Economic Theory and Policy

I discuss the impact of financialisation on real capital accumulation in the US. Using data from a sample of non-financial corporations from 1973 to 2003, I find a negative relationship between real investment and financialisation. Two channels can help explain this negative relationship: first, increased financial in…

Bravo! Some of the most incisive students of neoliberalism gather together to present a stunning indictment of the destructiveness of the already discredited right-wing economic regime. Professor Michael Perelman, California State University, Chico Across its thirty chapters, covering theoretical, empirical, policy an…

No abstract yet.

• SELVA DEMİRALP CUDA

Abstract This article studies the transmission of the Global Financial Cycle (GFC) to domestic credit market conditions in a large emerging market, Turkey, over 2003–13. We use administrative data covering the universe of corporate credit transactions matched to bank balance sheets to document four facts: (1) an easin…

• MEHMET FATİH ULU

We observe that industrial firms in Turkey have shifted substantial amounts of working capital from production activities to the purchase of high-yield interest-bearing assets, most notably public bonds, to ensure immediate short-term interest revenues. Introducing the new and historical institutional literatures to t…

• ŞÜKRÜ ÖZEN

Abstract This chapter examines the facts and processes characterizing the dynamic macroeconomic adjustments in Turkey since the start of its reforms toward global integration. The study is organized as follows. Section 2 focuses on the analytics of macro adjustments of the two distinct (i.e., 1980-1988/1989 and 1989-2…

Turkey initiated an extensive dis-inflation program in December 1999 backed and supervised by The International Monetary Fund (IMF). The program aimed at decreasing the inflation rate to a single digit by the end of 2002. It exclusively relied on a nominally pegged (anchored) exchange rate system for dis-inflation and…

From political economy to economic policy: The neo-developmentalism and the Lula administration.This article critically reviews the design of neo-developmentalist economic policies in Brazil, in the first half of the last decade, and their relationship with the economic policies of the Lula administration after 2006.P…

No abstract yet.

• İNCİ GÜMÜŞ

Abstract Starting around the early 2000s, and especially after the 2008 crisis, the rate of capital accumulation for US nonfinancial corporations has slowed down despite relatively high profitability; indicating a weakening of the link between profitability and investment. While the literature mostly focuses on financ…

• ÖZGÜR ORHANGAZİ

The main aim of this research is to analyze the relationship between income inequality and inflation in 13 European countries for the period 2000 to 2009 using panel data methodology. The GINI coefficient has been used to measure the income inequality while the inflation rate, the growth rate, the employment level and…

• YUSUF MURATOĞLU

The main aim of this research is to analyze the relationship between income inequality and inflation in 13 European countries for the period 2000 to 2009 using panel data methodology. The GINI coefficient has been used to measure the income inequality while the inflation rate, the growth rate, the employment level and…