Azer, Özlem Arzu

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Dynamics Behind the 'moral Corruption' of the Financial System
(Springer-Verlag Berlin Heidelberg, 2014) Azer, Özlem Arzu
The first phase of transformation of the world economic system was realized at the beginning of the 1980s. These were years in which neo-liberalist politics had been widening all over the world due to the Washington Consensus. Decreasing role of government as one of the most important principle of Consensus played a very important role to establish the New World Order. The New World Order as a system of global governance that institutionalizes cooperation (Slaughter in A new world order Princeton University Press Princeton p. 15 2004). The decreasing role of government means decreasing the effect of 'wealth government.' Privatizations increased at high rate particularly in the Post Cold War era. The New World Order required the transformation of society. This transformation of society was realized from year to year since the 1980s. In the Post Cold War era there had been change in paradigms in terms of political as well as change in the structure of production. This era can be assumed to be the second phase of transformation. In the 1990s some big financial firms which were assumed to be free from the problem of liquidation (banktrupcy) went bankcrupt. The moral erosion of the financial system became evident. The mechanism behind the moral erosion was versatile. The components of the balance sheet and delibrate disinformation to increase the value of firms and consequently shareholder value were part of the problem. In the second part auditing firms which approved the finaancial statements were vigorously scrutinized. And the most important part was the mechanism which allows and/or directs CEOs and executives to act in such a corrupt and irresponsible way. © 2014 Springer-Verlag Berlin Heidelberg. All rights are reserved.
Citation - WoS: 6
Citation - Scopus: 4
The Relationship Between Economic Growth and Income Distribution in Turkey and the Turkish Republics of Central Asia and Caucasia: Dynamic Panel Data Analysis With Structural Breaks
(Springer International Publishing, 2013) Mercan, Mehmet; Azer, Özlem Arzu
In this study the effect of economic growth on income distribution was tested using data from Central Asian and Caucasian countries’ economies (Azerbaijan Kazakhstan Kyrgyzstan Tajikistan Turkmenistan and Uzbekistan) and Turkish economy over the period of 1995 to 2009. New generation panel data methods which consider cross-section dependence and structural breaks among countries were used for the analysis. The results indicate that there exists co-integration among the series. We found that that the economic growth had a negative effect on the income distributions across the countries. In particular the results show that the economic growth improved the income distribution in Turkey and Azerbaijan. © 2013 Eurasia Business and Economics Society.

Azer, Özlem Arzu

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