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Comparative Analysis of the Financial Liberalization in Turkey and Brazil

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  • Tugrul Z. Gover

Abstract

The objective of this study is to explain the financial liberalization processes in Turkey and Brazil, to analyze the external financial liberalization processes and the financial integration indices and to compare the developments in the financial integration indices of Turkey and Brazil during the period 1980-2013. Our analysis revealed that, on the one hand, Brazil has continued its external liberalization process since the 1990s, but on the other hand, Brazil used two main tools to manage the capital flows, namely, capital controls and liberalization of capital outflows. In contrast, Turkey did not employ these tools following liberalization of the capital account. Key words: Capital flows, Financial liberalization, Financial integration index, Capital flow management. JEL: F38, F65. Uporedna analiza finansijske liberalizacije u Turskoj i Brazilu Cilj ove studije je objasniti procese finansijske liberalizacije u Turskoj i Brazilu, analizirati procese spoljne finansijske liberalizacije i indekse finansijske integracije i uporediti kretanja u indeksima finansijske integracije Turske i Brazila u periodu 1980-2013. godine. Naša analiza otkrila je da je, s jedne strane, Brazil nastavio svoj proces spoljne liberalizacije od devedesetih godina prošlog veka, ali sa druge strane, Brazil je koristio dva glavna alata za upravljanje protocima kapitala, konkretno kontrolu kapitala i liberalizaciju odliva kapitala. Nasuprot tome, Turska nije koristila ove alate nakon liberalizacije računa kapitala. Ključne reči: kapitalni tokovi, finansijska liberalizacija, indeks finansijske integracije, upravljanje protokom kapitala.

Suggested Citation

  • Tugrul Z. Gover, 2020. "Comparative Analysis of the Financial Liberalization in Turkey and Brazil," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 67(2), pages 207-224.
    • Handle: RePEc:voj:journl:v:67:y:2020:i:2:p:207-224:id:450
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    More about this item

    Keywords

    Capital flows; financial liberalization; financial integration index; flow management;
    All these keywords.

    JEL classification:

    • F38 - International Economics - - International Finance - - - International Financial Policy: Financial Transactions Tax; Capital Controls
    • F65 - International Economics - - Economic Impacts of Globalization - - - Finance

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