Measures to prevent and check future crises need of the hour, Says Prof. Gültekin at Dubai School of Government Event

Professor Gültekin's remarks came during a lecture titled "The Financial Crisis and its Aftermath" organized by the Dubai School of Government (DSG), a leading research and teaching institution focusing on public policy in the Arab world. Business leaders, distinguished academics, government officials and students attended the event.

Presenting a review of the historical and international dynamics of financial crises, Professor Gültekin evaluated a number of instances of speculation and highlighted past financial crises while relating them to the most recent crisis that originated from the US.
He said:

"Due to fast government actions and international stimulus packages, the global economic crisis was swiftly contained. As a result, we are already seeing positive trade and rising economies around the world. But the key question is whether we have the capability to predict or stop similar crises from occurring in the future. This can only be done through legislative and financial prudence."

Professor Gültekin emphasized the need for building stronger judicial and financial systems to monitor and prevent future crises. Analyzing key policy lessons that have been learned, he highlighted the need for countries and international bodies to implement tangible monitoring and legislative procedures.

He added: "Lean administration and exceptional growth have stimulated international economies to grow at an unprecedented speed, even while opening the doors for speculative arbitrage. These systems have offered space for easy maneuvering and paved the way for unregulated economics that eventually led to the downturn and subsequently the global crisis."

Providing key insights into the 1994-95 Mexican peso crisis, the 1997 Asian crisis, and the 2001 Turkish currency and banking crisis, Professor Gültekin identified the events which led the sub-prime mortgage crisis in the US to develop into a global financial crisis.

Dr. Tarik Yousef, Dean of the Dubai School of Government, said: "Professor Gültekin's insight into the root causes of prior economic crises presented us with an opportunity to better analyze the current economic situation. Although each of the crises varied greatly, many of them shared similar origins. This session has given us a greater understanding of the current economic dynamics while proposing legislative and fiscal provisions to prevent similar scenarios from occurring in the future."

Professor Gültekin was the Governor of the Central Bank of the Republic of Turkey, Chief Advisor to Prime Minister Turgut Özal, and President for Mass Housing and Public Participation Administration in Turkey, a state agency in charge of housing and urban development, large scale infrastructure projects, and the privatization program of the Turkish Government.

He has also served on the faculty of the Finance Department of the Wharton School of the University of Pennsylvania since 1981. He taught at the Amos Tuck School at Dartmouth College and the University of Chicago before he joined the Wharton School. He was a visiting professor at Koc University, INSEAD, and University Paris at Dauphine. Prof. Gültekin received a B.Sc. in mechanical engineering from Robert College, an MBA from Bogazici University, and a Ph.D. from the Wharton School.

Established in 2005 in cooperation with the Harvard Kennedy School, the Dubai School of Government is committed to the creation of knowledge, the dissemination of global best practices and the training of policy makers in the Arab world. DSG is focused on capacity building, and conducts various programs that seek to promote good governance through enhancing the region's capacity for effective public policy.