical Crisis Theories
  • Early Warning Signal Models
  • Eichengreen, Rose and Wyplosz (1995)
  • Kaminsky, Lizondo and Reinhart (1997)
  • Berg and Pattillo (1998)
  • Kaminsky (2000)
  • Edison (2000)
  • Restricted Dependent Regression Models
  • Frankel and Rose (1996)
  • Eichengreen, Rose and Wyplosz (1996)
  • Esquivel and Larrain (1998)
  • Kruger, Osakwe and Page (1998)
  • Crisis Intensity Model
  • Sachs, Tornell and Velasco 1996
  • Corsetti, Pesenti and Roubini (1998)
  • Cartapanis, Dropsy and Mametz (2002)
  • Continued Crisis Model with Two Regimes
  • Conclusion
  • References
  • VII Turkey’s First Devaluation: 7 September 1946 Decisions
  • Introduction
  • The Stages of Decisions
  • A Quick Glance at Turkish Economy
  • The First Effects of Devaluation
  • Decisions Caused Delays in Investment
  • Conclusion
  • References
  • VIII The Causality Relationship Between Current Account Deficit and Currency Crisis: The Case of Turkey1
  • Introduction
  • Currency Crises
  • Literature
  • Econometric Method and Findings
  • Unit Root Test
  • Causality Analysis
  • Conclusion
  • References
  • IX Marketing Communication During Crisis Process
  • Introduction
  • Concept of Crisis
  • Advantages of Crisis
  • Crisis Management Process
  • Marketing Communication in Crisis
  • Crisis Management in Social Media
  • Conclusion
  • References
  • X The Effects of the Global Crisis on Turkish Banking Sector1
  • Introduction
  • Types of Financial Crises
  • Financial Crises in Historical Process
  • Causes of Global Crisis
  • Banking System in Turkey
  • Conclusion
  • References
  • About Authors
  • List of Tables
  • List of Figures
  • Index


A crisis can be defined as a situation in which physical, social, economic, and political incidents disrupt the normal order, and which may produce negative societal consequences. Crises often necessitate that significant decisions are made under the normal system and society, and these decisions typically take place in the context of significant time pressure and stress. Although a crisis describes a turning point in life, this milestone can represent a positive change and an opportunity for growth. However, dangers are associated with crises in terms of difficulties and destruction. In this sense, crises represent the end of a period and the beginning of a new era, and they bring with themselves both risks and opportunities.

Therefore, successful crisis management is possible when both risks and opportunities are managed. Importantly, an approach to crisis management that focuses only on risks, dangers, and negative issues contributes to an inadequate crisis solution. In turn, this produces alienation, hopelessness, disrupted relationships, and destructive consequences. Contrastingly, a crisis management approach that focuses on the opportunities arising from the crisis provides a positive crisis solution. In this study, crises and their political and economic effects were discussed, drawing on the statements of experts with different dimensions and perspectives.

To elucidate the concept of crisis from a multidisciplinary standpoint, various bodies of research were included in this study, each of which was produced by academicians from Hakkâri University’s (HU) Faculty of Economics and Administrative Sciences. Each academician discussed the concept of crisis in the context of different case studies. It should also be noted that this study was supported through the coordination of scientific research projects at HU. With these considerations in mind, the authors and we would like to express our gratitude to HU’s Rector, Prof. Dr. Ömer Pakiş, who contributed to and supported the study.


Hakkâri/Turkey, 2019


The contributing authors of this work and we would like to express our sincere thanks to Hakkâri University (Turkey) for its financial, motivation, and encouragement in support of this project.



This book deals with a series of topics with a primary focus on political and economic crises. The content of the book is designed with a multidisciplinary approach. The book begins with US intervention in Iraq as a political crisis and Gulf Crisis as political crisis while the following chapters explore the economic and social crises.


ISBN (Hardcover)
Publication date
2019 (November)
Concept of crisis Multidisciplinary standpoint Case studies
Berlin, Bern, Bruxelles, New York, Oxford, Warszawa, Wien, 2019. 178 pp., 9 fig. b/w, 9 tables.

Biographical notes

Ekrem Yasar Akcay (Volume editor) Habip Demirhan (Volume editor) Selim Demez (Volume editor)

Ekrem Yasar Akçay is an Assistant Professor at Hakkâri University, Department of Political Sciences and International Relations. Habip Demirhan is an Assistant Professor of Public Finance at Hakkâri University. Selim Demez is an Assistant Professor of Political Economics in the Department of Economics at Hakkari University.


Title: Crisis as a Political and Economic Concept
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180 pages