TY - JOUR T1 - Ekonomik Politika Belirsizliği, Turizm Gelirleri ve Döviz Kuru Arasındaki İlişki: Türkiye Örneği TT - The Relationship Between Economic Policy Uncertainty, Tourism Receipts and The Exchange Rate: The Case of Turkiye AU - Nazlıoğlu, Elif Hilal PY - 2024 DA - September Y2 - 2024 DO - 10.18657/yonveek.1441935 JF - Yönetim ve Ekonomi Dergisi JO - YÖNEKO PB - Manisa Celal Bayar Üniversitesi WT - DergiPark SN - 1302-0064 SP - 477 EP - 490 VL - 31 IS - 3 LA - tr AB - Küresel belirsizliklerin ekonomik ve finansal göstergeler üzerindeki etkisi son yıllarda üzerine odaklanılan önemli bir araştırma sorusudur. Turizm sektörünü geliştirmek, turizm gelirlerini sürekli hale getirmek için politikalar tasarlayan, ekonomisi kırılgan bir yapıya sahip olan ve yükselen piyasa ekonomisi özelliği gösteren Türkiye, belirsizlik göstergelerinin ekonomik etkilerinin ampirik analizine oldukça uygun bir örnektir. Bu çalışma, küresel ekonomik politika belirsizliği ve döviz kurunun turizm gelirleri üzerindeki etkilerini incelemeyi amaçlamaktadır. Bu doğrultuda, Ocak 2012-Eylül 2022 dönemi aylık veriler kullanılarak, zaman serisi nedensellik ve eş bütünleşme analizleri yapılmıştır. Eşbütünleşme analizi, uzun dönemde küresel ekonomi politikası belirsizliğindeki artışın Türkiye’de turizm gelirlerini azalttığını, döviz kurundaki artışın turizm gelirlerini artırdığını göstermektedir. Nedensellik analizi, kısa dönemde değişkenler arasında bilgi transferi olmadığını işaret etmiştir. Bu sonuçlar, Türkiye turizm altyapısını geliştirmek amacıyla tasarlanan uzun vadeli politikaların hem küresel belirsizlik hem de kurları etkileyen dinamikleri dikkate alması gerekliliği yönünde kanıtlar içermektedir. Anahtar Kelimeler: Ekonomik Politika Belirsizliği, Turizm Geliri, Döviz Kuru, Eşbütünleşme, NedensellikJEL Sınıflandırması: D89, F31, Z30 KW - Ekonomik Politika Belirsizliği KW - Turizm Geliri KW - Döviz Kuru KW - Eşbütünleşme KW - Nedensellik N2 - An important research question that has received much attention in recent years is the impact of global uncertainties on economic and financial indicators. Turkiye, which is a very appropriate example for the empirical analysis of the economic impact of uncertainty indicators, as it is designing policies to develop the tourism sector and make tourism receipts sustainable, has a fragile economy and is an emerging market economy. This study aims to examine the impact of global economic policy uncertainty and exchange rates on tourism receipts. In this regard, time series causality and cointegration analyses were conducted using monthly data for the period January 2012-September 2022. Cointegration analysis shows that in the long run, increases in global economic policy uncertainty reduce tourism receipts in Turkiye, while exchange rate appreciation increases tourism receipts. Causality analysis indicated that there was no information transfer between variables in the short run. These findings provide evidence that long-term policies to improve Turkiye's tourism infrastructure should take into account both global uncertainty and exchange rate dynamics.Key Words: Economic Uncertainty, Tourism Receipts, Exchange Rate, Cointegration, CausalityJEL Classification: D89, F31, Z30 CR - Akadiri, S. S., Alola, A. A., and Uzuner, G. (2020). Economic Policy Uncertainty and Tourism: Evidence From The Heterogeneous Panel. Current Issues in Tourism, 23(20), 2507-2514. https://doi.org/10.1080/13683500.2019.1687662 CR - Akdağ, S., Kılıç, İ., Gürlek, M., & Alola, A. A. (2023). Does Economic Policy Uncertainty Drive Outbound Tourism Expenditures in 20 Selected Destinations?. Quality & Quantity, 57(5), 4327-4337. https://link.springer.com/article/10.1007/s11135-022-01538-y CR - Baker, S. R., Bloom, N., and Davis, S. J. (2016). Measuring Economic Policy Uncertainty. Quarterly Journal of Economics, 131 (4), 1593–1636. http://doi.org/10.1093/qje/qjw024 CR - Bloom, N., M.A. Kose, and M. Terrones. (2013) Held Back by Uncertainty, Finance and Development. International Monetary Fund, Washington, 2013 CR - Carroll, S. S. (1996). Estimating The Uncertainty in Spatial Estimates of Areal Snow Water Equivalent. Hydrology Research, 27(5), 295-312. https://doi.org/10.2166/nh.1996.0011 CR - Cekin, S.E., Pradhan, A.K., Tiwari, A.K., and Gupta, R. (2020). Measuring Co-dependencies of Economic Policy Uncertainty in Latin American Countries Using Vine Copulas. The Quarterly Review of Economics and Finance, 76, 207-217. https://doi.org/10.1016/j.qref.2019.07.004 CR - Dickey, D.A., and Fuller, W.A., (1979). Distribution of The Estimators for Autoregressive Time Series with a Unit Root. Journal of the American Statistical Society, 75, 427–431. https://doi.org/10.1080/01621459.1979.10482531 CR - Dragouni, M., Filis, G., Gavriilidis, K. and Santamaria, S. (2016). Sentiment, Mood and Outbound Tourism Demand. Annals of Tourism Research, 60 (1), 80–96. http://dx.doi. org/10.1016/j.annals.2016.06.004 CR - Economic Policy Uncertainty, (2023). https://www.policyuncertainty.com/global_monthly.html CR - Engle, R. F., and Granger, C. W. J. (1987). Co-Integration and Error Correction: Representation, Estimation and Testing. Econometrica,55, 251-276. https://doi.org/10.2307/1913236 CR - Giavazzi, F. and McMahon, M. (2012). Policy Uncertainty and Household Savings. Review of Economics and Statistics, 94 (2), 517–531. https://doi.org/10.1162/REST_a_00158 CR - Gozgor, G. and Demir, E. (2018). The Effects of Economic Policy Uncertainty on Outbound Travel Expenditures. Journal of Competitiveness, 10(3), 5-15. https://doi.org/10.7441/joc.2018.03.01 CR - Gozgor, G., and Ongan, S. (2017). Economic Policy Uncertainty and Tourism Demand: Empirical Evidence from The USA. International Journal of Tourism Research, 19(1), 99-106. https://doi.org/10.1002/jtr.2089 CR - Granger, C.W.J., (1969). Investigating Causal Relations by Econometric Models and Cross-spectral Methods. Econometrica 37, 424–438. https://doi.org/10.2307/1912791 CR - Güney, P.Ö. (2020). Ekonomik Politika Belirsizliği ve Döviz Kuru Oynaklığı. Bankacılar Dergisi, 114, 3-17. https://www.tbb.org.tr/Content/Upload/dergiler/dosya/89/tbb_114.pdf#page=5 CR - Gürsoy, S. (2021). Ekonomik Politik Belirsizliğin Turizm Getirileri Etkisi: Türkiye’den Kanıtlar. Hacettepe Üniversitesi Sosyal Bilimler Dergisi, 3(1), 28-43. https://dergipark.org.tr/en/pub/husbdergi/issue/60365/852400 CR - Işık, C. Sirakaya-Turk, E. ve Ongan, S. (2020). Testing The Efficacy of The Economic Policy Uncertainty Index on Tourism Demand in USMCA: Theory and Evidence. Tourism Economics,26(8), 1344-1357. https://doi.org/10.1177/1354816619888346 CR - Kwiatkowski, D., Phillips, P.C.B., Schmidt, P., and Shin, Y., (1992). Testing The Null Hypothesis of Stationary Against The Alternative of a Unit Root. Journal of Econometrics 54,159–178. https://doi.org/10.1016/0304-4076(92)90104-Y CR - Korkmaz, Ö., ve Güngör, S. (2018). Küresel Ekonomi Politika Belirsizliğinin Borsa İstanbul’da İşlem Gören Seçilmiş Endeks Getirileri Üzerindeki Etkisi. Anemon Muş Alparslan Üniversitesi Sosyal Bilimler Dergisi, 6(ICEESS’18), 211-219. https://doi.org/10.18506/anemon.452749 CR - Kök, D. ve Nazlıoğlu, E. H. (2020). Finansal Piyasalarda Asimetrik Nedensellik: BIST100, VIX ve Döviz Kuru Örneği. Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, (55), 245-262. https://doi.org/10.18070/erciyesiibf.659871 CR - Park, J. Y. (1992). Canonical Cointegrating Regressions. Econometrica: Journal of the Econometric Society, 119-143. https://doi.org/10.2307/2951679 CR - Payne, J. E., Nazlioglu, S., Mervar, A., and Niroomand, F. (2023). Economic Policy Uncertainty, COVID-19, and Tourist Stays in Croatia: Evidence from a Fourier Toda-Yamamoto Modeling Approach. The International Trade Journal, 37(1), 7-26. https://doi.org/10.1080/08853908.2022.2134233 CR - Phillips, P. C. B., and Ouliaris, S. (1990). Asymptotic Properties of Residual Based Tests for Cointegration. Econometrica, 58 (1), pp. 165-193. https://doi.org/10.2307/2938339 CR - Phillips, P. C., and Hansen, B. E. (1990). Statistical Inference in Instrumental Variables Regression with I(1) Processes. The Review of Economic Studies, 57(1), 99-125. https://doi.org/10.2307/2297545 CR - Singh, R., Das, D., Jana, R. K., and Tiwari, A. K. (2019). A Wavelet Analysis for Exploring the Relationship Between Economic Policy Uncertainty and Tourist Footfalls in the USA. Current Issues in Tourism, 22(15), 1789-1796. https://doi.org/10.1080/13683500.2018.1445204 CR - Stock, J. H., and Watson, M. W. (1993). A Simple Estimator of Cointegrating Vectors in Higher Order İntegrated Systems. Econometrica: Journal Of The Econometric Society, 783-820. https://doi.org/10.2307/2951763 CR - Tsai, C. H., & Chen, C. W. (2011). The Establishment of a Rapid Natural Disaster Risk Assessment Model for the Tourism Industry. Tourism Management, 32(1), 158-171. https://doi.org/10.1016/j.tourman.2010.05.015 CR - Tsui, W. H. K., Balli, F., Tan, D. T. W., Lau, O., and Hasan, M. (2018). New Zealand Business Tourism: Exploring the Impact of Economic Policy Uncertainties. Tourism Economics, 24(4), 386-417. https://doi.org/10.1177/1354816617731387 CR - TUIK, (2023). https://data.tuik.gov.tr/Bulten/Index?p=Turizm-Istatistikleri-III.-Ceyrek:-Temmuz---Eylul,-2023-49604. CR - Wu, T. P., and Wu, H. C. (2019). Causality Between European Economic Policy Uncertainty and Tourism Using Wavelet-Based Approaches. Journal of Travel Research, 58(8), 1347-1356. https://doi.org/10.1177/0047287518803204 CR - Wu, T. P., and Wu, H. C. (2020). A Multiple and Partial Wavelet Analysis of the Economic Policy Uncertainty and Tourism Nexus in BRIC. Current Issues in Tourism, 23(7), 906-916. https://doi.org/10.1080/13683500.2019.1566302 CR - Wu, T. P., Wu, H. C., Wang, C. H., Wu, H., and Wu, Y. Y. (2021). The Effect of Economic Policy Uncertainty on BRIC Tourism. Anatolia, 32(3), 501-509. https://doi.org/10.1080/13032917.2021.1916550 CR - Wu, T. P., Wu, H. C., Liu, S. B., Wu, C. F., and Wu, Y. Y. (2022). Causality Between Global Economic Policy Uncertainty and Tourism in Fragile Five Countries: A Three-dimensional Wavelet Approach. Tourism Recreation Research, 47(5-6), 608-622. https://doi.org/10.1080/02508281.2020.1870072 UR - https://doi.org/10.18657/yonveek.1441935 L1 - https://dergipark.org.tr/tr/download/article-file/3749739 ER -