Estimating the surplus in the periphery: an application to Turkey

Somel, C
This note discusses how the economic surplus concept can be used to analyse the constraints the world system imposes on economic development. An estimation of the surplus for Turkey for 1980-96 utilises Kohler's unequal exchange analysis to measure the transfer of surplus abroad and the official minimum wage to calculate essential private consumption. The estimation yields the allocation of the surplus between nonessential consumption, investment and unrequited transfers abroad. The note assesses Lippit's argument that the main obstacle to development is the misuse of the surplus in the domestic economy and not transfers abroad.


Interdependence of the banking sector and the real sector: evidence from OECD countries
Şendeniz Yüncü, İlkay; Aydogan, Kursat (Informa UK Limited, 2008-01-01)
This article investigates the validity of the credit view hypothesis in eleven OECD (Organization for Economic Cooperation and Development) countries over the period 1987:QI to 2003:QIII. The existence of a long-run relationship between the banking sector and the real sector is supported by cointegration test results. For some of the countries in the sample, Granger causality tests show the leading role of the banking sector in the real sector, thus supporting the credit view hypothesis, whereas for other c...
The impact of value added components of GDP and FDI on economic freedom in Europe
SAYARI MARCUM, NAZ; Sarı, Ramazan; Hammoudeh, Shawkat (Elsevier BV, 2018-06-01)
This paper investigates the possibility of a long-run relationship between the Economic Freedom Index (EFI), Foreign Direct Investment (FDI) and value added components of GDP in thirty Eastern, Central and Western European countries. The study further examines whether the FDI and sector-specific components of GDP have any significant impact on economic freedom for these countries. We use annual data and employ Pedroni and KAO panel cointegration analyses to assess the long-run relationships. The results ind...
Managing Turkish debt: An OLG investigation of the IMF's fiscal programming model for Turkey
Voyvoda, Ebru (Elsevier BV, 2005-09-01)
In this paper we investigate the fiscal policy alternatives on domestic debt management, cohort welfare, and growth for the Turkish economy. We utilize a model of exogenous growth in the overlapping generations (OLG) tradition with intertemporally optimizing agents and open capital markets, calibrated to the Turkish economy in 1990s. We examine the macroeconomic effects of the current IMF-led austerity program driven by the objective of attaining primary fiscal surpluses and illustrate the sensitivity of th...
Dynamics of sticky information and sticky price models in a New Keynesian DSGE framework
Arslan, M. Murat (Elsevier BV, 2008-11-01)
Recent literature on monetary policy analysis extensively uses the sticky price model of price adjustment in a New Keynesian Macroeconomic framework. This price setting model, however. has been criticized for producing implausible results regarding inflation and output dynamics. This paper examines and compares dynamic responses of the sticky price and sticky information models to a cost-push shock in a New Keynesian DSGE framework. It finds that the sticky information model produces more reasonable dynamic...
Measuring the impact of trade flows on employment in the Turkish manufacturing industry
Erlat, Güzin (Informa UK Limited, 2000-07-15)
This paper investigates the impact of export and import flows on the change in manufacturing employment using an accounting-identity based approach which enables the change in employment to be decomposed into the contribution made not only by trade but also by domestic consumption and productivity change. The analysis is carried over (i) four subperiods, two belonging to the period before 1980 when Turkey switched from a regime of import-substitution based growth to one of export-orientation, and the other ...
Citation Formats
C. Somel, “Estimating the surplus in the periphery: an application to Turkey,” CAMBRIDGE JOURNAL OF ECONOMICS, pp. 919–933, 2003, Accessed: 00, 2020. [Online]. Available: