DEVALÜASYONLARIN KISA VE UZUN DÖNEMLİ ETKİNLİĞİ: TÜRKİYE İÇİN AMPİRİK BİR ANALİZ
SHORT AND LONG RUN EFFICIENCY OF DEVALUATIONS: AN EMPIRICAL ANALYSIS FOR TURKEY
Author(s): Naim DENİZ, Kadir KaragözSubject(s): Economy
Published by: Celal Bayar Üniversitesi Sosyal Bilimler Enstitüsü
Keywords: Nominal/real devaluation, Turkey, ARDL, ECM.
Summary/Abstract: In this paper it is aimed to answer the question of whether nominal devaluation leads to real devaluation via examining the short and long run relationship between nominal and real exchange rate. To this end long run relationship is investigated by using ARDL co-integration test method where short run relationship is investigated by ECM. Results of the analysis reveal that in the 1995-2004 period, nominal and real exchange rates are correlated but expected positive interaction is valid only in short run in Turkey. Thus, positive impact of devaluation operation on current deficit is fugitive and in the long run this effect dies away.
Journal: Celal Bayar Üniversitesi Sosyal Bilimler Dergisi
- Issue Year: 12/2014
- Issue No: 02
- Page Range: 1-12
- Page Count: 12
- Language: Turkish