International capital flows in developing countries in globalization period and its macro economic effect: 2001-2006 Turkish case

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Open macro economic policies have been practiced in developing countries and international capital flows have gained importance for sustainable growth of developing countries since 1980’s. Import-substitution policy has been abandoned due to the economical, social and political problems experienced at the end of 1970’ years. Economic integration of Turkish economy with the rest of the world has been launched by implying economic reforms on 24 January 1980. International capital flows have been liberalized in 1989. International capital flows attracted into Turkish economy to integrate financial channels into the rest of the world and to resolve low-saving problems have led to relieve financial sector but make Turkish economy vulnerable to the changes in the world.
Investors have gained high profit due to high interest rate and low exchange rate in abundance of international capital flows in Turkish economy. Turkish economy has been affected by this structure and experienced financial crisis after 1990’s. This structure has become relatively less vulnerable and more flexible because of the implementation of Transition to a Strong Economy Program in 2001 and positive progress in inflation and budget indicators. Rapid capital flows has also increased by means of the sustainable growth.
In this study, liberalization processes in developing countries and macroeconomic effects of international capital flows have been analyzed in the framework of financial liberalization theory and then macroeconomic effects of international capital flows have been tested by using multiple regression and VAR decomposition.
Fatih Mangır
Küreselleşme sürecinde gelişmekte olan ülkelerde uluslararası sermaye hareketleri ve makroekonomik etkileri: 2001–2006 Türkiye örneği · 2008 · 207 sayfa.
Danışman: Doç. Dr. Ahmet AY

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