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The Balance of Payments as a Constraint on Turkey’s Growth: 1960-2004

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  • Secil Pacaci Elitok
  • Al Campbell

Abstract

The aim of this study is to test the existence of balance of a payments constraint on the long run economic growth of the Turkish economy. The balance of payments constrained growth (BPCG) model which was developed by Thirlwall (1979) and extended by Thirlwall and Hussain (1982) is tested over the period of 1960-2004 using OLS. Empirical findings of this paper support the BPCG model for the whole period under consideration. For the different sub-periods, there are either different essential economic relations or behaviors behind the BOP constraint.

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File URL: http://economics.utah.edu/publications/2008_13.pdf
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Bibliographic Info

Paper provided by University of Utah, Department of Economics in its series Working Paper Series, Department of Economics, University of Utah with number 2008_13.

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Length: 36 pages
Date of creation: 2008
Date of revision:
Handle: RePEc:uta:papers:2008_13

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Keywords: Balance of payments constraint; Turkey; economic growth; international trade; elasticity; neo-liberalism;

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References

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  1. Anthony Philip Thirlwall, 1979. "The Balance of Payments Constraint as an Explanation of International Growth Rate Differences," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 32(128), pages 45-53.
  2. Oguz Esen, 2000. "Financial Openness in Turkey," International Review of Applied Economics, Taylor & Francis Journals, vol. 14(1), pages 5-23.
  3. Mustafa Ismihan & Aysit Tansel & Kivilcim Metin-Ozcan, 2002. "Macroeconomic Instability, Capital Accumulation and Growth : The Case of Turkey 1963-1999," Departmental Working Papers 0205, Bilkent University, Department of Economics.
  4. A. Erinc Yeldan, 1998. "On Structural Sources of the 1994 Turkish Crisis: a CGE modelling analysis," International Review of Applied Economics, Taylor & Francis Journals, vol. 12(3), pages 397-414.
  5. Arslan, Ismail & van Wijnbergen, Sweder, 1993. "Export Incentives, Exchange Rate Policy and Export Growth in Turkey," The Review of Economics and Statistics, MIT Press, vol. 75(1), pages 128-33, February.
  6. Jonathan Perraton, 2003. "Balance of Payments Constrained Growth and Developing Countries: An examination of Thirlwall's hypothesis," International Review of Applied Economics, Taylor & Francis Journals, vol. 17(1), pages 1-22.
  7. José A. Alonso & Carlos Garcimartín, 1999. "A New Approach to Balance-of-Payments Constraint: Some Empirical Evidence," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 21(2), pages 259-282, January.
  8. Utku Utkulu & Durmus Özdemir, 2005. "Does Trade Liberalization Cause a Long Run Economic Growth in Turkey," Economic Change and Restructuring, Springer, vol. 37(3), pages 245-266, 09.
  9. M. Faruk Aydin & Ugur Ciplak & Eray M. Yucel, 2004. "Export Supply and Import Demand Models for the Turkish Economy," Working Papers 0409, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
  10. Bairam, Erkin I, 1987. "The Verdoorn Law, Returns to Scale and Industrial Growth: A Review of the Literature," Australian Economic Papers, Wiley Blackwell, vol. 26(48), pages 20-42, June.
  11. Faruk Selcuk, 1997. "A Brief Account of the Turkish Economy, 1987-1996," Departmental Working Papers 971, Bilkent University, Department of Economics.
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Cited by:
  1. Halicioglu, Ferda, 2012. "Balance-of-Payments Constrained Growth: the Case of Turkey," MPRA Paper 41791, University Library of Munich, Germany.

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