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

Mathieu Dufour and Ozgur Orhangazi

MPRA Paper from University Library of Munich, Germany

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 both increasing its total assets in Turkey and 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.

Keywords: : financial crisis; finance capital; IMF; external debt; precautionary cost; Turkey (search for similar items in EconPapers)
JEL-codes: E6 F02 F3 (search for similar items in EconPapers)
Date: 2007, Revised 2008
New Economics Papers: this item is included in nep-cwa and nep-mac
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:7837

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