Guncvadi, Oner (2008): International Liquidity, Financial Constraints and Private Investment in an Emerging Market Economy.
Download (143kB) | Preview
This article examines whether or not the recent surge in the availability of international liquidity helps Turkey revive private investment expenditure. Unlike previous studies, this paper indicates that an increased availability of financial resources after 2002 played a detrimental role in the recent recovery of private investment in Turkey.
|Item Type:||MPRA Paper|
|Original Title:||International Liquidity, Financial Constraints and Private Investment in an Emerging Market Economy|
|Keywords:||Private investment, financial constraints, international liquidity, Turkey|
|Subjects:||E - Macroeconomics and Monetary Economics > E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook > E62 - Fiscal Policy
E - Macroeconomics and Monetary Economics > E2 - Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy > E22 - Investment ; Capital ; Intangible Capital ; Capacity
E - Macroeconomics and Monetary Economics > E4 - Money and Interest Rates > E44 - Financial Markets and the Macroeconomy
|Depositing User:||Oner Guncavdi|
|Date Deposited:||19. Jul 2008 09:09|
|Last Modified:||13. Feb 2013 06:58|
Aşıkoğlu, Y. and H. Ersel (1993), Financial Liberalisation in Turkey, Papers and Proceedings of a Conference held in Washington, USA, (Ankara: Central Bank of Turkey). Atiyas, I. and H. Ersel (1995), “The Impact of Financial Reform: The Turkish Experience”, in G. Caprio, I. Atiyas and J. Hanson (eds.), Financial Reform: Theory and Evidence, (New York: Cambridge University Press). Fry, M. (1988), Money, Interest and Banking in Economic Development, (Baltimore, USA: John Hopkins University). Günçavdı, Ö. and A. McKay (2003), Macroeconomic Adjustment and Private Manufacturing Investment in Turkey: A Time Series Analysis”, Applied Economics, vol. 35, Number. 18, pp. 1901-1909. Günçavdı, Ö., M. Bleaney and A. McKay (1998), “Financial Liberalisation and Private Investment: Evidence from Turkey”, Journal of Development Economics, 57: 443-455. Harris, J.R., F. Schiantarelli, and M.G. Siregar (1994), “The Effects of Financial Liberalisation on the Capital Structure and Investment Decision of Indonesian Manufacturing Establishments”, World Bank Economic Review 8 (1): 17-47. Jaramillo, F., F. Schiantarelli, and A. Weiss (1993), “Capital Market Imperfections Before and After Financial Liberalisation: An Euler Equation Approach to Panel Data for Ecuadorian Firms”, Journal of Development Economics. McKinnon, R.I. (1973), “Money and Capital in Economic Development, (Washington, D.C.: Brooking Institute). Shaw, E. (1973), Financial Deepening in Economic Development, (New York: Oxford University Press). Tybout, J.R. (1983), “Credit Rationing and Investment Behaviour in a Developing Country”, Review of Economics and Statistics 65: 598-607. Whited, T. M. (1992), “Debt, Liquidity Constraints, and Corporate Investment: Evidence from Panel Data”, Journal of Finance 47: 1425-1460.