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dc.contributor.authorBiçer, F. G.en_US
dc.contributor.authorYeldan, E.en_US
dc.date.accessioned2016-02-08T10:30:59Z
dc.date.available2016-02-08T10:30:59Z
dc.date.issued2003en_US
dc.identifier.issn0225-5189
dc.identifier.urihttp://hdl.handle.net/11693/24553
dc.description.abstractThe purpose of this paper is twofold: using time series econometrics, we first investigate the determinants of short-term foreign capital inflows for Turkey following its capital account liberalization in 1989. We next investigate the changing nature of the private investment function under post-capital account liberalization and deduce hypotheses on its correlation with capital inflows and the key macroeconomic prices, such as the exchange rate, the real rate of interest, and real wages. Our results suggest that financial capital inflows have a significant negative correlation with the industrial production index and trade openness, and are positively correlated with real currency appreciation. Fixed private investment was found to have an inconclusive relationship with financial capital inflows. Real wage costs were observed to carry a significant negative relationship with private investment, indicating that at a time of currency appreciation, investors had to rely on declining wage costs in order to keep their export competitiveness. Under the volatile and uncertain conditions of speculation-driven investment patterns, the downward flexibility of real wages has to be seen as a concomitant factor of the post-financial liberalization episodes.en_US
dc.language.isoEnglishen_US
dc.source.titleCanadian Journal of Development Studiesen_US
dc.relation.isversionofhttps://doi.org/10.1080/02255189.2003.9668915en_US
dc.subjectCapital flowen_US
dc.subjectFinancial marketen_US
dc.subjectInvestmenten_US
dc.subjectLiberalizationen_US
dc.subjectPrice dynamicsen_US
dc.subjectTurkeyen_US
dc.titlePatterns of financial capital flows and accumulation in the post-1990 Turkish economyen_US
dc.typeArticleen_US
dc.departmentDepartment of Economicsen_US
dc.departmentDepartment of International Relationsen_US
dc.citation.spage249en_US
dc.citation.epage265en_US
dc.citation.volumeNumber24en_US
dc.citation.issueNumber2en_US
dc.identifier.doi10.1080/02255189.2003.9668915en_US
dc.publisherRoutledgeen_US
dc.identifier.eissn2158-9100


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