Onaran, Özlem ORCID: https://orcid.org/0000-0002-6345-9922 (2007) Capital flows, turbulences, and distribution: The case of Turkey. INTERVENTION. European Journal of Economics and Economic Policies, 4 (2). pp. 353-374. ISSN 1613-0960

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Abstract

This paper presents the mechanism of the boom-bust cycles in the context of domestic and international financial liberalisation in the developing countries, and the effects of crises and exchange rate volatility on functional income distribution. It is based on the case of Turkey, which has experienced two severe crises in 1994 and 2001 after the liberalisation of capital flows, and which has also been hit the hardest during the May-June 2006 turbulences. The paper analyses the recent turbulences in the global economy and their consequences in the emerging markets as a case study to illustrate the endogenous formation of expectations.
The recovery in Turkey after the turmoil is not based on a solution to the structural causes of the problem, since it has completely depended on the reversal of the capital outflows thanks to high interest rate, but the continuity
of this game is far from clear.

Item Type:	Article
Uncontrolled Keywords:	financial fragility, boom-bust cycles, post-Keynesian, distribution, Turkey
Subjects:	H Social Sciences > HC Economic History and Conditions
Faculty / School / Research Centre / Research Group:	Faculty of Business > Department of International Business & Economics Faculty of Business > Centre for Work and Employment Research (CREW) > Work & Employment Research Unit (WERU)
Related URLs:	Publisher
Last Modified:	14 Oct 2016 09:22
URI:	http://gala.gre.ac.uk/id/eprint/9111

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