An Examination of the Asymmetric Effects of Financial Indicators on Exports and Imports Sustainability: An Empirical Study on Türkiye
Öz
With globalization, the interaction between financial markets and the real sector has become one of the fundamental determinants of macroeconomic stability. Fluctuations observed in financial markets play a direct role not only in monetary variables but also in the balance of foreign trade and economic growth dynamics. The process defined as financialization increases the sensitivity of foreign trade performance to financial shocks in developing economies. Key financial indicators such as exchange rate regimes, capital mobility, and the liquidity structure of the banking sector constitute a critical threshold for export competitiveness and import financing. Unlike traditional linear models, the fact that the effects of financial variables on the real sector differ according to positive and negative shocks highlights the importance of asymmetric analyses. In this context, the creation of asymmetric shocks through global trade channels by changes in financial indicators necessitates an in-depth analysis of these effects for a sustainable foreign trade structure. This study examines the asymmetric effects of selected financial indicators on export-import sustainability in Turkiye. The asymmetric effects of financial indicators such as banking sector profitability, real effective exchange rate, weighted average funding cost, and the Borsa Istanbul-100 index on export-import sustainability were analyzed using the Hatemi-J asymmetric causality method for the period 2010:1–2023:12. The study identified asymmetric causal relationships from exchange rate, banking sector profitability, money supply, and consumer price index to imports and exports. In this context, it is emphasized that the correct selection of monetary and exchange rate policies is crucial to mitigate the negative consequences of asymmetric effects. Based on these findings, it is assessed that the Central Bank of the Republic of Turkiye should expand its macroprudential policies that take asymmetry into account to establish financial stability and protect the sustainability of foreign trade.
Anahtar Kelimeler
Exports, Imports, Financial Indicators, Hatemi-J Asymmetric Causality Test, Türkiye
Kaynakça
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