Uzun Dönem Denge Döviz Kuru ve Sapmalar: Beer Yaklaşımı

Year 2019, Volume: 8 Issue: 4, 3321 - 3351, 15.10.2019

Ali Altıner , Şükrü Erdem

https://doi.org/10.33206/mjss.511107

Abstract

Bu çalışmada, BEER
(Davranışsal Denge Döviz Kuru) yaklaşımı ile cari açık sorunu yaşayan 15
gelişmekte olan ülke için 1995-2012 döneminde uzun dönem denge döviz kuru ve
sapmaların belirlenmesi amaçlanmıştır. Uygulanan panel veri analizi neticesinde, uzun dönem denge reel efektif döviz
kurunun en önemli belirleyicisinin göreli
verimlilik olduğu tespit edilmiştir. Ayrıca net yabancı varlık stokundaki
değişmelerin de önemli etkiler yarattığı gözlenmiştir. Elde edilen uzun dönem
denge reel efektif döviz kuru değerleri, ulusal ve uluslararası ekonomik
gelişmelere bağlı olarak denge düzeyinden sapmaların dönemden döneme ve ülkeye
göre önemli farklılıklar gösterdiğini ortaya koymuştur. Buna göre, 2008 küresel
krizinin reel efektif döviz kurları üzerinde önemli etkilerinin olduğu
görülmüştür. Hindistan, Polonya, Hırvatistan ve Litvanya’da reel efektif döviz
kurunun uzun dönem denge düzeyinden sapmasının diğer ülkelere oranla düşük
oranda olduğu ancak Güney Afrika, Mısır, Gana, Kolombiya, Uruguay, Bulgaristan
ve Tunus’ta yüksek oranda olduğu belirlenmiştir. Türkiye için elde edilen
sonuçlar, reel efektif döviz kurunun seyrinin genel olarak krizlerin habercisi
olduğunu göstermiştir. Reel efektif döviz kurunun 2003’ten itibaren küresel
krizin etkilerinin hissedildiği 2009 yılına kadar hem yurtiçi hem de küresel
ölçekteki gelişmelere bağlı olarak denge düzeyine göre aşırı değerli olduğu ve
sonraki süreçte 2011 yılından itibaren ise yaşanan gelişmelere bağlı olarak düşük
değerli bir görünüme sahip olduğu belirlenmiştir. 

Keywords

Davranışsal Denge Döviz Kuru, Denge Döviz Kurundan Sapma, Gelişmekte Olan Ülkeler, Panel Veri Analizi

Equilibrium Exchange Rates And Misalignments: The Beer Approach

Abstract

In this study, it was aimed to determine the long-run equilibrium exchange rates and misalignments for 15 developing countries with current account deficit in the period of 1995-2016 by using BEER (Behavioral Balance Exchange Rate) approach. As a result of the applied panel data analysis, it was determined that the most important determinant of long-term equilibrium real effective exchange rate is relative productivity. In addition, changes in the net foreign asset stock also have significant effects. The obtained long-run equilibrium real exchange rates showed that the misalignments from the equilibrium level differed significantly from period to period and according to country due to the national and international economic developments. Accordingly, the 2008 global crisis has had significant effects on real effective exchange rates. In India, Poland, Croatia and Lithuania, the misalignments of the real effective exchange rate from the long-run equilibrium level was low compared to other countries, but it was found to be high in South Africa, Egypt, Ghana, Colombia, Uruguay, Bulgaria and Tunisia. The results obtained for Turkey show that the trend of real effective exchange rate is a precursor of crises. It was determined that the real effective exchange rate was overvalued than the equilibrium level due to the developments in both domestic and global scale from 2003 to 2009 when the effects of the global crisis were felt, but it has depreciated due to the developments in the following period beginning from 2011.

Keywords

Behavioral equilibrium exchange rates, Misalignment from equilibrium exchange rate

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