EU27- Turkey Commodity Trade And The J- Curve: New Evidence From Asymmetry Analysis (The Case of Plastics Industry)
Yıl 2024,
Sayı: 122, 1 - 23, 01.10.2024
Eyüp Tekin
,
Mortaza Ojaghlou
Öz
The J-curve is one of the key theories to determine foreign trade policy of a country. The J-curve phenomenon is based on the logic of concept that devaluation of national currencies makes exports cheaper for foreign and imports expansive for home country. Thus, export increase and import decrease that it make trade balance improve. The effects are not immediate, but are passed on with a lag through exchange rate effects. In our article, we aim to fill a gap in the literature by evaluating the plastics trade between the EU27 and Turkey within the framework of the j-curve concept.
Kaynakça
- Acaravcı, A. ve Öztürk, İ. (2002). Döviz Kurundaki Değişkenliğin Türkiye İhracatı Üzerine Etkisi: Ampirik Bir Çalışma, Review of Social, Economic & Business Studies, 2, 197-206.
- Akbostancı, E. (2002). Dynamics of the Trade Balance: The Turkish J Curve , ERC Working Papers in Economics, 1(5), 1-19.
- Arndt, H. ve Dorrance, G. (1987). The J-curve. The Australian Economic Review, (11), 9–19.
- Arora, S., Bahmani-Oskooee, M. ve Goswami, G. (2003). Bilateral J-Curve between India and Her Trading Partners. Applied Economics, 35(9), 1037–1041. doi:10.1080/ 0003684032000102172.
- Backus, D. K, Kehoe, P. J. ve Kydland, F. E. (1994). Dynamics of the Trade Balance and the Terms of Trade: The J-Curve? American Economic Review, 84(1), 84–103.
- Bahmani-Oskooee, M. (1991). Is there a long-run relation between the trade balance and the real effective exchange rate of LDCs? Economics Letters, 36(4), 403–407. https://doi.org/10.1016/0165- 1765(91)90206-Z.
- Bahmani-Oskooee, M. (1985). Devaluation and the J-curve: Some evidence from LDCs. The Review of Economics and Statistics(67), 500–504.
- Bahmani-Oskooee, M. (1989). Devaluation and the J-Curve: Some Evidence for LDCs: Errata. The Review of Economics and Statistics, 71(3), 553–554. doi:10.2307/1926918.
- Bahmani-Oskooee, M. ve Ratha, A. (2004). The J-Curve: A Literature Review. Applied Economics, 36(13), 1377–1398. doi:10.1080/0003684042000201794
- Bahmani-Oskooee, M. ve Ratha, A. (2010). S-Curve Dynamics of Trade between U.S. and China. China Economic Review, 21(2), 212–223. doi:doi:10.1016/j.chieco.2009.06.006
- Bahmani-Oskooee, M. ve Brooks, T. J. (1999). Bilateral J-Curve between U.S. and her trading partners. Weltwirtschaftliches Archive. 135(1), 156–165. https://doi.org/10.1007/BF02708163.
- Bahmani-Oskooee, M. ve Durmaz, N. (2020). Asymmetric cointegration and the J-curve: Evidence from commodity trade between Turkey and EU. Empirica. 47(4), 757–792.
- Bahmani-Oskooee, M. ve Gour, G. (2003). A Disaggregated Approach to Test the J-Curve Phenomenon: Japan versus Her Major Trading Partners. Journal of Economics and Finance, 27(1), 102–113. doi:10.1007/BF02751593.
- Bahmani-Oskooee, M. ve Karamelikli, H. (2021). The Turkey-US commodity trade and the asymmetric J-curve. Economic Change and Restructuring. 54(4), 943–973.
- Bahmani-Oskooee, M. ve Malixi, M. (1992). More Evidence on the J Curve from LDCs. Journal of Policy Modeling, 14(5), 641–653. doi:10.1016/0161-8938(92)90034-A
- Bahmani-Oskooee, M. ve Kantipong, T. (2001). Bilateral J-Curve between Thailand and Her Trading Partners. Journal of Economic Development, 26(2), 107–117.
- Bayraktutan, Y. (2003). Bilgi ve Uluslararası Ticaret Teorileri. C.Ü. İktisadi ve İdari Bilimler Dergisi, 4(2), 175-186.
- Brissimis, S. ve Leventakis, J. A. (1989). The Effectiveness of Devaluation: A General Equilibrium Assessment with Reference to Greece. Journal of Policy Modeling, 11(2), 247–271. doi:10.1016/0161- 8938(89)90017-3
- Brown, R. L., Durbin, J. ve Evans, J. M. (1975). Techniques for Testing the Constancy of Regression Relationships over Time. Journal of the Royal Statistical Society. Series B (Methodological). 37(2), 149–192.
- Connolly, M. ve Taylor, D. (1972). Devaluation in Less Developed Countries. Washington, DC, (December) 14-15: Prepared for a Conference on Evaluation Sponsored by the Board of Governors, Federal Reserve System.
- Cooper, R. (1971). Currency Devaluation in Developing Countries, Essays in International Finance. No. 86, 86. Princeton: NJ: Princeton University, International Finance Section.
- Demirden, T. ve Pastine, I. (1995). Flexible Exchange Rates and the J-Curve: An Alternative Approach. Economics Letters, 48(3), 373–377. doi:10.1016/0165-1765(94)00634-E
- Doğanlar, M. (2002). Estimating The Impact of Exchange Rate Volatility on Exports: Evidence from Asian Countries, Applied Economics Letters, 9(13), 859-863.
- DPT, D. P. (2001). Sekizinci Beş Yıllık Kalkınma Planı Plastik Ürünleri Sanayi Özel İhtisas Komisyonu Raporu. Ankara.
- Dura, C. ve Atik, H. (2003). Avrupa Birliği Gümrük Birliği ve Türkiye (2. bs.). Ankara: Nobel Yayın Dağıtım.
- Durmaz, N. (2015). Industry level J-curve in Turkey. Journal of Economic Studies, 42(4), 689-706. https://doi.org/10.1108/JES-08-2013-0122.
- Enders, W. (2010). Applied Econometric Time Series, 4th Edition | Wiley. Wiley.Com. 2 Eylül 2022 tarihinde https://www.wiley.com/en-gb/Applied+Econometric+Time+Series%2C+4th+Edition-p- 9781118808566 adresinden alındı.
- European-Union (2022). European-union.europa.eu, 5 Mayıs 2022 tarihinde https://european- union.europa.eu/principles-countries-history/key-facts-and-figures/economy_en adresinden alındı.
- Gerni, C. (2018). Türkiye Ekonomisinde İhracat ile İthalat ve Döviz Kuru Arasındaki İlişkiler, C.Ü. İktisadi ve İdari Bilimler Dergisi, 19(1), 78-91.
- Halıcıoğlu, F. (2007). The J‐curve dynamics of Turkish bilateral trade: A cointegration approach. Journal of Economic Studies, 34(2), 103-119. https://doi.org/10.1108/01443580710745362.
- Halıcıoğlu, F. (2008). The bilateral J-curve: Turkey versus her 13 trading partners. Journal of Asian Economics, 19(3). 236-243. https://doi.org/10.1016/j.asieco.2008.02.006.
- Himarios, D. (1985). The Effects of Devaluation on the Trade Balance: A Critical View and Re Examination of Mile’s ‘New Results. Journal of International Money and Finance, 4(4), 553–563. doi:10.1016/0261-5606(85)90029-4.
- Iqbal, J., Nosheen, M., Panezai, G. ve Salahuddin. (2021). Asymmetric Cointegration, Non-linear ARDL, and the J-curve: A Bilateral Analysis of Pakistan and Its Trading Partners. International Journal of Finance & Economics, 26(2), 2263–2278. doi:10.1002/ijfe.1905
- ITC. (2022). Trade statistics for international business development, 2 Nisan 2022 tarihinde https://www.trademap.org/Country_SelProduct.aspx?nvpm=1%7c%7c42%7c%7c%7c39%7c%7c%7c 2%7c1%7c1%7c1%7c1%7c%7c2%7c1%7c1%7c1 adresinden alındı.
- Karamelikli, H. (2016). Linear and Nonlinear Dynamics of the Turkish Trade Balance | Karamelikli | International Journal of Economics and Finance | CCSE. (n.d.). 3 Eylül 2022 tarihinde https://ccsenet.org/journal/index.php/ijef/article/view/55661 adresinden alındı.
- Köse, N., Ay, A. veTopallı, N. (2008). “Döviz Kuru Oynaklığının İhracata Etkisi: Türkiye Örneği (1995- 2008)”, Gazi Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 10(2), 25- 45.
- Krueger, A. (1983). Exchange rate determination. Cambridge University Press.
- Magee, S. (1973). Currency contracts, pass through, and devaluation. Brookings Papers of Economic Activity. Brookings Papers of Economic Activity(1), 303-325.
- Mahdavi, S. ve Sohrabian, A. (1993). The Exchange Value of the Dollar and the U.S. Trade Balance: An Empirical Investigation Based on Cointegration and Granger Causality Tests. The Quarterly Review of Economics and Finance, 33(4), 343–358. doi:10.1016/0261-5606(89)90007-7
- Mayoral, L. (2022), Trends and Units Roots, 13. Eylül 2022 tarihinde https://www.uabufae.eu/ sitesi: http://pareto.uab.es/lgambetti/UnitRoot2014GSE.pdf adresinden alındı.
- Meade, E. (1988). Exchange Rates, Adjustment, and the J-Curve. Frderal Reserve Bulletin, oct:, 633– 644.
- Moffett, M. H. (1989). “The J-Curve Revisited: An Empirical Examination for the United States. Journal of International Money and Finance, 8(3), 425–444. doi:10.1016/0261-5606(89)90007-7
- Ojaghlou, M. (2021). J-Curve and Impact of Exchange Rate on Bilateral Trade between Turkey and its Two Trading Partners; Germany and the United States. Turkish Online Journal of Qualitative Inquiry. 12(8), 3781–3789.
- Ojaghlou, M. ve Uğurlu, E. (2022). Is there a J-curve under COVID-19 effects. China Economic Journal. 1–19. https://doi.org/10.1080/17538963.2022.2079194.
- PAGEV. (2022). Türk Plastik Sanayicileri Araştırma, Geliştirme ve Eğitim Vakfı (PAGEV). 6 Şubat 2022 tarihinde www.pagev.org.tr adresinden alınmıştır.
- Pesaran, M. H., Shin, Y.ve Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289–326. https://doi.org/10.1002/jae.616.
- Salant, M. (1976). Devaluations Improve the Balance of Payments Even if Not the Trade Balance, Effects of Exchange Rate. Washington: Treasury Department, OASIA Res.Adjustments.
- Saygılı, H. (2010). “Sectoral Exports Dynamics of Turkey: A Panel Cointegration Analysis”, Emprical Economics, 38(2), 373-384.
- Shin, Y., Yu, B. ve Greenwood-Nimmo, M. (2014). Modelling Asymmetric Cointegration and Dynamic Multipliers in a Nonlinear ARDL Framework. In R. C. Sickles & W. C. Horrace (Eds.), Festschrift in Honor of Peter Schmidt: Econometric Methods and Applications.
- Shirvani, H. ve Wilbratte, B. (1997). The Relationship between the Real Exchange Rate and the Trade Balance: An Empirical Reassessment. International Economic JournalInternational Economic Journal, 11(1), 39–50. doi:10.1080/10168739700000003
- Terzi, H. ve Zengin, A. (1999). Kur Politikasının Dış Ticaret Dengesini Sağlamadaki Etkinliği: Türkiye Uygulaması, Ekonomik Yaklaşım, 10(33), s. 48-63.
- TUİK (2022). Türkiye İstatistik Kurumu. 6 Şubat 2023 tarihinde https://iz.tuik.gov.tr/ adresinden alınmıştır.
- Wassink, D. ve Carbaugh, R. (1989). Dollar-Yen Exchange Rate Effects on Trade. Rivista Int. Sci Econ. Com, 36(12), 1075–1088.
- Wilson, P. (2001). Exchange Rates and the Trade Balance for Dynamic Asian Economies—Does the J- Curve Exist for Singapore, Malaysia, and Korea? Open Economies Review, 12(4), 389-413. doi:10.1023/A:1017982901034.
- Yunus Emre, B. (2019). Avrupa Birliği Enerji Arz Güvenliği Politikası. İstanbul: Kriter Yayınevi.
- Zhang, Z. (1996). The Exchange Value of the Renminbi and China’s Balance of Trade: An Emp Irical Study. USA: National Bureau of Economic Research, 5771.
AB27- Türkiye Emtia Ticareti ve J- Eğrisi: Asimetrik Analizinden Yeni Kanıtlar (Plastik Sektörü Örneği)
Yıl 2024,
Sayı: 122, 1 - 23, 01.10.2024
Eyüp Tekin
,
Mortaza Ojaghlou
Öz
Bir ülkenin dış ticaret politikasını belirleyici en önemli teoremlerden biri J- Eğrisidir. Parası değer kaybeden ülkede mallar ucuzlayacağından ihracatı artar ve ithalatı pahalı hale gelir. Kısa dönemde ticaret dengesi bozulur ve olumsuz bir hal alır. Bununla birlikte ihracatın artmasıyla uzun vadede dış ticarette bir denge oluşur. J-Eğrisi kavramı burada meydana gelir. Kısa vadedeki para değerinin düşüşünden kaynaklanan bu negatif etki J-Eğrisi olarak isimlendirilmiştir. Bu makalemizde AB27- TÜRKİYE arasındaki plastik ticaretini j-eğrisi kavramı çerçevesinde değerlendirerek literatürde bu alanda bir eksiği doldurmasını amaçlamaktayız.
Kaynakça
- Acaravcı, A. ve Öztürk, İ. (2002). Döviz Kurundaki Değişkenliğin Türkiye İhracatı Üzerine Etkisi: Ampirik Bir Çalışma, Review of Social, Economic & Business Studies, 2, 197-206.
- Akbostancı, E. (2002). Dynamics of the Trade Balance: The Turkish J Curve , ERC Working Papers in Economics, 1(5), 1-19.
- Arndt, H. ve Dorrance, G. (1987). The J-curve. The Australian Economic Review, (11), 9–19.
- Arora, S., Bahmani-Oskooee, M. ve Goswami, G. (2003). Bilateral J-Curve between India and Her Trading Partners. Applied Economics, 35(9), 1037–1041. doi:10.1080/ 0003684032000102172.
- Backus, D. K, Kehoe, P. J. ve Kydland, F. E. (1994). Dynamics of the Trade Balance and the Terms of Trade: The J-Curve? American Economic Review, 84(1), 84–103.
- Bahmani-Oskooee, M. (1991). Is there a long-run relation between the trade balance and the real effective exchange rate of LDCs? Economics Letters, 36(4), 403–407. https://doi.org/10.1016/0165- 1765(91)90206-Z.
- Bahmani-Oskooee, M. (1985). Devaluation and the J-curve: Some evidence from LDCs. The Review of Economics and Statistics(67), 500–504.
- Bahmani-Oskooee, M. (1989). Devaluation and the J-Curve: Some Evidence for LDCs: Errata. The Review of Economics and Statistics, 71(3), 553–554. doi:10.2307/1926918.
- Bahmani-Oskooee, M. ve Ratha, A. (2004). The J-Curve: A Literature Review. Applied Economics, 36(13), 1377–1398. doi:10.1080/0003684042000201794
- Bahmani-Oskooee, M. ve Ratha, A. (2010). S-Curve Dynamics of Trade between U.S. and China. China Economic Review, 21(2), 212–223. doi:doi:10.1016/j.chieco.2009.06.006
- Bahmani-Oskooee, M. ve Brooks, T. J. (1999). Bilateral J-Curve between U.S. and her trading partners. Weltwirtschaftliches Archive. 135(1), 156–165. https://doi.org/10.1007/BF02708163.
- Bahmani-Oskooee, M. ve Durmaz, N. (2020). Asymmetric cointegration and the J-curve: Evidence from commodity trade between Turkey and EU. Empirica. 47(4), 757–792.
- Bahmani-Oskooee, M. ve Gour, G. (2003). A Disaggregated Approach to Test the J-Curve Phenomenon: Japan versus Her Major Trading Partners. Journal of Economics and Finance, 27(1), 102–113. doi:10.1007/BF02751593.
- Bahmani-Oskooee, M. ve Karamelikli, H. (2021). The Turkey-US commodity trade and the asymmetric J-curve. Economic Change and Restructuring. 54(4), 943–973.
- Bahmani-Oskooee, M. ve Malixi, M. (1992). More Evidence on the J Curve from LDCs. Journal of Policy Modeling, 14(5), 641–653. doi:10.1016/0161-8938(92)90034-A
- Bahmani-Oskooee, M. ve Kantipong, T. (2001). Bilateral J-Curve between Thailand and Her Trading Partners. Journal of Economic Development, 26(2), 107–117.
- Bayraktutan, Y. (2003). Bilgi ve Uluslararası Ticaret Teorileri. C.Ü. İktisadi ve İdari Bilimler Dergisi, 4(2), 175-186.
- Brissimis, S. ve Leventakis, J. A. (1989). The Effectiveness of Devaluation: A General Equilibrium Assessment with Reference to Greece. Journal of Policy Modeling, 11(2), 247–271. doi:10.1016/0161- 8938(89)90017-3
- Brown, R. L., Durbin, J. ve Evans, J. M. (1975). Techniques for Testing the Constancy of Regression Relationships over Time. Journal of the Royal Statistical Society. Series B (Methodological). 37(2), 149–192.
- Connolly, M. ve Taylor, D. (1972). Devaluation in Less Developed Countries. Washington, DC, (December) 14-15: Prepared for a Conference on Evaluation Sponsored by the Board of Governors, Federal Reserve System.
- Cooper, R. (1971). Currency Devaluation in Developing Countries, Essays in International Finance. No. 86, 86. Princeton: NJ: Princeton University, International Finance Section.
- Demirden, T. ve Pastine, I. (1995). Flexible Exchange Rates and the J-Curve: An Alternative Approach. Economics Letters, 48(3), 373–377. doi:10.1016/0165-1765(94)00634-E
- Doğanlar, M. (2002). Estimating The Impact of Exchange Rate Volatility on Exports: Evidence from Asian Countries, Applied Economics Letters, 9(13), 859-863.
- DPT, D. P. (2001). Sekizinci Beş Yıllık Kalkınma Planı Plastik Ürünleri Sanayi Özel İhtisas Komisyonu Raporu. Ankara.
- Dura, C. ve Atik, H. (2003). Avrupa Birliği Gümrük Birliği ve Türkiye (2. bs.). Ankara: Nobel Yayın Dağıtım.
- Durmaz, N. (2015). Industry level J-curve in Turkey. Journal of Economic Studies, 42(4), 689-706. https://doi.org/10.1108/JES-08-2013-0122.
- Enders, W. (2010). Applied Econometric Time Series, 4th Edition | Wiley. Wiley.Com. 2 Eylül 2022 tarihinde https://www.wiley.com/en-gb/Applied+Econometric+Time+Series%2C+4th+Edition-p- 9781118808566 adresinden alındı.
- European-Union (2022). European-union.europa.eu, 5 Mayıs 2022 tarihinde https://european- union.europa.eu/principles-countries-history/key-facts-and-figures/economy_en adresinden alındı.
- Gerni, C. (2018). Türkiye Ekonomisinde İhracat ile İthalat ve Döviz Kuru Arasındaki İlişkiler, C.Ü. İktisadi ve İdari Bilimler Dergisi, 19(1), 78-91.
- Halıcıoğlu, F. (2007). The J‐curve dynamics of Turkish bilateral trade: A cointegration approach. Journal of Economic Studies, 34(2), 103-119. https://doi.org/10.1108/01443580710745362.
- Halıcıoğlu, F. (2008). The bilateral J-curve: Turkey versus her 13 trading partners. Journal of Asian Economics, 19(3). 236-243. https://doi.org/10.1016/j.asieco.2008.02.006.
- Himarios, D. (1985). The Effects of Devaluation on the Trade Balance: A Critical View and Re Examination of Mile’s ‘New Results. Journal of International Money and Finance, 4(4), 553–563. doi:10.1016/0261-5606(85)90029-4.
- Iqbal, J., Nosheen, M., Panezai, G. ve Salahuddin. (2021). Asymmetric Cointegration, Non-linear ARDL, and the J-curve: A Bilateral Analysis of Pakistan and Its Trading Partners. International Journal of Finance & Economics, 26(2), 2263–2278. doi:10.1002/ijfe.1905
- ITC. (2022). Trade statistics for international business development, 2 Nisan 2022 tarihinde https://www.trademap.org/Country_SelProduct.aspx?nvpm=1%7c%7c42%7c%7c%7c39%7c%7c%7c 2%7c1%7c1%7c1%7c1%7c%7c2%7c1%7c1%7c1 adresinden alındı.
- Karamelikli, H. (2016). Linear and Nonlinear Dynamics of the Turkish Trade Balance | Karamelikli | International Journal of Economics and Finance | CCSE. (n.d.). 3 Eylül 2022 tarihinde https://ccsenet.org/journal/index.php/ijef/article/view/55661 adresinden alındı.
- Köse, N., Ay, A. veTopallı, N. (2008). “Döviz Kuru Oynaklığının İhracata Etkisi: Türkiye Örneği (1995- 2008)”, Gazi Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 10(2), 25- 45.
- Krueger, A. (1983). Exchange rate determination. Cambridge University Press.
- Magee, S. (1973). Currency contracts, pass through, and devaluation. Brookings Papers of Economic Activity. Brookings Papers of Economic Activity(1), 303-325.
- Mahdavi, S. ve Sohrabian, A. (1993). The Exchange Value of the Dollar and the U.S. Trade Balance: An Empirical Investigation Based on Cointegration and Granger Causality Tests. The Quarterly Review of Economics and Finance, 33(4), 343–358. doi:10.1016/0261-5606(89)90007-7
- Mayoral, L. (2022), Trends and Units Roots, 13. Eylül 2022 tarihinde https://www.uabufae.eu/ sitesi: http://pareto.uab.es/lgambetti/UnitRoot2014GSE.pdf adresinden alındı.
- Meade, E. (1988). Exchange Rates, Adjustment, and the J-Curve. Frderal Reserve Bulletin, oct:, 633– 644.
- Moffett, M. H. (1989). “The J-Curve Revisited: An Empirical Examination for the United States. Journal of International Money and Finance, 8(3), 425–444. doi:10.1016/0261-5606(89)90007-7
- Ojaghlou, M. (2021). J-Curve and Impact of Exchange Rate on Bilateral Trade between Turkey and its Two Trading Partners; Germany and the United States. Turkish Online Journal of Qualitative Inquiry. 12(8), 3781–3789.
- Ojaghlou, M. ve Uğurlu, E. (2022). Is there a J-curve under COVID-19 effects. China Economic Journal. 1–19. https://doi.org/10.1080/17538963.2022.2079194.
- PAGEV. (2022). Türk Plastik Sanayicileri Araştırma, Geliştirme ve Eğitim Vakfı (PAGEV). 6 Şubat 2022 tarihinde www.pagev.org.tr adresinden alınmıştır.
- Pesaran, M. H., Shin, Y.ve Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289–326. https://doi.org/10.1002/jae.616.
- Salant, M. (1976). Devaluations Improve the Balance of Payments Even if Not the Trade Balance, Effects of Exchange Rate. Washington: Treasury Department, OASIA Res.Adjustments.
- Saygılı, H. (2010). “Sectoral Exports Dynamics of Turkey: A Panel Cointegration Analysis”, Emprical Economics, 38(2), 373-384.
- Shin, Y., Yu, B. ve Greenwood-Nimmo, M. (2014). Modelling Asymmetric Cointegration and Dynamic Multipliers in a Nonlinear ARDL Framework. In R. C. Sickles & W. C. Horrace (Eds.), Festschrift in Honor of Peter Schmidt: Econometric Methods and Applications.
- Shirvani, H. ve Wilbratte, B. (1997). The Relationship between the Real Exchange Rate and the Trade Balance: An Empirical Reassessment. International Economic JournalInternational Economic Journal, 11(1), 39–50. doi:10.1080/10168739700000003
- Terzi, H. ve Zengin, A. (1999). Kur Politikasının Dış Ticaret Dengesini Sağlamadaki Etkinliği: Türkiye Uygulaması, Ekonomik Yaklaşım, 10(33), s. 48-63.
- TUİK (2022). Türkiye İstatistik Kurumu. 6 Şubat 2023 tarihinde https://iz.tuik.gov.tr/ adresinden alınmıştır.
- Wassink, D. ve Carbaugh, R. (1989). Dollar-Yen Exchange Rate Effects on Trade. Rivista Int. Sci Econ. Com, 36(12), 1075–1088.
- Wilson, P. (2001). Exchange Rates and the Trade Balance for Dynamic Asian Economies—Does the J- Curve Exist for Singapore, Malaysia, and Korea? Open Economies Review, 12(4), 389-413. doi:10.1023/A:1017982901034.
- Yunus Emre, B. (2019). Avrupa Birliği Enerji Arz Güvenliği Politikası. İstanbul: Kriter Yayınevi.
- Zhang, Z. (1996). The Exchange Value of the Renminbi and China’s Balance of Trade: An Emp Irical Study. USA: National Bureau of Economic Research, 5771.