The risks and benefits of financial liberalization is a highly contentious issue in the current economic debate. This article focuses on Turkey's "lost decades" and tries to reveal the underlying factors behind the economic collapse in the country. Two elements will be analyzed: (a) the role of...

Employing a unique panel of 691 private firms that accounted for 26% of total value-added in manufacturing in Turkey, the paper explores the impacts of exchange rate volatility on employment growth during the period of 1983 - 2005. The empirical analysis using a variety of specifications,...