The relationship between trade, growth and the balance-of-payments (BOP) has been a subject of considerable interest and empirical scrutiny in growth and development economics. This study addresses the following question: How did trade liberalization affect the BOP and growth of the Turkish economy over the period 1960-2004?, a question that has become even more crucial after the financial crises in the 1990s and early 2000s. The issue has been investigated through a case study of Turkey from 1960 to 2004 with the application of first- and second-generation balance of payments-constrained growth (BPCG) models developed by Keynesian economists. The study is of interest to academics, policy makers and professionals in the fields of economic growth and development, and international trade. In addition, analysts of balance of payments who may be interested in developing countries'' economies under financial liberalization would benefit from the work at hand. Needless to say, it is invaluable to students of the issue.