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Growth Engines of the South? South Africa’s, Brazil’s and Turkey’s market constellations in comparison


  • Alper Duman

    () (Department of Economics, Izmir University of Economics)

  • Arne Heise

    () (Department of Socioeconomics, Hamburg University
    Department of Economics, Izmir University of Economics)


The world is experiencing its worst recession in 80 years. What started as US sub-prime financial turmoil has developed into the first global recession since the infamous ‘Great Depression’ of the early 1930s. However gloomy the perspectives for the very short term are, there will be a recovery eventually. South Africa, Brazil and Turkey (SABT) are among those countries that may be expected as emerging market economies (EME) not only to continue to converge towards per-capita income levels of highly developed nations but also to be the best candidates – next to China and India – of serving as the locomotives of world GDP- and trade growth after the depression. Of course, whether SABT are not merely potentially in a position to create a brighter future for their people and the world economy but can transform such potentials into reality, depends on economic governance pursued by governments and collective actors in these countries. Therefore, it appears interesting to inquire into the macroeconomic governance structures of SABT in order to assess their capabilities for enhancing growth and employment and to converge to the OECD average in the medium to long run.

Suggested Citation

  • Alper Duman & Arne Heise, 2009. "Growth Engines of the South? South Africa’s, Brazil’s and Turkey’s market constellations in comparison," Working Papers 0909, Izmir University of Economics.
  • Handle: RePEc:izm:wpaper:0909

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    References listed on IDEAS

    1. Simeon Djankov & Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer, 2002. "The Regulation of Entry," The Quarterly Journal of Economics, Oxford University Press, vol. 117(1), pages 1-37.
    2. Bengt Holmstrom & Jean Tirole, 1997. "Financial Intermediation, Loanable Funds, and The Real Sector," The Quarterly Journal of Economics, Oxford University Press, vol. 112(3), pages 663-691.
    3. repec:hrv:faseco:30747190 is not listed on IDEAS
    4. Jonathan Morduch, 1999. "The Microfinance Promise," Journal of Economic Literature, American Economic Association, vol. 37(4), pages 1569-1614, December.
    5. Straub, Stéphane, 2005. "Informal sector: The credit market channel," Journal of Development Economics, Elsevier, vol. 78(2), pages 299-321, December.
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    Cited by:

    1. M. Vetrivel SEZHIAN & C. MURALIDHARAN & T. NAMBIRAJAN & S.G. DESHMUKH, 2011. "Developing A Performance Importance Matrix For A Public Sector Bus Transport Company: A Case Study," Theoretical and Empirical Researches in Urban Management, Research Centre in Public Administration and Public Services, Bucharest, Romania, vol. 6(3), pages 5-14, August.

    More about this item


    Market constellations; policy regimes; institutions; Post Keynesianism; comparative economic systems;

    JEL classification:

    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O17 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements
    • P51 - Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems
    • P52 - Economic Systems - - Comparative Economic Systems - - - Comparative Studies of Particular Economies

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