The present paper devises an account of the possibilities that the recent crisis opens up for capitalism, which dwells upon its history. The paper takes three propositions as its starting point: First, capitalism, which must solve the problem of coordination of the decisions of different agents...

Bu çalışma, Türkiye’de döviz kuru volatilitesini literatürde yaygın olarak kullanılan ARCH, GARCH ve SWARCH modelleri çerçevesinde Temmuz 2001-Mayıs 2010 dönemine ait günlük veri seti ile modellemektedir. Çalışmanın ortaya çıkardığı sonuç, SWARCH modelinin gerek model...

This article compares and contrasts the macroeconomic effects of exchange rate targeting and money supply targeting by using quarterly data from Turkey for the period February 1986-March 2000. The results of the VAR analysis show that the exchange rate does not have the traditional 'hump-shaped...

This paper estimates country risk using an alternative method to commonly used country risk models by the rating agencies. The paper builds on earlier work and tries to identify empirically the important factors affecting debt service capacity of borrowing countries. In this study we assess the...

This study aims to shed light on the Feldstein-Horioka (F-H) puzzle, making use of the potential explanations put forward in the related literature. To this end, the study takes a distinct empirical route, combining a cointegration technique and regression analysis. In the first step, we obtain...

The expansion of markets –globalization– was reversed during early 20th century and unfettered markets gave in to the welfare state and central planning. But the markets have been striking back since the early 1980s. Governments are withdrawn from economic activities, and many structural...

A labor theory of value is necessary in Marx for two reasons: from an ontological point of view, a theory of value reveals how human transformative power (power1) becomes power as domination and exploitation (power2). From an epistemological point of view, a theory of value is capable of...