Based on the classical notion that resolution of the distributional conflict preceded accumulation and production, the paper addresses the changing patterns of surplus creation and extraction under Turkish structural adjustment of the 1980s. Four overlapping mechanisms of surplus extraction that...

This book, written by an international team of economists, develops concrete, country specific alternatives to inflation targeting, the dominant policy framework of central bank policy that focuses on keeping inflation in the low single digits to the virtual exclusion of other key goals such as...

This paper analyzes the effects of monetary policy and fiscal adjustment on output and unemployment in Turkey. The model on which the analysis is based accounts for rural-urban migration, a large urban informal sector, flexible exchange rates, a dollarized banking system, and interactions...

Many countries in the developing world have adopted an approach to monetary policy that focuses on maintaining a low level of inflation, to the exclusion of other important objectives such as employment generation, increasing investment or reducing poverty, despite the widespread evidence that...

The South African Reserve Bank and Ministry of Finance have adopted inflation targeting and the gradual relaxation of exchange controls (along with control of public spending and financial liberalization) as the foundation of their economic policy in an attempt to win the confidence of foreign...

This paper presents the first set of estimates of the rentier share of income for twenty-nine OECD countries. We define rentier share to mean the income accruing to financial institutions and the holders of financial assets. The years of coverage vary by country, but span the period 1960-2000....

This paper uses the term, capital management techniques, to refer to two complementary (and often overlapping) types of financial policies: policies that govern international private capital flows and those that enforce prudential management of domestic financial institutions. The paper shows...