Kriz ve Maliye Politikalarının Geri Dönüşü Çerçevesinde Fonksiyonel Maliye: Bir Literatür Taraması

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erkan.tokucu@gmail.com

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FUNCTIONAL FINANCE IN THE CONTEXT OF

CRISIS AND RETURN OF FISCAL POLICIES:

A LITERATURE SURVEY

Abstract

Fiscal policies were developed in the 1930s. These years were in crisis and Classical Economic’s political recommendations were not enough to overcome the crisis. In this period of crisis the fiscal policies developed by Keynes have been applied until the 1970s and have led to overcome the crisis but the period of stagflation made fiscal policies to become of secondary importance and has brought the monetarist monetary policies into prominence. In the late 1980s, the monetarist monetary policies were suppressed and the New Keynesian policies were adopted. In the New Keynesian policies while monetary policies play first fiddle the fiscal policies play second. After the financial crisis in 2008, the new Keynesian policies were not sufficient in predicting, preventing and eliminating the effects of crisis, so the fiscal policies play in the fiddle became a current issue again.

In this article, it has been examined that why the importance of fiscal policies have decreased over time and have gained importance in recent times. These studies have been made by adhering the framework of Functional Finance Approach developed by Abba P. Lerner. Functional Finance Approach is extremely important for Turkey’s current economic situation. Because the fiscal rules which include budgetary deficit and surplus according to the economical situation will be carried into practice in Turkey in 2011. One of the basic arguments of Functional Finance Approach is having budgetary deficit or surplus sticking to economical situations.

Key Words: Fiscal Policies, Crisis, Functional Finance.

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4_{Blanchard Olivier, Dell’Ariccia Giovanni and Mauro Paolo (2010), “Rethinking}

Macroeconomic Policy”, IMF Staff Position Note, Vol:10, No:3, ss.5-6, www.imf.org. (ULúLP7DULKL

5_{Angeriz&Arestis(2009), a.g.m, s.571.}

6_{Sawyer Malcolm (2009), “Fiscal and Interest Rate Policies in The ‘New Consensus’}

Framework: A Different Perpective”, Journal of Post Keynesian Economics, Vol.31, No.4, s.554.

(6)

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7_{Hemming v.d (2002), a.g.m, s.3.}

8_{Papadimitriou Dimitri B. & Randall Wray (2001), “Fiscal Policy for Coming Recession:}

Large Tax Cuts Are Needed to Prevent a Hard Landing”, The Levy Economics Institute of Bard Collage, Policy Note, No.2001/2, ss.1-5, www.levy.org (ULúLP7DULKL

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9_{Feldstein Martin S., “Rethinking The Role of Fiscal Policy”, NBER Working Paper}

1RdHY(UGDO*Pú(VNLúHKLU2VPDQJD]LhQLYHUVLWHVLøø%)'HUJLVL, Ekim 2009, &LOW6D\ÕVV-11.

10_{Arestis Philip & Malcolm Sawyer (2003b), “On The Effectiveness of Monetary Policy}

and Fiscal Plicy”, The Levy Economics Institute of Bard College, Working Paper No.369, ss.5-6, www.levy.org (ULúLP7DULKL

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3-

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11

Rochon &Seccareccia (2008), a.g.m, s.3.

12

Tcherneva Pavlina R. (2008), “The Return of Fiscal Policy: Can the New Developments in the New Economic Consensus be Reconciled with the Post Keynesian View?”, The Levy Economics Institute of Bard College, Working Paper No.539, ss.6-7. www.levy.org (ULúLP7DULKL

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13_{MacKenzie D.W. (2006), “The Myth of Functional Finance: Mises vs. Lerner”, Mises}

Daily, May.23, http://mises.org/daily/2168 (ULúLP7DULKL

14

Lerner Abba P., “Functional Finance and The Federal Debt”, Social Research, Vol.10, No.1, s.39.

15_{Forstater (1999), a.g.m, s.476.} 16_{MacKenzie (2006).}

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19

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17

Forstater Mathew, “Functional Finance and Full Employment: Lessons from Lerner for Today”, Journal of Economic Issues, (1999) Vol.33, No.2, s.475.

.

18_{Bell Stephanie (1999), “Functional Finance: What, Why, and How?”, Levy Economics}

Institute of Bard College, Working Paper, No:287, s.1. http://estes.levy.org/pubs/wp287.pdf (ULúLP7DULKL

19_{Lerner, (1943), a.g.m, s.40.} 20_{Forstater (1999), a.g.m, s.481.}

(11)

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: .DSDOÕELU ekonomi için

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21_{Arestis Philip & Malcolm Sawyer, “The Case for Fiscal Policy”, The Levy Economics}

Institute of Bard College, Working Paper (2003a), No.382, s.3-(ULúLPTarihi 02.02.2010).

22

Sawyer (2009), a.g.m, s. 558.

23

Froyen Richard T., Macroeconomics-Theories and Policies, 7. Edit, Prentice Hall, USA, (2002), s.421.

(12)

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24_{Lerner (1943), a.g.m, ss.40-41.} 25_{Forstater (1999), a.g.m, s.478.} 'HYOHWSDUDVÕ\DNODúÕPÕQÕQ)RQNVL\RQHO0DOL\H\DNODúÕPÕDoÕVÕQGDQELU

26_{Wray Randall, “Money and Taxes: The Chartalist”, The Levy Economics Institute of}

Bard College, Working Paper (1998b), No. 222, s.3-4, www.levy.org (ULúLP7DULKL 04.01.2010).

(13)

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27_{Berglund Per Gunnar, “Equality and Enterprise: Can Functional Finance Offer a New}

Historical Compromise?”, Center for Economic Policy Analysis, Working Paper No. 12, New School University, (2001) s.3-4, www.newschool.edu/cepa (ULúLP Tarihi 15.03.2010).

28_{Forstater Mathew (2006), “LERNER, Abba Ptachya (1903-1982)”, Centre for Full}

Employment and Price Stability, Working Paper, No.52, s.6, http://www.cfeps.org/pubs/wp-pdf/WP52-Forstater.pdf (ULúLP7DULKL

(14)

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33

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30_{Hemming v.d (2002), a.g.m, s.7.} 31_{Bell (1999), a.g.m, s.3.} 32_{Tcherneva (2008), a.g.m, s.8.} 33_{Bell (1999), a.g.m, s.7.}

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35

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34

Wray Randall, Understanding Modern Money(The Key to Full Employment and Price Stability), Edward Elgar Publishing, (1998a) s.83-84.

35_{Tcherneva (2008), a.g.m, s.31.}

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36_{Wray (2009), a.g.m, s.6.}

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39

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38_{Tcherneva (2008), a.g.m, ss. 12-13.} 39_{Angeriz & Arestis (2009), a.g.m, s.583.}

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Kaynakça

ANGERIZ Alvaro & Philip Arestis (2009), “The Consensus View on Interest Rates and Fiscal Policy: Reality or Innocent Fraud?”, Journal of Post Keynesian Economics, Summer, Vol.31, No:4, s.567-586.

ARESTIS Philip & Malcolm Sawyer (2003a), “The Case for Fiscal Policy”, The Levy Economics Institute of Bard College, Working Paper No.382, s.1-23, www.levy.org(ULúLP7DULKL

ARESTIS Philip & Malcolm Sawyer (2003b), “On The Effectiveness of Monetary Policy and Fiscal Plicy”, The Levy Economics Institute of Bard College, Working Paper No.369, s.1-12, www.levy.org (ULúLP7DULKL BELL Stephanie (1999), “Functional Finance: What, Why, and How?”, Levy

Economics Institute of Bard College, Working Paper, No:287, s.1-15, http://estes.levy.org/pubs/wp287.pdf (ULúLP7DULKL

BERGLUND Per Gunnar (2001), “Equality and Enterprise: Can Functional Finance Offer a New Historical Compromise?”, New School University, Center for Economic Policy Analysis, Working Paper No. 12, s.1-34, www.newschool.edu/cepa (ULúLP7DULKL

BLANCHARD Olivier, Dell’Ariccia Giovanni and Mauro Paolo (2010), “Rethinking Macroeconomic Policy”, IMF Staff Position Note, Vol:10, No:3, s.1-19, www.imf.org (ULúLP7DULKL

FELDSTEIN Martin S. (2009), “Rethinking The Role of Fiscal Policy”, NBER :RUNLQJ 3DSHU 1R dHY (UGDO *Pú (VNLúHKLU 2VPDQJD]i hQLYHUVLWHVLøø%)'HUJLVL(NLP&LOW6D\Õs.9-16.

FORSTATER Mathew (1999), “Functional Finance and Full Employment: Lessons from Lerner for Today”, Journal of Economic Issues, Vol.33, No.2, s.475-482.

FORSTATER Mathew (2006), “LERNER, Abba Ptachya (1903-1982)”, Centre for Full Employment and Price Stability, Working Paper, No.52, ss.1-11, http://www.cfeps.org/pubs/wp-pdf/WP52-Forstater.pdf (ULúLP 7DULKL 15.01.2010).

FROYEN Richard T. (2002), Macroeconomics-Theories and Policies, 7. Edit, Prentice Hall, USA.

HEMMING Richard, Michael Kell and Selma Mahfouz (2002), The Effectiveness of Fiscal Policy in Stimulating Economic Activity – A Review of The Literature”, IMF Working Paper, No.208, ss.1-53, www.imf.org (ULúLP Tarihi: 01.04.2010).

LEMER Abba (1943), “Functional Finance and The Federal Debt”, Social Research, Vol.10, No.1, s. 38-52.

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MACKENZIE D.W. (2006), “The Myth of Functional Finance: Mises vs. Lerner”, Mises Daily, May.23, http://mises.org/daily/2168 (10.01.2010). ROCHON Louis-Philippe and Mario Seccareccia (2008), “A Note on Deficits and

Functional Finance Expenditures”, s.1-15,

http://www.progressive-economics.ca/2008/11/25/deficits-and-functional-finance/ (ULúLP7DULKL

SAWYER Malcolm (2009), “Fiscal and Interest Rate Policies in The ‘New Consensus’ Framework: A Different Perpective”, Journal of Post Keynesian Economics, Vol.31, No.4, s.549-566.

TCHENEVA Pavlina R. (2008), “The Return of Fiscal Policy: Can the New Developments in the New Economic Consensus be Reconciled with the Post Keynesian View?”, The Levy Economics Institute of Bard Collage, Working Paper No: 539, s.1-48, www.levy.org (ULúLP7DULKL WRAY Randall (1998), Understanding Modern Money (The Key to Full

Employment and Price Stability), Edward Elgar Publishing.

WRAY Randall (1998b), “Money and Taxes: The Chartalist”, The Levy Economics Institute of Bard College, Working Paper, No. 222, s.1-35, www.levy.org (ULúLP7DULKL

WRAY Randall (2009), “The Return of Big Government – Policy Advice for President Obama”, The Levy Economics Institute of Bard College, Public Policy Brief, No. 99, s.1-16, www.levy.org (ULúLP7DULKL