Financial Openness in Turkey
The purpose of this paper is to analyse the effects of financial liberalization on the financial and real sectors of the Turkish economy. The process of liberalization began over 15 years ago simultaneously with a stabilization programme that had been designed according to neoclassical model. The implementation addressed first foreign trade, then the domestic financial market and finally foreign capital movements. Contrary to theoretical expectations, the opening of the capital account induced adverse effects on financial intermediation, savings, investment, growth and foreign debt.
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Volume (Year): 14 (2000)
Issue (Month): 1 ()
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References listed on IDEAS
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- 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.
- Bernhard Fischer & Helmut Reisen, 1992. "Towards Capital Account Convertibility," OECD Development Centre Policy Briefs 4, OECD Publishing.
- Rodrik, Dani, 1995. "Political economy of trade policy," Handbook of International Economics, in: G. M. Grossman & K. Rogoff (ed.), Handbook of International Economics, edition 1, volume 3, chapter 28, pages 1457-1494 Elsevier.
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