The growth of migration from Turkey began during the 1960s and 1970s with Germany as the
primary destination of these emigrants, as it was for many Portuguese. The Turkish Government soon
became aware of the importance of remittances as a source of foreign exchange and intensified its efforts
to send more national workers abroad (Sayari, 1986). Turkey is a major recipient of migrant remittances,
which represent almost 17 per cent of Turkey’s exports of merchandise and far surpass any ODA and FDI
that the country receives.
Remittances have become a key focus of the Turkish ...
The recent boom has focused world attention on the GCC economies—not only as exporters of oil and
gas, but as investment destinations with major infrastructure projects, booming tourism and financial
services sectors. As US economic growth has slowed, GCC investors have begun to diversify their assets
more widely, making investments in Asia, Africa and within the Gulf region itself.
The impact of a rise in oil prices differs significantly across countries, and
depends upon factors such as the oil (and gas) intensity of output, the speed of
reaction of the wage-price system, the role of expectations2, the response of
the monetary authorities, the export exposure to oil producing markets and the
speed at which oil revenues are recycled back into the global trading system. In
terms of inflation, the negative effects of higher oil prices tend to be felt less
acutely in the Euro Area than the US as the Euro Area is...