The Timing of Capital Account Liberalization: The Turkish Experience

Hasan Ersel

22 citations0/0 files storedNew Perspectives on Turkey

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Global Financial Crisis and Policies Monetary Policy and Economic Impact Finance, Markets, and Regulation

Abstract

Liberalization programs are aimed at the removal of the restrictions placed upon the working of the market mechanism. These restrictions may be broadly classified under two categories. The first category of restrictions is aimed at the control of domestic markets, particularly financial markets. The underlying idea behind liberalization programs is that the removal of such restrictions will have a positive impact on the efficiency of domestic markets. The second group of restrictions are of an indirect nature and are aimed at the protection of the domestic economy from the effects of developments in international markets. Liberalization programs advocate the removal of the restrictions that prevent the integration of these markets. The removal of these restrictions is expected to increase competition, and enhance efficiency in resource allocation.

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References

1974Money and Capital in Economic Development.1982On the Possibility of Speculation under Rational Expectations 1974Money and capital in economic development 1988Rational Ponzi Games 1994Foreign Trade Regime and Trade Liberalization in Turkey During the 1980s 1995The impact of financial reform: The Turkish experience 1997Financial reform: Theory and experience

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2012Economic institutions and institutional change in Turkey during the neoliberal era 2014China-USA Business Review 2001Financial Globalization, the Democratic Deficit and Recurrent Crises in Emerging Markets: The Turkish Experience in the Aftermath of Capital Account Liberalization 2012Rushing toward currency convertibility 2002Emerging Market Crises and the IMF: Rethinking the Role of the IMF in the Light of Turkey's 2000-2001 Financial Crises

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