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TÜRKİYE EKONOMİSİ İÇİN ÜLKE-İÇİ FİYATLARIN YAKINSAMASI: PPP VARSAYIMI İÇİN ALT-BÖLGESEL TOPLULAŞTIRILMAMIŞ VERİ KULLANAN BİR PANEL VERİ ARAŞTIRMASI

Yıl 2014, Cilt: 15 Sayı: 2, 201 - 210, 01.07.2014

Mustafa Mete Pelin Karatay Gögül Levent Korap

Öz

Bu çalışma Türkiye ekonomisinden ülke-içi fiyatların iktisat kuramındaki uzun-dönem satın alma gücü paritesine destek veren durağan bir ilişki olarak belirtilebilmesi durumunu incelemeye çalışmaktadır. Bu amaçla ekonominin altbölgesel bir sınıflandırması 2005-2012 araştırma dönemi için dikkate alınmakta, ve Esaka 2003 izlenerek, çalışma 12 toplulaştırılmamış tüketici fiyat endeksinden oluşan bir panel tahmin yapısını Türkiye ekonomisinin alt-bölgeleri arasında malların göreceli fiyatlarının durağan zaman serisi özellikleri ile temsil edilip edilemeyeceğini araştırmak için kullanmaktadır

Anahtar Kelimeler

Satınalma Gücü Paritesi Panel Veri Ekonometrisi Toplulaştırılmamış Fiyat Verisi Türkiye Ekonomisi

Kaynakça

  • ALBA, J.D., PAPELL, D.H. (2007). Purchasing power parity and country characteristics: evidence fron panel data tests. Journal of Development Economics, 83, 240-51. ss.
  • ALBA, J.D., PARK, D. (2003). Purchasing power parity in developing countries: multi- period evidence under the current float. World Development, 31, 2049-60. ss.
  • AZALI, M., HABIBULLAH, M.S., BAHARUMSHAH, A.Z. (2001). Does PPP hold between
  • Asian and Japanese economies? evidence using panel unit root and panel cointegration. Japan and the World Economy, 13, 36-50. ss. BASHER, S.A., MOHSIN, M. (2004). PPP tests in cointegrated panels: evidence from Asian developing countries. Applied Economics Letters, 11, 163-6. ss.
  • CERRATO, M., SARANTIS, N. (2008). Symmetry, proportionality and the purchasing power parity: evidence from panel cointegration tests. International Review of Economics and Finance, 17 (1), 56-65. ss.
  • CHIU, R.L. (2002). Testing the purchasing power parity in panel data. International Review of Economics and Finance, 11, 349-62. ss.
  • CHOI, I. (2001). Unit root tests for panel data. Journal of International Money and Finance, , 249-72. ss.
  • ENGEL, C., ROGERS, J.H. (1996). How wide is the border?. American Economic Review, , 1112-25. ss.
  • ERLAT, H. (2003). The nature of persistence in Turkish real exchange rates. Emerging
  • Markets Finance and Trade, 39 (2), 70-97. ss. ESAKA, T. (2003). Panel unit root tests of purchasing power parity between Japanese cities, 1998: disaggregated price data. Japan and the World Economy, 15, 233-44. ss.
  • FISHER, R.A. (1932). Statistical methods for research workers, 4th edt., Edinburgh: Oliver & Boyd.
  • FLORES, R., JORION, P. and PREUMONT, P.Y. (1999). Multivariate unit root tests of the PPP hypothesis. Journal of Empirical Finance, 6, 335-53. ss.
  • FROOT, K., ROGOFF, K. (1995). Perspectives on PPP and long-Run exchange rates. G.M. Grossman, K. Rogoff, K. (ed.), Handbook of International Economics, Vol. 3, North- Holland, Amsterdam, 1647-88. ss.
  • HEIMONEN, K. (1999). Stationarity of the European real exchange rates – evidence from panel data. Applied Economics, 31, 673-7. ss.
  • JENKINS, M.A., SNAITH, S.M. (2005). Tests of purchasing power parity via cointegration analysis of heterogeneous panels with consumer price indices. Journal of Macroeconomics, 27, 345-62. ss.
  • IM, K.S., PESARAN, M.H., SHIN, Y. (2003). Testing for unit roots in heterogeneous panels.
  • Journal of Econometrics, 115, 53-74. ss. JENKINS, M.A. (1997). Cities, borders, distances, non-traded goods and purchasing power parity. Oxford Bulletin of Economics and Statistics, 59, 203-13. ss.
  • KIM Y. (1990). Purchasing power parity in the long-run: a cointegration approach. Journal of
  • Money, Credit and Banking, 22, 491-503. ss. LEVIN, A., LIN, C.F., CHU, C. (2002). Unit root tests in panel data: asymptotic and finite- sample properties. Journal of Econometrics, 108, 1-24. ss.
  • LOTHIAN, J.R. (1997). Multi-country evidence on the behavior of purchasing power parity under the current float. Journal of International Money and Finance, 16, 19-35. ss.
  • MACDONALD, G., ALLN, D., CRUICKSHANK, S. (2002). Purchasing power parity – evidence from a new panel test. Applied Economics, 34, 1319-24. ss.
  • MADDALA, G.S., WU, S. (1999). A comparative study of unit root tests with panel data and a new simple test. Oxford Bulletin of Economics and Statistics, 61, 631-52. ss.
  • METIN K. (1994). A test of long-run purchasing poer parity and uncovered interest parity:
  • Turkish case. Bilkent University Discussion Papers, No. 94 (2).
  • OH, K.Y. (1996). Purhasing power parity and unit root tests using panel data. Journal of International Money and Finance, 15, 405-18. ss. ÖZDEMİR, Z.A. (2004). Mean reversion in real exchange rate: empirical evidence from Turkey, 1980-1999. METU Studies in Development, 31, 243-65. ss.
  • PAPELL, D.H. (1997). Searching for stationarity: purchasing power parity under the current float. Journal of International Economics, 43, 313-32. ss.
  • PARSLEY, D.C., WEI, S.J. (1996). Convergence to the law of one price without trade barriers orcCurrency fluctuations. Quarterly Journal of Economics, 108, 1211-36. ss.
  • ROGOFF, K. (1996). The purchasing power parity puzzle. Journal of Economic Literature, , 647-68. ss.
  • SARNO, L., TAYLOR, M.P. (1998). Real exchange rates under the current float: unequivocal evidence of mean reversion, Economics Letters, 60, 131-7. ss.
  • SARNO, L., TAYLOR, M.P. (2002). The economics of exchange rates. Cambridge: Cambridge University Press. TAKAGI, S., YOSHIDA, Y. (1999). A cointegration test of long-run purchasing power parity between major Japanese cities, 1951-1991. Osaka Economic Papers, 48, 5-19. ss.
  • TAYLOR, M.P. (1988). An empirical examination of long-run purchasing power parity using cointegration techniques. Applied Economics, 20, 1369-81. ss.
  • TAYLOR, M.P. (2006). Real exchange rates and purchasing power parity: mean reversion in economic thought. Applied Financial Economics, 16, 1-17. ss.
  • TAYLOR, M.P., SARNO, L. (1998). The behavior of real exchange rates during the post Bretton Woods period. Journal of International Economics, 46, 281-312. ss.
  • TELATAR, E., KAZDAĞLI, H. (1998). Re-examining the long-run purchasing power parity hypothesis for a high inflation country. Applied Economics Letters, 5, 51-3. ss.
  • WU, Y. (1996). Are real exchange rates nonstationary? evidence from panel-data Tests. Journal of Money, Credit and Banking, 28, 54-63. ss.
  • WU, J.L., WU, S. (2001). Is purchasing power parity overvalued?. Journal of Money, Credit and Banking, 33, 804-12. ss.
  • YAZGAN, M.E. (2003). The purchasing power parity hypothesis for a high inflation country: a re-examination of the case of Turkey. Applied Economics Letters, 10 (3), 143-7. ss.
  • YILDIRIM, O. (2003). Döviz kurları çerçevesinde satın alma gücü paritesinin zaman serisi analizi ve Türkiye ekonomisi uygulaması. Bankacılar Dergisi, 44, 3-14. ss.

CONVERGENCE OF IN-COUNTRY PRICES FOR THE TURKISH ECONOMY: A PANEL DATA SEARCH FOR THE PPP HYPOTHESIS USING SUB-REGIONAL DISAGGREGATED DATA

Yıl 2014, Cilt: 15 Sayı: 2, 201 - 210, 01.07.2014

Mustafa Mete Pelin Karatay Gögül Levent Korap

Öz

This paper tries to examine that in-country prices from the Turkish economy can be specified as a stationary relationship giving support to the long-run purchasing power parity in economics theory. For this purpose, a sub-regional categorization of the economy is considered over the investigation period of 2005-2012, and, following Esaka 2003 , the study uses a panel estimation framework consisting of 12 disaggregated consumer price indices to search for whether the relative prices of goods between sub-regions of the Turkish economy can be represented by stationary time series properties.

Anahtar Kelimeler

Purchasing Power Parity Panel Data Econometrics Disaggregated Price Data Turkish Economy

Kaynakça

  • ALBA, J.D., PAPELL, D.H. (2007). Purchasing power parity and country characteristics: evidence fron panel data tests. Journal of Development Economics, 83, 240-51. ss.
  • ALBA, J.D., PARK, D. (2003). Purchasing power parity in developing countries: multi- period evidence under the current float. World Development, 31, 2049-60. ss.
  • AZALI, M., HABIBULLAH, M.S., BAHARUMSHAH, A.Z. (2001). Does PPP hold between
  • Asian and Japanese economies? evidence using panel unit root and panel cointegration. Japan and the World Economy, 13, 36-50. ss. BASHER, S.A., MOHSIN, M. (2004). PPP tests in cointegrated panels: evidence from Asian developing countries. Applied Economics Letters, 11, 163-6. ss.
  • CERRATO, M., SARANTIS, N. (2008). Symmetry, proportionality and the purchasing power parity: evidence from panel cointegration tests. International Review of Economics and Finance, 17 (1), 56-65. ss.
  • CHIU, R.L. (2002). Testing the purchasing power parity in panel data. International Review of Economics and Finance, 11, 349-62. ss.
  • CHOI, I. (2001). Unit root tests for panel data. Journal of International Money and Finance, , 249-72. ss.
  • ENGEL, C., ROGERS, J.H. (1996). How wide is the border?. American Economic Review, , 1112-25. ss.
  • ERLAT, H. (2003). The nature of persistence in Turkish real exchange rates. Emerging
  • Markets Finance and Trade, 39 (2), 70-97. ss. ESAKA, T. (2003). Panel unit root tests of purchasing power parity between Japanese cities, 1998: disaggregated price data. Japan and the World Economy, 15, 233-44. ss.
  • FISHER, R.A. (1932). Statistical methods for research workers, 4th edt., Edinburgh: Oliver & Boyd.
  • FLORES, R., JORION, P. and PREUMONT, P.Y. (1999). Multivariate unit root tests of the PPP hypothesis. Journal of Empirical Finance, 6, 335-53. ss.
  • FROOT, K., ROGOFF, K. (1995). Perspectives on PPP and long-Run exchange rates. G.M. Grossman, K. Rogoff, K. (ed.), Handbook of International Economics, Vol. 3, North- Holland, Amsterdam, 1647-88. ss.
  • HEIMONEN, K. (1999). Stationarity of the European real exchange rates – evidence from panel data. Applied Economics, 31, 673-7. ss.
  • JENKINS, M.A., SNAITH, S.M. (2005). Tests of purchasing power parity via cointegration analysis of heterogeneous panels with consumer price indices. Journal of Macroeconomics, 27, 345-62. ss.
  • IM, K.S., PESARAN, M.H., SHIN, Y. (2003). Testing for unit roots in heterogeneous panels.
  • Journal of Econometrics, 115, 53-74. ss. JENKINS, M.A. (1997). Cities, borders, distances, non-traded goods and purchasing power parity. Oxford Bulletin of Economics and Statistics, 59, 203-13. ss.
  • KIM Y. (1990). Purchasing power parity in the long-run: a cointegration approach. Journal of
  • Money, Credit and Banking, 22, 491-503. ss. LEVIN, A., LIN, C.F., CHU, C. (2002). Unit root tests in panel data: asymptotic and finite- sample properties. Journal of Econometrics, 108, 1-24. ss.
  • LOTHIAN, J.R. (1997). Multi-country evidence on the behavior of purchasing power parity under the current float. Journal of International Money and Finance, 16, 19-35. ss.
  • MACDONALD, G., ALLN, D., CRUICKSHANK, S. (2002). Purchasing power parity – evidence from a new panel test. Applied Economics, 34, 1319-24. ss.
  • MADDALA, G.S., WU, S. (1999). A comparative study of unit root tests with panel data and a new simple test. Oxford Bulletin of Economics and Statistics, 61, 631-52. ss.
  • METIN K. (1994). A test of long-run purchasing poer parity and uncovered interest parity:
  • Turkish case. Bilkent University Discussion Papers, No. 94 (2).
  • OH, K.Y. (1996). Purhasing power parity and unit root tests using panel data. Journal of International Money and Finance, 15, 405-18. ss. ÖZDEMİR, Z.A. (2004). Mean reversion in real exchange rate: empirical evidence from Turkey, 1980-1999. METU Studies in Development, 31, 243-65. ss.
  • PAPELL, D.H. (1997). Searching for stationarity: purchasing power parity under the current float. Journal of International Economics, 43, 313-32. ss.
  • PARSLEY, D.C., WEI, S.J. (1996). Convergence to the law of one price without trade barriers orcCurrency fluctuations. Quarterly Journal of Economics, 108, 1211-36. ss.
  • ROGOFF, K. (1996). The purchasing power parity puzzle. Journal of Economic Literature, , 647-68. ss.
  • SARNO, L., TAYLOR, M.P. (1998). Real exchange rates under the current float: unequivocal evidence of mean reversion, Economics Letters, 60, 131-7. ss.
  • SARNO, L., TAYLOR, M.P. (2002). The economics of exchange rates. Cambridge: Cambridge University Press. TAKAGI, S., YOSHIDA, Y. (1999). A cointegration test of long-run purchasing power parity between major Japanese cities, 1951-1991. Osaka Economic Papers, 48, 5-19. ss.
  • TAYLOR, M.P. (1988). An empirical examination of long-run purchasing power parity using cointegration techniques. Applied Economics, 20, 1369-81. ss.
  • TAYLOR, M.P. (2006). Real exchange rates and purchasing power parity: mean reversion in economic thought. Applied Financial Economics, 16, 1-17. ss.
  • TAYLOR, M.P., SARNO, L. (1998). The behavior of real exchange rates during the post Bretton Woods period. Journal of International Economics, 46, 281-312. ss.
  • TELATAR, E., KAZDAĞLI, H. (1998). Re-examining the long-run purchasing power parity hypothesis for a high inflation country. Applied Economics Letters, 5, 51-3. ss.
  • WU, Y. (1996). Are real exchange rates nonstationary? evidence from panel-data Tests. Journal of Money, Credit and Banking, 28, 54-63. ss.
  • WU, J.L., WU, S. (2001). Is purchasing power parity overvalued?. Journal of Money, Credit and Banking, 33, 804-12. ss.
  • YAZGAN, M.E. (2003). The purchasing power parity hypothesis for a high inflation country: a re-examination of the case of Turkey. Applied Economics Letters, 10 (3), 143-7. ss.
  • YILDIRIM, O. (2003). Döviz kurları çerçevesinde satın alma gücü paritesinin zaman serisi analizi ve Türkiye ekonomisi uygulaması. Bankacılar Dergisi, 44, 3-14. ss.
Toplam 38 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Bölüm Araştırma Makalesi
Yazarlar

Mustafa Mete Bu kişi benim

Pelin Karatay Gögül Bu kişi benim

Levent Korap Bu kişi benim

Yayımlanma Tarihi 1 Temmuz 2014
Yayımlandığı Sayı Yıl 2014 Cilt: 15 Sayı: 2

Kaynak Göster

APA Mete, M., Gögül, P. K., & Korap, L. (2014). CONVERGENCE OF IN-COUNTRY PRICES FOR THE TURKISH ECONOMY: A PANEL DATA SEARCH FOR THE PPP HYPOTHESIS USING SUB-REGIONAL DISAGGREGATED DATA. Doğuş Üniversitesi Dergisi, 15(2), 201-210.