Türkiye Örneğinde Döviz Kuru Değişimlerinin İhracat Fiyatları ile Yurtiçi Fiyatlara Yansıması: Bir Literatür Taraması

Öz

Gelişmekte olan ülkelerde döviz kuru hareketlerinin ihracat ve ithalat fiyatlarına önemli etkileri söz konusudur. Döviz kurundaki değişimler ithalat fiyatları ve talep kanalıyla üretici ve tüketici fiyatlarını etkilemekte, ihracat fiyatı kanalıyla da ihracatçı firmaların rekabet güçlerini, satışlarını ve diğer performans ölçütlerini etkileyebilmektedir. Bu çalışmada Türkiye kapsamında yurt içi üretici ve tüketici fiyatlara döviz kuru yansımasını ve piyasaya göre fiyatlandırma davranışını konu alan ampirik çalışmaların özetlenmesi amaçlanmaktadır. Çalışma literatürde rapor edilen başlıca bulguları özetleyerek konu ile ilgilenen araştırmacılara elde edilen sonuçların karşılaştırılabilmesi konusunda faydalı olmayı hedeflemiştir.

Anahtar Kelimeler

• Döviz Kuru Yansıması, Piyasaya Göre Fiyatlandırma, Literatür Taraması, Türkiye

Exchange Rate Pass-Through to Export and Domestic Prices in Turkey: A Literature Survey

Öz

The exchange rate movements have significant effects on domestic and export prices in the context of developing countries. Changes in the exchange rate not only affect producer and consumer prices through imported input and demand channels, but also exporting firms’ competitiveness level, sales and other performance measures through export prices. This paper aims to summarize the empirical studies related to exchange rate pass-through and pricing to market in the context of Turkish Economy. The paper intends to provide a comparison by summarizing the main research findings in this area for scholars who are interested in related subjects

Anahtar Kelimeler

• Exchange Rate Pass-through, Pricing to Market, Literature Survey, Turkey

Kaynakça

1. Akat. A. Savaş ve M. Ege Yazgan (2012). Döviz kuru ihracat fiyatlarına yansıyor mu?. İktisat ve Toplum, 29, 2012
2. Alper, K. (2003). Exchange rate pass-through to domestic prices in economy. Yüksek Lisans Tezi, Orta Doğu Teknik Üniversitesi Sosyal Bilimler Enstitüsü
3. Amiti, M., Oleg, I. ve Jozef, K. (2014). Importers, exporters, and exchange rate disconnect. American Economic Review, 104(7), 1942-1978
4. Berman, N. Philippe, M. ve Thierry, M. (2012). How do different exporters react to exchange rate changes? Theory, empirics and aggregate implications. Quarterly Journal of Economics, 127(1): 437-492.
5. Campa, J. M. ve Goldberg, L. S. (2002). Exchange rate pass-through into import prices: A macro or micro phenomenon?. National Bureau of Economic Research, No: w8934
6. Campa, J.M. ve Goldberg, L.S. (2005). Exchange rate pass-through into import prices. Review of Economics and Statistics, 87(4), 679-690
7. Chatterjee, A., Rafael, D., ve Jade, V. (2013). Multi-product firms and exchange rate fluctuations. American Economic Journal: Economic Policy, 5(2), 77-110
8. Choudhri, E. U., ve Hakura, D. S. (2006). Exchange rate pass-through to domestic prices: Does the inflationary environment matter?. Journal of International Money and Finance, 25(4), 614-639.

9. Dedeoğlu, D., & Kaya, H. (2014). Pass-through of oil prices to domestic prices: Evidence from an oil-hungry but oil-poor emerging market. Economic Modelling, 43, 67-74.
10. Doğan, B. Ş. (2013). Asymmetric behavior of the exchange rate pass-through to manufacturing prices in Turkey. Emerging Markets Finance and Trade, 49(3), 35- 47.
11. Feenstra, R. C. (1989). Symmetric pass-through of tariffs and exchange rates under imperfect competition: An empirical test. Journal of International Economics, 27(1/2), 25-46.
12. Feenstra, R., Gagnon J.,Knetter M. (1996). Market share and exchange rate pass- through in world automobile trade, Journal of International Economics, 40(1-2), 187-207.
13. Fitzgerald, D. ve Haller, S. (2012). Pricing-to-market: evidence from plant-level prices. Review of Economic Studies, 81(2), 761-786
14. Kal, H., Arslaner, F., ve Arslaner, N. (2015). “Sources of asymmetry and non-linearity in pass-through of exchange rate and import price to consumer price inflation for the Turkish economy during inflation targeting regime”. Türkiye Cumhuriyet Merkez Bankası Araştırma Tebliği, No:30.
15. Kara, H., Küçük, H. Özlale U., Tuğer B., Yavuz D. ve Yücel E. (2007). Exchange rate regimes and pass-through: Evidence from the Turkish economy, Contemporary Economic Policy, 25(2), 206-225
16. Kara, H ve Öğünç, F. (2008). Inflation targeting and exchange rate pass-through: The Turkish experience. Emerging Markets Finance and Trade, 44(6), 52-66.
17. Kara, H ve Öğünç, F. (2012 Döviz kuru ve ithalat fiyatlarının yurt içi fiyatlara etkisi. İktisat İşletme ve Finans, 27(317), 09-28.
18. Kara, H. ve Öğünç F. (2005). Exchange rate pass-through in Turkey: It is slow, but is it really low?. Türkiye Cumhuriyet Merkez Bankası Araştırma Tebliği, No:10.
19. Karadaş, E., Mutluer, D., Ozer, Y.B. ve Aysoy, C. (2006). Türkiye’de imalat sanayindeki firmaların fiyatlama davranışı. İktisat, İşletme Finans Dergisi, 23(268), 7-34.
20. Knetter, M. (1989). Price discrimination by U.S. and German exporters. American Economic Review, 79(1), 198-210
21. Knetter, M. (1993). International comparisons of pricing-to-market behaviour. American Economic Review, 83(3), 473-486.
22. Krugman, P. R. (1987). Pricing-to-market when the exchange rate changes,
23. In: Arndt, S.W. and Richardson, J.D., Editors, Real Financial Linkages Among Open Economies, MIT Press, Cambridge, 49-70.
24. Leigh, D. ve Rossi, M. (2002). Exchange rate pass-through in Turkey. IMF Working Paper, 204(02), 1-18.
25. Li, H., Ma, H., ve Xu, Y. (2015). How do exchange rate movements affect Chinese exports? A firm-level investigation. Journal of International Economics, 97(1), 148-161.
26. Marston, R. (1990). Pricing to market in Japanese manufacturing. Journal of International Economics, 29(3/4), 217-236.
27. McCarthy, J. (2007). Pass-through of exchange rates and import prices to domestic inflation in some industrialized economies. Eastern Economic Journal, 33(4), 511-37.
28. McFarlane, L. (2002) Consumer price inflation and exchange rate pass-through in Jamaica. Bank of Jamaica 37.
29. Mumtaz, H., Oomen, O. and Wang, J. (2006). Exchange Rate Pass-through into UK Import Prices. Working paper no. 312 Bank of England
30. Öğünç, F., Özmen, M.U. and Sarıkaya, Ç., 2016. A Bayesian Approach to Inflation Dynamics in Turkey. Central Bank of Turkey, Inflation Report (I).
31. Ozmen, M. U., & Topaloglu, M. (2017). Disaggregated evidence for exchange rate and import price pass-through in the light of identification issues, aggregation bias and heterogeneity. Türkiye Cumhuriyet Merkez Bankası Araştırma Tebliği, No:8.
32. Taylor, J. B. (2000). Low inflation, pass-through, and the pricing power of firms. European economic review, 44(7), 1389-1408.
33. Türkcan, K. (2005). Exchange Rate Pass-Through Elasticities in Final and Intermediate Goods: The Case of Turkey. Yönetim ve Ekonomi: Celal Bayar Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 12(1), 61-78.
34. Yang J. (1997). Exchange rate pass-through In U.S. manufacturing industries, The Review of Economics and Statistics, 79(1), 95-104
35. Yönder, E. (2007). Pricing to market: an evaluation for Turkey, Doctoral dissertation, Middle East Technical University.
36. Yüncüler, C. (2011). Pass-through of external factors into price indicators in Turkey.