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• W78365068 abstract "While PBC studies on Western European democracies and the USA have been extensive, thesame is not true for developing countries. This applies to Turkey as well, which have beensubject to only a handful number of studies, which have rendered satisfactory evidence for thepresence of politically manufactured business cycles in fiscal and monetary policy instrumentsand outcomes in Turkey.It is true, with the available empirical evidence and daily observation of real life, that politicalmanipulation of the economy is present everywhere. However, the way it functions may bedifferent from one economy to the other. This paper, therefore, aims to take the analysis furtherby employing an interdisciplinary approach to investigate the nature, distinguishingcharacteristics, and mechanisms through which political manipulation of the economy, by the useof public funds, are exercised in Turkey. In other words, this study deconstructs the functioningof political business cycles (PBC) and monetary cycles (PMC) in the case of Turkey and identifiesthe country specific differences in the way political manipulation of economy is exercised. Inaddition, since political and monetary business cycles represent deviations in the economy arecostly. This study, therefore, aims to identify areas where the costs of such manipulations arise inTurkey. Lastly, policy recommendations through which the functioning and costs of politicalmanipulation of the economy can be moderated are presented.Consequently, the analysis renders support for the micro-level policies pursued by governmentsto surf on the election cycles, which is based on providing personal gains to attract votesincluding use of individual, group and region specific micro-policies, use of state economicenterprises, and use of off-budget funds. This does not imply that macroeconomic policies arenot manipulated. On the contrary, the natural consequences of the micro-level policies aremacroeconomy related, the result of which is the manipulation of macroeconomic variables.This study finds that political manipulation of the economy have resulted in disequilibrium in theeconomy by creating crisis and delaying stabilisation in the economy for the personal gains of thepoliticians. It is demonstrated that such costs in particular can be seen in public finances,inflation, budget deficits and domestic and external debts as well as in currency and financialcrises. Despite such manipulations political parties have not been successful to come back intogovernment, which reinforces the welfare or social costs of such manipulations.This study, therefore, suggests that serious reforms should be undertaken to prevent or moderatecrisis and delayed stabilisation in economy due to political manipulation, which should includeincreased independence of central bank (CBI), economic and institutional reforms, continuousprivatisation, enhancing the effectiveness of the operations of the international financial andother organisations, deepening democracy through civil society and constitutional provisions toenhance transparency and accountability. It is suggested that CBI and effectiveness ofinternational financial institutions have already contributed to moderating the impact of PBCs inTurkey." @default.
• W78365068 created "2016-06-24" @default.
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• W78365068 date "2006-04-01" @default.
• W78365068 modified "2023-09-27" @default.
• W78365068 title "Deconstructing and moderating the functioning and consequences of political manipulation of the economy in Turkey." @default.
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