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Re-Making Of The Turkish Crisis, ÖZgüR Orhangazi, Erinç Yeldan
Re-Making Of The Turkish Crisis, ÖZgüR Orhangazi, Erinç Yeldan
PERI Working Papers
Turkey entered a new phase of recession-cum-real economy crisis starting in the last quarter of 2018. In contrast to the previous crisis episodes of 1994, 2001 or 2009, when the economy has abruptly shrunk with a spectacular collapse of asset values and a severe contraction of output, the 2018- crisis is characterized by a prolonged recession with persistent low (negative) rates of growth, dwindling investment performance, debt repayment problems, secularly rising open unemployment, a spiraling currency depreciation and high inflation. Popular explanations from the mainstream tradition attribute this dismal performance to a lack of “structural reforms” and/or exogenous factors. Per …
Government Policy’S Influence On Shadow Banking In China, Sara Hsu
Government Policy’S Influence On Shadow Banking In China, Sara Hsu
PERI Working Papers
Shadow banking in China has been viewed by government officials and industry experts as illegitimate finance, but as a key means of financing by others. For the former, the industry has been seen as overly risky, potentially undermining the formal financial system. The latter see shadow banking as an increasingly important part of the financial system, filling a gap in the provision of finance to particular sectors and smaller firms.
In this paper, we seek to understand the effect of government views on shadow banking by analyzing the impact of government regulation on the shadow banking and non-shadow banking financial …