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On Structural Sources of the 1994 Turkish Crisis: a CGE modelling analysis

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  • A. Erinc Yeldan

Abstract

This paper investigates the impact of the Turkish public sector imbalances on the evolution of the economic crisis during 1990-93. A computable general equilibrium model is used. The theoretical basis of the model rests upon the structuralist/Keynesian macro foundations. Its distinguishing features entail accommodation of oligopolistic mark-up pricing rules in the industrial sectors, and endogenous solution of capacity utilisation and unemployment levels through Keynesian mechanisms of effective final demand. The results of the model underscore the importance of intra-class relations of income distribution and conflict in the evolution of price movements in the Turkish economy. It is further argued that the sources of the capitalist in the administrative interventions of the state towards protection of the capitalist and rural incomes, which would otherwise be squeezed out in favour of wage-labour in the early 1990s.

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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal International Review of Applied Economics.

Volume (Year): 12 (1998)
Issue (Month): 3 ()
Pages: 397-414

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Handle: RePEc:taf:irapec:v:12:y:1998:i:3:p:397-414

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Cited by:
  1. Oguz Esen, 2000. "Financial Openness in Turkey," International Review of Applied Economics, Taylor & Francis Journals, vol. 14(1), pages 5-23.
  2. Davies, James B., 2004. "Microsimulation, CGE and Macro Modelling for Transition and Developing Economies," Working Paper Series UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER).
  3. Tasso Adamopoulos & Ahmet Akyol, 2009. "Relative Underperformance Alla Turca," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 12(4), pages 697-717, October.
  4. Secil Pacaci Elitok & Al Campbell, 2008. "The Balance of Payments as a Constraint on Turkey’s Growth: 1960-2004," Working Paper Series, Department of Economics, University of Utah 2008_13, University of Utah, Department of Economics.

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