The year 2001 in Turkey has been marked by a destructive economic crisis. This paper argues that the crisis can neither be explained solely by the coincidence of independent events nor by technical problems of economic policies. The increased fragility of the system after the implementation of...

In this paper, we study the consequences of the 2000-2001 financial crisis in Turkey to identify the impacts of the crisis on capital and labor. We uncover three significant empirical effects of this crisis. First, international capital benefited from the crisis by increasing both its total...

Recent research has explored the growing ‘financialization’ process in the U.S. and other advanced economies. The term is a catch-all phrase used to denote important changes in the structure of non-financial corporations’ balance sheets, including the growth of income from financial...

In this paper, we study the consequences of the 2000-2001 financial crisis in Turkey to identify the impacts of the crisis on capital and labor. We uncover three significant empirical effects of this crisis. First, international capital benefited from the crisis by both increasing its total...