Öz
Bu çalışmanda gelişmekte olan ülkelerde (emerging markets-yükselen piyasalar) Bretton Woods Sistemi sonrasında, döviz kuru rejim tercihinin makro ekonomik performans üzerine etkileri incelenecektir. Çalışmada özellikle enflasyon, büyüme ve finansal kriz konuları ele alınmıştır. Çalışmanın sonucunda, gelişmekte olan ülkelerde, sabit döviz kurlarının dalgalı kurlara oranla daha düşük enflasyona yol açtığı saptanmıştır. Döviz kurlarının büyüme üzerine etkisi ise alt dönemlerde farklılık göstermektedir. 1990 öncesi dönemde, sabit döviz kurlarında daha yüksek büyüme oranları gerçekleşirken, 1990 sonrasında sabit kurlarındaki büyüme oranları düşmüştür. Ayrıca, sabit döviz kurlarının gelişmekte olan ülkelerde 1990 sonrasında finansal kırılganlığı arttırdığı tespit edilmiştir
Anahtar Kelimeler
Döviz Kuru Rejimleri Enflasyon Büyüme Gelişmekte Olan ülkeler
Kaynakça
- 1AREAER(1970-2005). Annual Report on Exchange Arrangement and Exchange Restrictions, IMF, 1970 ve sonrası yıllar.
- Bailliu Jeannine- Robert Lafrance- François Perrault(2003). “Does Exchange Rate Policy Matter for Growth?” International Finance, Vol.6, Iss.3, ss. 381–414
- Barro, Robert ve David B. Gordon(1983). “Rules, Discretion, and Reputation in a Model of Monetary Policy,” Journal of Monetary Economics, Vol.12, No.1, ss. 101–121.
- Baxter, Marianne- Alan Stockman(1989). “Business Cycles and the Exchange-Rate Regime:
- Some International Evidence,” Journal of Monetary Economics, Vol. 23, No. 3, ss. 377–400
- Bordo, Michael D.(2003). “Exchange Rate Regime Choice in Historical Perspective” NBER Working Paper Series, No: 9654, April.
- Calvo Guillermo A.- Frederic S. Mishkin(2003), “The Mirage of Exchange Rate Regimes For Emerging Market Countries,” Journal of Economic Perspectives, Vol. 17, Iss. 4, ss.99-118.
- Caramazza, Francesco- Jahangir Aziz(1998). “Fixed or Flexible? Getting the Exchange Rate Right in the 1990s” Economic Issues, No:13
- Dubas, Justin M.- Byung-Joo Lee- Nelson C. Mark(2005), “Effective Exchange Rate Classifications and Growth” NBER Working Paper, No: 11272, April.
- Edison, Hali J.- Melvin, Michael(1990). “The Determinants and Implications of the Chocie of an Exchange Rate System” Monetary policy for a Volatile Global Economy içinde Ed. Haraf ve Willet, Washington: The AEI Press,
- Flood, Robert P.- Andrew K. Rose(1995). “Fixing exchange rates A virtual quest for Fundamentals” Journal of Monetary Economics, Vol. 36, Is. 1, August , ss. 3-37.
- Frankel, Jeffrey-Andrew Rose(2002). “An Estimate Of The Effect Of Common Currencies On Trade And Income,” The Quarterly Journal of Economics, Vol. 117, Iss. 2, May, ss. 437-466
- Frankel, Jeffry A.(2003). “ Experience of and Lessons From Exchange Rate Regimes in Emerging Economies” NBER Working Paper, No: 10032
Öz
This paper investigates the impact of exchange rate regime choice on macroeconomic performance after Bretton Woods in emerging market countries. It is studied especially inflation, growth and financial crises. It’s found that for emerging market countries, fixed regimes are associated with lower inflation than floats. On growth effect of exchange rate regime choice is not same all period. Fixed regimes are associated with faster growth but after 1990 fixed regimes brought about slower growth. At the same time, fixed exchange rate regimes are associated with financial fragility after 1990 in emerging markets
Anahtar Kelimeler
Exchange Rate Regimes Inflation Growth Emerging Market Countries
Kaynakça
- 1AREAER(1970-2005). Annual Report on Exchange Arrangement and Exchange Restrictions, IMF, 1970 ve sonrası yıllar.
- Bailliu Jeannine- Robert Lafrance- François Perrault(2003). “Does Exchange Rate Policy Matter for Growth?” International Finance, Vol.6, Iss.3, ss. 381–414
- Barro, Robert ve David B. Gordon(1983). “Rules, Discretion, and Reputation in a Model of Monetary Policy,” Journal of Monetary Economics, Vol.12, No.1, ss. 101–121.
- Baxter, Marianne- Alan Stockman(1989). “Business Cycles and the Exchange-Rate Regime:
- Some International Evidence,” Journal of Monetary Economics, Vol. 23, No. 3, ss. 377–400
- Bordo, Michael D.(2003). “Exchange Rate Regime Choice in Historical Perspective” NBER Working Paper Series, No: 9654, April.
- Calvo Guillermo A.- Frederic S. Mishkin(2003), “The Mirage of Exchange Rate Regimes For Emerging Market Countries,” Journal of Economic Perspectives, Vol. 17, Iss. 4, ss.99-118.
- Caramazza, Francesco- Jahangir Aziz(1998). “Fixed or Flexible? Getting the Exchange Rate Right in the 1990s” Economic Issues, No:13
- Dubas, Justin M.- Byung-Joo Lee- Nelson C. Mark(2005), “Effective Exchange Rate Classifications and Growth” NBER Working Paper, No: 11272, April.
- Edison, Hali J.- Melvin, Michael(1990). “The Determinants and Implications of the Chocie of an Exchange Rate System” Monetary policy for a Volatile Global Economy içinde Ed. Haraf ve Willet, Washington: The AEI Press,
- Flood, Robert P.- Andrew K. Rose(1995). “Fixing exchange rates A virtual quest for Fundamentals” Journal of Monetary Economics, Vol. 36, Is. 1, August , ss. 3-37.
- Frankel, Jeffrey-Andrew Rose(2002). “An Estimate Of The Effect Of Common Currencies On Trade And Income,” The Quarterly Journal of Economics, Vol. 117, Iss. 2, May, ss. 437-466
- Frankel, Jeffry A.(2003). “ Experience of and Lessons From Exchange Rate Regimes in Emerging Economies” NBER Working Paper, No: 10032
Ayrıntılar
| Diğer ID | JA32PZ35JT |
|---|---|
| Bölüm | Makale |
| Yazarlar | |
| Yayımlanma Tarihi | 1 Aralık 2008 |
| Gönderilme Tarihi | 1 Aralık 2008 |
| Yayımlandığı Sayı | Yıl 2008 Cilt: 7 Sayı: 2 |