BibTex RIS Kaynak Göster

Interest Rates and Exchange Rate Relationship in BRIC-T Countries

Yıl 2013, Cilt: 13 Sayı: 2, 227 - 236, 01.05.2013

Selim Kayhan Tayfur Bayat Ahmet Uğur

Öz

This study examines the dynamic relationships between the real exchange rate and the real interest rate in the BRIC-T (Brazil, Russia, India, China and Turkey) countries by employing monthly data from the beginning of flexible exchange rate regime to July 2011. For this aim, non-linear causality test and frequency domain causality test approaches are used. According to frequency domain causality test results, interest rate affects exchange rate in only China and this effect exist only in the long run. On the other hand, exchange rate shocks induce changes in interest rate in the shorter period

Anahtar Kelimeler

Interest rate real exchange rate BRIC-T Frequency domain nonlinear causality

Kaynakça

  • Baek, E. ve Brock, W. (1992) “General Test for Nonlinear Granger Causality: Bivariate Model” Iowa State University and University of Wisconsin-Madison Working Paper.
  • Basurto, G. ve Ghosh, A. (2000) “The Interest Rate- Exchange Rate Nexus in Currency Crises” International Monetary Fund Staff Papers, 47:99-120.
  • Bautista, C. (2006) “The Exchange Rate-Interest Differential Relationship in Six East Asian Countries” Economics Letters, 92:137-142.
  • Bekiros, S.D. ve Diks, C.G.H. (2008) “The Relationship Between Crude Oil Spot and Futures Prices: Cointegration, Linear and Nonlinear Causality” Energy Economics, 30: 2673-2685.
  • Belke, A., Geisslreither, K. ve Gros, D. (2004) “On The Relationship Between Exchange Rates and Interest Rates: Evidence from The Southern Cone” Cuadernos De Economia, 41:35-64.
  • Bergstrand, J.H. (1991) “Structural Determinants of Real Exchange Rates and National Price Levels: Some Empirical Evidence” American Economic Review, 81(1):325-334.
  • Branson, W.H. (1981) “Macroeconomic Exchange Rate Regime and Economic Performance in
  • Breitung, J. ve Candelon, B. (2006) “Testing for Short and Long-run Causality: A Frequency Domain Approach” Journal of Econometrics, 132:363-378.
  • Campbell, J. ve Clarida, R.H. (1987) “The Dollar and Real Interest Rates: An Empirical Investigation” Carnegie- Rochester Conference Series on Public Policy, 27:103-140.
  • Caporale, G.M., Cipollini, A. ve Demetriades, P.O. (2005) “Monetary Policy and The Exchange Rate During The Asian Crisis: Identification Through Heteroscedasticity” Journal of International Money and Finance, 24:39-53.
  • Cheung, Y.W. ve Ng, L.K. (1996) “A Causality in Variance Test and Its Application to Financial Market Prices” Journal of Econometrics, 72:33-48.
  • Chinn, M. (1999) “Productivity, Government The Hiemstra-Jones Test for Granger Non-causality” Studies in Nonlinear Dynamics and Econometrics, 9(2):1- Spending and The Real Exchange Rate: Evidence for OECD Countries” Macdonald et al.(eds.) Equilibrium Exchange Rates, Kluwer Academic Publishers.
  • Choi, I. ve Park, D. (2008) “Causal Relation Between Interest and Exchange Rates in The Asian Currency Crisis” Japan and the World Economy, 20:435-452.
  • Chortareas, G.E. ve Driver, R.L. (2001) “PPP and The Real Exchange Rate-real Interest Rate Differential Puzzle Revisited: Evidence from Non-stationary Panel Data” Bank of England Working Paper Series, No:138.
  • Chow, H.K. ve Kim, Y. (2004) “The Empirical Relationship Between Exchange Rates and Interest Rates in Post-crisis Asia” Singapore Management University School of Economics Working Paper Series, No:11-2004.
  • Clarida, R.H. ve Gali, J. (1994) “Sources of Real Exchange Rate Fluctuations: How Important are Nominal Shocks?” NBER Working Paper Series, No:4658.
  • Cumby, R.E. ve Obstfeld, M. (1982) “International Interest-rate and Price-level Linkages Under Flexible Exchange Rates: A Review of Recent Evidence” Bilson et al.(eds.) Exchange Rates: Theory and Practic, Chicago, University of Chicago Press.
  • De Almeida, P.R. (2009) “The Brics’ Role in The Global Economy Cebri-Icone-British Embassy in Brasilia” Trade and International Negotiations for Journalist Rio de Janeiro, 146-154.
  • De Paula, L.F. (2007) “Financial Liberalization, Economia Brazilian Association of Graduate Programs in Economics, No:16.
  • Dekle, R., Hsiao, C. ve Wang, S. (2002) “High Interest Rates and Exchange Rate Stabilization in Korea, Malaysia, and Thailand: An Empirical Investigation of The Traditional and Revisionist Views” Review of International Economic, 10:64-78.
  • Dickey, D.A. ve 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.
  • Dickey, D.A. ve Fuller, W.A. (1981) “Distribution of The Estimators for Autoregressive Time Series with a Unit Root” Econometrica, 49:1057-1072.
  • Diks, C.G.H. ve Panchenko, V. (2005) “A Note on 7.
  • Diks, C.G.H. ve Panchenko, V. (2006) “A New Statistic and Practical Guidelines for Nonparametric Granger Causality Testing” Journal of Economic Dynamics and Control, 30:1647-1669.
  • Dornbusch, R. (1980) “Exchange Rate Economics: Where Do We Stand?” Brookings Papers on Economic Activity, 1: 143-185.
  • Edison, H.J. ve Pauls, B.D. (1991) “Re-assessment of The Relationship Between Real Exchange Rates and Interest Rates: 1974-1990” International Finance Discussion Papers No:408.
  • Eichenbaum, M. ve Evans, C.L. (1995) “Some Empirical Evidence on The Effects of Shocks to Monetary Policy on Exchange Rates” Quarterly Journal of Economics, 110(4):975-986.
  • Elliot, G., Rothenberg, T.J. ve Stock, J.H. (1996) “Efficient Tests for an Autoregressive Unit Root” Econometrica, 64(4):813-836.
  • Faruqee, H. (1995) “Long-run Determinants of The Real Exchange Rate: A Stock-flow Perspective” International Money Fund Staff Papers, 42(1):80-107.
  • Feldstein, M. (1986) “The Budget Deficit and the Dollar” NBER Macroeconomics Annual, 1:355-409.
  • Feldstein, M. (1989) “The Case Against Trying to Stabilize The Dollar” American Economic Review Papers and Proceedings 79:36-40.
  • Fleming, J.M. (1962) “Domestic Financial Policies Under Fixed and Floating Exchange Rates” IMF Staff Papers, 9(3):369-377.
  • Frenkel, J. (1979) “On The Mark: A Theory of Floating Exchange Rates Based on Real Interest Differentials” American Economic Review, 69:610-622.
  • Furman, J. ve Stiglitz, J.E. (1998) “Economic Crises: Evidence and Insights from East Asia” Brookings Papers on Economic Activity, 2:1-13.
  • Geweke, J. (1982) “Measurement of Linear Dependence and Feedback Between Multiple Time Series” Journal of the American Statistical Association, 77:304-313.
  • Glick, R., Hutchison, M. ve Moreno, R. (1995) “Is Pegging The Exchange Rate a Cure for Inflation? East Asian Experiences” Pacific Basin Working Paper Series, No:PB95-08.
  • Goderis, B. ve Ioannidou, V. P. (2008) “Do High Interest Rates Defend Currencies During Speculative Attacks? New Evidence” Journal of International Economics, 74: 158-169.
  • Goldman Sachs (2009) “Global Economics” Goldman Sachs Global Economics, Commodities and Strategy Research, 192:1-28
  • Goldfajn, I. ve Baig, T. (1998) “Monetary Policy in The Aftermath of Currency Crises: The Case of Asia” International Monetary Fund Working Paper Series No:WP/98/170.
  • Goldfajn, I. ve Gupta, P. (1999) “Does Monetary Policy Stabilize The Exchange Rate Following a Currency Crisis?” IMF Working Paper Series, No:WP/99/42.
  • Gould, D.M. ve Kamin, S.B. (2001) “The Impact of Monetary Policy on Exchange Rates During Financial Crises” Glick et al. (eds.) Financial Crises in Emerging Markets, Cambridge, Cambridge University Press.
  • Granger, C.W.J. (1969) “Investigating Causal Relation by Econometric and Cross-Sectional Method” Econometrica, 37:424-438.
  • Hacker, R. S., Huynjoo, K. ve Mansson, K. (2010) “An Investigation of The Causal Relations Between Exchange Rates Interest Rate Differentials Using Wavelets” CESIS Electronic Working Paper Series, No:215.
  • Hafner, C.M. ve Herwartz, H. (2006) A Lagrange Multiplier Test for Causality in Variance” Economics Letters, 93:137-141.
  • Hakkio, C.S. (1986) “Does The Exchange Rate Follow a Random Walk? A Monte Carlo Study of Four Tests for a Random Walk” Journal of International Money and Finance, 5:221-229.
  • Hamrita, M.E. ve Trifi, A. (2011) “The Relationship Between Interest Rate Exchange Rate and Stock Price:A Wavelet Analysis” International Journal of Economics and Financial Issues, 1(4):220-228.
  • Hiemstra, C. ve Jones, J. (1994) “Testing for Linear and Nonlinear Granger Causality in The Stock Price- volume Relation” The Journal of Finance, 49(5): 1639- 1664.
  • Hnatkovska, V., Lahiri, A. ve Vegh, C.A. (2008) “Interest Rate and The Exchange Rate: A Non-monotonic Tale” NBER Working Paper Series, No:13925.
  • Hong, Y. (2001) “A Test for Volatility Spillover with Application to Exchange Rates” Journal of Econometrics, 103:183-224.
  • Hooper, P. ve Morton, J. (1980) “Fluctuations in The Dollar: A Model of Nominal and Real Exchange Rate Determination” Federal Reserve Board International Finance Discussion Paper, No:168.
  • Hosoya, Y. (1991) “The Decomposition and Measurement of The Interdependence Between Second- order Stationary Process” Probability Theory and Related Fields, 88: 429-444.
  • Kaminsky, G. ve Schumulkler, S. (1998) “The Relationship Between Interest Rates and Exchange Rates in Six Asian Countries” World Bank Unpublished Working Paper.
  • Kraay, A. (1998) “Do High Interest Rates Defend Currencies Against Speculative Attacks?” Policy Research Working Paper Series, No:2267.
  • Lahiri, A. ve Vegh, C.A. (2001) “On The Non- monotonic Relation Between Interest Rates and The Exchange Rate” Macroeconomics Workshop, UCLA.
  • Mark, N. C. ve Choi, D. Y. (1997) “Real Exchange Rate Prediction Over Long Horizons” Journal of Hurts Most? G-3 Exchange Rate or Interest Rate International Economics, 43: 29-60. Volatility” NBER Working Paper Series, No:8535.
  • Meese, R.A. ve Rogoff, K. (1988) “Was It Real? The Exchange Rate-interest Differential Relation Over The Modern Floating Period” Journal of Finance 43(4):923- 948.
  • Mundell, R.A. (1962) “The Appropriate Use of Monetary and Fiscal Policy Under Fixed Exchange Rates” IMF Staff Papers, 9(1):70-77.
  • Pattanoik, S. ve Mitra, A. K. (2001) “Interest Rate Defence of Exchange Rate: Tale of The Indian Rupee” Economic and Political Weekly November, 24:4418-4427.
  • Park, Y.C., Wang, Y. ve Chung, C.S. (1999) “Exchange Rate Policies in Korea: Has Exchange Rate Volatility Increased After The Crisis?” EABER Working Paper Series, No:367.
  • Phillips, P.C.B. ve Perron, P. (1988) “Testing for a Unit Root in Time Series Regressions” Biometrica, 75:335-346.
  • Pindyck, R.S. ve Rotemberg, J. (1990) “The Excess Co-movement of Commodity Prices” The Economic Journal, 100:1173-1189.
  • Reinhart, C.M. ve Reinhart, V.R. (2001) “What
  • Sargent, T.J. ve Wallace, N. (1981) “Some Unpleasant Monetarist Arithmetic” Federal Reserve Bank of Minneapolis Quarterly Review, 5:1-18.
  • Serrano, F. ve Summa, R. (2011) “Mundell-Fleming without The LM Curve: The Exogenous Interest Rate in an Open Economy” Conferencia Internacional Del Aniversario De La Revista, September 8, Mexico.
  • Woo, W.T. (1985) “The Monetary Approach to Exchange Rate Determination Under Rational Expectations” Journal of International Economics, 18:1- 16.

BRIC-T Ülkelerinde Faiz Oranı ve Döviz Kuru İlişkisi

Yıl 2013, Cilt: 13 Sayı: 2, 227 - 236, 01.05.2013

Selim Kayhan Tayfur Bayat Ahmet Uğur

Öz

Bu çalışmada BRIC-T (Brezilya, Rusya, Hindistan, Çin ve Türkiye) ülkelerinde Mart 1993-Temmuz 2011 döneminde reel döviz kuru ile reel faiz arasındaki dinamik ilişkiyi incelemektedir. Bu amaçla doğrusal olmayan nedensellik tesi ile frekans dağılım nedensellik testi uygulanmıştır.frekans dağılım nedensellik testi sonuçlarına göre sadece Çin ekonomisinde faiz oranları döviz kurunu uzun dönemde etkilemektedir. diğer bir ifadeyle kısa dönemde döviz kurundaki şoklar faiz oranındaki değişiklilkleri azaltmaktadır

Anahtar Kelimeler

Anahtar Keliemler: Reel faiz oranları reel döviz kuru BRIC-T frekans dağılım doğrusal olmayan nedensellik

Kaynakça

  • Baek, E. ve Brock, W. (1992) “General Test for Nonlinear Granger Causality: Bivariate Model” Iowa State University and University of Wisconsin-Madison Working Paper.
  • Basurto, G. ve Ghosh, A. (2000) “The Interest Rate- Exchange Rate Nexus in Currency Crises” International Monetary Fund Staff Papers, 47:99-120.
  • Bautista, C. (2006) “The Exchange Rate-Interest Differential Relationship in Six East Asian Countries” Economics Letters, 92:137-142.
  • Bekiros, S.D. ve Diks, C.G.H. (2008) “The Relationship Between Crude Oil Spot and Futures Prices: Cointegration, Linear and Nonlinear Causality” Energy Economics, 30: 2673-2685.
  • Belke, A., Geisslreither, K. ve Gros, D. (2004) “On The Relationship Between Exchange Rates and Interest Rates: Evidence from The Southern Cone” Cuadernos De Economia, 41:35-64.
  • Bergstrand, J.H. (1991) “Structural Determinants of Real Exchange Rates and National Price Levels: Some Empirical Evidence” American Economic Review, 81(1):325-334.
  • Branson, W.H. (1981) “Macroeconomic Exchange Rate Regime and Economic Performance in
  • Breitung, J. ve Candelon, B. (2006) “Testing for Short and Long-run Causality: A Frequency Domain Approach” Journal of Econometrics, 132:363-378.
  • Campbell, J. ve Clarida, R.H. (1987) “The Dollar and Real Interest Rates: An Empirical Investigation” Carnegie- Rochester Conference Series on Public Policy, 27:103-140.
  • Caporale, G.M., Cipollini, A. ve Demetriades, P.O. (2005) “Monetary Policy and The Exchange Rate During The Asian Crisis: Identification Through Heteroscedasticity” Journal of International Money and Finance, 24:39-53.
  • Cheung, Y.W. ve Ng, L.K. (1996) “A Causality in Variance Test and Its Application to Financial Market Prices” Journal of Econometrics, 72:33-48.
  • Chinn, M. (1999) “Productivity, Government The Hiemstra-Jones Test for Granger Non-causality” Studies in Nonlinear Dynamics and Econometrics, 9(2):1- Spending and The Real Exchange Rate: Evidence for OECD Countries” Macdonald et al.(eds.) Equilibrium Exchange Rates, Kluwer Academic Publishers.
  • Choi, I. ve Park, D. (2008) “Causal Relation Between Interest and Exchange Rates in The Asian Currency Crisis” Japan and the World Economy, 20:435-452.
  • Chortareas, G.E. ve Driver, R.L. (2001) “PPP and The Real Exchange Rate-real Interest Rate Differential Puzzle Revisited: Evidence from Non-stationary Panel Data” Bank of England Working Paper Series, No:138.
  • Chow, H.K. ve Kim, Y. (2004) “The Empirical Relationship Between Exchange Rates and Interest Rates in Post-crisis Asia” Singapore Management University School of Economics Working Paper Series, No:11-2004.
  • Clarida, R.H. ve Gali, J. (1994) “Sources of Real Exchange Rate Fluctuations: How Important are Nominal Shocks?” NBER Working Paper Series, No:4658.
  • Cumby, R.E. ve Obstfeld, M. (1982) “International Interest-rate and Price-level Linkages Under Flexible Exchange Rates: A Review of Recent Evidence” Bilson et al.(eds.) Exchange Rates: Theory and Practic, Chicago, University of Chicago Press.
  • De Almeida, P.R. (2009) “The Brics’ Role in The Global Economy Cebri-Icone-British Embassy in Brasilia” Trade and International Negotiations for Journalist Rio de Janeiro, 146-154.
  • De Paula, L.F. (2007) “Financial Liberalization, Economia Brazilian Association of Graduate Programs in Economics, No:16.
  • Dekle, R., Hsiao, C. ve Wang, S. (2002) “High Interest Rates and Exchange Rate Stabilization in Korea, Malaysia, and Thailand: An Empirical Investigation of The Traditional and Revisionist Views” Review of International Economic, 10:64-78.
  • Dickey, D.A. ve 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.
  • Dickey, D.A. ve Fuller, W.A. (1981) “Distribution of The Estimators for Autoregressive Time Series with a Unit Root” Econometrica, 49:1057-1072.
  • Diks, C.G.H. ve Panchenko, V. (2005) “A Note on 7.
  • Diks, C.G.H. ve Panchenko, V. (2006) “A New Statistic and Practical Guidelines for Nonparametric Granger Causality Testing” Journal of Economic Dynamics and Control, 30:1647-1669.
  • Dornbusch, R. (1980) “Exchange Rate Economics: Where Do We Stand?” Brookings Papers on Economic Activity, 1: 143-185.
  • Edison, H.J. ve Pauls, B.D. (1991) “Re-assessment of The Relationship Between Real Exchange Rates and Interest Rates: 1974-1990” International Finance Discussion Papers No:408.
  • Eichenbaum, M. ve Evans, C.L. (1995) “Some Empirical Evidence on The Effects of Shocks to Monetary Policy on Exchange Rates” Quarterly Journal of Economics, 110(4):975-986.
  • Elliot, G., Rothenberg, T.J. ve Stock, J.H. (1996) “Efficient Tests for an Autoregressive Unit Root” Econometrica, 64(4):813-836.
  • Faruqee, H. (1995) “Long-run Determinants of The Real Exchange Rate: A Stock-flow Perspective” International Money Fund Staff Papers, 42(1):80-107.
  • Feldstein, M. (1986) “The Budget Deficit and the Dollar” NBER Macroeconomics Annual, 1:355-409.
  • Feldstein, M. (1989) “The Case Against Trying to Stabilize The Dollar” American Economic Review Papers and Proceedings 79:36-40.
  • Fleming, J.M. (1962) “Domestic Financial Policies Under Fixed and Floating Exchange Rates” IMF Staff Papers, 9(3):369-377.
  • Frenkel, J. (1979) “On The Mark: A Theory of Floating Exchange Rates Based on Real Interest Differentials” American Economic Review, 69:610-622.
  • Furman, J. ve Stiglitz, J.E. (1998) “Economic Crises: Evidence and Insights from East Asia” Brookings Papers on Economic Activity, 2:1-13.
  • Geweke, J. (1982) “Measurement of Linear Dependence and Feedback Between Multiple Time Series” Journal of the American Statistical Association, 77:304-313.
  • Glick, R., Hutchison, M. ve Moreno, R. (1995) “Is Pegging The Exchange Rate a Cure for Inflation? East Asian Experiences” Pacific Basin Working Paper Series, No:PB95-08.
  • Goderis, B. ve Ioannidou, V. P. (2008) “Do High Interest Rates Defend Currencies During Speculative Attacks? New Evidence” Journal of International Economics, 74: 158-169.
  • Goldman Sachs (2009) “Global Economics” Goldman Sachs Global Economics, Commodities and Strategy Research, 192:1-28
  • Goldfajn, I. ve Baig, T. (1998) “Monetary Policy in The Aftermath of Currency Crises: The Case of Asia” International Monetary Fund Working Paper Series No:WP/98/170.
  • Goldfajn, I. ve Gupta, P. (1999) “Does Monetary Policy Stabilize The Exchange Rate Following a Currency Crisis?” IMF Working Paper Series, No:WP/99/42.
  • Gould, D.M. ve Kamin, S.B. (2001) “The Impact of Monetary Policy on Exchange Rates During Financial Crises” Glick et al. (eds.) Financial Crises in Emerging Markets, Cambridge, Cambridge University Press.
  • Granger, C.W.J. (1969) “Investigating Causal Relation by Econometric and Cross-Sectional Method” Econometrica, 37:424-438.
  • Hacker, R. S., Huynjoo, K. ve Mansson, K. (2010) “An Investigation of The Causal Relations Between Exchange Rates Interest Rate Differentials Using Wavelets” CESIS Electronic Working Paper Series, No:215.
  • Hafner, C.M. ve Herwartz, H. (2006) A Lagrange Multiplier Test for Causality in Variance” Economics Letters, 93:137-141.
  • Hakkio, C.S. (1986) “Does The Exchange Rate Follow a Random Walk? A Monte Carlo Study of Four Tests for a Random Walk” Journal of International Money and Finance, 5:221-229.
  • Hamrita, M.E. ve Trifi, A. (2011) “The Relationship Between Interest Rate Exchange Rate and Stock Price:A Wavelet Analysis” International Journal of Economics and Financial Issues, 1(4):220-228.
  • Hiemstra, C. ve Jones, J. (1994) “Testing for Linear and Nonlinear Granger Causality in The Stock Price- volume Relation” The Journal of Finance, 49(5): 1639- 1664.
  • Hnatkovska, V., Lahiri, A. ve Vegh, C.A. (2008) “Interest Rate and The Exchange Rate: A Non-monotonic Tale” NBER Working Paper Series, No:13925.
  • Hong, Y. (2001) “A Test for Volatility Spillover with Application to Exchange Rates” Journal of Econometrics, 103:183-224.
  • Hooper, P. ve Morton, J. (1980) “Fluctuations in The Dollar: A Model of Nominal and Real Exchange Rate Determination” Federal Reserve Board International Finance Discussion Paper, No:168.
  • Hosoya, Y. (1991) “The Decomposition and Measurement of The Interdependence Between Second- order Stationary Process” Probability Theory and Related Fields, 88: 429-444.
  • Kaminsky, G. ve Schumulkler, S. (1998) “The Relationship Between Interest Rates and Exchange Rates in Six Asian Countries” World Bank Unpublished Working Paper.
  • Kraay, A. (1998) “Do High Interest Rates Defend Currencies Against Speculative Attacks?” Policy Research Working Paper Series, No:2267.
  • Lahiri, A. ve Vegh, C.A. (2001) “On The Non- monotonic Relation Between Interest Rates and The Exchange Rate” Macroeconomics Workshop, UCLA.
  • Mark, N. C. ve Choi, D. Y. (1997) “Real Exchange Rate Prediction Over Long Horizons” Journal of Hurts Most? G-3 Exchange Rate or Interest Rate International Economics, 43: 29-60. Volatility” NBER Working Paper Series, No:8535.
  • Meese, R.A. ve Rogoff, K. (1988) “Was It Real? The Exchange Rate-interest Differential Relation Over The Modern Floating Period” Journal of Finance 43(4):923- 948.
  • Mundell, R.A. (1962) “The Appropriate Use of Monetary and Fiscal Policy Under Fixed Exchange Rates” IMF Staff Papers, 9(1):70-77.
  • Pattanoik, S. ve Mitra, A. K. (2001) “Interest Rate Defence of Exchange Rate: Tale of The Indian Rupee” Economic and Political Weekly November, 24:4418-4427.
  • Park, Y.C., Wang, Y. ve Chung, C.S. (1999) “Exchange Rate Policies in Korea: Has Exchange Rate Volatility Increased After The Crisis?” EABER Working Paper Series, No:367.
  • Phillips, P.C.B. ve Perron, P. (1988) “Testing for a Unit Root in Time Series Regressions” Biometrica, 75:335-346.
  • Pindyck, R.S. ve Rotemberg, J. (1990) “The Excess Co-movement of Commodity Prices” The Economic Journal, 100:1173-1189.
  • Reinhart, C.M. ve Reinhart, V.R. (2001) “What
  • Sargent, T.J. ve Wallace, N. (1981) “Some Unpleasant Monetarist Arithmetic” Federal Reserve Bank of Minneapolis Quarterly Review, 5:1-18.
  • Serrano, F. ve Summa, R. (2011) “Mundell-Fleming without The LM Curve: The Exogenous Interest Rate in an Open Economy” Conferencia Internacional Del Aniversario De La Revista, September 8, Mexico.
  • Woo, W.T. (1985) “The Monetary Approach to Exchange Rate Determination Under Rational Expectations” Journal of International Economics, 18:1- 16.
Toplam 65 adet kaynakça vardır.

Ayrıntılar

Diğer ID JA49EP62GF
Bölüm Araştırma Makalesi
Yazarlar

Selim Kayhan Bu kişi benim

Tayfur Bayat Bu kişi benim

Ahmet Uğur Bu kişi benim

Yayımlanma Tarihi 1 Mayıs 2013
Yayımlandığı Sayı Yıl 2013 Cilt: 13 Sayı: 2

Kaynak Göster

APA Kayhan, S., Bayat, T., & Uğur, A. (2013). Interest Rates and Exchange Rate Relationship in BRIC-T Countries. Ege Academic Review, 13(2), 227-236.
AMA Kayhan S, Bayat T, Uğur A. Interest Rates and Exchange Rate Relationship in BRIC-T Countries. eab. Mayıs 2013;13(2):227-236.
Chicago Kayhan, Selim, Tayfur Bayat, ve Ahmet Uğur. “Interest Rates and Exchange Rate Relationship in BRIC-T Countries”. Ege Academic Review 13, sy. 2 (Mayıs 2013): 227-36.
EndNote Kayhan S, Bayat T, Uğur A (01 Mayıs 2013) Interest Rates and Exchange Rate Relationship in BRIC-T Countries. Ege Academic Review 13 2 227–236.
IEEE S. Kayhan, T. Bayat, ve A. Uğur, “Interest Rates and Exchange Rate Relationship in BRIC-T Countries”, eab, c. 13, sy. 2, ss. 227–236, 2013.
ISNAD Kayhan, Selim vd. “Interest Rates and Exchange Rate Relationship in BRIC-T Countries”. Ege Academic Review 13/2 (Mayıs 2013), 227-236.
JAMA Kayhan S, Bayat T, Uğur A. Interest Rates and Exchange Rate Relationship in BRIC-T Countries. eab. 2013;13:227–236.
MLA Kayhan, Selim vd. “Interest Rates and Exchange Rate Relationship in BRIC-T Countries”. Ege Academic Review, c. 13, sy. 2, 2013, ss. 227-36.
Vancouver Kayhan S, Bayat T, Uğur A. Interest Rates and Exchange Rate Relationship in BRIC-T Countries. eab. 2013;13(2):227-36.