Türkiye'de Makroekonomik Faktörlerin Nominal Döviz Kuru Üzerindeki Doğrusal ve Doğrusal Olmayan Etkileri
Year 2023,
, 730 - 747, 01.12.2023
Banu Demirhan
Serkan Göksu
Abstract
Bu çalışma, ARDL ve NARDL yaklaşımlarını kullanarak Türkiye'deki nominal döviz kurları ile bazı temel makroekonomik göstergeler arasındaki simetrik ve asimetrik ilişkileri incelemektedir. Elde edilen bulgulara göre, değişkenler arasında asimetrik eş bütünleşme ilişkisi bulunmaktadır ama bu ilişki simetrik değildir. Döviz kuru üzerinde, en etkili faktörün enflasyon olduğu tespit edilmiştir. Uzun dönemde tüm değişkenler asimetrik etkilere sahipken kısa dönemde sadece ihracat asimetrik etkilere sahiptir. İhracat artışlarının döviz kuru üzerindeki etkisi düşüşlerden daha baskındır. Türkiye ile ABD faiz oranı arasındaki pozitif şoklar nominal döviz kurunu düşürmektedir. Genel olarak pozitif şokların etkileri negatif şoklardan daha baskındır.
Supporting Institution
Yoktur.
References
- Akgül, I.; Özdemir, S. (2018), "Inflation-Interest Rate-Exchange Rate Dilemma: Turkish Reality During the GEG Program", Ege Academic Review, Vol. 18 No. 1: 53-166.
- Akosah, N.K.; Alagidede, P.; Schaling, E. (2020), "Interest Rate and Exchange Rate Volatility Spillovers: Multiscale Perspective of Monetary Policy Transmission in Ghana", Journal of Central Banking Theory and Practice, Vol. 9 No. 1: 135-167.
- Alba, J. D.; Papell, D. H. (1998), "Exchange Rate Determination and Inflation in Southeast Asian Countries", Journal of Development Economics, Vol.55 No.2: 421-437.
- Altınay, G. (1996), "Exchange Rates and Domestic Prices: A Test of Causality", Dokuz Eylül Üniversitesi İİBF Dergisi, Vol. 11 No. 1: 175-190.
- An, L.; Wang, J. (2012), "Exchange Rate Pass-through: Evidence Based on Vector Autoregression with Sign Restrictions", Open Econ Rev, Vol.23: 359-380.
- Aron, J.; Elbadawi, I.; Kahn, B. (1997), "Real and Monetary Determinants of the Real Exchange Rate in South Africa", Development Issues in South Africa, edited by Ibrahim Elbadawi I., Hartzenberg T. London: Macmillan Chapter 8:195-236.
- Broock, W.A.; Scheinkman, J.A.; Dechert, W.D.; LeBaron, B. (1996), "A test for independence based on the correlation dimension", Econometric Reviews, Vol.15 No.3: 197-235.
- Cardenas, M. (1997), La Tasa de Cambio en Colombia, Cuadernos de Fedesarrollo, No. 012740.
- Ca'Zorzi, M.; Hahn, E.; Sánchez, M. (2007), "Exchange Rate Pass-through in Emerging Markets", European Central Bank, Working Paper No. 739.
- Çiçek, S.; Ç, Boz. (2013), "Küçük ve Dışa Açık Bir Ekonomide Döviz Kuru Geçişkenliğine Ilişkin Yeni Bir Test: Asimetrik ARDL Sınır Yaklaşımı Üzerinden Bir Değerlendirme", İktisat, İşletme ve Finans Dergisi, C. 28 S. 333: 43-64.
- Demez, S. (2021), "Türkiye’de Döviz Kuru ve Enflasyonla Mücadelede Faiz Oranlarının Etkinliği: Fourier Eşbütünleşme Analizi", Karamanoğlu Mehmetbey Üniversitesi Sosyal ve Ekonomik Araştırmalar Dergisi, C. 23 S. 40: 132-144.
- Dickey, D.A.; Fuller, W.A. (1979), "Distribution of the Estimators for Autoregressive Time Series with a Unit Root", Journal of the American Statistical Association, Vol. 74 No. 366: 427-431.
- Duma, N. (2008), "Pass-through of External Shocks to Inflation in Sri Lanka", International Monetary Fund, Washington, DC, IMF Working Paper No.78.
- Elbadawi, I.A.; Soto, R. (1994), "Capital Flows and Long-term Equilibrium Exchange Rates in Chile", The Word Bank, Policy Research, Working Paper No.1306.
- Frimpong, S.; Adam, A.M. (2010), "Exchange Rate Pass-through in Ghana". International Business Research, Vol. 3 No. 2: 186-192.
- Gondaliya, V.; Dave, P. (2015), "The Impact of Exports and Imports on Exchange Rates in India", International Journal of Banking, Finance and Digital Marketing, Vol.1 No.1: 1-8.
- Imam, P.; Minoiu, C. (2011), "The Equilibrium Exchange Rate of Mauritius: Evidence from Two Structural Models", Emerging Markets Finance and Trade, Vol. 47 No. 6: 134-147.
- Isnowati, S.; Setiawan, M.B. (2017), "Exchange Rate Pass through to Import Prices in Indonesia: Evidence Post Free-Floating Exchange Rate", International Journal of Economics and Financial Issues, Vol. 7 No. 1: 323-328.
- Karabacak, M. (2023), "Türkiye’de Enflasyonun Dinamikleri ve Döviz Kurunun Yurtiçi Fiyatlara Geçiş Etkisi", Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Dergisi, C. 18 S. 1:252-270.
- Karaca, O. (2005), "Türkiye'de Faiz Oranı ile Döviz Kuru Arasındaki Ilişki: Faizlerin Düşürülmesi Kurları Yükseltir mi?", Turkish Economic Association Discussion Paper, No.14.
- Karamelikli, H.; Karimi, M.S. (2022), "Asymmetric Relationship Between Interest Rates and Exchange Rates: Evidence from Turkey", International Journal of Finance & Economics, Vol. 27 No. 1: 1269-1279.
- Kassi, D.F.; Rathnayake, D.N.; Edjoukou, A.J.R.; Gnangoin, Y.T.; Louembe, P.A.; Ding, N.; Sun, G. (2019), "Asymmetry in exchange rate pass-through to consumer prices: New perspective from sub-Saharan African countries", Economies, Vol. 7 No. 1: 1-33.
- Kayamo, S.E. (2021), "Asymmetric Impact of Real Exchange Rate on Inflation in Ethiopia: A Non-linear ARDL Approach", Cogent Economics & Finance, Vol. 9 No. 1: 1-16.
- Kaygısız, A.D. (2018), "Döviz Kuru Dalgalanmalarının Enflasyon Üzerindeki Geçiş Etkisi: Türkiye Örneği", Internetional Review of Economics and Management, C. 6 S. 2: 117-137.
- Kim, K.H. (1998), "US inflation and the dollar exchange rate: a vector error correction model", Applied Economics, Vol. 30 No. 5: 613-619.
- Korkmaz, S.; Bayır, M. (2015), "Döviz Kuru Dalgalanmalarının Yurt İçi Fiyatlara Etkisi", Ömer Halisdemir Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, C. 8 S. 4: 69-85.
- Kuncoro, H. (2020), "Interest Rate Policy and Exchange Rates Volatility Lessons from Indonesia", Journal of Central Banking Theory and Practice, Vol. 9 No. 2: 19-42.
- Lee, J.; Strazicich M.C. (2003), "Minimum lagrange multiplier unit root test with two structural breaks", The Review of Economics and Statistics, Vol. 85 No. 4:1082-1089.
- Long, S.; Zhang, R.; Hao, J. (2022), "Asymmetric impact of Sino-US interest rate differentials and economic policy uncertainty ratio on RMB exchange rate", Journal of International Financial Markets, Institutions and Money, Vol. 78.
- María-Dolores, R. (2009), "Exchange Rate Pass-through in Central and East European Countries: Do Inflation and Openness Matter?", Eastern European Economics, Vol. 47 No. 4: 42-61.
- Maswana, J. (2006), "Granger Non-causality Test of the Inflation-Exchange Rate in the Democratic Congo", Congo Economic Review, Vol. 25 1-12.
- McCarthy, J. (2007), "Pass-through of Exchange Rates and Import Prices to Domestic Inflation in some Industrialized Economies", Eastern Economic Journal, Vol. 33 No. 4: 511-537.
- Mihaljek, D.; Klau, M. (2001), A Note on the Pass Through from Exchange Rate and Foreign Price Changes to Inflation in Selected Emerging Market Economies. BIS Papers.
- Mohanty, B.; Bhanumurthty, N.R. (2014), "Exchange Rate Regimes and Inflation: Evidence from India", International Economic Journal, Vol. 28 No. 2: 311-332.
- Monfared, S.S.; Akın, F. (2017), "The relationship between Exchange Rates and Inflation: The Case of Iran", European Journal of Sustainable Development, Vol. 6 No. 4: 329-340.
- Montiel, P.J. (1997), "Exchange Rate Policies and Macroeconomic Management in ASEAN Countries", In Macroeconomic Issues Facing ASEAN Countries, ed. J. Hicklin, D. Robinson, and A. Singh. International Monetary Fund, Washington, DC.
- Nabi, G.; Bhat, K.; Ghazanfar, F. (2021), "Does Budget Deficit and Political Stability Effect Real Exchange Rate in South Asian Countries", Glob. Manag. Sci. Rev, Vol. 6 26-38.
- Narayan, P.K. (2005), "The Saving and Investment Nexus for China: Evidence from Cointegration Tests", Applied Economics, Vol. 37 No. 17: 1979-1990.
- Nicita, A. (2013), "Exchange Rates, International Trade and Trade Policies", International Economics, Vol.135 47-61.
Nourzad, F. (1997), "The Short and Long-run Relationships between the Dollar and Producer Prices in the U.S. ", International Economic Journal, Vol. 11 No. 2: 59-71.
- Pesaran, M.H.; Shin, Y.; Smith, R. (2001), "Bounds Testing Approaches to the Analysis of Level Relationships", Journal of Applied Econometrics, Vol. 16 No. 3: 289-326.
- Phillips, P.C.; Perron, P. (1988), "Testing for a Unit Root in Time Series Regression", Biometrika, Vol. 75 No. 2: 335-346.
- Rahman, M.; Mustafa, M.; Bailey, E.R. (1996), "US Budget Deficits, Inflation and Exchange Rate: A Cointegration Approach", Applied Economics Letters, Vol. 3: 365-368.
- Reddan, P.; Rice, J. (2017), "Exchange Rate Pass-through to Domestic Prices", Central Bank of Ireland Economic Letter Series.
- Rincon, H.; Rodriguez, N. (2016), "Nonlinear Pass-through of Exchange Rate Shocks on Inflation: A Bayesian Smooth Transition VAR Approach", Graduate Institute of International and Development Studies, Working Paper.
- Rittenberg, L. (1993), "Exchange Rate Policy and Price Level Changes: Causality Tests for Turkey in the Post Liberalization Period", The Journal of Development Studies, Vol. 2 No. 2: 245-259.
- Ruzima, M.; Boachie, M.K. (2018), "Exchange Rate Uncertainty and Private Investment in BRICS Economies", Asia-Pacific Journal of Regional Science, Vol. 2 No. 1: 65-77.
- Salvatore, D. (1999), International Economics, Sixth Edition, New York, John Willey and Sons.
- Sarı, S. (2018), "Döviz Kuru ile Faiz Oranları Arasındaki Nedensellik İlişkisi: 2006-2018 Dönemi", Sosyal Bilimler Araştırma Dergisi, C. 7 S. 4: 219-230.
- Sek, S.K.; Kapsalyamova, Z. (2008), "Exchange Rate Pass-through and Volatility: Impacts on Domestic Prices in Four Asian Countries", Munich Personal RePEc Archive, MPRA Paper No. 11130.
- Sevim, C.; Doğan, T.T. (2016), "Türkiye ekonomisinde ihracat ve döviz kuru oynaklığı ilişkisi", Ege Academic Review, Vol. 16 No.2: 283-298.
- Shin, Y.; Yu, B.; Greenwood-Nimmo, M. (2014), Modelling Asymmetric Cointegration and Dynamic Multipliers in a Nonlinear ARDL Framework. In R. C. Sickles & W. C. Horrace (Eds.), Festschrift in Honor of Peter Schmidt, New York, Springer.
- Siregar, R.Y. (1999), "Real Exchange Rate Targeting and Inflation in Indonesia: Theory and Empirical Evidence", Southern Economic Journal, Vol. 61 No. 4: 991-1005.
- Tabachnick, B.G.; Fidell, L.S. (1996), Using multivariate statistics, Northridge, Cal, Harper Collins.
- Telatar, F.; Telatar, E. (2003), "The Relationship Between Inflation and Different Sources of Inflation Uncertainty in Turkey", Applied Economic Letters, Vol. 10 No. 7: 431-436.
- Ülengin, B. (1995), "Bütçe Açığı, Parasal Büyüme, Enflasyon, Döviz Kuru ve Üretim Arasındaki Nedensellik İlişkileri: Türkiye Üzerine bir Uygulama", ODTÜ Gelişme Dergisi, C. 22 S. 1: 101-116.
- Wang, K.L.; Barrett, C.B. (2007) "Estimating the Effects of Exchange Rate Volatility on Export Volumes", Journal of Agricultural and Resource Economics, Vol. 32 No. 2: 225-255.
- Were, M.; Kamau, A. W.; Kisinguh, K. N. (2013), "An Empirical Investigation of Exchange Rate Determination in Kenya: Does Current Account Imbalance Play a Role? ", Advances in Management and Applied Economics, Vol.3 No.2: 165.
- Yaprakli, S. (2011), "Açık Enflasyon Hedeflemesi Döneminde Parasal Aktarım Mekanizmasının Döviz Kuru Kanalı: Türkiye Üzerine Ekonometrik Bir Analiz", Istanbul University Econometrics and Statistics e-Journal, C. 15: 15-37.
- Yenice, S.; Yenisu, E. (2019), "Türkiye’de Döviz Kuru, Enflasyon ve Faiz Oranlarının Etkileşimi", Dokuz Eylül Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, C. 21 S. 4: 1065-1086.
The Linear and Nonlinear Effects of Macroeconomic Factors on the Nominal Exchange Rate in Türkiye
Year 2023,
, 730 - 747, 01.12.2023
Banu Demirhan
Serkan Göksu
Abstract
This study examines the symmetrical and asymmetrical relationships between nominal exchange rates and some key macroeconomic indicators in Türkiye using ARDL and NARDL approaches. According to the findings, there is an asymmetric cointegration relationship between the variables, but this relationship is not symmetrical. Inflation is the most remarkable indicator of the exchange rate. While all variables have asymmetric effects in the long run, only exports have asymmetric effects in the short run. The effect of export increases on the exchange rate is more dominant than decreases. Positive shocks between Türkiye and the US interest rate decrease the nominal exchange rate. In general, the effects of positive shocks are more dominant than negative shocks.
References
- Akgül, I.; Özdemir, S. (2018), "Inflation-Interest Rate-Exchange Rate Dilemma: Turkish Reality During the GEG Program", Ege Academic Review, Vol. 18 No. 1: 53-166.
- Akosah, N.K.; Alagidede, P.; Schaling, E. (2020), "Interest Rate and Exchange Rate Volatility Spillovers: Multiscale Perspective of Monetary Policy Transmission in Ghana", Journal of Central Banking Theory and Practice, Vol. 9 No. 1: 135-167.
- Alba, J. D.; Papell, D. H. (1998), "Exchange Rate Determination and Inflation in Southeast Asian Countries", Journal of Development Economics, Vol.55 No.2: 421-437.
- Altınay, G. (1996), "Exchange Rates and Domestic Prices: A Test of Causality", Dokuz Eylül Üniversitesi İİBF Dergisi, Vol. 11 No. 1: 175-190.
- An, L.; Wang, J. (2012), "Exchange Rate Pass-through: Evidence Based on Vector Autoregression with Sign Restrictions", Open Econ Rev, Vol.23: 359-380.
- Aron, J.; Elbadawi, I.; Kahn, B. (1997), "Real and Monetary Determinants of the Real Exchange Rate in South Africa", Development Issues in South Africa, edited by Ibrahim Elbadawi I., Hartzenberg T. London: Macmillan Chapter 8:195-236.
- Broock, W.A.; Scheinkman, J.A.; Dechert, W.D.; LeBaron, B. (1996), "A test for independence based on the correlation dimension", Econometric Reviews, Vol.15 No.3: 197-235.
- Cardenas, M. (1997), La Tasa de Cambio en Colombia, Cuadernos de Fedesarrollo, No. 012740.
- Ca'Zorzi, M.; Hahn, E.; Sánchez, M. (2007), "Exchange Rate Pass-through in Emerging Markets", European Central Bank, Working Paper No. 739.
- Çiçek, S.; Ç, Boz. (2013), "Küçük ve Dışa Açık Bir Ekonomide Döviz Kuru Geçişkenliğine Ilişkin Yeni Bir Test: Asimetrik ARDL Sınır Yaklaşımı Üzerinden Bir Değerlendirme", İktisat, İşletme ve Finans Dergisi, C. 28 S. 333: 43-64.
- Demez, S. (2021), "Türkiye’de Döviz Kuru ve Enflasyonla Mücadelede Faiz Oranlarının Etkinliği: Fourier Eşbütünleşme Analizi", Karamanoğlu Mehmetbey Üniversitesi Sosyal ve Ekonomik Araştırmalar Dergisi, C. 23 S. 40: 132-144.
- Dickey, D.A.; Fuller, W.A. (1979), "Distribution of the Estimators for Autoregressive Time Series with a Unit Root", Journal of the American Statistical Association, Vol. 74 No. 366: 427-431.
- Duma, N. (2008), "Pass-through of External Shocks to Inflation in Sri Lanka", International Monetary Fund, Washington, DC, IMF Working Paper No.78.
- Elbadawi, I.A.; Soto, R. (1994), "Capital Flows and Long-term Equilibrium Exchange Rates in Chile", The Word Bank, Policy Research, Working Paper No.1306.
- Frimpong, S.; Adam, A.M. (2010), "Exchange Rate Pass-through in Ghana". International Business Research, Vol. 3 No. 2: 186-192.
- Gondaliya, V.; Dave, P. (2015), "The Impact of Exports and Imports on Exchange Rates in India", International Journal of Banking, Finance and Digital Marketing, Vol.1 No.1: 1-8.
- Imam, P.; Minoiu, C. (2011), "The Equilibrium Exchange Rate of Mauritius: Evidence from Two Structural Models", Emerging Markets Finance and Trade, Vol. 47 No. 6: 134-147.
- Isnowati, S.; Setiawan, M.B. (2017), "Exchange Rate Pass through to Import Prices in Indonesia: Evidence Post Free-Floating Exchange Rate", International Journal of Economics and Financial Issues, Vol. 7 No. 1: 323-328.
- Karabacak, M. (2023), "Türkiye’de Enflasyonun Dinamikleri ve Döviz Kurunun Yurtiçi Fiyatlara Geçiş Etkisi", Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Dergisi, C. 18 S. 1:252-270.
- Karaca, O. (2005), "Türkiye'de Faiz Oranı ile Döviz Kuru Arasındaki Ilişki: Faizlerin Düşürülmesi Kurları Yükseltir mi?", Turkish Economic Association Discussion Paper, No.14.
- Karamelikli, H.; Karimi, M.S. (2022), "Asymmetric Relationship Between Interest Rates and Exchange Rates: Evidence from Turkey", International Journal of Finance & Economics, Vol. 27 No. 1: 1269-1279.
- Kassi, D.F.; Rathnayake, D.N.; Edjoukou, A.J.R.; Gnangoin, Y.T.; Louembe, P.A.; Ding, N.; Sun, G. (2019), "Asymmetry in exchange rate pass-through to consumer prices: New perspective from sub-Saharan African countries", Economies, Vol. 7 No. 1: 1-33.
- Kayamo, S.E. (2021), "Asymmetric Impact of Real Exchange Rate on Inflation in Ethiopia: A Non-linear ARDL Approach", Cogent Economics & Finance, Vol. 9 No. 1: 1-16.
- Kaygısız, A.D. (2018), "Döviz Kuru Dalgalanmalarının Enflasyon Üzerindeki Geçiş Etkisi: Türkiye Örneği", Internetional Review of Economics and Management, C. 6 S. 2: 117-137.
- Kim, K.H. (1998), "US inflation and the dollar exchange rate: a vector error correction model", Applied Economics, Vol. 30 No. 5: 613-619.
- Korkmaz, S.; Bayır, M. (2015), "Döviz Kuru Dalgalanmalarının Yurt İçi Fiyatlara Etkisi", Ömer Halisdemir Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, C. 8 S. 4: 69-85.
- Kuncoro, H. (2020), "Interest Rate Policy and Exchange Rates Volatility Lessons from Indonesia", Journal of Central Banking Theory and Practice, Vol. 9 No. 2: 19-42.
- Lee, J.; Strazicich M.C. (2003), "Minimum lagrange multiplier unit root test with two structural breaks", The Review of Economics and Statistics, Vol. 85 No. 4:1082-1089.
- Long, S.; Zhang, R.; Hao, J. (2022), "Asymmetric impact of Sino-US interest rate differentials and economic policy uncertainty ratio on RMB exchange rate", Journal of International Financial Markets, Institutions and Money, Vol. 78.
- María-Dolores, R. (2009), "Exchange Rate Pass-through in Central and East European Countries: Do Inflation and Openness Matter?", Eastern European Economics, Vol. 47 No. 4: 42-61.
- Maswana, J. (2006), "Granger Non-causality Test of the Inflation-Exchange Rate in the Democratic Congo", Congo Economic Review, Vol. 25 1-12.
- McCarthy, J. (2007), "Pass-through of Exchange Rates and Import Prices to Domestic Inflation in some Industrialized Economies", Eastern Economic Journal, Vol. 33 No. 4: 511-537.
- Mihaljek, D.; Klau, M. (2001), A Note on the Pass Through from Exchange Rate and Foreign Price Changes to Inflation in Selected Emerging Market Economies. BIS Papers.
- Mohanty, B.; Bhanumurthty, N.R. (2014), "Exchange Rate Regimes and Inflation: Evidence from India", International Economic Journal, Vol. 28 No. 2: 311-332.
- Monfared, S.S.; Akın, F. (2017), "The relationship between Exchange Rates and Inflation: The Case of Iran", European Journal of Sustainable Development, Vol. 6 No. 4: 329-340.
- Montiel, P.J. (1997), "Exchange Rate Policies and Macroeconomic Management in ASEAN Countries", In Macroeconomic Issues Facing ASEAN Countries, ed. J. Hicklin, D. Robinson, and A. Singh. International Monetary Fund, Washington, DC.
- Nabi, G.; Bhat, K.; Ghazanfar, F. (2021), "Does Budget Deficit and Political Stability Effect Real Exchange Rate in South Asian Countries", Glob. Manag. Sci. Rev, Vol. 6 26-38.
- Narayan, P.K. (2005), "The Saving and Investment Nexus for China: Evidence from Cointegration Tests", Applied Economics, Vol. 37 No. 17: 1979-1990.
- Nicita, A. (2013), "Exchange Rates, International Trade and Trade Policies", International Economics, Vol.135 47-61.
Nourzad, F. (1997), "The Short and Long-run Relationships between the Dollar and Producer Prices in the U.S. ", International Economic Journal, Vol. 11 No. 2: 59-71.
- Pesaran, M.H.; Shin, Y.; Smith, R. (2001), "Bounds Testing Approaches to the Analysis of Level Relationships", Journal of Applied Econometrics, Vol. 16 No. 3: 289-326.
- Phillips, P.C.; Perron, P. (1988), "Testing for a Unit Root in Time Series Regression", Biometrika, Vol. 75 No. 2: 335-346.
- Rahman, M.; Mustafa, M.; Bailey, E.R. (1996), "US Budget Deficits, Inflation and Exchange Rate: A Cointegration Approach", Applied Economics Letters, Vol. 3: 365-368.
- Reddan, P.; Rice, J. (2017), "Exchange Rate Pass-through to Domestic Prices", Central Bank of Ireland Economic Letter Series.
- Rincon, H.; Rodriguez, N. (2016), "Nonlinear Pass-through of Exchange Rate Shocks on Inflation: A Bayesian Smooth Transition VAR Approach", Graduate Institute of International and Development Studies, Working Paper.
- Rittenberg, L. (1993), "Exchange Rate Policy and Price Level Changes: Causality Tests for Turkey in the Post Liberalization Period", The Journal of Development Studies, Vol. 2 No. 2: 245-259.
- Ruzima, M.; Boachie, M.K. (2018), "Exchange Rate Uncertainty and Private Investment in BRICS Economies", Asia-Pacific Journal of Regional Science, Vol. 2 No. 1: 65-77.
- Salvatore, D. (1999), International Economics, Sixth Edition, New York, John Willey and Sons.
- Sarı, S. (2018), "Döviz Kuru ile Faiz Oranları Arasındaki Nedensellik İlişkisi: 2006-2018 Dönemi", Sosyal Bilimler Araştırma Dergisi, C. 7 S. 4: 219-230.
- Sek, S.K.; Kapsalyamova, Z. (2008), "Exchange Rate Pass-through and Volatility: Impacts on Domestic Prices in Four Asian Countries", Munich Personal RePEc Archive, MPRA Paper No. 11130.
- Sevim, C.; Doğan, T.T. (2016), "Türkiye ekonomisinde ihracat ve döviz kuru oynaklığı ilişkisi", Ege Academic Review, Vol. 16 No.2: 283-298.
- Shin, Y.; Yu, B.; Greenwood-Nimmo, M. (2014), Modelling Asymmetric Cointegration and Dynamic Multipliers in a Nonlinear ARDL Framework. In R. C. Sickles & W. C. Horrace (Eds.), Festschrift in Honor of Peter Schmidt, New York, Springer.
- Siregar, R.Y. (1999), "Real Exchange Rate Targeting and Inflation in Indonesia: Theory and Empirical Evidence", Southern Economic Journal, Vol. 61 No. 4: 991-1005.
- Tabachnick, B.G.; Fidell, L.S. (1996), Using multivariate statistics, Northridge, Cal, Harper Collins.
- Telatar, F.; Telatar, E. (2003), "The Relationship Between Inflation and Different Sources of Inflation Uncertainty in Turkey", Applied Economic Letters, Vol. 10 No. 7: 431-436.
- Ülengin, B. (1995), "Bütçe Açığı, Parasal Büyüme, Enflasyon, Döviz Kuru ve Üretim Arasındaki Nedensellik İlişkileri: Türkiye Üzerine bir Uygulama", ODTÜ Gelişme Dergisi, C. 22 S. 1: 101-116.
- Wang, K.L.; Barrett, C.B. (2007) "Estimating the Effects of Exchange Rate Volatility on Export Volumes", Journal of Agricultural and Resource Economics, Vol. 32 No. 2: 225-255.
- Were, M.; Kamau, A. W.; Kisinguh, K. N. (2013), "An Empirical Investigation of Exchange Rate Determination in Kenya: Does Current Account Imbalance Play a Role? ", Advances in Management and Applied Economics, Vol.3 No.2: 165.
- Yaprakli, S. (2011), "Açık Enflasyon Hedeflemesi Döneminde Parasal Aktarım Mekanizmasının Döviz Kuru Kanalı: Türkiye Üzerine Ekonometrik Bir Analiz", Istanbul University Econometrics and Statistics e-Journal, C. 15: 15-37.
- Yenice, S.; Yenisu, E. (2019), "Türkiye’de Döviz Kuru, Enflasyon ve Faiz Oranlarının Etkileşimi", Dokuz Eylül Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, C. 21 S. 4: 1065-1086.