nep-cwa New Economics Papers
on Central and Western Asia
Issue of 2011‒11‒14
eighteen papers chosen by
Cherry Ann Santos
University of Melbourne

  1. Economic freedom in Muslim countries: an explanation using the theory of institutional path dependency By François Facchini
  2. Labor force status and income disparity: Evidence from Turkey By Akarcay-Gurbuz, Ayca; Ulus, Mustafa
  3. The Profile of the Organized Industrial Zones in Kocaeli/TURKEY By Zeynep Gamze Mert; Gülşen Akman
  4. Redefining Turkey's Regional Economic Disparities Through Social Participation By Tuba Cekic
  5. Regional Disparities and the Performance of Peripheral Regions in Turkey By Ferhan Gezici
  6. Trade and Regional Development in A Developing Country: The Case of Turkey By Ertan Oktay; Giray Gozgor
  7. Urban Logistics in Master Plan and a Review on İstanbul Master Plan By Senay Oguztimur; Metin Canci
  8. Spatial Distribution of Housing Investment and Perception of Earthquake Risk in Istanbul Metropolitan Area By Tuba Cekic; Ela Yazici
  9. THE LOCATION BEHAVIOR OF CALL CENTRE FIRMS IN TURKEY By Ebru Seçkin
  10. Informal-Formal Worker Wage Gap in Turkey: Evidence From A Semi-Parametric Approach By Yusuf Soner Baskaya; Timur Hulagu
  11. Istanbul Office Market: Determining tenants satisfaction with their office and environmental quality By Lale Berkoz; Merve Sakar
  12. Energy, Carbon and Cost Benefits of Bus Network Optimisation in the City of Batumi, Republic of Georgia By Michael Saunders
  13. Defining Urban Complex Problems with Fuzzy Analysis: The Case of Söke Settlement in Turkey By Senem Kozaman; Betul Sengezer; Emrah Altinok
  14. Save or borrow – what determines Russian households’ financial strategies? By Semenova, Maria
  15. Do Giant Oilfield Discoveries Fuel Internal Armed Conflicts? By Yu-Hsiang Lei; Guy Michaels
  16. Incentives and Survival in Violent Conflicts By Moshik Lavie; Christophe Muller
  17. What has really happened to poverty and inequality during the growth process in developing countries? By Nomaan Majid
  18. Financial liberalization and macroeconomic performance, empirical evidence from selected Asian countries By Raza, Muhammad Wajid; Mohsin, Hasan M

  1. By: François Facchini (CES - Centre d'économie de la Sorbonne - CNRS : UMR8174 - Université Panthéon-Sorbonne - Paris I)
    Abstract: This article explains the level of economic freedom in Muslim countries through the theory of institutional path dependency. Islamic countries are generally not free and they have a poor record regarding property rights. To explain these realities we use the institutional history of Muslim countries. We define three steps: the Arab and Ottoman Empires when Islamic law was of great importance, European colonisation, and the contemporary era with its movement towards a revival of Islam. Islamic law is not liberal. This explain why in general Muslim countries are not free. Colonisation radically changed institutional life in the twentieth century. British colonisation proved to be better than did French or Soviet colonisation. This explains why the Persian Gulf countries are freer. The collapse of the Soviet model explains the speed of liberalisation in former socialist countries (such as Albania, Kyrgyz Republic, and Kazakhstan). Nevertheless, the twentieth century was not just the century of Westernisation. It was also the century of the revival of Islam. The article concludes that the history of the twentieth century does not explain the way in which Muslim countries are attracted by the ideal of the Muslim city. The revival of Islamic intellectual innovations and the evolution of Muslim opinion sustain this thesis. Therefore, there is a dependency on the past and on an imagined future. Islam acts, like yesterday, on the world of institutional possibilities.
    Keywords: Economic freedom Colonisation Imaginary Islam Property rights
    Date: 2011
    URL: http://d.repec.org/n?u=RePEc:hal:cesptp:hal-00636998&r=cwa
  2. By: Akarcay-Gurbuz, Ayca (Galatasaray University Economic Research Center); Ulus, Mustafa (Galatasaray University Economic Research Center)
    Abstract: The nature of the informal sector is a much debated issue. Is working in the informal sector a choice or a constraint? What is the relation between informality and poverty? Theoretically, both are possible, and in this sense, the informal sector bears its own dualism (Fields, 1990, 2005). Consequently, the answer is an empirical issue. In this study, we aim at providing further information about the Turkish labor market using the 2003 and 2008 Household Budget Surveys(HBS) which allows combining income levels with labor force status. We compare income according to five labor force statuses: non-participant, unemployed, worker in the formal sector and worker in the informal sector (agricultural and non-agricultural), and relate findings to poverty. We investigate data to see whether observable heterogeneities in terms of income exist not only between the different statuses, but also within the informal sector.
    Keywords: Labor force status; Income disparity; Turkey
    Date: 2011–11–07
    URL: http://d.repec.org/n?u=RePEc:ris:giamwp:2011_005&r=cwa
  3. By: Zeynep Gamze Mert; Gülşen Akman
    Abstract: The industry was determined to be “locomotive sector†in the planned development period starting in 1960 in Turkey and long-term targets have been set such as providing economic balance, realizing economic and social development. But after 1980’s, because of the fast industrialization and urbanization some environmental problems emerged in the Turkish cities. So, in industrial development, the Organized Industrial Zones implementations were started to discipline the industrial areas, contribute to planned development of the city and reduce the environmental effects of the industry. Kocaeli is the most industrialized city which is situated in the east and 90 km far from Istanbul in Turkey. Kocaeli has always been a center of attraction for industrial investments due to its position on the road, sea and railway networks connecting Europe to Anatolia and near the major cities as Bursa and Istanbul. Today, there are 13 Organized Industrial Zones in Kocaeli. But these 13 Organized Industrial Zones are not efficient and effective in the industrial development. A lot of industrial establishments have still located in the city. The aim of this study is to determine the profile of the 13 Organized Industrial Zones in Kocaeli by exploring and comparing their locations, sectors, capacities, services and infrastructures. This profile will be helpful to develop the displacement demands and preferences of the industrial establishments and the industrial sustainability in Kocaeli. Keywords: Industrial development, industrial sustainability, Organized Industrial Zones, Turkey, Kocaeli.
    Date: 2011–09
    URL: http://d.repec.org/n?u=RePEc:wiw:wiwrsa:ersa11p1137&r=cwa
  4. By: Tuba Cekic
    Abstract: Social capital is a common concept for both describing and understanding economical, political and social wellbeing of community. Although it has been defined by economists and sociologists; social capital concept is also highlighted in regional development strategies. Accordingly, assessing the role of social capital in regional development and the impact of social capital to economic growth by means of empirical and theoretical studies has been an important issue in the literature. The relation between social capital and regional economic development in Turkey, as a developing country, has been put forth as the main theme of this paper. The paper aims to provide an overview of the concept of social capital for regional development and discuss social capital in terms of social participation depending on the work of Robert Putnam. Although interregional disparities in Turkey have been studied by many academicians, revealing their relationship with participation is rather new. Searching for this relationship, indicators of social participation is converted to social capital index and regression analysis have been used to explore the relation between social capital and regional economic development. During the construction of indicies, principal component analysis and factor analysis is used to determine the weights of each indicator. Thus, this paper evaluates the social participation in NUTS II level regions in order to foreseen regional disparities in the context of economic development. At this point it has been asserted that social capital in regions both explains and is a result of regional economic development.
    Date: 2011–09
    URL: http://d.repec.org/n?u=RePEc:wiw:wiwrsa:ersa11p184&r=cwa
  5. By: Ferhan Gezici
    Abstract: The aim of this paper is to analyse interregional disparities and the performance of peripheral/less-developed regions in Turkey regarding the current tools of regional policies. During the planning period in Turkey, two main goals are defined as ‘maximizing national income' on the one hand, and ‘reducing interregional disparities' on the other. In 2002, in order to establish the statistical database harmonized with the regional statistical system of EU, classification of NUTS regions has been completed. After that, the State Planning Organization (SPO) prepared a “Regional Development Strategy, Objectives and Operational Programs†especially for the 10 Level-2 regions which are mostly less developed regions and located in the east, as a road map in order to direct regional development activities in Turkey. Later, Development Agencies in the center of NUTS regions were established to facilitate development objectives of the regions. The aim of this paper is to re-examine the regional disparities under the light of the new process. Mostly the studies on regional disparities considered economic dimension and the results indicate that the distribution of GDP per capita highlights the eastern-spatial peripherality of regional development pattern in Turkey. Previous study of author emphasizes two significant points for regional policies. First, there is evidence of a strengthening of a two-regime spatial division in the country; secondly, there would appear to be little evidence of positive spill-overs from the more-developed to the less-developed parts of the country. Therefore, in this paper, evolutions of regions in terms of their performances will be examined since 1980. The main questions of the paper are: “which regions can be defined as winners and losers?â€Â, “is there any differentiation among less developed regions?â€Â. Furthermore, we try to explore the factors which underlay the aggregate trends of the regions in Turkey, since we know the importance of region-specific policies. The findings of the analyses would be discussed with respect to new regional policies in Turkey.
    Date: 2011–09
    URL: http://d.repec.org/n?u=RePEc:wiw:wiwrsa:ersa11p147&r=cwa
  6. By: Ertan Oktay; Giray Gozgor
    Abstract: There is a widespread literature to investigate the relations among increasing trade, economic growth and development; however the relationship between trade and regional development is remained inconsiderable. The aim of this study is, to investigate the interrelationship between trade and regional development in Turkey. Therefore firstly, regional development index is defined for 81 provinces of Turkey for the period from 2002 to 2008. This definition is based on the concept and calculation method of Human Development Index (HDI) of United Nations Development Programme. HDI is taken as a basis because it is a composite measure of education, health, and income. Health and education data used in this paper are Regional Statistics of Turkish Statistical Institute. However, GDP/GDP per capita data are not available for provinces for the period under concern. Several studies obviously show that there is a causality relationship between GDP and energy consumption. Thus, energy consumption statistics are used instead of income data. The seminal approaches of uniform and heterogeneous intra-national space of urban systems (and new economic geography models are considered to be worthwhile. To show the relationship between regional development index and share of volume of trade and between regional development index and trade openness, these approaches are utilized within generalized method of moments procedure in a panel data framework. Accordingly we use three dummy variables as endogenous or exogenous, namely large city, port and border provinces. The empirical findings show that the increases in trade openness are positively associated with future increases in regional development. As a result, large cities have a positive effect in this relationship, while the dummy variables of port and border provinces have not found statistically significant. The link between share of volume of trade and regional development is found out negative, merely when the approach of uniform intra-national space of new economic geography model is considered in our estimation. Furthermore, the results of panel causality tests, the share of volume of trade significantly causes regional development. On the other hand, there is a bilateral causality relationship between regional development and trade openness.
    Date: 2011–09
    URL: http://d.repec.org/n?u=RePEc:wiw:wiwrsa:ersa11p890&r=cwa
  7. By: Senay Oguztimur; Metin Canci
    Abstract: Urban logistics might be called as city logistics, urban freight transportation is a specific subsection of logistics concept. Urban logistics is generally based on logistics and freight activities in urban areas and focus on these activities’ linkage with urban areas. Urban logistics issues might be evaluated under seven subtitles: These are respectively: logistics activities regarding with citizen subsistence, energy supply, industrial manufacturing, construction-maintenance activities, parcel service, waste cycle and emergency cases activities in urban areas. Urban logistics is a concept that has to deal with social, cultural and environmental issues besides economic subjects. All these subjects have to base on sustainability. Urban logistics covers such a wide range that consist logistics service providers and their consumers, public sector, various sector institutions and chambers. While realizing this role, citizens as participants give a direction to planning process regarding with logistics issues. In order to ensure sustainable urban logistics, urban master plans approach matters. The location of urban logistics functions need to be approached with multidisciplinary viewpoint such as spatial accession, transport networks, interaction with the urban. This study consists of urban logistics issues by the overview of Istanbul Master Plan. Istanbul has great economic capacities that achieve more than half of the whole Turkey. Istanbul is known for its vast contributions to the Turkish economy. Istanbul is the most populated and most industrialized city of Turkey which achieves more than half of whole country’s economic production. Due to this specific case, Istanbul has a vast number of logistics problems. In this planning experience, as a growing sector, logistics had been considered for the first time. Key words: City logistics, Master Plan, Sustainable Urban Plan
    Date: 2011–09
    URL: http://d.repec.org/n?u=RePEc:wiw:wiwrsa:ersa11p830&r=cwa
  8. By: Tuba Cekic; Ela Yazici
    Abstract: Istanbul, the largest metropolitan area in Turkey with a population of over 15 million inhabitants, lies close to major and active fault lines and has been previously hit by fatal earthquakes several times. Facing a high seismic risk as forecasted in a number of studies; Istanbul is particularly vulnerable due to the high density of old housing areas in the city center. Although there is a great body of knowledge in the literature focusing on the seismic risk of Istanbul and possible scenarios to strengthen the capacity for emergency preparedness in the event of future earthquakes, the attitudes and perceptions of housing investors living under the threat of the earthquake is yet to be explored. This study is an attempt to address this gap and aims to investigate the relationship between the location of the housing investment and perception of earthquake risk of the investors. Data was collected by means of a questionnaire from 117 participants, who made an investment in housing in Istanbul since 1999 Kocaeli earthquake. ArcGIS is used to indicate the spatial distribution of investment and the results provide empirical evidence of how spatial distribution of housing investment differs depending on the earthquake risk perception of the investors.
    Date: 2011–09
    URL: http://d.repec.org/n?u=RePEc:wiw:wiwrsa:ersa11p194&r=cwa
  9. By: Ebru Seçkin
    Abstract: Advances in information and communication technologies bring along changes in working and employment conditions. Automationed work is moved to distant areas and businesses get elaborate, far from the center and network-based. Another change similar to the disintegration of production process is also seen in services sector. While jobs to develop technologies are left to the developed regions, routine and demanding jobs are transferred to peripheries. This situation brings about a centre-periphery division in structuring employment. One of the businesses that have emerged in this process is call centers. Firms, operating in various sectors, obtain call center service from outsource firms.Today, call centers are mostly located in less developed regions. While call centers first originated in developed regions, due to the increased costs in these regions, lots of firms have made their call service investments in less developed regions. Labor-intensive call centers are regarded as a solution to the unemployment in less developed regions. Within this framework, cities in Turkey, were evaluated according to location factors that call center firms take into account in this paper. The second part, the discussions in the literature are presented. Factors that become effective location decision of call centre firms were cited. In the third part, cities in Turkey, were evaluated according to location factors that call center firms take into account. Cities that were suitable for call center investment has been determined. In point of view of employees in call centers located in five cities in less developed and developed regions differences was determined by ANOVA and correspondence analysis. In the result, suggestions have been offered for location decision of call center based on statistical factors and employees' point of view Keywords:labour market, call centre, Turkey, location factors
    Date: 2011–09
    URL: http://d.repec.org/n?u=RePEc:wiw:wiwrsa:ersa11p742&r=cwa
  10. By: Yusuf Soner Baskaya; Timur Hulagu
    Abstract: Using individual level data from Turkstat Household Labor Force Survey for 2005-2009 period and a variety of parametric and semi-parametric techniques, we test two hypothesis regarding formal and informal labor markets: whether there is a wage gap between formal and informal workers and whether this gap is sensitive to variations in unemployment rates across regions and over time, where the formality of employment is defined with respect to registry status of the individuals to compulsory Social Security System. In line with most studies, the formal workers earn more than informal workers, as suggested by standard wage regressions, conditional on workers' observed individual characteristics. On the other hand, considering the limitations of parametric methods and possibility of misleading results due to the different distributional characteristics of formal and informal workers, we alternatively implement propensity score matching. In contrast with the recent studies for other developing countries showing that the wage gap estimates with propensity score matching is insignificant, we do find large and sizable wage gaps between formal and informal workers in Turkey. While parametric methods give similar estimates for formal-informal wage gap within gender groups, the semi-parametric estimates suggest that the observed formal-informal wage gap is larger among females compared to males. Finally, we show that although the parametric methods, such as wage curve regressions, suggest that wages of informal workers decreases and wages of formal workers do not change with higher unemployment rates, the semi-parametric methods show that these gaps are insensitive to unemployment rate variations across regions or over time. Keywords: Formal/Informal Employment, Wage Gap, Propensity Score Matching, Regional Labor Markets. JEL classification: C14; J30; J42; J60; O17
    Date: 2011–09
    URL: http://d.repec.org/n?u=RePEc:wiw:wiwrsa:ersa11p409&r=cwa
  11. By: Lale Berkoz; Merve Sakar
    Abstract: Prof. Dr. Lale BERKÖZ ITU, Faculty of Architecture Department of Urban and Regional Planning Taksim, Taşkışla, 34437, İstanbul e-mail: lberkoz@itu.edu.tr e-mail: lberkoz@gmail.com Merve SAKAR Business Development Assistant Specialist Yapı Kredi Koray GYO A.Ş. Şişli, Elit Residence, No: 17, K: 17, D: 42, 34360, İstanbul e-mail: msakar@yapikredikoray.com e-mail: mervesakar@yahoo.com Abstract The effects of the social and spatial transformation caused by globalization can also be seen within the Istanbul metropolitan area. The growth of the service sector in Istanbul since the 1980s may be attributed to the expansion of foreign multinational corporations, transnational banks, growth in international relations, extension of foreign trade and enlargement of business size. Within this process, a need for qualified and user friendly office areas came into existence. This study will investigate the satisfaction and expectations of office tenants in Istanbul office market. The data collected in this study were obtained through a survey of 330 office tenants in Istanbul. The survey was conducted by internet interviews during April 2010 (Sakar, 2010). The results of collected data were compared with the study, What Office Tenants Want, that prepared by ULI/BOMA in 1999. The results of this research have particular policy and planning implications for Istanbul and may stimulate the creation of real estate development in developing user-satisfying and well-equipped office buildings for the city center that respond to the desires and needs of FİRE firms with respect to location and mechanical infrastructure necessitated by the new telecommunications systems.
    Date: 2011–09
    URL: http://d.repec.org/n?u=RePEc:wiw:wiwrsa:ersa11p402&r=cwa
  12. By: Michael Saunders
    Abstract: The City of Batumi, Georgia had suffered from a complete disintegration in public transport after the collapse of the Soviet Union in the 1990s. However, recently the city has undergone a revival period that has seen investment in all municipal sectors, including public transport. The municipally owned bus company’s bus fleet has been increased from 20 buses to 101 buses and has the potential to serve the entire 150,000 population of the coastal city. However, the initial route planning was not based upon the ability for passengers to transfer from one route to another; this created many inefficient parallel route sections. This inefficiency is affecting the company financially and causing additional energy use and carbon emissions. A study was commissioned by the City and Bus Company with the aid of the European Bank of Reconstruction and Development to optimise the bus routes and create a bus network that includes the ability to transfer from one route to another. The initial results have shown that at least 30% operational, energy and carbon savings can be achieved following a two year action plan that includes creation of a central transfer terminal and optimisation of bus routes. The new bus routes cover the same territory at even lesser intervals which also benefits the passenger. In addition, the citizen of Batumi will have complete access to the whole city via public transport, making the city more accessible for those reliant on public transport or who chose it over the motor vehicle.
    Date: 2011–09
    URL: http://d.repec.org/n?u=RePEc:wiw:wiwrsa:ersa11p339&r=cwa
  13. By: Senem Kozaman; Betul Sengezer; Emrah Altinok
    Abstract: This article aims to follow the application of fuzzy approach in the analysis of urban complex problems; classifying urban problems according to different criteria. It proposes a methodology to combine different dimensions of quality of life, with the economic (income, employment), social (education) physical (health and infrastructure) indicators into Quality of Life Index (QLI) by applying Totally Fuzzy Analysis (TFA). The objective of the present work is to identify, based on survey data of Söke settlement in Turkey, to define the sub zones according to life quality indicators. The sample for the survey is designed to provide representative samples of private households in Söke. A stratified random sample is selected such that every sampling unit in the population has an equal probability of being selected for the sample. From the population of 14582 housing units in Söke, a sample size of 366 was chosen. As a result, 366 households were interviewed without missing. The indicators that have been used for the fuzzy model consist of three main blocks. The first one in the indicators that describe development of socio-economic system is the economic indicators such as urban poverty (income and expenditures), property ownership, employment and attributes of the labor force. The second one is physical indicators that consist of availability of residential services, housing density and the quality of housing units. The third one is the social indicators which can be described as household profile, cultural expenditures and life patterns. The goal is achieved by applying a new and straightforward method of GIS and fuzzy logic. This methodology was applied in the study area and the results presented in the form of tables and maps. The results revealed that there are spatial, social and economic disparities in some parts of the area. The findings indicate that the fuzzy technics are powerful analytic tools for helping planners define urban complex problems and to see relations between social, economic and physical factors.
    Date: 2011–09
    URL: http://d.repec.org/n?u=RePEc:wiw:wiwrsa:ersa11p1734&r=cwa
  14. By: Semenova, Maria (BOFIT)
    Abstract: This paper examines what influences Russian households’ decisions to save and borrow. We use the 2008 data from the 17th round of the Russia Longitudinal Monitoring Survey (RLMS-HSE). Our results show that the determinants of saving and borrowing are not only those suggested by economic theory but also include psychological and sociological considerations: smarter respondents, who are satisfied with their lives and inclined to help other people, are more likely to save. Those who enjoy stable or improving financial conditions and/or are satisfied with them are more likely to save and less likely to borrow. Financial literacy, a factor cited by institutional theory as positive for both saving and borrowing from banks, lost its significance at the onset of the financial crisis. Household income, suggested by economic theory as a basis for choosing a financial strategy, was found to have much less influence on savings and to have a positive influence on borrowing, confirming the rationing theory rather than inter-temporal choice theory. Surprisingly, the fear of job loss does not make people save more, contrary to the precautionary motive.
    Keywords: household; Russia; saving; bank loans
    JEL: D14 D91 G21
    Date: 2011–11–04
    URL: http://d.repec.org/n?u=RePEc:hhs:bofitp:2011_028&r=cwa
  15. By: Yu-Hsiang Lei; Guy Michaels
    Abstract: We use new data to examine the effects of giant oilfield discoveries around the world since 1946. On average, these discoveries increase per capita oil production and oil exports by up to 50 percent. But these giant oilfield discoveries also have a dark side: they increase the incidence of internal armed conflict by about 5-8 percentage points. This increased incidence of conflict due to giant oilfield discoveries is especially high for countries that had already experienced armed conflicts or coups in the decade prior to discovery.
    Keywords: Natural resources, resource curse, petroleum, armed conflict, civil war
    JEL: Q34 Q33 O13
    Date: 2011–11
    URL: http://d.repec.org/n?u=RePEc:cep:cepdps:dp1089&r=cwa
  16. By: Moshik Lavie (Department of Economics, Bar-Ilan University, Israel.); Christophe Muller (DEFI, Université de la Méditerranée)
    Abstract: This paper analytically investigates the incentive scheme of perpetrators of violent conflicts. It provides a rational equilibrium framework to elicit how monetary incentives and survival considerations shape a combatant’s decision to participate in a conflict. In the model, a leader decides to award soldiers monetary incentives. Civilians finance the militia via donations and soldiers decide on the actual fighting and indulge in looting. We explore the scheduled decision-making that takes place on the path toward a violent conflict and study the principal–agent relationship that exists between the leader and the militia. In addition, we analyze the effect of several internal factors (productivity and survival risk) and external factors (relative economic resources, opponents’ military strength) on the intensity of the conflict. The model shows that soldiers fighting decisions are set by personal mortality risk and the level of identification with the cause of war. In addition, our results link between monetary incentives and participation in fighting and demonstrate a substitution effect of looting and donations as monetary incentives.
    Keywords: Economics of Conflict, Contract Theory, Civil War, Looting.
    Date: 2011–04
    URL: http://d.repec.org/n?u=RePEc:iep:wpidep:1102&r=cwa
  17. By: Nomaan Majid (International Labour Office, Economic and Labour Market Analysis Department)
    Keywords: poverty / income distribution / poverty alleviation /economic growth / globalization / developing countries
    Date: 2011
    URL: http://d.repec.org/n?u=RePEc:ilo:emwpap:2011-96&r=cwa
  18. By: Raza, Muhammad Wajid; Mohsin, Hasan M
    Abstract: Financially repressed economy cannot grow with an increasing growth rate. That’s why most of the developing countries move toward liberalized financial system. The basic objective of this paper is to provide a comparative analysis of Pakistan, China, and India financial sector liberalization and its impact on macroeconomic performance. This study uses Johansen co integration to provide cross country evidence of long run relationship between macroeconomic variables and financial openness. Results show that there is long run relation among financial openness and macro economic performance in all three countries. Financial liberalization has positive and significant effect on Pakistan macroeconomic performance while negative and significant effect on china economy. The relationship in India is positive but not significant
    Keywords: Financial liberalization; financial depth. Economic growth
    JEL: E0 N20 F43
    Date: 2011–05–15
    URL: http://d.repec.org/n?u=RePEc:pra:mprapa:34559&r=cwa

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