Explaining Financial Crises in Emerging Markets: A logit model on the Turkish data (1984-2001)

Mete Feridun ()
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Mete Feridun: Cyprus International University Nicosia, Cyprus.

Lahore Journal of Economics, 2005, vol. 10, issue 1, 33-47

Abstract: This article aims at explaining the financial crises Turkey experienced in the last decade through a random effects logit model which incorporates 26 macroeconomic, political, and financial sector variables. Evidence emerges that the only significant variablesare current account/GDP, fiscal balance/GDP, GDP per capita, national savings growth, foreign exchange reserves, terms of trade, stock prices, and import growth. Results indicate that all variables have expected signs with the exception of import growth.

Keywords: Logit models; financial crises; currency crises; emerging markets (search for similar items in EconPapers)
Date: 2005
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Persistent link: https://EconPapers.repec.org/RePEc:lje:journl:v:10:y:2005:i:1:p:33-47

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