Observing that the Turkish Lira has appreciated against the US Dollar in the recent years in spite of the higher inflation rate in Turkey brings a question about the applicability of PPP to Turkish case. We provide Turkish Balance of Payments, an indicator of funds flow, as an explanatory factor...

We re-examine the link between financial development and economic growth in Russian Federation for the period 1994-2005. We use relatively new time series techniques to examine this relationship. When we control for the possible effects of monetary and fiscal policies on monetary aggregates and...