The debate on the sustainability of current account deficit is one of the unresolved matters among economist for a long time. The main purpose of this study is to analyze the issue of sustainability of current account deficits for fragile five countries by using nonlinear alternative unit root tests. The findings obtained from KSS and AESTAR tests revealed that current account deficit is sustainable in countries except for Brazil. This result is important in that the central banks in the fragile five countries, except Brazil, do not face a restriction caused by current account deficit in inflation target regime
Andreosso B. and Callaghan O. (2007). “Analysis of
the Current Account Position of Four Asian Countries
Before the 1997 Crisis”, Pasific Economic Review, Vol:12,
No:1, p.47-61.
Anorou E. and Ramchander S. (1998). “Current Account
and Fiscal Deficits: Evidence from Five Developing
Economies of Asia”, Journal of Asian Economics, Vol. 9,
No:3, p.487-501.
Apergis, N., Katrakilidis, K.P. and Tabakis, N.M., (2000).
“Current Account Deficit Sustainability: The Case of
Greece”, Applied Economics Letters, Vol:7, p.599-603.
Bergsten, C.F., (2002). “The Dolar and The US Economy,
Testonomy Before The Commiteeon Banking, Housing
and Urban Affairs”, Washington, DC: United States
Senate.
Baharumshah, A. Z., Lau E. and Fountas S., (2003).
“On The Sustainability Of Current Account Deficits:
Evidence From Four ASEAN Countires”, Journal Of Asian
Economics, Vol:14, p.465-487.
Bordo, M., Eichhengreen, B. and Martinez-Peria, M. S.,
(2002). “Is the Crises Problem Growing More Severe?”,
Economic Policy, Vol:16, p.53-75.
Buiter, W. H., (1981). “Time Preference and Internatiınal
Lending and Borrowing in an Overlapping-Generations
Model”, Journal of Political Economy, 89 (4).
Campa, J.M. and Gavilan, A., (2011). “Current Accounts
in the Euro Area: An Intertemporal Approach”, Journal
of International Money and Finance, Vol:30, p.228-295.
Chen, S., (2011a). “Current Account Deficits and
Sustainability: Evidence from The OECD Countries”,
Economic Modelling, Vol:28, p.1455-1464.
Chen, S., (2011b). “Are Current Account Deficits Really
Sustainable in the G-7 Countries?”, Japan and the World
Economy, Vol:23, p.190-201.
Chen-Yin K., (2016). “Sustainability of Current Accounts:
evidence from the quantile unit-root test”, Applied
Economics Letters, 23:10, 747-755.
Chong, T. T. L., Hinich, M. J., Liew, V. K. S., and Lim, K.
P., (2008). “Time Series Test of Nonlinear Convergence
and Transitional Dynamics”, Economics Letters, Vol:100,
No:3, p.337-339.
Christopoulos, D.K. and Leon-Ledesma, M., (2010).
“Current Account Sustainability in The US: What Did We
Really Know About It?”, Journal of International Money
and Finance, Vol:29, p.442-459.
Corsetti, G., Pesenti P. and Roubini N., (1999). “Paper
Tigers? A model of the Asian Crisis”, European Economic
Review, Vol:43, No:7, p.1211-1236.
Edwards, S., (2001). “Does the Current Account Matter?”,
NBER Working Paper, No:8275, p.1-38.
Edwards, S., (2004). “Thirty Years of Current Account
Imbalances, Current Account Reversals and Sudden
Stops”, NBER Working Paper, No:10276, January, p.1-49.
Eğilmez, M., (2013). “Kırılgan Beşli”, http://www.
mahfiegilmez.com/2013/11/krlganbesli.html
25.04.2015.
Kırılgan Beşlide Cari Açıkların Sürdürülebilirliği: Doğrusal Olmayan Birim Kök Testleri İle Kanıtlar
133
Eğilmez, M., (2014). “Türkiye ve Benzer
Ekonomiler”,http://www.mahfiegilmez.com/2014/02/
turkiye-ve-benzer-ekonomiler.html 25.04.2015.
Erşin F., (2014). “Yükselen Ekonomiler ve Kırılgan Beşli:
Türkiye Üzerine Bir Değerlendirme”, Bankacılık ve
Finansal Araştırmalar Dergisi (BAFAD), Sayı:1, s.43-51.
Fountas, S. and Wu J. L., (1999). “Are the US Current
Account Deficits Really Sustainable?”, International
Economic Journal, Vol:13, No:3, p.51-58.
Freund C. L., (2005). “Current Account Adjustment in
Industrialized Countries”, Journal of International Money
and Finance, Vol:24, p.1278-1298.
Gülcan, Y. ve Önel G., (2008). “The Sustainability of
Turkish Currenct Account Deficits with Structural
Breaks” , http://fbe.emu.edu.tr/journal/doc/11-12/09.
pdf, p.1-13, 10.01.2015.
Hakkio, C.S. and Rush, M., (1991). “Cointegration: How
Short is the Long Run?”, Journal of International Money
and Finance, Vol:10, No:4, p.571-581.
Hoffman M., (2003). “International Macroeconomic
Fluctuations and the Current Account”, Canadian
Journal of Economics, Vol:36, No:2, p.401-420.
Holmes M. J., (2006a). “Do Latin American Countries
Have an Incentive to Default on Their External Debts?”,
Emerging Markets Finance and Trade, Vol:42, No:1, p.33-
49.
Holmes M. J., (2006b). “How Sustainable are OECD
Current Account Balances in The Long Run?”, The
Manchester School, Vol:74, No:5, p.626-643.
Husted, S., (1992). “The Emerging U.S. Current Account
Deficit in the 1980s: A Cointegration Analysis”, The
Review of Economics and Statistics, Vol:74, No:1, p.159-
166.
IIF (2014a). Global Economic Monitor, April 2014.
IIF(2014b). Capital Flows to Emerging Markets, May
2014.
International Monetary Fund (IMF), (1998). “Financial
Crises: Characteristics and Indicators of Vulnerability”,
Washington, DC.
İnsel, A. and Kayıkçi, F., (2012). “Evaluation of
Sustainability of Current Account Deficits in
Turkey,”Modern Economy, Vol:3, No:1, p.43-50.
Kim, B., Min, H., Hwang, Y. and McDonald, J., (2009). “Are
Asian Countries Current Accounts Sustainable? Deficit,
Even When Associated with High Investment, Are not
Costless”, Journal of Policy Modelling, Vol: 31, p.163-179.
Kapetanios, G., Shin, S. and Snell, Y., (2003). “Testing for
a Unit Root in the Nonlinear Star Framework”, Journal
of Econometrics, Vol:112, No:2, p.359-379.
Leybourne, S., Newbold, P. and Vougas, D., (1998). “Unit
Roots and Smooth Transitions”, Journal of Time Series
Analysis. Vol:19, p.83-97.
Lord, J., (2013). “EM currencies: the fragile five, FX pulse”,
Morgan Stanley Research (August).
Luukkonen, R., Saikkonen, P. and Terasvirta, T.,
(1988). ‘‘Testing Linearity Against Smooth Transition
Autoregressive Models’’, Biometrika, Vol: 75, p.491-499.
Mann, C. L., (2002). “Perspectives on The U.S. Current
Account Deficit and Sustainability”, The Journal of
Economic Perspectives, Vol:16, No:3, p.131-152.
Milesi-Ferretti, M. and Razin A., (1996a). “Current Account
Sustainability”, Princeton Studies In International Finance,
No:81, International Fınance Section, Department of
Economics, Princenton University, Nw-Jersey.
Milesi-Ferretti, M. and Razin A., (1996b). “Sustainability
of Persistent Current Account Deficits”, NBER Working
Paper, No:5467.
Milesi-Ferretti, M. and Razin A., (1996c). “Current
Account Sustainability: Selected East Asian and Latin
American Experiences”, NBER Working Paper Series,
No:5791, p.1-61.
Milesi-Ferretti, M. and Razin A., (1998). “Sharp
Reductions in Current Account Deficits: An Empirical
Analysis,” European Economic Review, Vol:42, p.897-908.
Nelson, C. R., ve Plosser, C. R., (1982). “Trends and
random walks in macroeconomic time series: Some
evidence and implications”, Journal of Monetary
Economics, 10(2): 139-162.
Obstfeld, M., (1982). “Aggregate Spending and Terms of
Trade: Is There a Laursen-Metzler Effect?”, The Quarterly
Journal of Economics: 97 (2).
Obstfeld, M. and Rogoff K., (1996). Foundations of
International Macroeconomics, MIT Press, Boston.
Rafiq S., (2010). “The Current Account and The Real
Exchange Rate: Some Empirical Estimates from a TimeVarying
Framework”, Structural Change and Economic
Dynamics, Fiscal Stance, Vol:21, p.276-290.
Raybaudi, M., Sola M. and Spagnolo F., (2004). “Red
Signals: Current Account Deficits And Sustainability”,
Economics Letters, Vol:84, p.217-223.
Roubini, N. and Watchel P. (1998). “Current Account
Sustainability in Transition Economies” NBER Working
Paper Series, Vol:6468, p.1-72.
Sachs, J., (1981). “The Current Account and
Macroeconomic Adjustment in the 1970s”, Bookings
Papers on Economic Activity, Vol:1, p. 201-268.
Semler, W. ve Tahri I. (2017). “Current Account
Imbalances: A new approach to assess external debt
sustainability” Economic Modelling, 62: 161-170.
Reşat CEYLAN
134
Seyidoğlu, H. (2001). Uluslararası İktisat: Teori ve
Uygulama.14. Baskı, İstanbul.
Sollis, R., (2004). “Asymetric Adjustment and Smooth
Transitions: Acombination of Some Unit Root Tests”,
Journal of Time Series Analysis. Vol:25, No:3, p.409-417.
Sollis, R., (2009). “A Simple Unit Root Test Against
Asymmetric STAR Nonlinearity with an Application to
Real Exchange Rates in Nordic Countries”, Economic
Modelling, Vol:26, p.118-125.
Svensson E. L. and Razin A., (1983). “The Terms of Trade
and The Current Account: The Harberger-LaursenMetzler
Effect”, The Journal of Political Economy, Vol:91,
No:1, p.97-125.
Takeuchi, F., (2010). “US External Debt Sustainability
Revisited: Bayesian Analysis of Extended Markov
Switching Unit Root Test”, Japan and The World Economy,
Vol:23, p.96-106.
Trehan, B. and Walsh, C., (1991). “Testing Intertemporal
Budget Constraints: Theory and Applications to US
Federal Budget Deficits and Current Account Deficits”,
Journal of Money, Credit and Banking, Vol:26, No:2,
p.206-223.
Yamak, R. ve Korkmaz A., (2007). “Türk Cari İşlemler Açığı
Sürdürülebilir Mi? Ekonometrik Bir Yaklaşım”, Bankacılar
Dergisi, Sayı:60, s.17-32.
Uygur, E., (2004). “Türkiye’de Cari Açık Tartışmaları”,
İktisat, İşletme ve Finans Dergisi, Yıl:19, Eylül, s.5-17.
Zanghieri P., (2004). “Current Accounts Dynamics in
New EU Members: Sustainabilty and Policy Issues”,
CEPII Working Papers, No:7.
Wu, L., (2000). “Mean Reversion of the Current Account:
Evidence from the Panel Data Unit-Rout Test”, Economics
Letters, Vol:66, p.213-222.
Wu, L., Chen L. and Lee H., (2001). “Are Current
Account Deficits Sustainable? Evidence From Panel
Cointegration”, Economic Letters, 72, p.219-224.
Kırılgan Beşlide Cari Açıkların Sürdürülebilirliği: Doğrusal Olmayan Birim Kök Testleri İle Kanıtlar
Cari açıkların sürdürülebilirliği tartışmaları, öteden beri iktisatçılar arasında görüş birliğine varılamamış önemli konulardandır. Bu çalışmanın temel amacı, doğrusal olmayan alternatif birim kök testlerini kullanarak, cari açıkların sürdürülebilirliği sorununu kırılgan beşli ülkeleri için analiz etmektir. Çalışmada kullanılan KSS ve AESTAR testlerinden elde edilen bulgular, Brezilya dışındaki diğer ülkelerde cari açıkların sürdürülebilir olduğunu ortaya koymaktadır. Bu sonuç, kırılgan beşli ülkelerinde Brezilya hariç, merkez bankalarının enflasyon hedeflemesi rejiminde cari açık kaynaklı bir kısıtlama ile karşı karşıya olmadıklarını göstermesi bakımından önemlidir
Andreosso B. and Callaghan O. (2007). “Analysis of
the Current Account Position of Four Asian Countries
Before the 1997 Crisis”, Pasific Economic Review, Vol:12,
No:1, p.47-61.
Anorou E. and Ramchander S. (1998). “Current Account
and Fiscal Deficits: Evidence from Five Developing
Economies of Asia”, Journal of Asian Economics, Vol. 9,
No:3, p.487-501.
Apergis, N., Katrakilidis, K.P. and Tabakis, N.M., (2000).
“Current Account Deficit Sustainability: The Case of
Greece”, Applied Economics Letters, Vol:7, p.599-603.
Bergsten, C.F., (2002). “The Dolar and The US Economy,
Testonomy Before The Commiteeon Banking, Housing
and Urban Affairs”, Washington, DC: United States
Senate.
Baharumshah, A. Z., Lau E. and Fountas S., (2003).
“On The Sustainability Of Current Account Deficits:
Evidence From Four ASEAN Countires”, Journal Of Asian
Economics, Vol:14, p.465-487.
Bordo, M., Eichhengreen, B. and Martinez-Peria, M. S.,
(2002). “Is the Crises Problem Growing More Severe?”,
Economic Policy, Vol:16, p.53-75.
Buiter, W. H., (1981). “Time Preference and Internatiınal
Lending and Borrowing in an Overlapping-Generations
Model”, Journal of Political Economy, 89 (4).
Campa, J.M. and Gavilan, A., (2011). “Current Accounts
in the Euro Area: An Intertemporal Approach”, Journal
of International Money and Finance, Vol:30, p.228-295.
Chen, S., (2011a). “Current Account Deficits and
Sustainability: Evidence from The OECD Countries”,
Economic Modelling, Vol:28, p.1455-1464.
Chen, S., (2011b). “Are Current Account Deficits Really
Sustainable in the G-7 Countries?”, Japan and the World
Economy, Vol:23, p.190-201.
Chen-Yin K., (2016). “Sustainability of Current Accounts:
evidence from the quantile unit-root test”, Applied
Economics Letters, 23:10, 747-755.
Chong, T. T. L., Hinich, M. J., Liew, V. K. S., and Lim, K.
P., (2008). “Time Series Test of Nonlinear Convergence
and Transitional Dynamics”, Economics Letters, Vol:100,
No:3, p.337-339.
Christopoulos, D.K. and Leon-Ledesma, M., (2010).
“Current Account Sustainability in The US: What Did We
Really Know About It?”, Journal of International Money
and Finance, Vol:29, p.442-459.
Corsetti, G., Pesenti P. and Roubini N., (1999). “Paper
Tigers? A model of the Asian Crisis”, European Economic
Review, Vol:43, No:7, p.1211-1236.
Edwards, S., (2001). “Does the Current Account Matter?”,
NBER Working Paper, No:8275, p.1-38.
Edwards, S., (2004). “Thirty Years of Current Account
Imbalances, Current Account Reversals and Sudden
Stops”, NBER Working Paper, No:10276, January, p.1-49.
Eğilmez, M., (2013). “Kırılgan Beşli”, http://www.
mahfiegilmez.com/2013/11/krlganbesli.html
25.04.2015.
Kırılgan Beşlide Cari Açıkların Sürdürülebilirliği: Doğrusal Olmayan Birim Kök Testleri İle Kanıtlar
133
Eğilmez, M., (2014). “Türkiye ve Benzer
Ekonomiler”,http://www.mahfiegilmez.com/2014/02/
turkiye-ve-benzer-ekonomiler.html 25.04.2015.
Erşin F., (2014). “Yükselen Ekonomiler ve Kırılgan Beşli:
Türkiye Üzerine Bir Değerlendirme”, Bankacılık ve
Finansal Araştırmalar Dergisi (BAFAD), Sayı:1, s.43-51.
Fountas, S. and Wu J. L., (1999). “Are the US Current
Account Deficits Really Sustainable?”, International
Economic Journal, Vol:13, No:3, p.51-58.
Freund C. L., (2005). “Current Account Adjustment in
Industrialized Countries”, Journal of International Money
and Finance, Vol:24, p.1278-1298.
Gülcan, Y. ve Önel G., (2008). “The Sustainability of
Turkish Currenct Account Deficits with Structural
Breaks” , http://fbe.emu.edu.tr/journal/doc/11-12/09.
pdf, p.1-13, 10.01.2015.
Hakkio, C.S. and Rush, M., (1991). “Cointegration: How
Short is the Long Run?”, Journal of International Money
and Finance, Vol:10, No:4, p.571-581.
Hoffman M., (2003). “International Macroeconomic
Fluctuations and the Current Account”, Canadian
Journal of Economics, Vol:36, No:2, p.401-420.
Holmes M. J., (2006a). “Do Latin American Countries
Have an Incentive to Default on Their External Debts?”,
Emerging Markets Finance and Trade, Vol:42, No:1, p.33-
49.
Holmes M. J., (2006b). “How Sustainable are OECD
Current Account Balances in The Long Run?”, The
Manchester School, Vol:74, No:5, p.626-643.
Husted, S., (1992). “The Emerging U.S. Current Account
Deficit in the 1980s: A Cointegration Analysis”, The
Review of Economics and Statistics, Vol:74, No:1, p.159-
166.
IIF (2014a). Global Economic Monitor, April 2014.
IIF(2014b). Capital Flows to Emerging Markets, May
2014.
International Monetary Fund (IMF), (1998). “Financial
Crises: Characteristics and Indicators of Vulnerability”,
Washington, DC.
İnsel, A. and Kayıkçi, F., (2012). “Evaluation of
Sustainability of Current Account Deficits in
Turkey,”Modern Economy, Vol:3, No:1, p.43-50.
Kim, B., Min, H., Hwang, Y. and McDonald, J., (2009). “Are
Asian Countries Current Accounts Sustainable? Deficit,
Even When Associated with High Investment, Are not
Costless”, Journal of Policy Modelling, Vol: 31, p.163-179.
Kapetanios, G., Shin, S. and Snell, Y., (2003). “Testing for
a Unit Root in the Nonlinear Star Framework”, Journal
of Econometrics, Vol:112, No:2, p.359-379.
Leybourne, S., Newbold, P. and Vougas, D., (1998). “Unit
Roots and Smooth Transitions”, Journal of Time Series
Analysis. Vol:19, p.83-97.
Lord, J., (2013). “EM currencies: the fragile five, FX pulse”,
Morgan Stanley Research (August).
Luukkonen, R., Saikkonen, P. and Terasvirta, T.,
(1988). ‘‘Testing Linearity Against Smooth Transition
Autoregressive Models’’, Biometrika, Vol: 75, p.491-499.
Mann, C. L., (2002). “Perspectives on The U.S. Current
Account Deficit and Sustainability”, The Journal of
Economic Perspectives, Vol:16, No:3, p.131-152.
Milesi-Ferretti, M. and Razin A., (1996a). “Current Account
Sustainability”, Princeton Studies In International Finance,
No:81, International Fınance Section, Department of
Economics, Princenton University, Nw-Jersey.
Milesi-Ferretti, M. and Razin A., (1996b). “Sustainability
of Persistent Current Account Deficits”, NBER Working
Paper, No:5467.
Milesi-Ferretti, M. and Razin A., (1996c). “Current
Account Sustainability: Selected East Asian and Latin
American Experiences”, NBER Working Paper Series,
No:5791, p.1-61.
Milesi-Ferretti, M. and Razin A., (1998). “Sharp
Reductions in Current Account Deficits: An Empirical
Analysis,” European Economic Review, Vol:42, p.897-908.
Nelson, C. R., ve Plosser, C. R., (1982). “Trends and
random walks in macroeconomic time series: Some
evidence and implications”, Journal of Monetary
Economics, 10(2): 139-162.
Obstfeld, M., (1982). “Aggregate Spending and Terms of
Trade: Is There a Laursen-Metzler Effect?”, The Quarterly
Journal of Economics: 97 (2).
Obstfeld, M. and Rogoff K., (1996). Foundations of
International Macroeconomics, MIT Press, Boston.
Rafiq S., (2010). “The Current Account and The Real
Exchange Rate: Some Empirical Estimates from a TimeVarying
Framework”, Structural Change and Economic
Dynamics, Fiscal Stance, Vol:21, p.276-290.
Raybaudi, M., Sola M. and Spagnolo F., (2004). “Red
Signals: Current Account Deficits And Sustainability”,
Economics Letters, Vol:84, p.217-223.
Roubini, N. and Watchel P. (1998). “Current Account
Sustainability in Transition Economies” NBER Working
Paper Series, Vol:6468, p.1-72.
Sachs, J., (1981). “The Current Account and
Macroeconomic Adjustment in the 1970s”, Bookings
Papers on Economic Activity, Vol:1, p. 201-268.
Semler, W. ve Tahri I. (2017). “Current Account
Imbalances: A new approach to assess external debt
sustainability” Economic Modelling, 62: 161-170.
Reşat CEYLAN
134
Seyidoğlu, H. (2001). Uluslararası İktisat: Teori ve
Uygulama.14. Baskı, İstanbul.
Sollis, R., (2004). “Asymetric Adjustment and Smooth
Transitions: Acombination of Some Unit Root Tests”,
Journal of Time Series Analysis. Vol:25, No:3, p.409-417.
Sollis, R., (2009). “A Simple Unit Root Test Against
Asymmetric STAR Nonlinearity with an Application to
Real Exchange Rates in Nordic Countries”, Economic
Modelling, Vol:26, p.118-125.
Svensson E. L. and Razin A., (1983). “The Terms of Trade
and The Current Account: The Harberger-LaursenMetzler
Effect”, The Journal of Political Economy, Vol:91,
No:1, p.97-125.
Takeuchi, F., (2010). “US External Debt Sustainability
Revisited: Bayesian Analysis of Extended Markov
Switching Unit Root Test”, Japan and The World Economy,
Vol:23, p.96-106.
Trehan, B. and Walsh, C., (1991). “Testing Intertemporal
Budget Constraints: Theory and Applications to US
Federal Budget Deficits and Current Account Deficits”,
Journal of Money, Credit and Banking, Vol:26, No:2,
p.206-223.
Yamak, R. ve Korkmaz A., (2007). “Türk Cari İşlemler Açığı
Sürdürülebilir Mi? Ekonometrik Bir Yaklaşım”, Bankacılar
Dergisi, Sayı:60, s.17-32.
Uygur, E., (2004). “Türkiye’de Cari Açık Tartışmaları”,
İktisat, İşletme ve Finans Dergisi, Yıl:19, Eylül, s.5-17.
Zanghieri P., (2004). “Current Accounts Dynamics in
New EU Members: Sustainabilty and Policy Issues”,
CEPII Working Papers, No:7.
Wu, L., (2000). “Mean Reversion of the Current Account:
Evidence from the Panel Data Unit-Rout Test”, Economics
Letters, Vol:66, p.213-222.
Wu, L., Chen L. and Lee H., (2001). “Are Current
Account Deficits Sustainable? Evidence From Panel
Cointegration”, Economic Letters, 72, p.219-224.
Ceylan, R., Uz, İ., & Çeviş, İ. (2018). Sustainability Of Current Account Deficits In Fragile Five: Evidence From Non-Linear Unit Root Tests. Ege Academic Review, 18(1), 121-134.
AMA
Ceylan R, Uz İ, Çeviş İ. Sustainability Of Current Account Deficits In Fragile Five: Evidence From Non-Linear Unit Root Tests. eab. Şubat 2018;18(1):121-134.
Chicago
Ceylan, Reşat, İbrahim Uz, ve İsmail Çeviş. “Sustainability Of Current Account Deficits In Fragile Five: Evidence From Non-Linear Unit Root Tests”. Ege Academic Review 18, sy. 1 (Şubat 2018): 121-34.
EndNote
Ceylan R, Uz İ, Çeviş İ (01 Şubat 2018) Sustainability Of Current Account Deficits In Fragile Five: Evidence From Non-Linear Unit Root Tests. Ege Academic Review 18 1 121–134.
IEEE
R. Ceylan, İ. Uz, ve İ. Çeviş, “Sustainability Of Current Account Deficits In Fragile Five: Evidence From Non-Linear Unit Root Tests”, eab, c. 18, sy. 1, ss. 121–134, 2018.
ISNAD
Ceylan, Reşat vd. “Sustainability Of Current Account Deficits In Fragile Five: Evidence From Non-Linear Unit Root Tests”. Ege Academic Review 18/1 (Şubat 2018), 121-134.
JAMA
Ceylan R, Uz İ, Çeviş İ. Sustainability Of Current Account Deficits In Fragile Five: Evidence From Non-Linear Unit Root Tests. eab. 2018;18:121–134.
MLA
Ceylan, Reşat vd. “Sustainability Of Current Account Deficits In Fragile Five: Evidence From Non-Linear Unit Root Tests”. Ege Academic Review, c. 18, sy. 1, 2018, ss. 121-34.
Vancouver
Ceylan R, Uz İ, Çeviş İ. Sustainability Of Current Account Deficits In Fragile Five: Evidence From Non-Linear Unit Root Tests. eab. 2018;18(1):121-34.