| Yazarlar (1) |
Doç. Dr. Hüseyin Levent KORAP
|
| Özet |
| In our paper, we investigate exchange rate determination mechanism of TL/US$ for the 1987Q1-2006Q4 period using quarterly observations. Following a large literature review we first highlight various approaches explaining monetary model exchange rate determination based on economic fundamentals and then construct an empirical model revealing both long-run stationary relationships and short-run dynamic adjustment processes of the nominal exchange rate for the Turkish economy. Our findings employing multivariate Johansen-Juselius type co-integrating approach indicate that nominal exchange rate is co-integrated with the fundamentals suggested by economics theory. Besides, short-run deviations from the fundamental-based equilibrium course of the nominal exchange rate have permanent effects on the long-run equilibrium exchange rate and so have been stemmed from the existence of some form of hysteresis effects dominated in the nominal exchange rate. |
| Anahtar Kelimeler |
| Makale Türü | Özgün Makale |
| Makale Alt Türü | Diğer hakemli ulusal dergilerde yayınlanan tam makale |
| Dergi Adı | Istanbul University Econometrics and Statistics e-Journal |
| Dergi ISSN | 2651-396X Wos Dergi |
| Dergi Tarandığı Indeksler | EBSCO, ASOS Sosyal Bilimler İndeksi |
| Makale Dili | Türkçe |
| Basım Tarihi | 01-2008 |
| Sayı | 7 |
| Sayfalar | 24 / 50 |
| Makale Linki | https://dergipark.org.tr/en/pub/iuekois/issue/8988/112065 |
