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Year 2014, Volume: 36 Issue: 1, 103 - 117, 12.03.2015

Aslı Şen Taşbaşı

Abstract

This study aims to ascertain the policy choice between the fixed and the flexible exchange rate regimes by empirically investigating whether eliminating the volatiliy in exchange rates increases volatility in interest rates. This volatility trade off hypothesis is tested for Hong Kong through a bivariate generalized autoregressive conditional heteroskedastic (GARCH) model. Splitting the data into pre-crisis, post-crisis and crisis-included periods, the analysis ended up with different findings. While the pre-crisis and post-crisis periods implied a trade-off between exchange rate and interest rate volatilities, the 1991-2003 period exhibited a positive relationship between exchange rate and interest rate movements contrary to the trade-off hypothesis

Keywords

Exchange Rate Interest Rate Volatility

References

  • AKÇAY, O. C., ALPER C. E. ve KARASULU M, 1997, “Currency Substitution and Exchange Rate Instability: The Turkish Case”, European Economic Review 41 (3-5): 827-845. doi: http://dx.doi.org/10.1016/S0014-2921(97)00040-8.
  • ARTIS, M J., ve TAYLOR M. P. 1994, “The Stabilizing Effect of the ERM on Exchange Rates and Interest Rates: Some Nonparametric Tests”, IMF Staff Papers 41 (1): 123-148. url: http://www.jstor.org/stable/3867487.
  • BAILLIE, R. T., ve BOLLERSLEV, T., 1990, “A Multivariate Generalized ARCH Approach to Modeling Risk Premia in Forward Foreign Exchange Rate Markets”, Journal of International Money and Finance no. 9: 309-324.
  • BAILLIE, R. T., ve BOLLERSLEV, T., 1991, “Intra-day and Inter-Market Volatility in Foreign Exchange Rates”, Review of Economic Studies 58 (3): 565-585. doi: http://dx.doi.org/10.2307/2298012.
  • BAXTER, M, ve STOCKMAN, A. C., 1989, “Business Cycles and the Exchange-Rate Regime”, Journal of Monetary Economics, 23 (3): 377-400. doi: http:// dx.doi.org/10.1016/0304-3932(89)90039-1.
  • BENITA, G., ve LAUTERBACH, B, 2007, “Policy Factors and Exchange Rate Volatility: Panel Data versus a Specific Country Analysis”, International Research Journal of Finance & Economics, no. 7: 7-23. url: http://www.eurojournals. com/IRJFE%20ISSUE%207.htm.
  • BERGIN, P., 2004, “Measuring the Costs of Exchange Rate Volatility”, Federal Reserve Bank of San Francisco Economic Letter No:2004-22. url: http://www. frbsf.org/publications/economics/letter/2004/el2004-22.pdf.
  • BODART, V., ve REDING, P., 1999, “Exchange Rate Regime Volatility and International Correlations on Bond and Stock Markets” Journal of International Money and Finance 18 (1): 133-151. doi: http://dx.doi.org/10.1016/S0261- 5606(98)00042-4.
  • BOLLERSLEV, T., 1986, “Generalized Autoregressive Conditional Heteroskedasticty” Journal of Econometrics 31 (3): 307-327. doi: http://dx.doi. org/10.1016/0304-4076(86)90063-1.
  • BOLLERSLEV, T., 1990, “Modelling the Coherence in Short-Run Nominal Exchange Rates: A Multivariate Generalized ARCH Model”, The Review of Economics and Statistics 72 (3): 498-505. url: http://www.jstor.org/stable/2109358.
  • BORIO, C. E.V., ve MCCAULEY, R. N. , 1996, “The Anatomy of Bond Market Turbulence of 1994”, Bank of International Settlements Working Paper No. 32 doi: http://dx.doi.org/10.2139/ssrn.11153.
  • CALVO, G. A., ve REINHART, C. M. , 2001, “Fixing for Your Life” Brookings Trade Forum 2000., Susan Collins ve Dani Rodrik, (ed) içinde, 1-39, Washington, DC: Brookings Institution.
  • CALVO, G. A., ve REINHART, C. M., 2002, “Fear of Floating”, The Quarterly Journal of Economics, 117 (2): 379-408. doi: http://dx.doi. org/10.1162/003355302753650274.
  • CHOW, H. K., ve KIM, Y. 2006, “Does Greater Exchange Rate Flexibility Affect Interest Rates in Post-Crisis Asia?”, Journal of Asian Economics 17 (3): 478- 493. doi: http://dx.doi.org/10.1016/j.asieco.2006.04.005.
  • Commission of the European Communities, 1990, “One Market, One Money: An Evaluation of the Potential Benefits and Costs of Forming an Economic and Monetary Union” European Economy no. 44. url: http://ec.europa.eu/economy_finance/publications/publication7454_en.pdf
  • DIEBOLD, F. X., ve LOPEZ, J. A. , 1995, “Modeling Volatility Dynamics”, Chapter 11 in Macroeconometrics: Developments, Tensions and Prospects, HOOVER, K. D. (der.) 427-466, Springer.
  • DOMOWITZ, I., ve HAKKIO, C. S., 1985, “Conditional Variance and the Risk Premium in the Foreign Exchange Market”, Journal of International Economics, 19 (1-2): 47-66. doi: http://dx.doi.org/10.1016/0022-1996(85)90018-2.
  • EICHENGREEN, B., 2005, “Can Emerging Markets Float? Should They Inflation Target?”, Exchange Rates, Capital Flows and Policy içinde, DRIVER v.d. (der.) , London: Routledge.
  • ENGLE, R. F., 1982, “Autoregressive Conditional Heteroscedasticity with Estimates of the Variance of United Kingdom Inflation”, Econometrica 50 (4): 987- 1007. url: http://www.jstor.org/stable/1912773.
  • ENGLE, R. F., ve BOLLERSLEV, T. , 1986, “Modelling the Persistence of Conditional Variances”, Econometric Reviews 5 (1): 1-50. doi: http://dx.doi. org/10.1080/07474938608800095.
  • ENGLE, R. F., ITO, T. ve LIN, W.L. , 1990, “Meteor Showers or Heat Waves? Heteroskedastic Intra-Daily Volatility in the Foreign Exchange Market”, Econometrica 58 (3): 525-542. url: http://www.jstor.org/stable/2938189.
  • FELMINCHAM, B. S., ve MANSFIELD, P., 1997, “Rationality and the Risk Premium on the Australian Dollar”, International Economic Journal 11 (3): 47-59. doi: http://dx.doi.org/10.1080/10168739700000018.
  • FLOOD, R. P., ve HODRICK, R. J. 1986, “Real Aspects of Exchange Rate Regime with Collapsing Fixed Rates” Journal of International Economics 21 (3-4): 215-232. doi: http://dx.doi.org/10.1016/022-1996(86)90037-1.
  • FLOOD, R. P., ve ROSE, A.K. , 1995, “Fixing Exchange Rates: A Quest for Fundamentals”, Journal of Monetary Economics 36 (1): 3-37. doi: http://dx.doi. org/10.1016/0304-3932(95)01210-4.
  • FRATIANNI, M., ve VON HAGEN, J 1990, “The European Monetary System Ten Years After”, Carnegie-Rochester Conference Series on Public Policy 32 (1): 173-241. doi: http://dx.doi.org/10.1016/0167-2231(90)90026-H.
  • FRENKEL, J. A., ve MUSSA M. L. 1980, “The Efficiency of Foreign Exchange Markets and Measures of Turbulence” The American Economic Review 70 (2): 374-381. url: http://www.jstor.org/stable/1815501.
  • HENDERSON, D. W., ve MCKIBBIN W. J. , 1993, “A Comparison of Some Basic Monetary Policy Regimes for Open Economies: Implications of Different Degrees of Instrument Adjustment and Wage Persistence”, Carnegie-Rochester Conference Series on Public Policy vol. 39: 221-317. doi: http://dx.doi. org/10.1016/0167-2231(93)9011-K.
  • Hong Kong Monetary Authority, 1998 Annual Report, url: www.info.gov.hk/hkma/ eng/public/ar98/pdf/ch05.pdf.
  • Hong Kong Monetary Authority, A Brief History of Hong Kong Dollar Exchange Rate Arrangements, url: http://www.hkma.gov.hk/media/eng/publication-and-research/background-briefs/hkmalin/04.pdf.
  • International Monetary Fund 1994, “Bond Market Turbulence and the Role of Hedge Funds”, International Capital Markets, World Economic and Financial Surveys: 2-9.
  • ISARD, P, 1995, Exchange Rate Economics, Cambridge, MA: Cambridge University Press.
  • KIM, Y. ve CHOW, H. K. , 2000, “Exchange Rate Variability and Financial Markets in East Asia”, Department of Economics, National University of Singapore.
  • KING, M. A., ve WADHWANI, S. ,1990, “Transmission of Volatility between Stock Markets”, The Review of Financial Studies 3 (1): 5-33. doi: http://dx.doi. org/10.1093/rfs/3.1.5.
  • KING, M., SENTANA, E. ve WADHWANI, S. , 1994, “Volatility and Links between National Stock Markets”, Econometrica 62 (4): 901-933. url: http://www.jstor.org/stable/2951737.
  • KRUGMAN, P., ve MILLER M. , 1993, “Why have a Target Zone?”, Carnegie-Rochester Conference Series on Public Policy vol. 38: 279-314. doi: http://dx. doi.org/10.1016/0167-2231(93)90026-S.
  • KWAN, C. H. 2000, Sayonara Dollar Peg: Asia in Search of a New Exchange Rate Regime, Brookings Institution Center for Northeast Asian Policy Studies.
  • LIN, W.-L., ve ITO, T. 1993, “Price Volatility and Volume Spillovers between the Tokyo and New York Stock Markets” NBER Working Paper Series no. 4592. url: http://www.nber.org/papers/w4592.pdf.
  • LONGIN , F., ve SOLNIK, B. , 1995, “Is the Correlation in International Equity Returns Constant: 1960-1990?”, Journal of International Money and Finance, 14 (1): 3-26. doi: http://dx.doi.org/10.1016/0261-5606(94)00001-H.
  • MARSTON, R. C., 1985, “Stabilization in Open Economies” in Handbook of International Economics, vol. 2, JONES, R.W. ve KENEN P.B. (der.) içinde, 859- 916. Amsterdam: Elsevier Science Publishers.
  • ROSE, A. K. 1995, “After the Deluge: Do Fixed Exchange Rates Allow Inter-Temporal Volatility Tradeoffs?”, NBER Working Paper Series no.5219. url: http:// www.nber.org/papers/w5219.pdf.
  • ROSE, A.K., ve SVENSSON, L. E.O., 1994, “European Exchange Rate Credibility before the Fall”, European Economic Review 38 (6): 1185-1216. doi: http:// dx.doi.org/10.1016/0014-2921(94)90067-1.
  • SCHWERT, G., ve SEGUIN, P. J. 1990, “Heteroskedasticity in Stock Returns”, The Journal of Finance 45 (4): 1129-1155. doi: http://dx.doi.org/10.1111/j.1540-6261.1990.tb02430.x.
  • TAI, C.-S., 2000, “Time-Varying Market, Interest Rate, and Exchange Rate Risk Premia in the US Commercial Bank Stock Returns”, Journal of Multinational Financial Management, 10 (3-4): 397-420. doi: http://dx.doi.org/10.1016/ S1042-444X(00)00031-1.
  • TIWARI, R., 2003, Post Crisis Exchange Rate Regimes in Southeast Asia: An Empirical Survey of de facto Policies, Seminar Paper, University of Hamburg. url: http://rrz.uni-hamburg.de/RRZ/R.Tiwari/papers/exchange-rate.pdf.
  • TSE, Y.K., ve . YIP S.L., 2003, “The Impacts of Hong Kong’s Currency Board Reforms on the Interbank Market”, Journal of Banking & Finance 27 (12): 2273- 2296. doi: http://dx.doi.org/10.1016/S0378-4266(02)00326-6.

KÜÇÜK AÇIK EKONOMİLERDE DÖVİZ KURU İLE FAİZ ORANI ARASINDAKİ OYNAKLIK DEĞİŞ-TOKUŞUNUN KESTİRİMİ: HONG KONG ÖRNEĞİ

Year 2014, Volume: 36 Issue: 1, 103 - 117, 12.03.2015

Aslı Şen Taşbaşı

Abstract

Bu çalışmada, döviz kurlarındaki oynaklığın (volatility) ortadan kaldırılmasının
faiz oranlarındaki oynaklığı artırıp artırmadığı sorusu görgül olarak incelenerek,
sabit ve esnek döviz kuru sistemleri arasındaki politika tercihinin değerlendirilmesi
amaçlanmıştıır. Oynaklık değiş-tokuşu (volatility trade off) olarak adlandırılan bu
hipotez, Hong Kong ekonomisi için, genelleştirilmiş ardışık bağlanımlı, koşullu,
değişen varyans (generalized autoregressive conditional heteroscedasticity - GARCH)
modeli yardımıyla sınanmıştır. Veri kümesi, kriz öncesi dönem, kriz dönemi ve kriz
sonrası dönem olarak üç alt kümeye bölünmüş ve farklı sonuçlar elde edilmiştir. Kriz
öncesi ve kriz sonrası dönemler döviz kuru oynaklığı ile faiz oranı oynaklığı arasında
bir değiş-tokuşa işaret ederken, kriz döneminde değiş-tokuş hipotezine aykırı olarak
döviz kuru ve faiz oranı hareketleri arasında pozitif bir ilişki tespit edilmiştir.

Keywords

Döviz Kuru Faiz Oranı Oynaklık Değiş-Tokuşu

References

  • AKÇAY, O. C., ALPER C. E. ve KARASULU M, 1997, “Currency Substitution and Exchange Rate Instability: The Turkish Case”, European Economic Review 41 (3-5): 827-845. doi: http://dx.doi.org/10.1016/S0014-2921(97)00040-8.
  • ARTIS, M J., ve TAYLOR M. P. 1994, “The Stabilizing Effect of the ERM on Exchange Rates and Interest Rates: Some Nonparametric Tests”, IMF Staff Papers 41 (1): 123-148. url: http://www.jstor.org/stable/3867487.
  • BAILLIE, R. T., ve BOLLERSLEV, T., 1990, “A Multivariate Generalized ARCH Approach to Modeling Risk Premia in Forward Foreign Exchange Rate Markets”, Journal of International Money and Finance no. 9: 309-324.
  • BAILLIE, R. T., ve BOLLERSLEV, T., 1991, “Intra-day and Inter-Market Volatility in Foreign Exchange Rates”, Review of Economic Studies 58 (3): 565-585. doi: http://dx.doi.org/10.2307/2298012.
  • BAXTER, M, ve STOCKMAN, A. C., 1989, “Business Cycles and the Exchange-Rate Regime”, Journal of Monetary Economics, 23 (3): 377-400. doi: http:// dx.doi.org/10.1016/0304-3932(89)90039-1.
  • BENITA, G., ve LAUTERBACH, B, 2007, “Policy Factors and Exchange Rate Volatility: Panel Data versus a Specific Country Analysis”, International Research Journal of Finance & Economics, no. 7: 7-23. url: http://www.eurojournals. com/IRJFE%20ISSUE%207.htm.
  • BERGIN, P., 2004, “Measuring the Costs of Exchange Rate Volatility”, Federal Reserve Bank of San Francisco Economic Letter No:2004-22. url: http://www. frbsf.org/publications/economics/letter/2004/el2004-22.pdf.
  • BODART, V., ve REDING, P., 1999, “Exchange Rate Regime Volatility and International Correlations on Bond and Stock Markets” Journal of International Money and Finance 18 (1): 133-151. doi: http://dx.doi.org/10.1016/S0261- 5606(98)00042-4.
  • BOLLERSLEV, T., 1986, “Generalized Autoregressive Conditional Heteroskedasticty” Journal of Econometrics 31 (3): 307-327. doi: http://dx.doi. org/10.1016/0304-4076(86)90063-1.
  • BOLLERSLEV, T., 1990, “Modelling the Coherence in Short-Run Nominal Exchange Rates: A Multivariate Generalized ARCH Model”, The Review of Economics and Statistics 72 (3): 498-505. url: http://www.jstor.org/stable/2109358.
  • BORIO, C. E.V., ve MCCAULEY, R. N. , 1996, “The Anatomy of Bond Market Turbulence of 1994”, Bank of International Settlements Working Paper No. 32 doi: http://dx.doi.org/10.2139/ssrn.11153.
  • CALVO, G. A., ve REINHART, C. M. , 2001, “Fixing for Your Life” Brookings Trade Forum 2000., Susan Collins ve Dani Rodrik, (ed) içinde, 1-39, Washington, DC: Brookings Institution.
  • CALVO, G. A., ve REINHART, C. M., 2002, “Fear of Floating”, The Quarterly Journal of Economics, 117 (2): 379-408. doi: http://dx.doi. org/10.1162/003355302753650274.
  • CHOW, H. K., ve KIM, Y. 2006, “Does Greater Exchange Rate Flexibility Affect Interest Rates in Post-Crisis Asia?”, Journal of Asian Economics 17 (3): 478- 493. doi: http://dx.doi.org/10.1016/j.asieco.2006.04.005.
  • Commission of the European Communities, 1990, “One Market, One Money: An Evaluation of the Potential Benefits and Costs of Forming an Economic and Monetary Union” European Economy no. 44. url: http://ec.europa.eu/economy_finance/publications/publication7454_en.pdf
  • DIEBOLD, F. X., ve LOPEZ, J. A. , 1995, “Modeling Volatility Dynamics”, Chapter 11 in Macroeconometrics: Developments, Tensions and Prospects, HOOVER, K. D. (der.) 427-466, Springer.
  • DOMOWITZ, I., ve HAKKIO, C. S., 1985, “Conditional Variance and the Risk Premium in the Foreign Exchange Market”, Journal of International Economics, 19 (1-2): 47-66. doi: http://dx.doi.org/10.1016/0022-1996(85)90018-2.
  • EICHENGREEN, B., 2005, “Can Emerging Markets Float? Should They Inflation Target?”, Exchange Rates, Capital Flows and Policy içinde, DRIVER v.d. (der.) , London: Routledge.
  • ENGLE, R. F., 1982, “Autoregressive Conditional Heteroscedasticity with Estimates of the Variance of United Kingdom Inflation”, Econometrica 50 (4): 987- 1007. url: http://www.jstor.org/stable/1912773.
  • ENGLE, R. F., ve BOLLERSLEV, T. , 1986, “Modelling the Persistence of Conditional Variances”, Econometric Reviews 5 (1): 1-50. doi: http://dx.doi. org/10.1080/07474938608800095.
  • ENGLE, R. F., ITO, T. ve LIN, W.L. , 1990, “Meteor Showers or Heat Waves? Heteroskedastic Intra-Daily Volatility in the Foreign Exchange Market”, Econometrica 58 (3): 525-542. url: http://www.jstor.org/stable/2938189.
  • FELMINCHAM, B. S., ve MANSFIELD, P., 1997, “Rationality and the Risk Premium on the Australian Dollar”, International Economic Journal 11 (3): 47-59. doi: http://dx.doi.org/10.1080/10168739700000018.
  • FLOOD, R. P., ve HODRICK, R. J. 1986, “Real Aspects of Exchange Rate Regime with Collapsing Fixed Rates” Journal of International Economics 21 (3-4): 215-232. doi: http://dx.doi.org/10.1016/022-1996(86)90037-1.
  • FLOOD, R. P., ve ROSE, A.K. , 1995, “Fixing Exchange Rates: A Quest for Fundamentals”, Journal of Monetary Economics 36 (1): 3-37. doi: http://dx.doi. org/10.1016/0304-3932(95)01210-4.
  • FRATIANNI, M., ve VON HAGEN, J 1990, “The European Monetary System Ten Years After”, Carnegie-Rochester Conference Series on Public Policy 32 (1): 173-241. doi: http://dx.doi.org/10.1016/0167-2231(90)90026-H.
  • FRENKEL, J. A., ve MUSSA M. L. 1980, “The Efficiency of Foreign Exchange Markets and Measures of Turbulence” The American Economic Review 70 (2): 374-381. url: http://www.jstor.org/stable/1815501.
  • HENDERSON, D. W., ve MCKIBBIN W. J. , 1993, “A Comparison of Some Basic Monetary Policy Regimes for Open Economies: Implications of Different Degrees of Instrument Adjustment and Wage Persistence”, Carnegie-Rochester Conference Series on Public Policy vol. 39: 221-317. doi: http://dx.doi. org/10.1016/0167-2231(93)9011-K.
  • Hong Kong Monetary Authority, 1998 Annual Report, url: www.info.gov.hk/hkma/ eng/public/ar98/pdf/ch05.pdf.
  • Hong Kong Monetary Authority, A Brief History of Hong Kong Dollar Exchange Rate Arrangements, url: http://www.hkma.gov.hk/media/eng/publication-and-research/background-briefs/hkmalin/04.pdf.
  • International Monetary Fund 1994, “Bond Market Turbulence and the Role of Hedge Funds”, International Capital Markets, World Economic and Financial Surveys: 2-9.
  • ISARD, P, 1995, Exchange Rate Economics, Cambridge, MA: Cambridge University Press.
  • KIM, Y. ve CHOW, H. K. , 2000, “Exchange Rate Variability and Financial Markets in East Asia”, Department of Economics, National University of Singapore.
  • KING, M. A., ve WADHWANI, S. ,1990, “Transmission of Volatility between Stock Markets”, The Review of Financial Studies 3 (1): 5-33. doi: http://dx.doi. org/10.1093/rfs/3.1.5.
  • KING, M., SENTANA, E. ve WADHWANI, S. , 1994, “Volatility and Links between National Stock Markets”, Econometrica 62 (4): 901-933. url: http://www.jstor.org/stable/2951737.
  • KRUGMAN, P., ve MILLER M. , 1993, “Why have a Target Zone?”, Carnegie-Rochester Conference Series on Public Policy vol. 38: 279-314. doi: http://dx. doi.org/10.1016/0167-2231(93)90026-S.
  • KWAN, C. H. 2000, Sayonara Dollar Peg: Asia in Search of a New Exchange Rate Regime, Brookings Institution Center for Northeast Asian Policy Studies.
  • LIN, W.-L., ve ITO, T. 1993, “Price Volatility and Volume Spillovers between the Tokyo and New York Stock Markets” NBER Working Paper Series no. 4592. url: http://www.nber.org/papers/w4592.pdf.
  • LONGIN , F., ve SOLNIK, B. , 1995, “Is the Correlation in International Equity Returns Constant: 1960-1990?”, Journal of International Money and Finance, 14 (1): 3-26. doi: http://dx.doi.org/10.1016/0261-5606(94)00001-H.
  • MARSTON, R. C., 1985, “Stabilization in Open Economies” in Handbook of International Economics, vol. 2, JONES, R.W. ve KENEN P.B. (der.) içinde, 859- 916. Amsterdam: Elsevier Science Publishers.
  • ROSE, A. K. 1995, “After the Deluge: Do Fixed Exchange Rates Allow Inter-Temporal Volatility Tradeoffs?”, NBER Working Paper Series no.5219. url: http:// www.nber.org/papers/w5219.pdf.
  • ROSE, A.K., ve SVENSSON, L. E.O., 1994, “European Exchange Rate Credibility before the Fall”, European Economic Review 38 (6): 1185-1216. doi: http:// dx.doi.org/10.1016/0014-2921(94)90067-1.
  • SCHWERT, G., ve SEGUIN, P. J. 1990, “Heteroskedasticity in Stock Returns”, The Journal of Finance 45 (4): 1129-1155. doi: http://dx.doi.org/10.1111/j.1540-6261.1990.tb02430.x.
  • TAI, C.-S., 2000, “Time-Varying Market, Interest Rate, and Exchange Rate Risk Premia in the US Commercial Bank Stock Returns”, Journal of Multinational Financial Management, 10 (3-4): 397-420. doi: http://dx.doi.org/10.1016/ S1042-444X(00)00031-1.
  • TIWARI, R., 2003, Post Crisis Exchange Rate Regimes in Southeast Asia: An Empirical Survey of de facto Policies, Seminar Paper, University of Hamburg. url: http://rrz.uni-hamburg.de/RRZ/R.Tiwari/papers/exchange-rate.pdf.
  • TSE, Y.K., ve . YIP S.L., 2003, “The Impacts of Hong Kong’s Currency Board Reforms on the Interbank Market”, Journal of Banking & Finance 27 (12): 2273- 2296. doi: http://dx.doi.org/10.1016/S0378-4266(02)00326-6.
There are 45 citations in total.

Details

Primary Language Turkish
Journal Section Makaleler
Authors

Aslı Şen Taşbaşı This is me

Publication Date March 12, 2015
Submission Date March 12, 2015
Published in Issue Year 2014 Volume: 36 Issue: 1

Cite

APA Şen Taşbaşı, A. (2015). KÜÇÜK AÇIK EKONOMİLERDE DÖVİZ KURU İLE FAİZ ORANI ARASINDAKİ OYNAKLIK DEĞİŞ-TOKUŞUNUN KESTİRİMİ: HONG KONG ÖRNEĞİ. Marmara Üniversitesi İktisadi Ve İdari Bilimler Dergisi, 36(1), 103-117.
AMA Şen Taşbaşı A. KÜÇÜK AÇIK EKONOMİLERDE DÖVİZ KURU İLE FAİZ ORANI ARASINDAKİ OYNAKLIK DEĞİŞ-TOKUŞUNUN KESTİRİMİ: HONG KONG ÖRNEĞİ. Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi. March 2015;36(1):103-117.
Chicago Şen Taşbaşı, Aslı. “KÜÇÜK AÇIK EKONOMİLERDE DÖVİZ KURU İLE FAİZ ORANI ARASINDAKİ OYNAKLIK DEĞİŞ-TOKUŞUNUN KESTİRİMİ: HONG KONG ÖRNEĞİ”. Marmara Üniversitesi İktisadi Ve İdari Bilimler Dergisi 36, no. 1 (March 2015): 103-17.
EndNote Şen Taşbaşı A (March 1, 2015) KÜÇÜK AÇIK EKONOMİLERDE DÖVİZ KURU İLE FAİZ ORANI ARASINDAKİ OYNAKLIK DEĞİŞ-TOKUŞUNUN KESTİRİMİ: HONG KONG ÖRNEĞİ. Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi 36 1 103–117.
IEEE A. Şen Taşbaşı, “KÜÇÜK AÇIK EKONOMİLERDE DÖVİZ KURU İLE FAİZ ORANI ARASINDAKİ OYNAKLIK DEĞİŞ-TOKUŞUNUN KESTİRİMİ: HONG KONG ÖRNEĞİ”, Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi, vol. 36, no. 1, pp. 103–117, 2015.
ISNAD Şen Taşbaşı, Aslı. “KÜÇÜK AÇIK EKONOMİLERDE DÖVİZ KURU İLE FAİZ ORANI ARASINDAKİ OYNAKLIK DEĞİŞ-TOKUŞUNUN KESTİRİMİ: HONG KONG ÖRNEĞİ”. Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi 36/1 (March 2015), 103-117.
JAMA Şen Taşbaşı A. KÜÇÜK AÇIK EKONOMİLERDE DÖVİZ KURU İLE FAİZ ORANI ARASINDAKİ OYNAKLIK DEĞİŞ-TOKUŞUNUN KESTİRİMİ: HONG KONG ÖRNEĞİ. Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi. 2015;36:103–117.
MLA Şen Taşbaşı, Aslı. “KÜÇÜK AÇIK EKONOMİLERDE DÖVİZ KURU İLE FAİZ ORANI ARASINDAKİ OYNAKLIK DEĞİŞ-TOKUŞUNUN KESTİRİMİ: HONG KONG ÖRNEĞİ”. Marmara Üniversitesi İktisadi Ve İdari Bilimler Dergisi, vol. 36, no. 1, 2015, pp. 103-17.
Vancouver Şen Taşbaşı A. KÜÇÜK AÇIK EKONOMİLERDE DÖVİZ KURU İLE FAİZ ORANI ARASINDAKİ OYNAKLIK DEĞİŞ-TOKUŞUNUN KESTİRİMİ: HONG KONG ÖRNEĞİ. Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi. 2015;36(1):103-17.

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