Harberger-Laursen-Metzler Hypothesis: An Analysis with ARDL Bounds Test Approach

Year 2024, , 155 - 170, 30.09.2024

Havva Koç , Meltem Duğru , Senil Ketenciler

https://doi.org/10.54821/uiecd.1500767

Abstract

The Harberger, Laursen, and Metzler (HLM) hypothesis posits that a positive (negative) change in terms of trade, ceteris paribus, will lead to positive (negative) movements in the trade balance. When tested on developing countries, the hypothesis yields varying results. Some studies validate the hypothesis, while others suggest it is not applicable. Additionally, causality tests examining long-term relationships also produce different outcomes. Türkiye ranks among the countries with significant trade deficit issues. Therefore, testing the validity of the HLM hypothesis in the context of Türkiye is of great importance. The motivation of this study is to examine the impact of changes in terms of trade on the long-term trade balance in Türkiye from 2013 to 2023. In this context, both the volume and unit value of the terms of trade are considered. According to the findings, there is a positive relationship from terms of trade to the trade balance. Short-term deviations are found to be corrected within approximately three months. The causality test indicates that terms of trade are a Granger cause of the trade balance, and this causality is unidirectional. In this study, Türkiye's terms of trade and trade balance data for the specified periods were meticulously analyzed, and the validity of the HLM hypothesis was carefully tested. The analysis results provide strong evidence supporting the HLM hypothesis. These findings offer significant insights for Türkiye's economy and trade policies.

Keywords

International Trade, Terms of Trade, Balance of Trade, Co-Integration, HLM Hypothesis

Harberger-Laursen-Metzler Hipotezi: ARDL Sınır Testi Yaklaşımı ile Bir Analiz

Abstract

Harberger, Laursen ve Metzler (HLM) hipotezi, ticaret hadlerindeki pozitif (negatif) bir değişikliğin, ceteris paribus, ticaret dengesinde pozitif (negatif) hareketlere yol açacağını savunmaktadır. Hipotez, gelişmekte olan ülkeler üzerinde test edildiğinde farklı sonuçlar ortaya koymaktadır. Bazı çalışmalar hipotezi doğrularken, diğerleri geçerli olmadığını öne sürmektedir. Ayrıca, uzun dönemli ilişkileri inceleyen nedensellik testleri de farklı sonuçlar göstermektedir. Türkiye, önemli ticaret açığı sorunları yaşayan ülkeler arasında yer almaktadır. Bu nedenle, hipotezin Türkiye bağlamında geçerliliğinin test edilmesi büyük önem taşımaktadır. Bu çalışmanın motivasyonu, 2013 ile 2023 yılları arasında Türkiye'de ticaret hadlerindeki değişimlerin uzun vadeli ticaret dengesi üzerindeki etkilerini incelemeyi amaçlamaktadır. Bu bağlamda dış ticaret haddi hem miktar hem de birim değer olarak ele alınmıştır. Bulgulara göre, ticaret hadlerinden ticaret dengesine doğru pozitif bir ilişki vardır. Kısa vadeli sapmaların yaklaşık üç ay içinde düzeltildiği tespit edilmiştir. Nedensellik testi, ticaret hadlerinin ticaret dengesinin Granger nedeni olduğunu ve bu nedenselliğin tek yönlü olduğunu göstermektedir. Bu çalışmada, belirtilen dönemler için Türkiye'nin ticaret hadleri ve ticaret dengesi verileri titizlikle analiz edilmiş ve HLM hipotezinin geçerliliği dikkatlice test edilmiştir. Analiz sonuçları, HLM hipotezini destekleyen güçlü kanıtlar sunmaktadır. Bu bulgular, Türkiye ekonomisi ve ticaret politikaları için önemli içgörüler sağlamaktadır.

Keywords

Uluslararası Ticaret, Ticaret Hadleri, Ticaret Dengesi, Eşbütünleşme, HLM Hipotezi

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