Shaky emerging economies in view of the global financial crisis: the Turkish economy after three decades of liberal reforms

In the wake of the global change of a new accumulation regime in main capitalist economies, the opening up and liberalisation process of emerging economies from the 1980s has provoked great expectations that resulted in recurrent disappointing crises. Studied as a stylized fact, the Turkish experience leads us to evaluate the role of liberalised macroeconomic environment, unsuitable economic policies and hesitant and weak regulatory mechanisms as the main sources of perverse sequencing in the reform area. The paper shows that the Turkish crises since the 1980s arose from bad macroeconomic policies which implemented the neo-liberal shock therapy model and triggered boom-and-bust cycles. After three decades of liberal reforms, the Turkish economy remains still subject to structural downturns as the economic recovery is not guaranteed by a hasty liberalisation but by consistent policies which should frame economic actors‟ behaviour in the aim of a sustainable macroeconomic development.Liberalisation; stability; sustainable growth regime; Turkish economy

Social provisioning and financial regulation: An Institutionalist-Minskyian agenda for reform

International audienceThis article seeks to put social provisioning into perspective with regard to the financial instability issue in capitalism. The analysis rests on an institutionalist-Minskyian endogenous instability assumption and maintains that monetary/financial stability is a peculiar public good or specific commons since it concerns the whole society and its viability conditions in time and not only the individuals involved in private financial relations. Consequently, the provision of financial stability becomes essentially a matter of public policy and requires the intervention of public power in order to prevent finance from becoming a public bad. This result relies on the distinction between private "normal" goods and ambivalent/transversal money (and related financial relations). It then points to the necessity of a public organization and tight regulation of finance and financial markets while standard equilibrium models assume that social optimum and stability can be provided by private self-adjustment and market prices mechanisms

Distribución de las arenas eólicas de la Cuenca del Duero (Meseta Ibérica)

The data on the cartography of the existing eolic sands in the Duero Basin indicate that occupy a great extent from different levels from the north of the Cordillera Central until the Duero River. Their extension is about to the almost 2.000 km2 with a very variable thickness that arrives at least 30 m in some localities. They have been dated as formed from final times of the Upper Pleistocene until the Holocene. In this work is indicated a place (San Miguel del Arroyo) where 1 m of eolic sands covers to visigothic remains.Peer reviewe

Systemic crisis and financial regulation

One of the privileged explanations of the current crisis is the sophistication and the weak transparency of financial markets which would have allowed speculative behavior to elude authorities’ supervision. This article develops a different view by putting the emphasis on the model of organization of financial systems. This is established on the predominance of micro-prudential supervision schemes following the hypothesis of free market efficiency. From 1980-90, prudential mechanisms have worked in favor of self-regulation models and the systemic stability is mainly founded on the individual security of banking institutions. We show that this orientation suffers from the fallacy of composition; the micro-prudential model turns out to be unsuitable for the management of systemic risks because of the absence of an automatic bridge between the micro and the macroeconomic levels. The new regulatory environment feeds then successive bubbles the recurrence of which seems to require a modification of the rules of organization to avoid the forced socialization of the losses of private actors.Systemic crisis; efficient markets; regulatory schemes

Views on the UK’s renegotiation: Russia, Ukraine and Turkey

Britain’s forthcoming referendum on its membership of the EU is being followed not only in the EU but also around the world. How might the rest of the world view a British exit from the EU? Building on a report published in 2014 by the German Council on Foreign Relations, EUROPP has been running a series of views from across the EU of the UK’s attempt at a renegotiation. The 2014 report also offered non-EU views of the UK-EU relationship from the United States, Canada, China, Australia, New Zealand, Japan, Singapore, Brazil, Norway and Switzerland. As part of EUROPP’s updated series, compiled by the LSE’s Tim Oliver and written by authors based at universities and research institutions in each country, we turn to three of the EU’s neighbours: Russia, Ukraine and Turkey

The coordination in the economy: an essay on money

This article deals with the role and the place of the money in the process of coordination in a decentralized market economy. The equilibrium models assume that the coordination is carried out through market mechanisms. These mechanisms are mainly real and individual mechanisms but they seem to be unable to integrate money into the theoretical construction. We opt then for a noticeably different method by taking the money as the departure point of the economic analysis and we try to understand economic phenomena through the monetary prism. We show why and how a monetary approach could be envisaged as a coherent and plausible alternative theory of a market economy. This conceptual orientation brings to the fore the issues of monetary ambivalence and of permanent conflict between private/decentralized actions and the systematic viability.Market economy; money; coordination; viability

Implementation, communication and the benefits of corporate codes of ethics in Taiwan and Turkey : a comparison across contexts

Purpose &ndash; The purpose of this paper is to examine the corporate codes of ethics (CCE) that are put in place by companies in Taiwan and Turkey. Design/methodology/approach &ndash; This study examines the use of CCE among the top companies in Taiwan and Turkey. It is a replication of a study performed in Australia, Canada and Sweden and a follow-up study. Findings &ndash; The empirical findings show many similarities with top companies in Australia, Canada and Sweden, but more importantly identify key differences distinctly unique to each of the two countries under investigation. Statistical analysis suggests that the implementation, communication and benefits of CCE are paramount to Turkish companies operating in a domestic environment where the aspiration to participate globally and join the European Union is high, whereas in Taiwan it is low in favor of more traditional business practices (similar to the Chinese concept of guanxi) that focus on individual relationships in favor of formalized regulatory frameworks (such as CCE). Originality/value &ndash; This study makes a complementary contribution to the accumulated knowledge in the area of CCE, particularly given the cultural and historical differences these countries possess in comparison to each other and those previously studied and documented in the literature.<br /