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Financial Liberalization Era in Turkey: Critique on Decree No.32

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  • Onur Koska

    (Hacettepe University)

Abstract

“Financial Liberalization” winds had blown for 1980s’ Turkey, affected from developed nations, resulted from the efforts of keeping in step with world trend, and hence the law that had been put into practice in 1989, “decree no.32”, had not only affected its era, also had left countless problems in the site of country’s destiny. In the present paper, after exposing the existing political and economic circumstances in the last quarter of 20th century, the dynamics lying under the “decree no.32” are examined, pre- and post-decree situation are compared quantitatively, after then, whether “decree no.32” had an impact on the foreign exchange crisis exploded in 1994 is exposed.

Suggested Citation

  • Onur Koska, 2005. "Financial Liberalization Era in Turkey: Critique on Decree No.32," Macroeconomics 0506016, University Library of Munich, Germany.
  • Handle: RePEc:wpa:wuwpma:0506016
    Note: Type of Document - pdf; pages: 59
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    File URL: https://econwpa.ub.uni-muenchen.de/econ-wp/mac/papers/0506/0506016.pdf
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    References listed on IDEAS

    as
    1. Dani Rodrik, 1990. "Premature Liberalization, Incomplete Stabilization: the Ozal Decade in Turkey," NBER Working Papers 3300, National Bureau of Economic Research, Inc.
    2. Sebastian Edwards, 1987. "Economic Liberalization and the Equilibrium Real Exchange rate in Developing Countries," NBER Working Papers 2179, National Bureau of Economic Research, Inc.
    3. Sebastian Edwards, 1991. "Stabilization and Liberalization Policies in Central and Eastern Europe: Lessons From Latin America," NBER Working Papers 3816, National Bureau of Economic Research, Inc.
    4. Sebastian Edwards, 2001. "Capital Mobility and Economic Performance: Are Emerging Economies Different?," NBER Working Papers 8076, National Bureau of Economic Research, Inc.
    5. Anne O. Krueger, 1987. "Prospects for Liberalizing the International Trading System," NBER Working Papers 2409, National Bureau of Economic Research, Inc.
    6. Edwards, Sebastian, 1998. "Openness, Productivity and Growth: What Do We Really Know?," Economic Journal, Royal Economic Society, vol. 108(447), pages 383-398, March.
    7. Dani Rodrik, 1993. "Trade and Industrial Policy Reform in Developing Countries: A Review of Recent Theory and Evidence," NBER Working Papers 4417, National Bureau of Economic Research, Inc.
    8. Dani Rodrik & Andres Velasco, 1999. "Short-Term Capital Flows," NBER Working Papers 7364, National Bureau of Economic Research, Inc.
    Full references (including those not matched with items on IDEAS)

    More about this item

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
    • F40 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - General
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative

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