Shaky emerging economies in view of the global financial crisis: the Turkish economy after three decades of liberal reforms

In the wake of the global change of a new accumulation regime in main capitalist economies, the opening up and liberalisation process of emerging economies from the 1980s has provoked great expectations that resulted in recurrent disappointing crises. Studied as a stylized fact, the Turkish experience leads us to evaluate the role of liberalised macroeconomic environment, unsuitable economic policies and hesitant and weak regulatory mechanisms as the main sources of perverse sequencing in the reform area. The paper shows that the Turkish crises since the 1980s arose from bad macroeconomic policies which implemented the neo-liberal shock therapy model and triggered boom-and-bust cycles. After three decades of liberal reforms, the Turkish economy remains still subject to structural downturns as the economic recovery is not guaranteed by a hasty liberalisation but by consistent policies which should frame economic actors‟ behaviour in the aim of a sustainable macroeconomic development.Liberalisation; stability; sustainable growth regime; Turkish economy

Social provisioning and financial regulation: An Institutionalist-Minskyian agenda for reform

International audienceThis article seeks to put social provisioning into perspective with regard to the financial instability issue in capitalism. The analysis rests on an institutionalist-Minskyian endogenous instability assumption and maintains that monetary/financial stability is a peculiar public good or specific commons since it concerns the whole society and its viability conditions in time and not only the individuals involved in private financial relations. Consequently, the provision of financial stability becomes essentially a matter of public policy and requires the intervention of public power in order to prevent finance from becoming a public bad. This result relies on the distinction between private "normal" goods and ambivalent/transversal money (and related financial relations). It then points to the necessity of a public organization and tight regulation of finance and financial markets while standard equilibrium models assume that social optimum and stability can be provided by private self-adjustment and market prices mechanisms

Systemic crisis and financial regulation

One of the privileged explanations of the current crisis is the sophistication and the weak transparency of financial markets which would have allowed speculative behavior to elude authorities’ supervision. This article develops a different view by putting the emphasis on the model of organization of financial systems. This is established on the predominance of micro-prudential supervision schemes following the hypothesis of free market efficiency. From 1980-90, prudential mechanisms have worked in favor of self-regulation models and the systemic stability is mainly founded on the individual security of banking institutions. We show that this orientation suffers from the fallacy of composition; the micro-prudential model turns out to be unsuitable for the management of systemic risks because of the absence of an automatic bridge between the micro and the macroeconomic levels. The new regulatory environment feeds then successive bubbles the recurrence of which seems to require a modification of the rules of organization to avoid the forced socialization of the losses of private actors.Systemic crisis; efficient markets; regulatory schemes

"World Community Interest" Approach to Interim Measures on "Robot Weapons": Revisiting the nuclear test cases

Forty-four years after the ICJ provisional measures orders in the Nuclear Test Cases requesting France stop atmospheric nuclear weapons testing in the South Pacific, we are facing another deadly threat from the use and development of "robot weapons". Back in the 1970s nuclear weapons were seen as the new frontier in state defensive capability, just as "robot weapons" are today. The ICJ set a precedent for using provisional measures to prevent harm caused by new weapons technology. The orders under art 41 ICJ Statute requested France to avoid nuclear tests causing the deposit of radioactive fall-out on Australian and New Zealand territories. The Nuclear Test Cases are instructive on how the Court may deal with new weapons technology, providing clarification on an urgent basis while a case is pending. Although provisional measures were ordered only in relation to atmospheric tests, the ICJ remains the only international judicial body to have ordered cessation of nuclear tests pending a case. In contrast, individual complaints before the HRC and the ECtHR were refused provisional measures to prevent nuclear tests

The coordination in the economy: an essay on money

This article deals with the role and the place of the money in the process of coordination in a decentralized market economy. The equilibrium models assume that the coordination is carried out through market mechanisms. These mechanisms are mainly real and individual mechanisms but they seem to be unable to integrate money into the theoretical construction. We opt then for a noticeably different method by taking the money as the departure point of the economic analysis and we try to understand economic phenomena through the monetary prism. We show why and how a monetary approach could be envisaged as a coherent and plausible alternative theory of a market economy. This conceptual orientation brings to the fore the issues of monetary ambivalence and of permanent conflict between private/decentralized actions and the systematic viability.Market economy; money; coordination; viability

Shaky emerging economies in view of the global financial crisis: The Turkish economy after three decades of liberal reforms

In the wake of the global change of a new accumulation regime in major capitalist economies, the opening up and liberalisation process of emerging economies from the 1980s has provoked great expectations that resulted in recurrent disappointing crises. Studied as a stylized fact, the Turkish experience leads us to assess the role of liberalised macroeconomic environment, unsuitable economic policies and hesitant and weak regulatory mechanisms as the main sources of perverse sequencing in the reform area. The paper shows that the Turkish crises since the 1980s arose from bad macroeconomic policies, which implemented the neo-liberal shock therapy model and triggered boom-and-bust cycles. After three decades of liberal reforms, the Turkish economy remains still subject to structural downturns. The economic recovery is not guaranteed by a hasty liberalisation. It requires consistent policies which should frame economic agents‟ forms of behaviour in order to induce a sustainable macroeconomic development.Liberalisation, Stability, Sustainable growth regime, Turkish economy

Comparing single-nucleotide polymorphism marker-based and microsatellite marker-based linkage analyses

We compared linkage analysis results for an alcoholism trait, ALDX1 (DSM-III-R and Feigner criteria) using a nonparametric linkage analysis method, which takes into account allele sharing among several affected persons, for both microsatellite and single-nucleotide polymorphism (SNP) markers (Affymetrix and Illumina) in the Collaborative Study on the Genetics of Alcoholism (COGA) dataset provided to participants at the Genetic Analysis Workshop 14 (GAW14). The two sets of linkage results from the dense Affymetrix SNP markers and less densely spaced Illumina SNP markers are very similar. The linkage analysis results from microsatellite and SNP markers are generally similar, but the match is not perfect. Strong linkage peaks were found on chromosome 7 in three sets of linkage analyses using both SNP and microsatellite marker data. We also observed that for SNP markers, using the given genetic map and using the map by converting 1 megabase pair (1 Mb) to 1 centimorgan (cM), did not change the linkage results. We recommend the use of the 1 Mb-to-1 cM converted map in a first round of linkage analysis with SNP markers in which map integration is an issue

Distribución de las arenas eólicas de la Cuenca del Duero (Meseta Ibérica)

The data on the cartography of the existing eolic sands in the Duero Basin indicate that occupy a great extent from different levels from the north of the Cordillera Central until the Duero River. Their extension is about to the almost 2.000 km2 with a very variable thickness that arrives at least 30 m in some localities. They have been dated as formed from final times of the Upper Pleistocene until the Holocene. In this work is indicated a place (San Miguel del Arroyo) where 1 m of eolic sands covers to visigothic remains.Peer reviewe