Macroeconomic adjustment and private manufacturing investment in Turkey: a time-series analysis
Oner Guncavdi-super-˙ and
Andy McKay
Applied Economics, 2003, vol. 35, issue 18, 1901-1909
Abstract:
Despite the drastic switch to market-based policies and outward orientation in Turkey during the 1980s, private investment in manufacturing industry has still not revived after seventeen years of structural adjustment. This paper examines the main determinants of private investment in the manufacturing sector and the impacts of structural adjustment (particularly financial liberalisation as an integral part of the reform) on it. The results show that liberalisation policies in financial markets appear to have positive effects by reducing the stringency of quantity constraints on investment while the high interest rates resulting from financial liberalisation had no significant impact on investment. Macroeconomic instability, proxied by the variability of the inflation rate, seems to have discouraged investment in manufacturing.
Date: 2003
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)
Downloads: (external link)
http://www.tandfonline.com/doi/abs/10.1080/00036840310001628099 (text/html)
Access to full text is restricted to subscribers.
Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:taf:applec:v:35:y:2003:i:18:p:1901-1909
Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/RAEC20
DOI: 10.1080/00036840310001628099
Access Statistics for this article
Applied Economics is currently edited by Anita Phillips
More articles in Applied Economics from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().