Abstract
Bireylerin tükettiği mal ve hizmetlerdeki fiyat
değişikliğini ve yıllık enflasyon değerindeki değişimi ölçmek için yaygın
olarak Tüketici Fiyat Endeksi (TÜFE) kullanılmaktadır. TÜFE para politikasının
oluşturulmasında ve sosyo-ekonomik düzenlemelerin yapılmasında birincil rol
oynamaktadır. Ürünlerin satın almasında ise fiyat farklılıklarını ortadan
kaldıran Satın Alma Gücü Paritesi (SAGP) öne çıkmaktadır. SAGP, ulusal gelir ve
fiyat farklılıklarının karşılaştırmasını yapmak açısından önem arz etmektedir.
TÜFE ve SAGP arasında metodoloji ve içerik açısından bazı farklılıklar ve
benzerliklerin bulunması değişkenler arasında bir ilişki mevcut olup olmadığı
tartışmasını ortaya çıkarmıştır. Bu çalışmanın temel amacı da TÜFE ve SAGP arasındaki
ilişkiyi araştırmak ve henüz yeni temelleri atılan bu tartışmaya katkı
sağlamaktır. Çalışmada, MİST ülkeleri için Dünya Bankası ve IMF
istatistiklerinden elde edilen verilerle 1990-2016 yılları arasında Tüketici
Fiyat Endeksi ile Satın Alma Gücü Paritesi arasındaki ilişki analiz edilmiştir.
Analizde CIPS Birim Kök Kesti ve Pedroni Eşbütünleşme ile Westerlund Eşbütünleşme
testi kullanılmıştır. Eşbütünleşme testleri ile değişkenler arasındaki uzun
dönemli ilişki tahmin edilmiş ve daha sonra FMOLS ve DOLS testleri ile
parametrelerin tahmini yapılmıştır. Çalışmanın sonucuna değişkenler arasında
uzun dönemli ve pozitif yönlü bir ilişki mevcuttur.
Keywords
Tüketici Fiyat Endeksi Satın Alma Gücü Paritesi Westerlung Eşbütünleşme Analizi Yatay Kesit Bağımlılığı
References
- APERGIS, N., CHRİSTOU, C. ve GUPTA, R. (2017). Are There Enviromental Kuznets Curves for US State-Level CO2 Emissions?. Renewable and Sustainable Energy Reviews, 69, 551-558
- BAHMANI-OSKOOEE, M., KUTAN, A. M., ve ZHOU, Z., (2008), Do Real Exchange Rates Follow A Nonlinear Mean Reverting Process In Developing Countries,Southern Economic Journal, 74(5), 1049-1062.
- BAHMANI-OSKOOEE, M., CHANG, T. ve WU, T.-P., (2014a), Revisiting Purchasing Power Parity In African Countries: Panel Stationary Test With Sharp AndSmooth Breaks, Applied Financial Economics, 24, 1429–38.
- BAHMANI-OSKOOEE, M., KONES, A. ve CHANG T., (2014b), Purchasing Power Parity In African Countries: Evidence From The Sequential Panel Selection Method, Economic Papers, Vol. 33, No. 3, 295–304.
- BOZOKLU, Ş. ve YILANCI V., (2010), Reel Döviz Kurlarinin Durağanliği: E7 Ülkeleri İçin Ampirik Bir İnceleme, Maliye Dergisi, Sayı 158, Ocak-Haziran 2010, 587-606.
- CHEN, L. L. ve DEVEREUX, J., (2003), What Can US City Price Data Tell Us About Purchasing Power Parity?, Journal of International Money and Finance, 22, 213–222.
- CHEN, M., ve HU, X., (2018), Linkage Between Consumer Price Index And Purchasing Power Parity: Theoretic And Empirical Study, The Journal of International Trade and Economic Development.
- CIALANI, C., (2013), CO2 Emissions, GDP and trade: A Panel Cointegration Approach. Working Papers In Transport, Tourism, Information Technology And Microdata Analysis, 2013:12
- DIKHANOV, Y., PANLANYANDY, C. ve CAPILIT, E., (2011), Subnational Purchasing Power Parities toward Integration of International Comparison Program and Consumer Price Index: The Case of the Philippines. Asian Development Bank Working Paper Series, No:290
- DESTEK, M. A., ve OKUMUŞ, I., (2016), Satın Alma Gücü Paritesi Hipotezi Geçerliliğinin Fourier Birim Kök Testleri İle Incelenmesi: OECD Ülkeleri Örneği, Gaziantep University Journal of Social Sciences 15,73-87.
- ESAKA, T., (2003), Panel Unit Root Tests Of Purchasing Power Parity Between Japanese Cities, 1960–1998, Disaggregated Price Data, Japan and the World Economy, Elsevier 15, 233–244.
- JIANG, C., BAHMANI-OSKOOEE, M. ve CHANG, T., (2015), Revisiting Purchasing Power Parity in OECD, Applied Economics, Vol. 47, No. 40, 4323–4334.
- KEUNG, C., ve LAU, M., (2009), A More Powerful Panel Unit Root Test With An Application To PPP, Applied Economics Letters 16, 75-80.
- NARAYAN, P. K., (2005), New Evidence On Purchasing Power Parity From 17 OECD Countries, Applied Economics, Vol. 37 (9), 1063-1071.
- NEWEY, W.K. ve WEST, K.D., (1994), Automatic Lag Selection In Covariance Matrix Estimation. Review of Economic Studies, 61, 631-653.
- OH, Y. ve HAN, K., (2009), Purchasing Power Parity In Korean City Panels With Disaggregate Price Indices, Applied Economics Letter 16:1, 45-49.
- RAO, P. D. S., (2001), Integration Of CPI And PPP: Methodological Issues, Feasibility And Recommendations. Joint World Bank-OECD Seminar on Purchasing Power Parities, No:4
- PESARAN, M.H., (2007), A Simple Panel Unit Root Test In The Presence Of Cross-Section Dependence. Journal of Applied Econometrics, 22, 265–312.
- PESARAN M.H., (2004), General Diagnostic Tests for Cross Section Dependence in Panels. IZA Discussion Paper, 1240.
- SARNO, L.ve TAYLOR, M. P., (2003), The Economics Of Exchange Rates. New York: Cambridge University Press.
- TATOĞLU, F.Y., (2009), Reel Efektif Döviz Kurunun Durağanlığının Yapısal Kırılmalı Panel Birim Kök Testleri Kullanılarak Sınanması,Doğuş Üniversitesi Dergisi,10(2), 310-323.
- WESTERLUND J., (2007), Testing For Error Correction In Panel Data. Oxford Bulletin of Economics and Statistics, 69,709–748.
Abstract
The
Consumer Price Index (CPI) is widely used to measure price changes in goods and
services consumed by individuals and the change in annual inflation value. CPI
plays a primary role in the conception of monetary policy and in the
implementation of socio-economic regulations. The Purchasing Power Parity (PPP)
is used for the purchase of products, which removes price differences. PPP is
important in terms of comparing national income and price differences. The
existence of some differences and similarities in terms of methodology and
content between CPI and PPP reveal a debate as to whether there is a
relationship between variables. The main purpose of this study is to
investigate the relationship between the CPI and the PPP and to contribute to
this debate has just been established. The relationship between the Consumer
Price Index and the Purchasing Power Parity has been analyzed the period from
1990 to 2016 and the data obtained from World Bank and IMF statistics for MIST
countries. In the analysis, the CIPS unit root test, Pedroni Cointegration test
and the Westerlund Cointegration test were used. The long-run relationship
among the variables was predicted by the cointegration tests and then
parameters were estimated by FMOLS and DOLS tests. As a result of these tests,
there is a long-time and positive relationship between the variables.
Keywords
Consumer Price Index Purchasing Power Parity Westerlund Cointegration Test Cross Sectional Dependent MIST
References
- APERGIS, N., CHRİSTOU, C. ve GUPTA, R. (2017). Are There Enviromental Kuznets Curves for US State-Level CO2 Emissions?. Renewable and Sustainable Energy Reviews, 69, 551-558
- BAHMANI-OSKOOEE, M., KUTAN, A. M., ve ZHOU, Z., (2008), Do Real Exchange Rates Follow A Nonlinear Mean Reverting Process In Developing Countries,Southern Economic Journal, 74(5), 1049-1062.
- BAHMANI-OSKOOEE, M., CHANG, T. ve WU, T.-P., (2014a), Revisiting Purchasing Power Parity In African Countries: Panel Stationary Test With Sharp AndSmooth Breaks, Applied Financial Economics, 24, 1429–38.
- BAHMANI-OSKOOEE, M., KONES, A. ve CHANG T., (2014b), Purchasing Power Parity In African Countries: Evidence From The Sequential Panel Selection Method, Economic Papers, Vol. 33, No. 3, 295–304.
- BOZOKLU, Ş. ve YILANCI V., (2010), Reel Döviz Kurlarinin Durağanliği: E7 Ülkeleri İçin Ampirik Bir İnceleme, Maliye Dergisi, Sayı 158, Ocak-Haziran 2010, 587-606.
- CHEN, L. L. ve DEVEREUX, J., (2003), What Can US City Price Data Tell Us About Purchasing Power Parity?, Journal of International Money and Finance, 22, 213–222.
- CHEN, M., ve HU, X., (2018), Linkage Between Consumer Price Index And Purchasing Power Parity: Theoretic And Empirical Study, The Journal of International Trade and Economic Development.
- CIALANI, C., (2013), CO2 Emissions, GDP and trade: A Panel Cointegration Approach. Working Papers In Transport, Tourism, Information Technology And Microdata Analysis, 2013:12
- DIKHANOV, Y., PANLANYANDY, C. ve CAPILIT, E., (2011), Subnational Purchasing Power Parities toward Integration of International Comparison Program and Consumer Price Index: The Case of the Philippines. Asian Development Bank Working Paper Series, No:290
- DESTEK, M. A., ve OKUMUŞ, I., (2016), Satın Alma Gücü Paritesi Hipotezi Geçerliliğinin Fourier Birim Kök Testleri İle Incelenmesi: OECD Ülkeleri Örneği, Gaziantep University Journal of Social Sciences 15,73-87.
- ESAKA, T., (2003), Panel Unit Root Tests Of Purchasing Power Parity Between Japanese Cities, 1960–1998, Disaggregated Price Data, Japan and the World Economy, Elsevier 15, 233–244.
- JIANG, C., BAHMANI-OSKOOEE, M. ve CHANG, T., (2015), Revisiting Purchasing Power Parity in OECD, Applied Economics, Vol. 47, No. 40, 4323–4334.
- KEUNG, C., ve LAU, M., (2009), A More Powerful Panel Unit Root Test With An Application To PPP, Applied Economics Letters 16, 75-80.
- NARAYAN, P. K., (2005), New Evidence On Purchasing Power Parity From 17 OECD Countries, Applied Economics, Vol. 37 (9), 1063-1071.
- NEWEY, W.K. ve WEST, K.D., (1994), Automatic Lag Selection In Covariance Matrix Estimation. Review of Economic Studies, 61, 631-653.
- OH, Y. ve HAN, K., (2009), Purchasing Power Parity In Korean City Panels With Disaggregate Price Indices, Applied Economics Letter 16:1, 45-49.
- RAO, P. D. S., (2001), Integration Of CPI And PPP: Methodological Issues, Feasibility And Recommendations. Joint World Bank-OECD Seminar on Purchasing Power Parities, No:4
- PESARAN, M.H., (2007), A Simple Panel Unit Root Test In The Presence Of Cross-Section Dependence. Journal of Applied Econometrics, 22, 265–312.
- PESARAN M.H., (2004), General Diagnostic Tests for Cross Section Dependence in Panels. IZA Discussion Paper, 1240.
- SARNO, L.ve TAYLOR, M. P., (2003), The Economics Of Exchange Rates. New York: Cambridge University Press.
- TATOĞLU, F.Y., (2009), Reel Efektif Döviz Kurunun Durağanlığının Yapısal Kırılmalı Panel Birim Kök Testleri Kullanılarak Sınanması,Doğuş Üniversitesi Dergisi,10(2), 310-323.
- WESTERLUND J., (2007), Testing For Error Correction In Panel Data. Oxford Bulletin of Economics and Statistics, 69,709–748.
Details
| Primary Language | Turkish |
|---|---|
| Subjects | Business Administration |
| Journal Section | Research Articles |
| Authors | |
| Publication Date | December 27, 2018 |
| Submission Date | June 13, 2018 |
| Published in Issue | Year 2018 Volume: 5 Issue: 3 |
Cited By
Is Purchasing Power Parity Valid in MIST Countries?
İktisadi İdari ve Siyasal Araştırmalar Dergisi
https://doi.org/10.25204/iktisad.1144238
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