Kriz teorileri ve büyük resesyon: Post - Keynesyen kurumsalcılık lehine bir argüman

Öz

Krizler iktisadın önemli ilgi alanlarından biridir. İktisadi faaliyetin sekteye uğraması insanların refah kayıplarına sebep olduğundan, iktisadi kriz olgusunun en iyi şekilde anlaşılması, iktisat teorisi ve de politikası için elzem hale gelmiştir. İktisadi analizin kısmen de olsa normatif taraflarının olmasından kaynaklanan kendi içerisindeki bölünmeleri meşhurdur. Bu bölünmelerin karşılığını, iktisat felsefesinin çeşitli alt dallarındaki farklılaşmaya paralel olarak krizleri anlama çabalarında da görmek mümkündür. Bu çalışmanın amacı, farklı iktisat okullarının finansal krizlere nasıl baktıklarını incelemek, bu inceleme sonunda, yaşadığımız en son finansal kriz olan Büyük Resesyon’u açıklama konusunda hangi okulun ne kadar katkıda bulunduğunu ortaya koymaktadır. İncelememiz bizi kriz konusunda Post - Keynesyen Kurumsalcılığın açıklayıcı gücüne götürmektedir.

Anahtar Kelimeler

• İktisat felsefesi,Post Keynesyen - Kurumsalcılık,Büyük Resesyon

Theories of crisis and the great recession: An argument in favor of Post - Keynesian institutionalism

Öz

Crises are one of the major areas of interests in economics. Since the disruption of economic activity leads to welfare losses for the people, it has become essential for the economic theory and policy to understand them in the best way. The divisions in economic science within themselves, which are partly due to normative aspects present in the profession, are very well known. The equivalence of these divisions can also be seen in efforts to understand crises in parallel stemming from various differences concerning the economic philosophy. The aim of this study is to examine how different economic schools look at financial crises and to reveal their relevance in explaining the most recent crisis, the Great Recession. Our analysis leads us to the explanatory power of Post-Keynesian Institutionalism on the crisis.

Anahtar Kelimeler

• Philosophy of economics,Post-Keynesian Institutionalism,The Great Recession

Kaynakça

1. Ahion, P. ve Bolton, P. (1997). A theory of trickle down growth and development. Review of Economic Studies, 64(2), 151-172.
2. Akerlof, G. A. ve Romer, P. M. (1993). Looting: The economic underworld of bankruptcy of profit. Brookings Papers of Economic Activity, 2, 1-73.
3. Akerlof, G. A. (1970). The market for ‘Lemons’: Quality, uncertainity and market mechanism. The Quarterly Journal of Economics, 84(3), 488-500.
4. Allen, F. ve Gale, D. (2000). Bubbles and crises, The Economic Journal, 110(460), 236-255.
5. Altvater, E. (2009). Postneoliberalism or postcapitalism ? The failure of neoliberalism in the financial market crisis. Development Dialogue, 51, 73-86.
6. Bebchuk, L.A. ve Goldstein, I.(2011). Self - fulfilling Credit Market Freezes. The Review of Financial Studies, 24(11), 3519 - 3555.
7. Bernanke, B. (2010). Monetary policy and the housing bubble. Presentation at the Annual Meeting of the American Economic Association, Atlanta, Georgia, January 3rd.
8. Bernanke, B. ve Gertler, M. (1989). Agency costs, net worth and business fluctuations. The American Economic Review, 79(1), 14-31.

9. Bernanke, B., Gertler, M. ve Gilchrist, S. (1996). The financial accelerator and the flight to quality. The Review of Economics and Statistics, 78(1), 1-15.
10. Bernanke, B., Gertler M. ve Gilchrist, S. (1999). The financial accelerator in a quantitative business cycle framework, J. B. Taylor, M. Woodford (s. 1341-1393) içinde, Handbook of macroeconomics. New York: Elsevier.
11. Bernardo, A. E. ve Welch, I. (2004). Liquidity and financial market runs. Quarterly Journal of Economics, 119, 135-158.
12. Blaug, M. (2009). İktisatta yöntem, Çev: Levent Konyar. Ankara: Eflatun Yayınevi.
13. Boyer, R. (2000). Is a Finance - Led growth regime a viable alternative to fordism? A preliminary analysis. Economy and Society, 29(1), 111-145.
14. Brown, C. (2005). Is there an institutional theory of distribution?. Journal of Economic Issues, 39(4), 915-931.
15. Calomiris, C. W. ve Mason, J. R. (2003). Fundementals, panics and bank distress during the depression. The American Economic Review, 93(5), 1615-1647.
16. Cochran, J. P. (2010). Capital in disequilibrium: Understanding the great recession and the potential for recovery. The Quarterly Journal of Austrian Economics, 13(3), 42-63.
17. de Mederios, C. A. (2012). Income concentration, financial liberalization and decoupling between the United States and China. Journal of Economic Issues, 16(2), 439-447.
18. Demirgüç - Kunt, A. ve Detragiache , E. (1998). The determinants of banking crises in developing and developed countries. IMF Staff Papers, 45(1), 81-109.
19. Demirgüç - Kunt, A., Feyen, E. ve Levine, R. (2013). The evolving ımportance of banks and securities markets. The World Bank Economic Review, 27(3), 1-15.
20. Diamond, D. W. ve Dybvig, P. H. (1983). Bank runs, deposit ınsurance, and liquidity. Journal of Political Economy, 91(3), 401 – 419.
21. Dokko, J., Brian, D., Kiley, M. T., Kim, J., Sherlund, S., Sim, J. ve Van, den Heuvel, S. (2009). Monetary policy and the housing bubble. Division of Research and Statistics and Monetary Affairs, Federal Reserve Board Finance and Economics Discussion Series, Washington D.C., 1 – 64.
22. Eckstein, O. ve Allen, S. (1986). Gordon R. J. (Ed.), Studies In Business Cycles, Vol. 25, University of Chicago Press for NBER. The American business cycle: Continuity and change (s. 39 – 122) içinde. The mechanisms of the business cycle in the Post-War Era.
23. Eggertsson, G. B. ve Krugman, P. (2012). Debt, deleveraging and the liquidity trap: A Fisher-Mynsky-Koo Approach. The Quarterly Journal of Economics, 27(3), 1469-1513.
24. Epstein, G. A. (2005). Introduction: Financialization and the world economy, G. A. Epstein içinde, Financialization and the world economy. Cheltenham: Edward Elgar.
25. Fisher, I. (1933). The Debt-Deflation Theory of Great Depressions. Econometrica, 1(4), 337-357.
26. Friedman, M., Schwartz, A. J. ([1963]1993). A monetary history of the United States, 1867-1960. Princeton University Press.
27. Froud, J., Haslam, C., Johal, S. and Williams, K. el (2000). Restructuring for shareholder value and its implications for labour. Cambridge Journal of Economics, 24(6), 771-797.
28. Froud, J., Johal, S., Haslam, C. ve Williams, K. el (2001). Accumulation under conditions of ınequality. Review of International Political Economy, 8(1), 66-95.
29. Galbraith, J. K. (2013). Büyük kriz 1929, Çev. Özkan Özdem, E. Nihan Akbaş, İstanbul: Pegasus.
30. Goldstein, I. ve Pauzner, A. (2005). Demand - Deposit contracts and the possibility of bank runs. The Journal of Finance, 60(3), 1293-1327.
31. Goldstein, I. ve Razin, A. (2013). Three branches of theories of financial crises. NBER Working Paper 18670.
32. Gorton, G. (1988). Banking panics and business cycles. Oxford Economic Papers, 40(4), 751-781.
33. Groenewegen, J. (2015). Economic crisis and the explanatory power of (institutional) economics. S. Fadda, P., Tridico(Ed.). The economic crisis in social and ınstitutional context: Theories, policies and exit strategies (s. 9-25) içinde. New York: Routledge - Taylor and Francis Group.
34. Hall, J., Lacasa, I. D. ve Günther, J. (2012). Veblen’s predator and the great crisis. Journal of Economic Issues, 46(2), 411-418.
35. Hayek, F. A. (1934). Capital and industrial fluctuations. Econometrica, 2(2), 152-167.
36. Hein, E. ve Tarassow, A. (2010). Distribuition, aggregate demand and productivity growth: Theory and empirical results for six OECD countries based on a Post-Kaleckian Model. Cambridge Journal of Economics, 34(4), 727-754.
37. Hein, E. ve Truger, A. (2013). Finance dominated capitalism in crisis - the case for a global keynesian new deal. Journal of Post-Keynesian Economics, 35(2), 187-213.
38. Hein, E. (2009). A (Post) Keynesian perspective on ‘Financialisation’, IMK Studies. 01/2009, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
39. Hein, E. (2010). Shareholder value orientation, distribution and growth: Short and medium run effects in a Kaleckian Model. Metroeconomica, 61(2), 302-332.
40. Holt, R.P.F. ve Greenwood, D.T. (2012). Negative trickle down and the financial crisis of 2008. Journal of Economic Issues, 46(2), 363-370.
41. Horwitz, S. (2010). The microeconomic foundations of macroeconomic disorder: An Austrian perspective on the great recession of 2008. Steven Kates (Ed.), Macroeconomic theory and its failings, chapter 6 (s. 96 – 111) içinde. Edward Elgar Publishing.
42. Horwitz, S. G. ve Luther W. J. (2011). The great recession and its aftermath from a monetary equilibrium theory perspective. Steven Kates (Ed.), The global financial crisis, chapter 4 (s. 75 – 92) içinde. Edward Elgar Publishing.
43. Jeong. S. J. (2009). R. Brenner tarafından gerçekleştirilen röportaj [metin]. Overproduction not Financial Collapse is the Heart of the Crisis: The U.S. East Asia and the World. [The Asia-Pacific Journal / Japan Focus, 7(5), 1 – 12.]
44. Kaminsky, G. L. ve Reinhart, C. M. (1999). The twin crises: The causes of banking and balance of payment problems. American Economic Review, 89(3), 473-500.
45. Kehoe, P. J., Midrigan, V. ve Pastorino, E. (2018). Evolution of modern business cycle models: Accounting for the great recession. Journal of Economic Perspectives, American Economic Association, 32(3), 141-166.
46. Keynes, J. M. (1937). The general theory of employment. The Quarterly Journal of Economics, 51(2), 209-223.
47. Keynes, J. M. (2008[1936]). Genel teori: İstihdam, faiz ve paranın genel teorisi. İstanbul: Kalkedon.
48. Koo, R. C. (2008). The holy grail of macroeconomics:Lessons from Japan’s great recession. Signapore: Wiley.
49. Krugman, P. (1979). A model of balance of payments crises. Journal of Money, Credit and Banking, 11(3), 311-325.
50. Krugman, P. (1999). Balance sheets, the transfer problem and financial crises. International Tax and Public Finance, 6(4), 459-472.
51. Lapavistas, C. (2010). Giriş: Finansallaşmanın krizi, C. Lapavistas (s. 9-24) içinde. Finansallaşma ve kapitalizmin krizi, Çev. Tuncel Öncel. İstanbul: Yordam Kitap.
52. Lazonick, W. O’Sullivan (2000). Maximizing shareholder value: A new ideology for corporate governance. Economy and Society, 29(1), 13-35.
53. Marx, K. ([1885]2009). Kapital, ekonomi politiğin eleştirisi II. Cilt: Sermayenin dolaşım süreci. Çev. Alattin Bilgi. Ankara: Sol Yayınları.
54. Marx, K. ([1894]2009). Kapital, ekonomi politiğin eleştirisi III. cilt: Bir bütün olarak kapitalist üretim süreci. Çev. Alattin Bilgi. Ankara: Sol Yayınları.
55. Menger, C. ([1871],2007). Principles of economics. Auburn: Ludwig von Mises Institute.
56. Minsky, H. P. (1975). Financial resources in a fragile financial environment. Challenge, 18(3), 6-13.
57. Minsky, H. P. (1977). The financial ınstability hypothesis: an ınterpretation of Keynes and an alternative to ‘Standard’ theory. Challenge, 20(1), 20-27.
58. Minsky, H. P. (1992). The financial ınstability hypothesis. The Jerome Levy Economics Institute of Bard College Working Paper, No.74.
59. Minsky, H. P. (2013[1986]). İstikrarsız bir ekonominin istikrarı. Çev. Oğuz Esen. Ankara: Efil.
60. Minsky, H. P. (1996). Uncertainty and the ınstitutional structure of capitalist Economies. The Jerome Levy Economics Institute Working Paper, No.155.
61. Minsky, H. P.(1973). The strategy of economic policy and ıncome distribution. Annals of the American Economy of Political and Social Science, 409, 92-101.
62. Mises, L.v. ([1949]2008). İnsan Eylemi: İktisat üzerine bir inceleme. Çev. İsmail Aktar. Ankara: Liberte.
63. Morris, S. ve Shin, H. S. (1998). Liquidity black holes. Review of Finance, 8(1), 1-18.
64. Panitch, L. ve Gindin, S. (2009). From global finance to the nationalization of the banks: eight theses on the economic crisis. Global Research, February 25. Erişim adresi: http://www.globalresearch.ca/from-global-finance-to-the-nationalization-of-the-banks-eight-theses-on-the-economic-crisis/12463 (04.03.2014).
65. Peria, M. S. M. ve Schmukler, S. L. (2001). Do depositors punish banks for bad behavior? Market discipline, deposit insurance and banking crises. The Journal of Finance, 56(3), 1029-1051.
66. Redmond, W. (2013). Financial innovation, diffusion, and instability. Journal of Economic Issues, 47(2), 525-531.
67. Rizzo, M. J. (2009, 19 Şubat), The misdirection of resources and the current recession. Mises Daily Article. Erişim adresi: http://mises.org/daily/3348 (11.02.2014).
68. Salerno, J. T. (2011). A reformulation of Austrian business cycle theory in light of the financial crisis. doi: http://dx.doi.org/10.2139/ssrn.1974196
69. Schumacher, L. (2000). Bank runs and currency run in a system without a safety net: Argentina and the ‘Tequila’ Shock. Journal of Monetary Economics, 46(1), 257-277.
70. Schumpeter, J. A. ([1952]2003). Ten great economists from Marx to Keynes. London: Routledge.
71. Schumpeter, J. A. (1978). The theory of economic development: An inquiry into profits, capital, credit,interest and the business cycle. Oxford: Oxford University Press.
72. Schumpeter, J. A.(1939). Business cycles: A theoretical, historical and statistical analysis of the capitalist process. New York: Mc Graw-Hill.
73. Stiglitz, J. R. ve Weiss, A. (1981). Credit rationing in markets with imperfect information. The American Economic Review, 71(3), 393-410.
74. Şenalp, M. G. (2007). Dünden bugüne kurumsal iktisat, E. Özveren, Kurumsal İktisat (s. 45-92) içinde. Ankara: İmge Kitabevi.
75. Tabb, W. (2010). Marxism, crisis theory and the crisis of the 21st Century. Science and Society, 74(3), 305-323.
76. Tauheed, L. F. (2011). A proposed methodological synthesis of Post - Keynesian and Institutionalist Economics. Journal of Economic Issues, 45(4). 819-838, doi: 10.2753/JEI0021-3624450404.
77. Van Lear, W. ve Sisk, J. (2010). Financial crisis and economic stability: A comparison between finance capitalism and money manager capitalism. Journal of Economic Issues, 44(3), 779-793.
78. Veblen, T. ([1899] 2003). The theory of the leisure class. Erişim adresi: https://discoversocialsciences.com/wp-content/uploads/2018/02/veblen_theory-leisure-class1.pdf
79. Veblen, T. ([1904] 2005). The theory of business enterprise. New York: Cosimo Classics.
80. Veblen, T. ([1920] 2013). The vested ınterest and the common man. New York: Forgotten Books.
81. Whalen, C. J. (2012). Post-Keynesian Institutionalism after the Great Recession. European Journal of Economics and Economic Policies: Intervention, 10(1) Edward Elgar Publishing, 12 – 27.
82. Wren - Lewis, S. (2018). Ending the microfoundations hegemony. Oxford Review of Economic Policy, 34(1-2), 55-69.
83. Wright, R. (2018). On the future of macroeconomics: A new monetarist perspective. Oxford Review of Economic Policy, 34(1-2), 107-131.
84. Young, A. T. (2012). The time structure of production in the U.S., 2002-2009. Review of Austrian Economics, 25(2), 77-92.
85. Zalewski, D. A. ve Whalen, C. J. (2010). Financialization and income ınequality: A Post - Keynesian institutional analysis. Journal of Economic Issues, 44(3), 757-777.