FIXED VS. FLOATING: UNDER WHICH EXCHANGE RATE REGIMES PPP HOLDS-AN EMPIRICAL STUDY ON TURKISH ECONOMY

Öz

Exchange rates are among the important indicators that affect the economic activities. It is well known that sharp changes occurring in the exchange rates affect severely the course of economic activities.  In Turkey throughout 1990s, exchange rate policy is especially used as a tool to balance the Turkish economy. After severe costs of fixed exchange rate system, Turkey has adopted floating system in 2001. This study provides new empirical evidence regarding the impact of alternative exchange rate regimes on Turkish economy. The methodology that is used is EG cointegration and Johansen VAR techniques. The evidence points out PPP held under the floating exchange rate regime.

Anahtar Kelimeler

• Exchange Rate Regime, Purchasing Power Parity, Unit Root, Cointegration

FIXED VS. FLOATING: UNDER WHICH EXCHANGE RATE REGIMES PPP HOLDS-AN EMPIRICAL STUDY ON TURKISH ECONOMY

Öz

Ekonomik faaliyetleri etkileyen en önemli faktörlerden birisi döviz kuru seviyesidir. Çalkantılı dönemlerde gözlemlenen hızlı kur değişimleri ekonomik faaliyet ve sonuçları etkilemektedir. Türkiye’de 1990’lı yıllarda döviz kuru politikaları ile ekonomik sonuçlar dengelenmeye çalışılmıştır. Sabit kur rejiminin yarattığı sarsıcı etkileri sonucu dalgalı kur rejimine geçilmiştir. Bu çalışmada farklı kur rejimlerin Türkiye ekonomisi üzerindeki etkileri ko-entegrasyon ve VAR yöntemleri ile irdelenmiştir. Sonuç olarak satın alma gücü paritesinin (PPP) dalgalı kur rejiminde geçerli olduğu görülmüştür

Anahtar Kelimeler

• Döviz Kuru Rejimi, Satın alma Gücü Paritesi, Koentegrasyon

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