A Survey on Exchange Rate Pass through in Emerging Markets

Year 2017, Volume: 2 Issue: 3, 205 - 233, 30.09.2017

Cengiz Tunç

https://doi.org/10.25229/beta.334253

Cited By: 7

Abstract

This article reviews the literature on exchange rate pass-through in emerging markets with a special focus on the burgeoning empirical research. The literature has overwhelmingly agreed on the recent decline in the pass through in low inflationary environment after the adoption of inflation targeting in many countries. However, the empirical evidences also suggest varying degrees of the pass-through depending on the size and direction of exchange rate changes. Finally, researches on the exchange rate pass-through on disaggregated price indices or the differential pass-through due to the source of exchange rate changes are becoming promising research strands for the estimation of the pass through.

Keywords

Exchange rate pass-through, Emerging Economies

Gelişmekte olan Ülkelerde Döviz Kuru Geçişkenliği üzerine Bir Literatür Taraması

Abstract

Bu çalışma gelişmekte olan ülkelerde döviz kuru geçişkenliğini son dönemde artan ampirik çalışmaları dikkate alarak incelemektedir. Mevcut literatür, son dönemde birçok ülkede enflasyon hedeflemesinin benimsenmesi sonucu ortaya çıkan düşük enflasyon ortamında döviz kuru geçişkenliğinin azaldığı konusunda mutabıktır. Bununla beraber, ampirik çalışmalar döviz kurundaki değişikliklerin yönü ve büyüklüğü nedeniyle kur geçişkenliğinin değişik düzeylerde gerçekleştiğini ortaya koymuştur. Son olarak, alt bölümlere ayrılmış fiyat endeklerinde kur geçişkenliği konusu ile döviz kuru gelişmelerinin değişik sebeplerinden kaynaklı farklı kur geçişkenlikleri konusu önümüzdeki dönemde gelecek vaad eden araştırma alanları olarak ortaya çıkmaktadır.

Keywords

Döviz Kuru Geçişkenliği, Gelişmekte olan Ülkeler

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