Burgernomics and Big Mac Index: An Empirical Analysis

Year 2024, , 858 - 871, 30.09.2024

Kemal Coşkun , Semih Yıldırım

https://doi.org/10.29023/alanyaakademik.1488168

Abstract

The Economist Journal has been publishing an unofficial economic indicator called the "Big Mac Index" based on the theory of purchasing power parity since 1986. According to the purchasing power parity theory, prices of the same or similar products should be the same in different countries and regions due to exchange rates. Differences indicate that currencies are overvalued or undervalued. The essence of the Big Mac Index is to determine the value of currencies by comparing the prices of the hamburger called "Big Mac", one of the products of McDonald's fast-food restaurant chain, in different countries. In this study, it is aimed to empirically compare the prices of this product in different countries in order to have an idea about the economic situation, financial development and general market movements of the countries and to contribute to researchers who want to have information on the subject. In this study, Brazil, Indonesia, India, South Africa, and Türkiye, the so-called “Fragile Five”, are analyzed for the period between January 2015 – January 2024 (19 periods) and according to the findings, the index has mostly undervalued foreign currencies in these countries. In other words, it is concluded that foreign currencies are mostly overvalued in these countries.

Keywords

Burgernomics, Big Mac Index, Purchasing Power Parity Theory, Law of One Price

Hamburger Ekonomisi ve Big Mac Endeksi: Ampirik Bir Analiz

Abstract

Ekonomist dergisi 1986 yılından bu yana satın alma gücü paritesi teorisine dayanan “Big Mac Endeksi” adını verdikleri gayri resmi bir ekonomik gösterge yayımlamaktadır. Satın alma gücü paritesi teorisine göre aynı veya benzer ürünlerin fiyatları, döviz kurları nedeniyle farklı ülke ve bölgelerde aynı olmalıdır. Farklılıklar ise para birimlerinin aşırı veya az değerlendiğini göstermektedir. Big Mac Endeksi’nin özünde ise McDonald’s fast-food restoran zincirinin ürünlerinden biri olan “Big Mac” adı verilen hamburgerin farklı ülkelerdeki fiyatları karşılaştırılarak para birimlerinin değeri belirlenmeye çalışılmaktadır. Bu çalışmada da aynı doğrultuda söz konusu ürünün farklı ülkelerdeki fiyatları ampirik olarak karşılaştırılarak ülkelerin ekonomik durumları, finansal gelişimleri ve genel piyasa hareketleri hakkında fikir sahibi olunması ve konu hakkında bilgi sahibi olmak isteyen araştırmacılara katkı sağlanması amaçlanmıştır. Çalışmada “Kırılgan Beşli” olarak adlandırılan Brezilya, Endonezya, Hindistan, Güney Afrika ve Türkiye, Ocak 2015 – Ocak 2024 dönemleri (19 dönem) için incelenmiş ve elde edilen bulgulara göre endeks söz konusu ülkelerde yabancı para birimlerini ağırlıklı olarak düşük değerlemiştir. Bir diğer ifade ile söz konusu ülkelerde yabancı para birimlerinin ağırlıklı olarak aşırı değerlendiği sonucuna varılmıştır.

Keywords

Hamburger Ekonomisi, Big Mac Endeksi, Satın Alma Gücü Paritesi Teorisi, Tek Fiyat Kanunu

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