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      The impact of financial liberalization and the rise of financial rents on income inequality: the case of Turkey

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      Author(s)
      Yeldan, A. E.
      Date
      2004
      Source Title
      Inequality Growth and Poverty in an Era of Liberalization and Globalization
      Publisher
      Oxford University Press
      Language
      English
      Type
      Book Chapter
      Item Usage Stats
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      Abstract
      This is the third of five country case studies on income inequality, and investigates the impact of financial liberalization and the rise of financial rents on income inequality in Turkey. The chapter has five sections: Introduction; Indicators of Income Distribution: The Evidence-a broad overview, and evidence on the patterns of income distribution in Turkey over the last three decades; Macroeconomic Adjustment under Financial Liberalization and the Rise of Financial Rents-a discussion of the evolution of functional categories of income that includes an account of the macroeconomic adjustment; The Rising Fiscal Gap and the Role of the State in Regulating the Distributional Structure-a detailed analysis of the rise in public sector deficits and the distributive consequences of the widening fiscal gap; and Concluding Comments and Overall Assessment. Sect. 3 looks at the inherent tensions caused by the macroeconomic disequilibria embodied in the process of integration with world markets under conditions of a poorly supervised banking system and underdeveloped and fragile domestic asset markets; here, it is found to be analytically convenient to decompose the path of Turkish liberalization after 1980 into two major subperiods partitioned by the strategic step of capital account deregulation-which took place in 1989 and was completed by the full integration of the domestic market into global financial markets. This section also studies the patterns of the wage cycle and productivity growth using quantitative filtering techniques, and reports on the disassociation of labour remunerations from the productivity gains in the real sphere of the economy. © United Nations University/World Institute for Development Economics Research (UNU/WIDER) 2004. All rights reserved.
      Keywords
      Banking system
      Capital account deregulation
      Capital accounts
      Case studies
      Deregulation
      Domestic asset markets
      Financial liberalization
      Financial rents
      Fiscal gap
      Income
      Income distribution
      Income inequality
      Inequality
      Integration with world markets
      Labour remuneration
      Liberalization
      Macroeconomic adjustment
      Productivity gains
      Productivity growth
      Public sector deficits
      Turkey
      Wage cycle
      Permalink
      http://hdl.handle.net/11693/37819
      Published Version (Please cite this version)
      http://dx.doi.org/10.1093/0199271410.003.0014
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      • Department of Economics 697
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