Abstract
After experiencing serious macroeconomic imbalances in the 1977-1980 period, fundamental policy changes were introduced in Turkey on January 24, 1980. The problems addressed were typical of a middle income country constrained by its balance of payments: inability to service foreign debt and inability to finance imports required for production, high inflation rates, and all other related macroeconomic imbalances. The reasons for the 1977-1980 crisis and subsequent developments, including post-1980 developments, have already been studied extensively by a number of researchers. We shall, therefore, refer the reader to the relevant literature (e.g. Celasun and Rodrik, 1989; Ekinci, 1990; Uygur, 1991) and concentrate on the narrower topic of external financial liberalization or capital account liberalization and the related topic of exchange rates which has attracted much less attention.
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