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The 2000-2001 Financial Crisis in Turkey: A Crisis for Whom?

Author

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  • Mathieu Dufour
  • Ozgur Orhangazi

Abstract

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 assets in Turkey and its income flows from these assets, while large domestic financial capitalists also increased their profits in the aftermath of the crisis. Second, industrial capital benefited via a repression of labor. Third, the attempt to 'remedy' the economy by imposing structural changes furthered the interests of capital in general.

Suggested Citation

  • Mathieu Dufour & Ozgur Orhangazi, 2009. "The 2000-2001 Financial Crisis in Turkey: A Crisis for Whom?," Review of Political Economy, Taylor & Francis Journals, vol. 21(1), pages 101-122.
    • Handle: RePEc:taf:revpoe:v:21:y:2009:i:1:p:101-122
    DOI: 10.1080/09538250802517014
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    Cited by:

    1. Sheida Teimouri, 2015. "Currency crises and dynamics of real wages," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 151(2), pages 377-403, May.
    2. Mathieu Dufour & Özgür Orhangazi, 2016. "Growth and distribution after the 2007–2008 US financial crisis: who shouldered the burden of the crisis?," Review of Keynesian Economics, Edward Elgar Publishing, vol. 4(2), pages 151-174, April.
    3. Akhand Akhtar Hossain, 2015. "Central Banking and Monetary Policy in Muslim-Majority Countries," Books, Edward Elgar Publishing, number 14612, August.

    More about this item

    JEL classification:

    • F3 - International Economics - - International Finance
    • F02 - International Economics - - General - - - International Economic Order and Integration
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook

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