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
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.
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