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Balance-of-Payments Constrained Growth: the Case of Turkey

  • Halicioglu, Ferda

In order to test the existence of Thirlwall’s law for Turkey during the period of 1980-2008, bounds test approach to cointegration is applied. The empirical results suggest that Thirlwall’s law holds for Turkey. This study also suggests some policy recommendations to curb the deficits in the balance-of-payments.

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File URL: https://mpra.ub.uni-muenchen.de/41791/1/MPRA_paper_41791.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 41791.

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Date of creation: 2012
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Handle: RePEc:pra:mprapa:41791
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  1. A. P. Thirlwall, 2011. "Balance of Payments Constrained Growth Models: History and Overview," Studies in Economics 1111, School of Economics, University of Kent.
  2. Anthony P. Thirlwall, 2011. "The Balance of Payments Constraint as an Explanation of International Growth Rate Differences," PSL Quarterly Review, Economia civile, vol. 64(259), pages 429-438.
  3. Miguel A. Leon-Ledesma, 1997. "An Application of Thirlwall's Law to the Spanish Economy," Studies in Economics 9708, School of Economics, University of Kent.
  4. Raphael Rocha Gouvêa & Gilberto Tadeu Lima, 2011. "Structural Change,Balance-of-Payments Constraint and Economic Growth: Evidence from the Multi-Sectoral Thirlwall’s Law," Anais do XXXVII Encontro Nacional de Economia [Proceedings of the 37th Brazilian Economics Meeting] 74, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].
  5. Juan Carlos Moreno-Brid, 1999. "Mexico's Economic Growth and the Balance of Payments Constraint: A cointegration analysis," International Review of Applied Economics, Taylor & Francis Journals, vol. 13(2), pages 149-159.
  6. Arslan Razmi, 2005. "Balance-of-payments-constrained growth model: the case of India," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 27(4), pages 655-687, July.
  7. M. Hashem Pesaran & Yongcheol Shin & Richard J. Smith, 2001. "Bounds testing approaches to the analysis of level relationships," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 16(3), pages 289-326.
  8. Secil Pacaci Elitok & Al Campbell, 2008. "The Balance of Payments as a Constraint on Turkey’s Growth: 1960-2004," Working Paper Series, Department of Economics, University of Utah 2008_13, University of Utah, Department of Economics.
  9. Gustavo Britto & John S. L. McCombie, 2009. "Thirlwall's law and the long-term equilibrium growth rate: an application to Brazil," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 32(1), pages 115-136, September.
  10. 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.
  11. Alberto Bagnai, 2010. "Structural changes, cointegration and the empirics of Thirlwall's law," Applied Economics, Taylor & Francis Journals, vol. 42(10), pages 1315-1329.
  12. Erkin Bairam & Lawrence Ng, 2001. "Thirlwall's Law and the Stability of Export and Import Income Elasticities," International Review of Applied Economics, Taylor & Francis Journals, vol. 15(3), pages 287-303.
  13. J. S. L. McCombie & A. P. Thirlwall, 1997. "The Dynamic Harrod Foreign Trade Multiplier and the Demand-orientated Approach to Economic Growth: an Evaluation," International Review of Applied Economics, Taylor & Francis Journals, vol. 11(1), pages 5-26.
  14. H. Sonmez Atesoglu, 1994. "Balance of payments determined growth in Germany," Applied Economics Letters, Taylor & Francis Journals, vol. 1(6), pages 89-91.
  15. Arslan Razmi, 2005. "Balance of Payments Constrained Growth Model: The Case of India," UMASS Amherst Economics Working Papers 2005-05, University of Massachusetts Amherst, Department of Economics.
  16. Paresh Kumar Narayan, 2005. "The saving and investment nexus for China: evidence from cointegration tests," Applied Economics, Taylor & Francis Journals, vol. 37(17), pages 1979-1990.
  17. Thirlwall, Anthony P & Hussain, Mohammed Nureldin, 1982. "The Balance of Payments Constraint, Capital Flows and Growth Rate Differences between Developing Countries," Oxford Economic Papers, Oxford University Press, vol. 34(3), pages 498-510, November.
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