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The Timing of Capital Account Liberalization: The Turkish Experience

Published online by Cambridge University Press:  21 July 2015

Hasan Ersel
Hasan Ersel*
Affiliation:
Yapı ve Kredi Bank, Istanbul, Turkey
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Extract

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.

Type
Articles
Information
New Perspectives on Turkey , Volume 15 , Fall 1996 , pp. 45 - 64
Copyright
Copyright © New Perspectives on Turkey 1996

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