IMF Program in Turkey Erinc Yeldan

The Turkish crisis, which came in the aftermath of an exchange rate-based disinflation attempt, comes as no surprise to anyone who is somewhat-informed about the international literature on country experiences of macroeconomic stabilization. In fact, the observed growth-crisis path of the Turkish economy is well in line with the main empirical regularities associated with exchange rate-based disinflation. turkish_crisis (Download the full text in PDF format)

Post-Crisis Korea James Crotty & Kang-Kook Lee

This paper evaluates the neoliberal economic restructuring process implemented in Korea following the 1997 Asian financial crisis. A detailed analysis of the macro economy, labor markets, financial markets, and nonfinancial firms in Korea in the past three and one-half years shows that neoliberal restructuring has created a vicious cycle in which a perpetually weak financial sector fails to provide the capital needed for real sector growth, investment and financial robustness, while real sector financial fragility continuously weakens financial firms. post_crisis_korea (Download the full text in PDF format)