Izvorni znanstveni članak
THE IMPACT OF FINANCIAL OPENNESS ON FINANCIAL DEVELOPMENT, GROWTH AND VOLATILITY IN TURKEY: EVIDENCE FROM THE ARDL BOUNDS TESTS
Imre Ersoy
Sažetak
The aim of this paper is to investigate the impact of financial openness on financial development, growth and output volatility in Turkey. Results of the bounds test reveal that financial openness is in a long run equilibrium relationship with financial development, growth and output volatility. Granger causality tests disclose the existence of unidirectional causality from financial development to financial openness in the long run and from financial openness to output volatility in the short run. Yet, no Granger causality is detected neither from financial openness to growth nor from financial openness to financial development. Results call for further financial development and more conscientious monetary and fiscal policy design for financial openness in Turkey.
Ključne riječi
International Investment; Long Term Capital Movements; Short Term Capital Movements; Open Economy Macroeconomics; Economic Growth of Open Economies; Bounds test; Granger causality
Hrčak ID:
77584
URI
Datum izdavanja:
1.9.2011.
Posjeta: 1.805 *