2008 Financial Crisis: A Comparative Analysis of Turkey and Brazil in Terms of Economic Policies

Abstract

The Financial Crisis, which broke out in the US due to the mortgage bubble, had spread through financial channels to core countries. The periphery countries that weren't fully integrated into the financial markets had been influenced via economic ways, indirectly. However the crisis -spreading on a global scale-had had negative impacts on all countries and had led to changes in the economic policies of states. One of the possibilities of the crisis was for it to turn into a cyclical crisis because of its reach throughout the whole world and the failure of economic policies -applied to one after another-in the preventing of the spread and impact of the crisis in a short time, resulting in economic and neoliberal policies being questioned. The periphery economies, being economically affected by the crisis, had to assume many economic costs due to mortgage loans in the US, which had nothing to do with them. In the study, through the examples of Brazil and Turkey within the framework of these discussions, the implication of economic policy has been examined for periphery countries. In the study, the way in which both countries were affected by the crisis has been evaluated through net capital flows, foreign direct investments, foreign trade data, and main economic indicators. Although neoliberal policies, which pushed both countries towards this process, had added them to the global economic system, they had to apply Keynesian policies because neoliberalism had become inadequate in exiting the crisis. In the conclusion of the study, policy proposals have been made for getting out of the crisis by discussing the ineffectiveness of the economic policies that had been implemented.

Türkiye ve Brezilya'da Talep Rejimlerinin Belirlenmesi: Ücret Çekişli mi Yoksa Kâr Çekişli mi: Post-Kaleckiyen Analiz

“…Aynı zamanda ithal ikameci politikalardan emek maliyetini baskılamaya dayanan ihracata dayalı politikalara geçiş (Orhangazi ve Yeldan, 2021) daha sonraki yıllarda finansal krizlere ve gelir dağılımının bozulmasına neden olmuştur. Türkiye ve Brezilya ekonomisi, küresel ekonomiyle bütünleşmesi ve büyüme modellerinin dış sermaye hareketlerine bağlı hale gelmesiyle, küresel finansal ve iktisadi değişmelere daha duyarlı hale gelmiştir (Gölçek-Gölçek, 2020ve Orhangazi ve Yeldan, 2021. Diğer yandan küresel rekabete açık bu ekonomiler, ulusal gelirin emek aleyhine ve sermaye birikiminin lehine dağılımına neden olmuştur.…”

“…Bu çalışma, gelir dağılımı eşitsizliğinin kapasite kullanımı ve sermaye birikimi üzerine etkisini Hein ve Tarassow(2010) modeline dayandırarak, Türkiye ve Brezilya'nın talep rejiminin belirlenmesini amaçlamaktadır. Çalışmada Türkiye ile birlikte Brezilya'nın tercih edilmiş olmasının nedeni, her iki ülkenin de yüksek dış borçlara sahip olması, istikrarsız ekonomik koşullar ve siyasal istikrarsızlıklar bakımından benzerlikleridir (Gölçek ve Gölçek, 2020)…”