Ödemeler dengesi bilmecesine yeni bir bakış: 16 yükselen piyasa ekonomisi hesaplarının yapısal ayrıştırılması

The empricial evidence on pro-growth effect of capital account liberalization isinconclusive. I argue that, after liberalization, the link between structural finance needs ofdeveloping countries and debt flows lost its importance. Instead, the flight of residentcapital and unproductive reserve accumulation have created new financing needs, limitingthe augmentation of saving pools of developing countries and hence growth. I build fournew components from balance-of-payments account that make it possible to track thenew financing patterns. I investigate relationship between these components for 15emerging market countries. I also make a case study for Turkey using vectorautoregression technique to establish a causality link between dynamics of the newstructural aggregates.