Debt management and financialisation as facets of state restructuring: the case of turkey in the post-1980 period

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2012
Güngen, Ali Rıza
This dissertation analyses the restructuring of the state and financialisation in Turkey in the post-1980 period with specific emphasis on public debt management. Turkey provides a model case of state pioneering financial deepening and intervening into the market for the socialisation of the losses of the financial sector. The dissertation argues that despite the increasing public debt ratio through 1980s and 1990s, the aim of financial deepening was persistent. The state contributed to the financialisation in the 1990s through the dominance of public securities with high yields in the market. The Treasury was a nodal point not only in the restructuring of the banking sector in the aftermath of 2001 crisis but also the insulation of economic management from political intervention. Its success is tightly related to financial markets and its restructuring presents a case of identification of public interest with the interest of financial sector. The literature on financialisation should be extended to cover the neoliberal transformation in countries labelled as “emerging markets”. The restructuring of the state in neoliberal era can be defined as financialisation of the state from a broader perspective. It contributed to financialisation by making the state rely on financial markets in an increasing number of policy fields.

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Citation Formats
A. R. Güngen, “ Debt management and financialisation as facets of state restructuring: the case of turkey in the post-1980 period,” Ph.D. - Doctoral Program, Middle East Technical University, 2012.