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The response of private investment to structural adjustment-a case study of Turkey

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Author Info
Öner Günçavdi
Michael Bleaney (Department of Economics, University of Nottingham, Nottingham, UK)
Andrew McKay (Department of Economics, University of Nottingham, Nottingham, UK)
Abstract

Much concern has been expressed about the apparently adverse response of private investment to structural adjustment and other economic reform programmes, even in countries where these reforms appear to have been fairly successful according to other criteria. This issue is examined for the case of Turkey, where private investment dipped significantly following the launch of the economic reform programme. Particular attention is paid to the financial sector reforms in that programme. While the high interest rates which were associated with financial liberalization did discourage investment, this effect appears to have been temporary, and financial liberalisation had the beneficial long-term effect of relaxing credit constraints on investment, which had been an important feature of the pre-reform era. Copyright © 1999 John Wiley & Sons, Ltd.

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Publisher Info
Article provided by John Wiley & Sons, Ltd. in its journal Journal of International Development.

Volume (Year): 11 (1999)
Issue (Month): 2 ()
Pages: 221-239
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Handle: RePEc:wly:jintdv:v:11:y:1999:i:2:p:221-239

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  1. Hartman, Richard, 1972. "The effects of price and cost uncertainty on investment," Journal of Economic Theory, Elsevier, vol. 5(2), pages 258-266, October. [Downloadable!] (restricted)
  2. Izak Atiyas & Hasan Ersel & Emin Ozturk, 1993. "Customer Patterns and Credit Rationing in Turkish Banks," Discussion Papers 9301eng, Research and Monetary Policy Department, Central Bank of the Republic of Turkey. [Downloadable!]
  3. Pfeffermann, G.P. & Madarassy, A., 1992. "Trends in Private Investment in Developing Countries," Papers 16, World Bank - International Finance Corporation.
  4. Steven Fazzari & R. Glenn Hubbard & Bruce C. Petersen, 1988. "Financing Constraints and Corporate Investment," NBER Working Papers 2387, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  5. Granger, C. W. J. & Newbold, P., 1974. "Spurious regressions in econometrics," Journal of Econometrics, Elsevier, vol. 2(2), pages 111-120, July. [Downloadable!] (restricted)
  6. Davidson, James E H, et al, 1978. "Econometric Modelling of the Aggregate Time-Series Relationship between Consumers' Expenditure and Income in the United Kingdom," Economic Journal, Royal Economic Society, vol. 88(352), pages 661-92, December. [Downloadable!] (restricted)
  7. Bischoff, Charles W, 1969. "Hypothesis Testing and the Demand for Capital Goods," The Review of Economics and Statistics, MIT Press, vol. 51(3), pages 354-68, August. [Downloadable!] (restricted)
  8. Auerbach, Alan, 1990. "The cost of capital and investment in developing countries," Policy Research Working Paper Series 410, The World Bank. [Downloadable!]
  9. Kaskarelis, Ioannis A, 1993. "The Determinants of Investment in Greek Manufacturing," Applied Economics, Taylor and Francis Journals, vol. 25(8), pages 1125-35, August.
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