Economics and politics of Turkish liberalization by Tevfik F. NAS;Mehmel Odekon

By Tevfik F. NAS;Mehmel Odekon

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14. It is also claimed that Turkey's financial liberalization increased the degree of monetization in the financial system, raised the short-term indebtedness of both the corporate and public sector, and caused erosion in private wealth by accelerating real asset liquidation (Akyüz 1988). 15. See Erdilek (1988) and Rodrik (1988). 16. In this framework, the social welfare function is used in its general form. Its point of tangency with the welfare frontier determines the most desirable allocation among all possible efficient allocations.

The Political Economy of Turkey: Debt, Adjustment and Sustainability. London: Macmillan Publishing Co. Boratav, K. and O. Türel. 1988. " New Perspectives on Turkey 2(1):37-50. Bruno, M. 1979. " In International Economic Policy: Theory and Evidence, edited by R. Dornbusch and J. Frenkel, 270-91. : Johns Hopkins University Press. Buffie, E. F. 1984. " Journal of Development Economics 14(3):305-22. Central Bank of the Republic of Turkey. Annual Report. Various issues. Ankara: Central Bank. Conway, P.

During 1963-70, the economy managed a high rate of growth mainly fueled by domestic sources. This was followed by more rapid growth during 1970-77, primarily driven by workers' remittances and foreign savings. But an increasingly worsening balance of payments, accompanied by the external shocks of the mid-1970s, led to severe shortages of essential goods and resulted in the debt crisis of 1977. 2 percent in 1980, reaching its highest level ever. 6 The inability of demand-management policies to restrain domestic demand and the failure of 1978 and 1979 devaluations to improve current account bal- Page 15 ances, finally led to the introduction of the 1980 stabilization and structural adjustment program.

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