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Capital Flows and the Non-Tradables in the Turkish Economy after Capital Account Liberalization

In: Proceedings of the Conference on Emerging Economic Issues in a Globalizing World

Author

Listed:
  • F. Kemal Kýzýlca

    (Ankara University)

Abstract

This paper investigates the relationship between capital flows and the share of the non-tradables sector in the Turkish economy after capital account liberalization. Findings support a lagged, yet positive effect of capital flows on the share of non-tradables, which brings the economy more vulnerable to the risk of reversal of capital inflows. This underline the importance of a regulation controlling foreign currency denominated borrowings of private sector firms with limited export earnings and elimination of excessive official reserve accumulation which acts as an implicit bailout guarantee.

Suggested Citation

  • F. Kemal Kýzýlca, 2008. "Capital Flows and the Non-Tradables in the Turkish Economy after Capital Account Liberalization," Papers of the Annual IUE-SUNY Cortland Conference in Economics,in: Proceedings of the Conference on Emerging Economic Issues in a Globalizing World, pages 108-118 Izmir University of Economics.
  • Handle: RePEc:izm:prcdng:200806
    as

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    File URL: http://eco.ieu.edu.tr/wp-content/proceedings/2008/0806.pdf
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    References listed on IDEAS

    as
    1. Ayhan Kose & Kenneth Rogoff & Eswar S Prasad & Shang-Jin Wei, 2003. "Effects of Financial Globalization on Developing Countries; Some Empirical Evidence," IMF Occasional Papers 220, International Monetary Fund.
    2. Agenor, Pierre-Richard & McDermott, C. John & Ucer, Murat, 1997. "Fiscal imbalances, capital inflows, and the real exchange rate: The case of Turkey," European Economic Review, Elsevier, vol. 41(3-5), pages 819-825, April.
    3. Paul Louis Ceriel Hilbers & Lisbeth S Zacho & Qin Lei, 2001. "Real Estate Market Developments and Financal Sector Soundness," IMF Working Papers 01/129, International Monetary Fund.
    4. Alberto Gabriele & Korkut Boratav & Ashok Parikh, 2007. "Instability and Volatility of Capital Flows to Developing Countries," World Scientific Book Chapters,in: Trade Liberalisation Impact on Growth and Trade in Developing Countries, chapter 10, pages 273-305 World Scientific Publishing Co. Pte. Ltd..
    5. Richard J. Herring & Susan Wachter, 1999. "Real Estate Booms and Banking Busts: An International Perspective," Center for Financial Institutions Working Papers 99-27, Wharton School Center for Financial Institutions, University of Pennsylvania.
    6. Abdelhak S Senhadji & Charles Collyns, 2002. "Lending Booms, Real Estate Bubbles and the Asian Crisis," IMF Working Papers 02/20, International Monetary Fund.
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