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GELİŞMEKTE OLAN ÜLKELERDE EKONOMİK KRİZLER VE DÖVİZ KURU REJİMİ SEÇİMİ ÜZERİNE BİR İNCELEME

Year 2005, Issue: 47, 201 - 222, 10.10.2011

Erşan Sever

Abstract

Bu çalışmada son dönemlerde gelişmekte olan ülkelerde yaşanan ekonomik
krizler sonrasında döviz kuru rejimi seçiminde uluslararası kuruluşların
desteklediği iki kutuplu görüşün temelini oluşturan mümkün olmayan üçleme
yaklaşımı ve bu yaklaşıma karşı yapılan eleştiriler üzerinde durulmuştur.
Ekonomik kriz sonrasında esnek kur rejimini tercih eden gelişmekte olan ülkelerin
döviz kurlarındaki dalgalanmalara müdahale etme nedenleri araştırılmıştır.
Gelişmekte olan ülkeler; güvenilirlik sorunu, piyasaların sığlığı, kur artışlarının
resesyona neden olması, para ikamesi, enflasyonist baskı, statü farklılığı ve dış
borçlanma durumlarından dolayı kurlardaki dalgalanmalara engel olmaktadırlar.
Bu ülkeler için optimal döviz kuru rejiminin ne olabileceği sorusuna verilen
cevaplar da üzerinde durulan konular arasında yer almaktadır

References

  • Aghevli, Bijan B., Khan, Mohsin S. and Montiel, Peter J.: “Exchange Rate Policy in Developing Countries: Some Analytical İssues”, IMF Occasional Paper 78, 1991.
  • Akalın, Gülsüm Özkan: “Döviz Kuru Rejimleri: Üç Büyükler ve Gelişen Piyasa Krizlerinden Çıkarılan Dersler Üzerine”, Banka, Mali ve Ekonomik Yorumlar Dergisi, Temmuz 2001, sayı. 7, s. 23-40.
  • Andreas, Billmeier, Bonato, Leo: “Exchange Rate Pass-Through and Monetary Policy in Croatia”, IMF Working Paper 109, June, 2002, (Çevrimiçi) http://www.imf.org/external/pubs/ft/wp/2002/wp00109.pdf, 23.06.2003.
  • Argy, Victor: International Macro Economics, London, Routledge Pub., 1994.
  • Bordo, Michael D.: “Exchange Rate Regime Choice in Historical Perspektive”, NBER Working Paper No. 9654, April, 2003, (Çevrimiçi) http://papers.nber.org/papers/w9654, 26.06.2003.
  • Branson,William H.: “Intermediate Exchange-Rate Regimes for Groups of Developing Countries”, Don’t Fix Don’t Float, Ed., By., Jorge Braga De Macedo, Daniel Cohen and Helmut Reisen, OECD Publishing, 2001.
  • Calvo, Guillermo and A. Reinhart, Carmen M.: Fear of Floating, September 25, 2000 (Çevrimiçi) http://www.bsos.umd.edu/econ/ciecrp11.pdf , 20.10.2002.
  • Choudhri, Ehsan U and Hakura, Daila S.: “Exchange Rate Pass-Through to Domestic Prices: Does The Inflationary Environment Matter?”, IMF Working Paper 194, December, 2001.
  • Civcir, Irfan: “Dollarization and Its Long-run Determinants in Turkey”, Forthcoming in Middle East Economics Series, 2003, (Çevrimiçi) http://www.econturk.org, 21.09.2003.
  • De Macedo,Jorge Braga, Cohen, Daniel and Reisen,Helmut: “Monetary Integration for Sustain Convergence: Earning Rather than Importing Credibility”, Don’t Fix, Don’t Float, OECD Pub., 2001.
  • Domaç. İlker and Peria, Maria Soledad Martinez: “Banking Crises and Exchange Rate Regimes: Is There a Link?”, World Bank Working Papers, Agust, 2000, (Çevrimiçi) http://www.worldbank.org, 30.10.2003.
  • Edwards, Sebastian: “Capital Mobility, Capital Controls and Globalization in Twenty-First Century”, Annals, Volume 579, January 2002, p.261-269.
  • Edwards, Sebastian: “Exchange Rate Regimes, Capital Flows and Crises Prevention, NBER Working Paper No: 8529, October, 2001, (Çevrimiçi) http://papers.nber.org/papers/w8529, 02.03.2004.
  • Eğilmez, Mahfi, Kumcu, Ercan: Ekonomi Politikası Teori ve Türkiye Uygulaması, İkinci Baskı, İstanbul, OM Yayınevi, 2002.
  • Eğilmez, Mahfi: Kur Rejimiyle DıĢ Borçlanma ĠliĢkisi, Aralık, 2001, (Çevrimiçi) http://www.mahfiegilmez.nom.tr/kose_6.htm, 26.10.2003.
  • Feige, Edgar L.: “The Dynamics of Currency Substitution, Asset Substitution and De Facto Dollarization and Euroization in Transition Countries” Forthcoming in Comparative Economic Studies, Fall, 2003. (Çevrimiçi) http://econwpa.wustl.edu, 03.10.2004, p.2.
  • Fischer, Stanley.: Exchange Rate Regimes: Is The Bipolar View Correct?, January, 2001, (Çevrimiçi) http://www.imf.org/external/pubs/ft/fandd/2001/06/fischer.html, 02.04.2003.
  • Frankel, Jeffrey A.: “Experience of and Lessons from Exchange Rate Regimes in Emerging Economies”, NBER Working Paper, September 26, 2003, (Çevrimiçi) http://ksghome.harvard.edu, 14.10.2004, p.16.
  • Frankel, Jeffrey A.: No Single Currency Regime Is Right For All Countries Testımony Before The Committee On Banking and Financial Services U.S. House Of Representatives, May 21, 1999, (Çevrimiçi) http://ksghome.harvard.edu, 23.10.2003.
  • Frankel, Jeffrey E. and Others: Verifying Exchange Rate Regimes, May 17, 2000, (Çevrimiçi) http://econ.woldbank.org/docs/1152.pdf, 08.09.2003.
  • Garamazza Francesco and Aziz, Jahangir: “Fixed or Flexible Exchange Rate Right in The 1990s”, April, 1998, (Çevrimiçi) http://www.imf.org/external/pubs/ft/issues13/#5chosing, 09.11.2002.
  • Goldfajn, Ilan, Werlang, Sergio R.C.: “The Pass-through from Depreciation to Inflation: A Panel Study”, Banco Central do Brasil Working Paper, July 2000, (Çevrimiçi) http://www.bcb.gov.br, 11.12.2004.
  • Grenville, Stephen: “Exchange Rate Regimes for Emerging Markets”, Reserve Bank of Australia Bulletin, November, 2000, (Çevrimiçi) http://www.rba.gov.au, 31.11.2004
  • Güven, Semih: “Sermaye Hareketlerinin Nedenleri, Etkileri ve Türkiye Örnegi”, Ġktisat, ĠĢletme ve Finans Dergisi, Sayı:185, Ağustos 2001, s.79-100.
  • Husted, Steven Melvin, Michael: Intenational Economics, New York, Harper & Row Pub., 1990.
  • Isard, Peter: Exchange Rate Economics, New York, Cambridge Universy Press. 1995.
  • İnan, Alpar E.: “Kur Rejimi Tercihi ve Türkiye”, Bankacılar Dergisi, sayı:40, 2002, s. 36-49.
  • Jadresic, Esteban, Mason Paul and Mauro, Paola: “Exchange Rate Regimes of Developing Countries: Global Context an Individual Choices”, Journal of The Japanese and International Economies, October, 2000, (Çevrimiçi) http://www.sciencedirect.com, 12.08.2004.
  • Juhn, Grace and Mauro, Paolo: “Long-Run Determinants of Exchange Rate Regimes: A Simple Sensivity Analysis”, IMF Working Paper, June, 2002, (Çevrimiçi) http://www.imf.org/external/pubs/ft/wp/2002/wp00104.pdf, 23.06.2003.
  • Kawalec, Stefan and Krzak, Maciej: Exchange Rate Policy and Economic Growth, February, 2002 (Çevrimiçi) http://eaces.gelso.unitn.it, 09.10.2003.
  • Kenen,Peter B., Clare, Pack: “Exchange Rates, Domestic Prices, and Adjustment Process”, Exchange Rates and The Monetary System, Ed. By. Peter B. Kenen, Brookfield, Edward Elgar Pub., Com., 1994.
  • Kural, Vural: Para Ġkamesi Altında Enflasyonist Finansman, (Çevrimiçi) http://www.treasury.gov.tr/makaleler/vkural.pdf, 09.02.2003.
  • Krugman, Paul: Bunalım Ekonomisinin Geri DönüĢü, Çev., Neşenur Domaniç, İstanbul, Literatür Yayıncılık, 2001.
  • Leigh, Daniel Rossi, Marco: “Exchange Rate Pass-Through in Turkey”, IMF Working Paper 204, November, 2002, (Çevrimiçi) http://www.imf.org/external/pubs/ft/wp/2002/wp02204.pdf, 27.02.2004.
  • McKinnon, Ronald I.: “Limiting Moral hazard and Reducing Risk in International Capltal Flows: The Choice of on Exchange Rate Regime”, Annals, Volume 579, January 2002, pp.200-218.
  • Mussa, Michael and Others: “Exchange Rate Regimes in an Increasingly Integrated World Economy”, IMF Occasional Paper No. 193, August 2000.
  • Rodrik, Dani: “Exchange Rate Regimes and Institutional Arrangements in The Shadow of Capital Flows”, September, 2000, (Çevrimiçi) http://ksghome.harvard.edu, 12.11.2002.
  • Selçuk, Faruk: “Currency Substitution New Evidence From Emerging Economies”, Economic Letters 78, July 11, 2002, (Çevrimiçi) www.elsevier.com, 26.09.2003.
  • Siarhei, Tsesliuk: Exchange Rate and Prices in An Economy Wıth Currency Substitution: The Case of Belarus, 2002, (Çevrimiçi) http://eerc.kiev.ua, 31.10.2003.
  • Stiglitz, Joseph E.: “Capital Market Liberalization and Exchange Rate Regimes: Risk Without Reward”, Annals, Volume 579, January 2002, p.219-245.
  • Tunay, K. Batu: “Para İkamesi, Ülkelerarası Enflasyon Transferi ve Uluslar arası Döviz Kuru Rejimi Tartışmaları”, Bankacılar Dergisi, Sayı:29, Yıl 1999, s.60-77.
  • Velasco, Andrés and Céspedes, Luis Felipe: “Exchange Rate Arrangements: A Developing Country Perspective,” October, 1999, (Çevrimiçi) http://wbln0018.worldbank.org, 12.11.2002.
  • Williamson, John: “ The Evolution of Thought on Intermediate Exchange Rate Regimes”, Annals, Volume; 579, January 2002, pp. 73-85.

Year 2005, Issue: 47, 201 - 222, 10.10.2011

Erşan Sever

Abstract

References

  • Aghevli, Bijan B., Khan, Mohsin S. and Montiel, Peter J.: “Exchange Rate Policy in Developing Countries: Some Analytical İssues”, IMF Occasional Paper 78, 1991.
  • Akalın, Gülsüm Özkan: “Döviz Kuru Rejimleri: Üç Büyükler ve Gelişen Piyasa Krizlerinden Çıkarılan Dersler Üzerine”, Banka, Mali ve Ekonomik Yorumlar Dergisi, Temmuz 2001, sayı. 7, s. 23-40.
  • Andreas, Billmeier, Bonato, Leo: “Exchange Rate Pass-Through and Monetary Policy in Croatia”, IMF Working Paper 109, June, 2002, (Çevrimiçi) http://www.imf.org/external/pubs/ft/wp/2002/wp00109.pdf, 23.06.2003.
  • Argy, Victor: International Macro Economics, London, Routledge Pub., 1994.
  • Bordo, Michael D.: “Exchange Rate Regime Choice in Historical Perspektive”, NBER Working Paper No. 9654, April, 2003, (Çevrimiçi) http://papers.nber.org/papers/w9654, 26.06.2003.
  • Branson,William H.: “Intermediate Exchange-Rate Regimes for Groups of Developing Countries”, Don’t Fix Don’t Float, Ed., By., Jorge Braga De Macedo, Daniel Cohen and Helmut Reisen, OECD Publishing, 2001.
  • Calvo, Guillermo and A. Reinhart, Carmen M.: Fear of Floating, September 25, 2000 (Çevrimiçi) http://www.bsos.umd.edu/econ/ciecrp11.pdf , 20.10.2002.
  • Choudhri, Ehsan U and Hakura, Daila S.: “Exchange Rate Pass-Through to Domestic Prices: Does The Inflationary Environment Matter?”, IMF Working Paper 194, December, 2001.
  • Civcir, Irfan: “Dollarization and Its Long-run Determinants in Turkey”, Forthcoming in Middle East Economics Series, 2003, (Çevrimiçi) http://www.econturk.org, 21.09.2003.
  • De Macedo,Jorge Braga, Cohen, Daniel and Reisen,Helmut: “Monetary Integration for Sustain Convergence: Earning Rather than Importing Credibility”, Don’t Fix, Don’t Float, OECD Pub., 2001.
  • Domaç. İlker and Peria, Maria Soledad Martinez: “Banking Crises and Exchange Rate Regimes: Is There a Link?”, World Bank Working Papers, Agust, 2000, (Çevrimiçi) http://www.worldbank.org, 30.10.2003.
  • Edwards, Sebastian: “Capital Mobility, Capital Controls and Globalization in Twenty-First Century”, Annals, Volume 579, January 2002, p.261-269.
  • Edwards, Sebastian: “Exchange Rate Regimes, Capital Flows and Crises Prevention, NBER Working Paper No: 8529, October, 2001, (Çevrimiçi) http://papers.nber.org/papers/w8529, 02.03.2004.
  • Eğilmez, Mahfi, Kumcu, Ercan: Ekonomi Politikası Teori ve Türkiye Uygulaması, İkinci Baskı, İstanbul, OM Yayınevi, 2002.
  • Eğilmez, Mahfi: Kur Rejimiyle DıĢ Borçlanma ĠliĢkisi, Aralık, 2001, (Çevrimiçi) http://www.mahfiegilmez.nom.tr/kose_6.htm, 26.10.2003.
  • Feige, Edgar L.: “The Dynamics of Currency Substitution, Asset Substitution and De Facto Dollarization and Euroization in Transition Countries” Forthcoming in Comparative Economic Studies, Fall, 2003. (Çevrimiçi) http://econwpa.wustl.edu, 03.10.2004, p.2.
  • Fischer, Stanley.: Exchange Rate Regimes: Is The Bipolar View Correct?, January, 2001, (Çevrimiçi) http://www.imf.org/external/pubs/ft/fandd/2001/06/fischer.html, 02.04.2003.
  • Frankel, Jeffrey A.: “Experience of and Lessons from Exchange Rate Regimes in Emerging Economies”, NBER Working Paper, September 26, 2003, (Çevrimiçi) http://ksghome.harvard.edu, 14.10.2004, p.16.
  • Frankel, Jeffrey A.: No Single Currency Regime Is Right For All Countries Testımony Before The Committee On Banking and Financial Services U.S. House Of Representatives, May 21, 1999, (Çevrimiçi) http://ksghome.harvard.edu, 23.10.2003.
  • Frankel, Jeffrey E. and Others: Verifying Exchange Rate Regimes, May 17, 2000, (Çevrimiçi) http://econ.woldbank.org/docs/1152.pdf, 08.09.2003.
  • Garamazza Francesco and Aziz, Jahangir: “Fixed or Flexible Exchange Rate Right in The 1990s”, April, 1998, (Çevrimiçi) http://www.imf.org/external/pubs/ft/issues13/#5chosing, 09.11.2002.
  • Goldfajn, Ilan, Werlang, Sergio R.C.: “The Pass-through from Depreciation to Inflation: A Panel Study”, Banco Central do Brasil Working Paper, July 2000, (Çevrimiçi) http://www.bcb.gov.br, 11.12.2004.
  • Grenville, Stephen: “Exchange Rate Regimes for Emerging Markets”, Reserve Bank of Australia Bulletin, November, 2000, (Çevrimiçi) http://www.rba.gov.au, 31.11.2004
  • Güven, Semih: “Sermaye Hareketlerinin Nedenleri, Etkileri ve Türkiye Örnegi”, Ġktisat, ĠĢletme ve Finans Dergisi, Sayı:185, Ağustos 2001, s.79-100.
  • Husted, Steven Melvin, Michael: Intenational Economics, New York, Harper & Row Pub., 1990.
  • Isard, Peter: Exchange Rate Economics, New York, Cambridge Universy Press. 1995.
  • İnan, Alpar E.: “Kur Rejimi Tercihi ve Türkiye”, Bankacılar Dergisi, sayı:40, 2002, s. 36-49.
  • Jadresic, Esteban, Mason Paul and Mauro, Paola: “Exchange Rate Regimes of Developing Countries: Global Context an Individual Choices”, Journal of The Japanese and International Economies, October, 2000, (Çevrimiçi) http://www.sciencedirect.com, 12.08.2004.
  • Juhn, Grace and Mauro, Paolo: “Long-Run Determinants of Exchange Rate Regimes: A Simple Sensivity Analysis”, IMF Working Paper, June, 2002, (Çevrimiçi) http://www.imf.org/external/pubs/ft/wp/2002/wp00104.pdf, 23.06.2003.
  • Kawalec, Stefan and Krzak, Maciej: Exchange Rate Policy and Economic Growth, February, 2002 (Çevrimiçi) http://eaces.gelso.unitn.it, 09.10.2003.
  • Kenen,Peter B., Clare, Pack: “Exchange Rates, Domestic Prices, and Adjustment Process”, Exchange Rates and The Monetary System, Ed. By. Peter B. Kenen, Brookfield, Edward Elgar Pub., Com., 1994.
  • Kural, Vural: Para Ġkamesi Altında Enflasyonist Finansman, (Çevrimiçi) http://www.treasury.gov.tr/makaleler/vkural.pdf, 09.02.2003.
  • Krugman, Paul: Bunalım Ekonomisinin Geri DönüĢü, Çev., Neşenur Domaniç, İstanbul, Literatür Yayıncılık, 2001.
  • Leigh, Daniel Rossi, Marco: “Exchange Rate Pass-Through in Turkey”, IMF Working Paper 204, November, 2002, (Çevrimiçi) http://www.imf.org/external/pubs/ft/wp/2002/wp02204.pdf, 27.02.2004.
  • McKinnon, Ronald I.: “Limiting Moral hazard and Reducing Risk in International Capltal Flows: The Choice of on Exchange Rate Regime”, Annals, Volume 579, January 2002, pp.200-218.
  • Mussa, Michael and Others: “Exchange Rate Regimes in an Increasingly Integrated World Economy”, IMF Occasional Paper No. 193, August 2000.
  • Rodrik, Dani: “Exchange Rate Regimes and Institutional Arrangements in The Shadow of Capital Flows”, September, 2000, (Çevrimiçi) http://ksghome.harvard.edu, 12.11.2002.
  • Selçuk, Faruk: “Currency Substitution New Evidence From Emerging Economies”, Economic Letters 78, July 11, 2002, (Çevrimiçi) www.elsevier.com, 26.09.2003.
  • Siarhei, Tsesliuk: Exchange Rate and Prices in An Economy Wıth Currency Substitution: The Case of Belarus, 2002, (Çevrimiçi) http://eerc.kiev.ua, 31.10.2003.
  • Stiglitz, Joseph E.: “Capital Market Liberalization and Exchange Rate Regimes: Risk Without Reward”, Annals, Volume 579, January 2002, p.219-245.
  • Tunay, K. Batu: “Para İkamesi, Ülkelerarası Enflasyon Transferi ve Uluslar arası Döviz Kuru Rejimi Tartışmaları”, Bankacılar Dergisi, Sayı:29, Yıl 1999, s.60-77.
  • Velasco, Andrés and Céspedes, Luis Felipe: “Exchange Rate Arrangements: A Developing Country Perspective,” October, 1999, (Çevrimiçi) http://wbln0018.worldbank.org, 12.11.2002.
  • Williamson, John: “ The Evolution of Thought on Intermediate Exchange Rate Regimes”, Annals, Volume; 579, January 2002, pp. 73-85.
There are 43 citations in total.

Details

Primary Language Turkish
Journal Section Makaleler
Authors

Erşan Sever This is me

Publication Date October 10, 2011
Published in Issue Year 2005 Issue: 47

Cite

APA Sever, E. (2011). GELİŞMEKTE OLAN ÜLKELERDE EKONOMİK KRİZLER VE DÖVİZ KURU REJİMİ SEÇİMİ ÜZERİNE BİR İNCELEME. Maliye Araştırma Merkezi Konferansları(47), 201-222.
AMA Sever E. GELİŞMEKTE OLAN ÜLKELERDE EKONOMİK KRİZLER VE DÖVİZ KURU REJİMİ SEÇİMİ ÜZERİNE BİR İNCELEME. Maliye Araştırma Merkezi Konferansları. October 2011;(47):201-222.
Chicago Sever, Erşan. “GELİŞMEKTE OLAN ÜLKELERDE EKONOMİK KRİZLER VE DÖVİZ KURU REJİMİ SEÇİMİ ÜZERİNE BİR İNCELEME”. Maliye Araştırma Merkezi Konferansları, no. 47 (October 2011): 201-22.
EndNote Sever E (October 1, 2011) GELİŞMEKTE OLAN ÜLKELERDE EKONOMİK KRİZLER VE DÖVİZ KURU REJİMİ SEÇİMİ ÜZERİNE BİR İNCELEME. Maliye Araştırma Merkezi Konferansları 47 201–222.
IEEE E. Sever, “GELİŞMEKTE OLAN ÜLKELERDE EKONOMİK KRİZLER VE DÖVİZ KURU REJİMİ SEÇİMİ ÜZERİNE BİR İNCELEME”, Maliye Araştırma Merkezi Konferansları, no. 47, pp. 201–222, October 2011.
ISNAD Sever, Erşan. “GELİŞMEKTE OLAN ÜLKELERDE EKONOMİK KRİZLER VE DÖVİZ KURU REJİMİ SEÇİMİ ÜZERİNE BİR İNCELEME”. Maliye Araştırma Merkezi Konferansları 47 (October 2011), 201-222.
JAMA Sever E. GELİŞMEKTE OLAN ÜLKELERDE EKONOMİK KRİZLER VE DÖVİZ KURU REJİMİ SEÇİMİ ÜZERİNE BİR İNCELEME. Maliye Araştırma Merkezi Konferansları. 2011;:201–222.
MLA Sever, Erşan. “GELİŞMEKTE OLAN ÜLKELERDE EKONOMİK KRİZLER VE DÖVİZ KURU REJİMİ SEÇİMİ ÜZERİNE BİR İNCELEME”. Maliye Araştırma Merkezi Konferansları, no. 47, 2011, pp. 201-22.
Vancouver Sever E. GELİŞMEKTE OLAN ÜLKELERDE EKONOMİK KRİZLER VE DÖVİZ KURU REJİMİ SEÇİMİ ÜZERİNE BİR İNCELEME. Maliye Araştırma Merkezi Konferansları. 2011(47):201-22.
asosindex_75_02 Maliye Araştırma Merkezi Konferasnları Dergisi Asos İndex tarafından taranmaktadır. http://www.asosindex.com/journal-view?id=155