Do Capital Flows Improve Macroeconomic Performance in Emerging Markets? : The Turkish Experience
This study examines the effects of capital inflows on the macroeconomic performance in an emerging, small open economy--Turkey. Using monthly data from 1992:01 to 2001:06 and a recursive vector autoregression model, we find that positive innovations in capital inflows appreciate the domestic currency, and increase output and money supply, but decrease interest rates and prices in the short run. We also find that the exchange rate regime does not influence the effects of capital flows on macroeconomic performance. Implications of the findings for policymakers are analyzed.
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Volume (Year): 40 (2004)
Issue (Month): 4 (July)
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References listed on IDEAS
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"The Transmission of a Sudden Capital Outflow: Evidence from Turkey,"
2001/09, Bogazici University, Department of Economics.
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- C. Emre Alper, 2002. "Business Cycles, Excess Volatility, and Capital Flows: Evidence from Mexico and Turkey," Emerging Markets Finance and Trade, M.E. Sharpe, Inc., vol. 38(4), pages 25-58, August.
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- Bekaert, Geert, 1995. "Market Integration and Investment Barriers in Emerging Equity Markets," World Bank Economic Review, World Bank Group, vol. 9(1), pages 75-107, January.
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