Turkey’s employment subsidy program under the great recession: a general equilibrium assessment

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dc.citation.epage254en_US
dc.citation.issueNumber2en_US
dc.citation.spage225en_US
dc.citation.volumeNumber31en_US
dc.contributor.authorYeldan, A. E.en_US
dc.date.accessioned2018-04-12T11:05:49Z
dc.date.available2018-04-12T11:05:49Z
dc.date.issued2017en_US
dc.departmentDepartment of Economicsen_US
dc.description.abstractThe objective of this paper is to provide an impact analysis of the macroeconomic consequences of the employment subsidization programs in Turkey implemented under the post-2008 crisis period. To this end, an applied general equilibrium model (of the computable general equilibrium–CGE variety) is utilized to investigate the production, incomes generation, and aggregate demand components of the domestic economy. The analysis highlights the rather limited returns to the subsidization package, and argues that much of this was due to the dis-equilibriating and fragile macroeconomic environment under the neoliberal policy framework. The massive drop of domestic savings; a severe mis-alignment in the real exchange rate causing significant appreciation of the domestic currency; rise of the external deficit and of foreign indebtedness along with a severe fall in the total productivity effort were different facets of this poor macroeconomic performance. Thus, an important message of the study is that, had the macroeconomic balances were maintained at their historical averages, and a more competitive exchange rate could have been pursued, as much as threefolds of a gain in aggregate employment could have been generated with the same intensity of the employment subsidization package, in comparison to the historically realized levels. © 2016 Informa UK Limited, trading as Taylor & Francis Group.en_US
dc.description.provenanceMade available in DSpace on 2018-04-12T11:05:49Z (GMT). No. of bitstreams: 1 bilkent-research-paper.pdf: 179475 bytes, checksum: ea0bedeb05ac9ccfb983c327e155f0c2 (MD5) Previous issue date: 2017en
dc.identifier.doi10.1080/02692171.2016.1240154en_US
dc.identifier.eissn1465-3486
dc.identifier.issn0269-2171
dc.identifier.urihttp://hdl.handle.net/11693/37204en_US
dc.language.isoEnglishen_US
dc.publisherRoutledgeen_US
dc.relation.isversionofhttp://dx.doi.org/10.1080/02692171.2016.1240154en_US
dc.source.titleInternational Review of Applied Economicsen_US
dc.subjectEmployment subsidyen_US
dc.subjectFragmented labor marketsen_US
dc.subjectImpact analysisen_US
dc.subjectTurkeyen_US
dc.subjectEconomic instabilityen_US
dc.subjectEmploymenten_US
dc.subjectGeneral equilibrium analysisen_US
dc.subjectLabor marketen_US
dc.subjectNeoliberalismen_US
dc.subjectSubsidy systemen_US
dc.subjectTurkeyen_US
dc.titleTurkey’s employment subsidy program under the great recession: a general equilibrium assessmenten_US
dc.typeArticleen_US

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