Towards s critical sociology and political economy of public finance

Gürkan, Ceyhun
The exploration of this thesis on public finance proceeds on two axes. First, it aims at developing an ontological perspective to public finance. Accordingly, public finance is defined to be the concrete political relation between the state and society. The thesis that presents a political and historical evaluation of public finance from a critical sociological and political economy approach associates the components of this definition such as public, the political etc. with the relevant debates in social and political theory. In line with this, the traditional harmony-perspective of neoclassical public finance theories, which is ignorant of the political, is criticized, calling it as ‘police finance’ instead of ‘public finance’. Secondly, the thesis explores the history of fiscal thought between the 15th-19th centuries with special reference to the Ottoman Empire. All in all, with these topics this thesis aims at making a contribution to the field of “fiscal sociology” from a critical sociological and political economy approach.


Assessing domestic debt sustainability of Turkey with a risk management approach
Tiftik, Mehmet Emre; Gaygısız Lajunen, Esma; Department of Economics (2006)
This thesis analyzes the debt dynamics of Turkey and assesses the sustainability of fisscal policy. The assessment of fiscal policy follows the methodology of Garcia and Rigobon (2004). This approach focuses on the concept of debt sustainability from a risk management perspective and incorporates the effects of stochastic shocks to the economy in its assessment. The results suggest that a continuation of the present fiscal stances will lead to a fiscal unsustainability in Turkey. Furthermore, the results in...
Generational Accounting in Turkey
Hacıibrahimoğlu, Damla; Derin Güre, Pınar; Department of Economics (2012)
Generational Accounting (GA), developed by Auerbach. Gokhale and Kotlikoff (1991) is an alternative and dynamic method employed in measuring the impact of existing fiscal policies on current and future generations. The method is based on the government’s intertemporal budget constraint which principally requires that the present value of current and future generations’ net tax payments plus the existing net wealth be sufficient enough to cover for government’s future consumption. In contrast to the traditio...
Risk analysis of the government domestic debt stock in Turkey: cost-at-risk approach
Gürcihan, H. Burcu; Gaygısız Lajunen, Esma; Department of Economics (2004)
In this study, stochastic simulation based risk analysis is applied to the government domestic debt stock in Turkey with the motivation to identify the cost and risk characteristics of alternative debt financing strategies. Future path of interest rates is simulated by using the yield curve forecasting framework in Diebold and Li (2002), which is founded on the Nelson-Siegel yield curve model. Yield curve simulation is based on the estimated term structure of interest rates for the period June 2001-July 200...
Two essays on real estate economics and finance
Duran, Murat; Erol, Işıl; Department of Economics (2013)
This thesis presents two studies on real estate economics and finance which are separate but interrelated. The first chapter investigates the transmission of monetary policy to real estate-related industries in Turkey by estimating the effect of policy decisions on the stock prices of real estate-related industries. The study addresses endogeneity and omitted variable problems inherent in the relationship between stock prices and monetary policy by employing a heteroskedasticity based identification set-up....
Credit risk modeling with stochastic volatility, jumps and stochastic interest rates
Yüksel, Ayhan; Akyıldız, Ersan; Department of Financial Mathematics (2007)
This thesis presents the modeling of credit risk by using structural approach. Three fundamental questions of credit risk literature are analyzed throughout the research: modeling single firm credit risk, modeling portfolio credit risk and credit risk pricing. First we analyze these questions under the assumptions that firm value follows a geometric Brownian motion and the interest rates are constant. We discuss the weaknesses of the geometric brownian motion assumption in explaining empirical properties of...
Citation Formats
C. Gürkan, “Towards s critical sociology and political economy of public finance,” Ph.D. - Doctoral Program, Middle East Technical University, 2010.