Türkiye Örneğinde Kısa Vadeli Sermaye Hareketleri Makroekonomik Dengeler Üzerinde Reel Kesim Mali Kesim Ayrimiyla Etkileri

Abstract

The legal framework of the external financial liberalization process in Turkiye has been completed by the code numbered 32. Although external financial liberalization without economic stabilization has led to a reverse currency substitution process, it has also caused emergency of a new structure which is highly sensitive to short term capital movements called hot money. During the financial liberalization process, short term capital injected to the economy by targeting interest-exchange rate arbitrage has been used to finance government debts. This structure caused an instability in the economic indicators and shaped the behavior of the real and the financial sectors that plays highly effective role in determining the macro economic indicators. The main target of this study is to determine the general tendencies of the real and financial sectors? reactions against to the exchange and interest rate policies which lead to short term capital movements, by taking into consideration that the real and financial sectors have contributed to the determination of cash flows in the economy. Within this perspective, it is also aimed to suggest a bundle of policies in obtaining economic stabilization.