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Financialization and Its Economic Consequences: Turkey

Author

Listed:
  • Sedat Aybar

    (Kadir Has University)

  • Cengiz Doğru

    (Anadolubank A.Ş.)

Abstract

This article investigates the concept of financialisation within the Turkish set-up. Financialisation is described by economics’ literature as a decoupling process of the financial from the real; and as an effort of financial capital to establish its governance over industrial capital through its own logic, has reached its limits with the global economic crisis to a point whereby contemporary capitalism can no longer bear its fictitious existence. This investigation, asserts that even though there has been restrictions imposed upon financialisation in the world and in Turkey, firms and individuals continue to strengthen their ties with financial instruments and diversify their use of financial operations. This study takes a critical stand against the view that assumes the management of the process of financialisation coımes from by appropriately using risk management techniques and suitable regulations only if individuals and economic units understood the new products and operations that arose as a result of financialisation.

Suggested Citation

  • Sedat Aybar & Cengiz Doğru, 2013. "Financialization and Its Economic Consequences: Turkey," Journal of Finance Letters (Maliye ve Finans Yazıları), Maliye ve Finans Yazıları Yayıncılık Ltd. Şti., vol. 28(100), pages 9-40, October.
    • Handle: RePEc:acc:malfin:v:28:y:2013:i:100:p:9-40
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