This study attempts to investigate and assess the impact of financial liberalization and the ongoing rise of financial rents on income distribution in the post-1980 Turkish economy.

We analyze an economy where production is subject to moral hazard. The degree of the incentive (agency) costs introduced by the presence of moral hazard naturally depends on the information structure in the economy; it is cheaper to induce correct incentives in a society which prossesses better...

In dynamic models with multiple equilibria, a central question is how agents coordinate their expectations on a particular outcome. Many dynamic models feature endogenous flexibility: at some cost, agents can adjust their behavior more quickly (e.g., in response to changing market conditions)....

Most African governments have made considerable progress in pursuing macroeconomic stabilization, usually under the tutelage of the International Monetary Fund. Policy targets for the IMF-supported programs are universally derived from some variation of the standard financial programming...

This paper explains why mainstream equilibrium analysis is an unsuitable framework for explaining economic development. The authors present another approach. They apply it in the form of explanations of the two episodes of the post WWII era, golden age and what they refer to as the age of decline.

The collapse of the Indonesian economy during the period of the Asian financial and economic crisis of 1997/98, has been one of the most stunning and shocking events to have afflicted a developing country during the past several decades. This paper conducts a brief overview of recent...

This paper explains why mainstream equilibrium analysis is an unsuitable framework for explaining economic development. The authors present another approach. They apply it in the form of explanations of the two episodes of the post WWII era, golden age and what they refer to as the age of decline.

When credit is constrained, a bias toward short-term debt can arise in financing long-term investments, generating maturity mismatches and leading potentially to liquidity crises. After the financial crises of the 1990s many voices rose to explain that the causes of these crises were new...