Have a personal or library account? Click to login
Trade Liberalization, Financial Development and Economic Growth in The Long Term: The Case of Turkey Cover

Trade Liberalization, Financial Development and Economic Growth in The Long Term: The Case of Turkey

Open Access
|Dec 2008

References

  1. Aghion, P. and Howitt, P., (1996), "Research and Development in the Growth Process", Journal of Economic Growth, 1, 49-73.10.1007/BF00163342
  2. Aghion, P., Harris, C. and Vickers, J., (1997), "Competition and Growth With Step By-Step Innovation: An Example", European Economic Review, 41, 771-82.10.1016/S0014-2921(97)00036-6
  3. Aghion, P., M. Dewatripont and Rey, P., (1997), "Corporate Governance, Competition Policy and Industrial Policy", European Economic Review, 41, 797-805.10.1016/S0014-2921(97)00038-X
  4. Akyuz, Y., (1990), "Financial System and Policies in Turkey in 1980s", in T. Aricanli and D. Rodrik (Eds), The Political Economy Of Turkey: Debt, Adjustment And Sustainability, London: Macmillan.
  5. Alexander, W. R. J., (1997), "Inflation and Economic Growth: Evidence from a Growth Equation", Applied Economics, 29, 233-238.10.1080/000368497327290
  6. Arestis, P. and Demetriades, P., (1997), "Financial Development and Economic Growth: Assessing the Evidence", Economic Journal, 107(442), 783-799.10.1111/j.1468-0297.1997.tb00043.x
  7. Arestis, P., (2005), Financial Liberalisation and the Relationship Between Finance and Growth, CEPP Working Paper No. 05/05, University of Cambridge, UK.
  8. Aricanli, T. and Rodrik, D., (1990), The Political Economy of Turkey: Debt, Adjustment and Sustainability, London: Macmillan Press.10.1007/978-1-349-11274-6
  9. Atiyas, I., (1990), "The private sector's response to financial liberalisation in Turkey: 1980-1982", in T. Aricanli and D. Rodrik (Ed), The Political Economy of Turkey: Debt, Adjustment and Sustainability, 1990, London: Macmillan.
  10. Auerbach, P. and J. U. Siddiki (2004), "Financial Liberalisation and Economic Development: An Assessment", Journal of Economic Surveys, 18(3), 231-265.10.1111/j.0950-0804.2004.00221.x
  11. Barro, R. J., (1991), "Economic Growth in a Cross Section Countries", Quarterly Journal of Economics, May, 407-444.10.2307/2937943
  12. Barro, R.J., (1998), Human Capital and Growth in Cross-Country Regressions, Harvard University, Manuscript, Oct.1998.
  13. Batina, R.G., (1998), "On the Long Run Effects of Public Capital and Disaggregated Public Capital on Aggregate Output", International Tax and Public Finance, 5
  14. Bencivenga, V.R. and Smith, B.D., (1991), "Financial Intermediation and Endogenous Growth", Review Of Economic Studies, 58, 195-209.10.2307/2297964
  15. Blackburn, K. and Hung, V.T.Y., (1998), "A Theory of Growth, Financial Development and Trade", Economica, 65, 107-124.10.1111/1468-0335.00116
  16. Cellini, R., (1997), "Implications of Solow's Growth Model In The Presence Of A Stochastic Steady State", Journal Of Macroeconomics, 19(1), 135-153.10.1016/S0164-0704(97)00008-6
  17. Charemza, W.W. and Deadman, D.F., (1997), New Directions in Econometric Practice, Edward Elgar, Cheltenham.
  18. Cizre-Sakallioglu, U. and Yeldan, E., (2000), "Politics, Society and Financial Liberalization: Turkey in the 1990s", Development and Change, 31, 481-508.10.1111/1467-7660.00163
  19. Coe, D.T and Moghadam, R,. (1993), "Capital and Trade as an Engine of Growth in France", IMF Staff Papers, 40, 542-566.10.2307/3867447
  20. Conway, P. J., (1987), "Economic Shocks and Structural Adjustments: Turkey after 1973", in Contributions to Economic Analysis, D.W. Jorgenson and J. Waelbroeck (eds. of series), No.166, Amsterdam: North-Holland.
  21. Cosan, F.M. and Ersel, H., (1986), "Turkish financial system: its evolution and performance, 1980-86", in Inflation and Capital Markets, Proceedings of the OECD-CMB Conference, 1986, August
  22. De Gregorio, J. and Guidotti, P.E., (1995), "Financial Development And Economic Growth", World Development, 23(3), 433-448.10.1016/0305-750X(94)00132-I
  23. Demetriades, P.O. and Hussein, K. A., (1996). "Does Financial Development Cause Economic Growth? Time-series Evidence from 16 Countries", Journal of Development Economics, 51, 387-411.10.1016/S0304-3878(96)00421-X
  24. Dervis, K. and Petri, P.A., (1987), "The Macroeconomics of Successful Development: What are the Lessons?", Presented for the NBER conference on macroeconomics, 1987, March 13-14, Mass: Cambridge.10.1086/ma.2.4623719
  25. Edwards, S., (1988), "Financial Deregulation and Segmented Capital Markets: The Case of Korea", World Development, 16 (1), 185-194.10.1016/0305-750X(88)90171-4
  26. Favara, G., (2003), An Empirical Reassessment of the Relationship Between Finance and Growth, IMF Working Paper, WP/03/123, Washington D.C.: IMF.10.5089/9781451854633.001
  27. Feder, G., (1982), "On Export and Economic Growth", Journal Of Development Economics, 12, 59-73.10.1016/0304-3878(83)90031-7
  28. Filiztekin, A., (2000), "Openness and Productivity Growth in Turkish Manufacturing" mimeo.
  29. Foroutan, F. (1991), Foreign Trade and Its Relation to Competition and Productivity in Turkish Industry, PRE Working Paper Series, No. 604, World Bank, Washington, D.C.
  30. Fosu, A.K., 1990, "Export Composition And The Impact Of Exports On Growth Of Developing Economies", Economics Letters, 34, 67-71.10.1016/0165-1765(90)90183-2
  31. Fry, M.J., 1978. "Money and Capital or Financial Deepening in Economic Development?", Journal of Money, Credit and Banking, 10 (4), 464-475.10.2307/1991576
  32. Fry, M.J., 1979. "The Cost of Financial Repression in Turkey", Saving and Development, 3 (2), ss.127-135.
  33. Fry, M.J., 1980. "Money, Interest, Inflation and Growth in Turkey", Journal of Monetary Economics, 6, 535-545.10.1016/0304-3932(80)90006-9
  34. Galetovic, A., (1996), "Finance And Growth: A Synthesis and Interpretation of The Evidence", BNL Quarterly Review, 49(196), 59-82.
  35. Gelb, A.H., (1989), Financial Policies, Growth and Efficiency, Working Papers WPS 202, Washington, D.C: The World Bank
  36. Ghatak, S., Milner, C. and Utkulu, U., (1995), "Trade Liberalization and Endogenous Growth: Some Evidence for Turkey", Economics of Planning, 28(2-3), 147-167.10.1007/BF01263635
  37. Ghatak, S., Milner, C. and Utkulu, U., (1997), "Export, Export Composition and Growth: Cointegration and Causality Evidence for Malaysia", Applied Economics, 29, 213-22310.1080/000368497327272
  38. Ghura, D., (1997), Private Investment and Endogenous Growth: Evidence From Cameroon, Working Paper, WP/97/165, Washington, D.C.: IMF.10.5089/9781451980004.001
  39. Glomm, G. and Ravikumar, B., (1997), "Productive Government Expenditure and Long Run Growth", Journal of Economic Dynamics And Control, 21, 183-204.10.1016/0165-1889(95)00929-9
  40. Goldsmith, R.W., (1969), Financial Structure and Development, New Haven and London: Yale University Press.
  41. Grammy, A. P. and Assane, D., (1996), "New Evidence on the Effect of Human Capital on Economic Growth", Applied Economic Letters, 4, 121-124.10.1080/758526709
  42. Greenaway, D. and Milner, C., (1993), Trade and Industrial Policy in Developing Countries: A Manual of Policy Analysis, London: Macmillan.10.3998/mpub.14118
  43. Greenaway, D. and Sapsford, D.R., (1994), "What Does Liberalisation Do For Exports and Growth?", Weltwirtschaftliches archive, 130 (1), 152-174.10.1007/BF02706014
  44. Greenaway, D. and Sapsford, D.R., (1995), "Liberalisation and the Terms of Trade in Turkey: A Causal Analysis", Applied Economics, 27 (10), 953-959.10.1080/00036849500000075
  45. Greenwood, J. and Jovanovic, B., (1990), "Financial Development, Growth, and the Distribution of Income", Journal of Political Economy, 98(5), 1076-110710.1086/261720
  46. Grossman, G.M. and E. Helpman (1991), "Quality ladders in the theory of growth", Review of Economic Studies, 58, 43-61.10.2307/2298044
  47. Grossman, G. M. and Helpman, E., (1992), Innovation and Growth in the Global Economy, Cambridge MA: MIT Press.
  48. Guncavdi, O. and Kucukciftci, S., (2005), "Financial Reforms and the Decomposition of Economic Growth: An Investigation of the Changing Role of the Financial Sector in Turkey", Review of Middle East Economics and Finance, 3(1), 63-86.10.2202/1475-3693.1034
  49. Hansson, P.And L. Jonung, (1997), Finance And Growth: The Case Of Sweden 1834-1991, Stockholm School Of Economics, Working Paper Series In Economics And Finance, No.176.
  50. Harrison, G. W., T. F. Rutherford, and Tarr, D. G., 1996, Economic Implications for Turkey of a Customs Union with the European Union, Policy Research Working Paper, No. 1599, World Bank.
  51. Hermes, N., (1994), "Financial Development and Economic Growth: A Survey of the Literature", International Journal of Development Banking, 12(1), 3-22.
  52. Hilmi, N. and Safa, A., (2007), "The Impact of Trade Liberalization on Growth: The Case of Turkey", MEEA Annual Meeting, January 5-7, Chicago, IL.
  53. Holden, K. and Thompson, J., (1992), "Co-integration: An Introductory Survey", British Review of Economic Issues, 14(33), 1-55.
  54. Hwang, I., (1998), "Long Run Determinants Of Korean Economic Growth: Empirical Evidence From Manufacturing", Applied Economics, 30, 391-405.10.1080/000368498325912
  55. Inselbag, I and N.B. Gultekin, 1988, Financial markets in Turkey, in T.F. Nas and M. Odekon (Ed), Liberalisation and The Turkish Economy, 1988, New York: Greenwood Press.
  56. Johansen, S., (1988), "Statistical Analysis of Cointegration Vectors", Journal of Ecoomic Dynamics and Control, 12, 231-254.10.1016/0165-1889(88)90041-3
  57. Johansen, S., and Juselius, K., (1992), "Testing Structural Hypothesis in a Multivariate Cointegration Analysis of the PPP and UIP for UK", Journal of Econometrics, 53, 211-244.10.1016/0304-4076(92)90086-7
  58. Jolliffe, I. T. (1986), Principle Component Analysis, Springer-Verlag, New York.10.1007/978-1-4757-1904-8
  59. Jones, C. I., (1995), "Time Series Tests of Endogenous Growth Models", Quarterly Journal Of Economics, 110, 495-525.10.2307/2118448
  60. Kar, M. and Pentecost, E., 2000, The Direction of Causality Between Financial Development and Economic Growth in Turkey: Further Evidence, Economic Research Paper, Department of Economics, Loughborough University, No. 00/27. Loughborough.
  61. Karabulut, G. and Demiröz, M., (2002), "Financial Intermediation and Economic Growth: A CGE Model for Turkey", VI. International Economics Conference, 11-14 September, Economic Research Center, Middle East Technical University, Ankara, Turkey.
  62. King, R.G. And Levine, R., (1993a), "Finance And Growth: Schumpeter Might Be Right?", Quarterly Journal of Economics, 108(3), 717-737.10.2307/2118406
  63. King, R.G. And Levine, R., (1993b), "Finance, Entrepreneurship, and Growth: Theory And Evidence", Journal of Monetary Economics, 32(3), 513-542.10.1016/0304-3932(93)90028-E
  64. Krueger, A. O. and Tuncer, B., (1980), Estimating Total Factor Productivity Growth in a Developing Economy, World Bank Staff Paper, No.422, Washington.
  65. Krueger, A.O. and B. Tuncer (1982), "Growth of factor productivity in Turkish Manufacturing Industries", Journal of Development Economics, 11, 307-325.10.1016/0304-3878(82)90009-8
  66. Kwan, A.C.C. et al, (1998), "An Exogeneity Analysis of Financial Deepening and Economic Growth: Evidence from Hong Kong, South Korea and Taiwan", Journal Of International Trade And Economic Development, 7(3), 339-354.10.1080/09638199800000018
  67. Lau, S.P. And Sin, C., (1997), "Public Infrastructure and Economic Growth: Time Series Properties and Evidence", Economic Record, 73(221), 125-135.10.1111/j.1475-4932.1997.tb00986.x
  68. Leigh, L., (1996), Financial Development and Economic Growth: An Econometric Analysis For Singapore, Working Papers, WP/96/15, Washington, D.C.: IMF.10.5089/9781451843217.001
  69. Levine, R. and Renelt, D., (1992), "A Sensitivity Analysis of Cross-country Growth Regressions", American Economic Review, 82, 942-963.
  70. Levine, R., (1997), "Financial Development and Economic Growth: Views and Agenda, Journal of Economic Literature, 55, June, 668-726.
  71. Levine, R., (2001).," International Financial Liberalization and Economic Growth", Review of International Economics, 9(4), 688-702.
  72. Lewis, J.D., (1992), Financial repression and liberalisation in a general equilibrium model with financial markets, Journal of Policy Modeling, Vol. 14, No. 2, pp. 135-166.
  73. Liang, Q. and Teng, J., 2006, "Financial development and economic growth: Evidence from China", China Economic Review, 17, 395-411.10.1016/j.chieco.2005.09.003
  74. Lucas, R.E., (1988), "On the Mechanics of Economic Development", Journal of Monetary Economics, Vol.22, pp.3-42.10.1016/0304-3932(88)90168-7
  75. Lynch, D., (1996), "Measuring Financial Sector Development: A Study Of Selected Asia-Pacific Countries", Developing Economies, 34(1), 3-33.10.1111/j.1746-1049.1996.tb00727.x
  76. Lyons, S.E. and Murinde, V., (1994), "Cointegration and Granger-Causality Testing of Hypotheses on Supply-Leading and Demand-Following Finance", Economic Notes, 23(2), 308-316.
  77. MacKinnon, J.G. (1991), "Critical Values for Cointegration Tests", in R.F. Engle and C.W.J. Granger (eds), Long-run Economic Relationships, Oxford: Oxford University Press.
  78. Mankiw, N.G., D. Romer and Weil, D.N., (1992), "A Contribution to the Empirics of Economic Growth", Quarterly Journal Of Economics, May.10.2307/2118477
  79. Mckinnon, R. I. (1973), Money and Capital in Economic Development, Brookings Institution, Washington.
  80. Most, S.J. and Van Den Berg, H., (1996), "Growth in Africa: Does the Source of Investment Financing Matter?", Applied Economics, 28(11), 1427-1433.10.1080/000368496327697
  81. Murinde, V. and Eng, F.S.H., (1994a), "Financial Restructuring And Economic Growth In Singapore", Savings And Development, 18(2), 225-246.
  82. Murinde, V. and Eng, F.S.H., (1994b), "Financial Development And Economic Growth In Singapore: Demand-Following or Supply-Leading?", Applied Financial Economics, 4(6), 391-404.10.1080/758518671
  83. Nishimizu, M. and Robinson, A., (1986), ‘Productivity Growth in Manufacturing in Industrialisation and Growth: A Comparative Study’, in H. Chenery, S. Robinson and M. Syrquin (eds.), Industrialisation and Growth, Oxford: Oxford University Press for World Bank.
  84. Odedokun, M.O. (1996), "Alternative Econometric Approaches of Analyzing the Role of Financial Sector in Economic Growth: Time Series Evidence from LDCs", Journal of Development Economics, 50, 119-146.10.1016/0304-3878(96)00006-5
  85. Odedokun, M.O., (1999), "How the Size of the Monetary Sector Affects Economic Growth: Econometric Evidence from Industrial and Developing Countries", Journal of Policy Modeling 21(2), 213-241.10.1016/S0161-8938(97)00037-9
  86. Okyar, O., (1965), "The Concept of Etatism", Economic Journal, March, 75(297), 98-111.10.2307/2229238
  87. Onis, Z., 1986, "Stabilisation and Growth in a Semi-industrial Economy: An Evaluation of the Recent Turkish Experiment, 1977-84", METU Studies in Development, Vol. 13, No. 1/2, pp. 7-28.
  88. Ozatay, F. and Sak, G., 2002. "Financial Liberalization in Turkey", Emerging Markets Finance and Trade, 38 (5), September-October, pp.6-22.
  89. Ozmucur, S. and C. Karatas (1994) "The public enterprise sector in Turkey: Performance and Productivity growth, 1973-1988", in Recent Industrialisation Experience of Turkey in a Global Context, F. Senses (ed.), Greenwood Press.
  90. Pagano, M., (1993), "Financial Markets and Growth, An Overview", European economic Review, Vol.37, pp.613-622.10.1016/0014-2921(93)90051-B
  91. Patrick, H. T., (1966). "Financial Development and Economic Growth in Undeveloped Countries", Economic Development and Cultural Change, 14, 174-189.10.1086/450153
  92. Piazola, M., (1995), "Determinants of South Korean Economic Growth, 1955-1990", International Economic Journal, 9(4), 109-133.10.1080/10168739500080032
  93. Quah, D. and Rauch, J.E., (1990), Openness and the Rate of Economic Growth, Working Paper, University of California.
  94. Rivera-Batiz, L. A. and Romer, P.M., (1991), "Economic integration and endogenous growth", Quarterly Journal of Economics, 106, 531-556.10.2307/2937946
  95. Rebelo, S., (1991), "Long Run Policy Analysis and Long-Run Growth", Journal of Political Economy, 99(3), 500-521.10.1086/261764
  96. Redding, S., (1997), Dynamic Comparative Advantage and the Welfare Effects of Trade, Nuffield College Economics Discussion Paper, no. 140.
  97. Renelt, D., (1991), Economic Growth: A Review Of The Theoretical And Empirical Literature, Working Papers WPS 678, Washington, D.C.: World Bank.
  98. Rittenberg, L., 1988, Financial liberalisation and savings in Turkey, in T.F. Nas and M. Odekon (Ed), Liberalisation and the Turkish Economy, 1988, New York: Greenwood Press.
  99. Romer, P. M. (1986), "Increasing Returns and Long-run Growth", Journal of Political Economy, 94, 1002-1037.10.1086/261420
  100. Romer, P.M. (1990), "Endogenous Technological Change", Journal of Political Economy, 98, S71-S102.10.1086/261725
  101. Roubini, N. and Sala-i Martin, X., (1991), Financial Development, Trade Regimes and Economic Growth, NBER Working Paper no: 3876 October
  102. Roubini, N. and Sala-i-Martin, X. (1992) "Financial Repression and Economic Growth", Journal of Development Economics, 39, 5-30.10.1016/0304-3878(92)90055-E
  103. Rousseau, P.L. and P. Wachtel, (1998), "Financial Intermediation and Economic Performance: Historical Evidence from Five Industrialized Countries", Journal of Money, Credit and Banking, 30(4), 657-678.10.2307/2601123
  104. Sala-i Martin, X., (1990a), Lecture Notes On Economic Growth (I): Introduction To The Literature And Neocassical Models, NBER Working Paper, No.3563.10.3386/w3563
  105. Sala-i Martin, X., (1990b), Lecture Notes On Economic Growth (II): Five Prototype Models Of Endogenous Growth, NBER Working Paper, No.3564.10.3386/w3564
  106. Schumpeter, J. A,. (1911), The Theory of Economic Development, Cambridge, MA: Harvard Univ. Press.
  107. Scott, M.F.G., (1992), "Policy Implications of ‘A New View on Economic Growth’", Economic Journal, May, 6222-632.10.2307/2234299
  108. Senses, F., (1984), "An Assessment of Turkey's Liberalisation Attempts Since 1980 Against the Background of Her Stabilisation Program", METU Studies in Development, 10(3), 271-321.
  109. Serletis, A., 1994, "Testing The Long-Run Implications Of The Neoaclassical Growth Model For Canada", Journal Of Macroeconomics, 16(2), 329-346.10.1016/0164-0704(94)90075-2
  110. Shaw, E. S., (1973), Financial Deepening in Economic Development, New York: Oxford Univ. Press.
  111. Siddiki, J.U., (2002), "Trade and Financial Liberalisation and Endogenous Growth in Bangladesh", International Economic Journal, 16 (3), 23-3710.1080/10168730200000019
  112. Solow, R. M., (1956), "A Contribution to the Theory of Economic Growth", Quarterly Journal of Economics, 70(1), 65-94.10.2307/1884513
  113. Subasat, T., 2002," Does Export Promotion Increase Economic Growth? Some Cross-Section Evidence", Development Policy Review, 20(3), 333-349.10.1111/1467-7679.00175
  114. Taylor, M.S., (1994), "Once-off and Continuing Gains From Trade", Review of Economic Studies, 61, 589-601.10.2307/2297905
  115. Taylor, M.S., (1999), ‘Trade and trade policy in endogenous growth models’, in J. Piggott and A. Woodland (eds.), International Trade Policy and Pacific Rim, Macmillan Press.10.1007/978-1-349-14543-0_15
  116. Thirlwall, A.P., (2000), "Trade Agreements, Trade Liberalization and Economic Growth: A Selective Survey", African Development Review, 12(2).10.1111/1467-8268.00020
  117. Togan, S., (1997). "Opening up the Turkish Economy in the Context of the Customs Union with EU", Journal of Economic Integration, 12(2), 157-179.10.11130/jei.1997.12.2.157
  118. Unalmis, D., (2002), The Causality Between Financial Development and Economic Growth: The Case of Turkey, The Central Bank of The Republic of Turkey Research Department Paper, No:3, June. pp. 1-11. http://www.tcmb.gov.tr/research/work/wp6.pdf
  119. Utkulu, U. and Özdemir, D., (2005), "Does Trade Liberalisation Cause a Long Run Economic Growth in Turkey", Economic of Planning, 37 (3-4), September.10.1007/s10644-005-8080-8
  120. Winters, L.A., (2004), "Trade Liberalisation And Economic Performance: An Overview", The Economic Journal, 114, February, F4-F21.10.1111/j.0013-0133.2004.00185.x
  121. Wolff, P. (1987), Stabilisation Policy and Structural Adjustment in Turkey, 1980-1985, Berlin: German Development Institute.
  122. Yeldan, E., (1997), "Financial Liberalization and Fiscal Repression in Turkey: Policy Analysis in a CGE Model with Financial Markets", Journal of Policy Modelling, 19(1), 79-117.10.1016/S0161-8938(96)00048-8
  123. Yildizoglu, E. and Margulies, R., (1988), "Austery Packages and Beyond: Turkey since 1980", Capital and Class, 36, 141-162.
  124. Young, A., (1991), "Learning by Doing and the Dynamic Effects of International Trade", Quarterly Journal of Economics, 106, 369-406.10.2307/2937942
Language: English
Page range: 25 - 38
Published on: Dec 22, 2008
Published by: University of Sarajevo
In partnership with: Paradigm Publishing Services
Publication frequency: 2 issues per year

© 2008 Muhsin Kar, Osman Peker, Muhittin Kaplan, published by University of Sarajevo
This work is licensed under the Creative Commons License.

Volume 3 (2008): Issue 2 (November 2008)