Do Exchange Rates Affect Inflation? Evidence from Emerging Market Economies

Baki DEMİREL, (Gaziosmanpaşa Üniversitesi, İktisadi ve İdari Bilimler Fakültesi, Ekonomi Bölümü, Tokat, Türkiye)
Barış ALPASLAN, (University of Manchester, School of Social Sciences, Department of Economics,)
Emre Güneşer BOZDAĞ (Gazi Üniversitesi, İktisadi ve İdari Bilimler Fakültesi, Ekonometri Bölümü, Ankara, Türkiye)
Ege Akademik Bakış
0 1
Yıl: 2014 Cilt: 14 Sayı: 1 Sayfa Aralığı: 1 - 8 Metin Dili: Türkçe İndeks Tarihi: 29-07-2022

Do Exchange Rates Affect Inflation? Evidence from Emerging Market Economies

Öz:
Türkiyede 1980 sonrasında görülen kronik enflasyon ülke parasına olan güvenin azalmasına yol açarak borç alacak ilişkilerinin döviz üzerinden gerçekleşmesine neden olmuştur. Bu çalışmanın amacı güçlü ekonomiye geçiş programı çer- çevesinde uygulanan enflasyon hedeflemesi politikası sonucunda geçiş etkisinin, enflasyon üzerinde ne derece belirgin olduğunu saptamaya çalışmaktır. Benzer bir etki, geçmişte dolarizasyon baskısında olan ve daha sonra esnek kur sistemine geçen diğer gelişen piyasa ekonomileri için de incelenecektir. Bu sayede esnek kur sistemi altında uygulanan istikrar politikalarının ve özellikle enflasyon hedeflemesi politikasının dolarizasyon olgusunu azaltıp azaltmadığı anlamaya çalışılacaktır. Sözkonusu çalışma 1995-2001 ve 2002- 2010 olmak üzere iki ayrı dönemi kapsamaktadır.
Anahtar Kelime:

Konular: İşletme İktisat

Döviz Kurları Enflasyonu Etkiler Mi? Gelişmekte Olan Piyasa Ekonomilerinden Ispat

Öz:
After the 1980s, chronic inflation in Turkey has shaken confidence in the domestic currency, and thus operating debit-credit transactions through dollars. The aim of this paper is to analyse the impact of exchange rate pass-through into inflation in both Turkey and emerging market economies that were highly dollarized and shifted to a flexible exchange rate regime, together with inflation targeting policy in an attempt to switch to the advanced economy. This paper also studies whether stabilization programs under flexible exchange rate regimes and particularly inflation targeting policy may have eliminated dollarization in the periods 1995-2001 and 2002- 2010.
Anahtar Kelime:

Konular: İşletme İktisat
Belge Türü: Makale Makale Türü: Araştırma Makalesi Erişim Türü: Erişime Açık
  • Asia Economic Monitor. (2011) “Managing Commodity Price Volatility and Inflation in Emerging East Asia” Emerging East Asia-A Regional Economic Update, July 2011.
  • Baqueiro, A., De León, A.D. ve Torres, A. (2002) “Fear of Floating or Fear of Inflation? The Role of the Exchange Rate Pass-Through” BIS Papers, No:19.
  • Calvo, G.A., Izquierdo, L. ve Mejía, F. (2008) “Systemic Sudden Stops: The Relevance of Balance-Sheet Effects and Financial Integration” IMF Working Paper Series No:14026.
  • Calvo, G. Ve Reinhart, C. (2002) “Fear of Floating” Quarterly Journal of Economics, 117(2):379-408.
  • Campa, J. ve Goldberg, L. (2006) “Pass Through of Exchange Rates to Consumption Prices: What has Changed and Why?” NBER Working Paper Series, No:12547.
  • Choudhri, E.U. ve Hakura, D.S (2001) “Exchange Rate Pass-Through to Domestic Prices: Does the Inflationary Environment Matter?” IMF Working Paper Series, No:01/194.
  • De Gregorio, J. (2012) “Commodity Prices, Monetary Policy and Inflation” Prepared for the Conference on Policy Responses to Commodity Price Movements, Organized by the IMF and the Central Bank of Turkey, April.
  • Devereux, M.B., Lane, P.R. ve Xu, J. (2006) “Exchange Rates and Monetary Policy in Emerging Market Economies” The Economic Journal, 116:1-42.
  • Sebastian, E. (2001) “Exchange Rate Regimes, Capital Flows and Crisis Prevention” NBER Working Papers Series, No:8529.
  • Eichengreen, B. ve Hausmann, R. (1999) “Exchange Rates and Financial Fragility” National Bureau of Economic Research Working Paper Series , No: 7418.
  • Fischer, S. (2001) “Exchange Rate Regimes: Is the Bipolar View Correct?” Journal of Economic Perspectives, 15(2):3-24.
  • Frankel, J.A., Parsley, D.C. ve Wei, SJ. (2005) “Slow Pass-Through around the World: A New Import for Developing Countries” NBER Working Paper Series, No:11199.
  • Furlong, F. ve Ingenito, R. (1996) “Commodity Prices and Inflation” Frbsf Economic Review, 2:27-47.
  • Ghosh, A.R. (2006) “Capital Account Crises: Lessons for Crisis Prevention” Crisis Prevention in Emerging Markets International Monetary Fund - Singapore Government High Level Seminar Singapore, July 10-11. Hahn, E. (2003) “Pass Through of External Shocks to Euro Area Inflation” ECB Working Paper Series, No:243.
  • Honohan, P. ve Anqing, S. (2001) “Deposit Dollarization and the Financial Sector in Emerging Economies” World Bank Working Paper Series.
  • Hunt, B. ve Isard, P. (2003) “Some Implications for Monetary Policy of Uncertain Exchange Rate PassThrough” IMF Working Paper Series, No:25.
  • Ihrig, J., Marazzi, M. ve Rothenberg, A. (2006) “Exchange Rate Pass-Through in G-7 Countries” FED of Governors, International Finance Discussion Paper, No:851.
  • Kara, H., Küçük, H., Özkale, U. ve Yücel, E. (2005) “Exchange Rate Pass-Through in Turkey: Has It Changed and to What Extent?” TCMB RD Working Paper Series No:5/4.
  • McCarthy, J. (2000) “Pass Through of Exchange Rates and Import Prices to Domestic Inflation in Some Industrialized Economies” FED of NY Staff Report, No:111.
  • Mihaljek, D. ve Klau, M. (2000) “A Note on the Pass-Through from Exchange Rate and Foreign Price Changes to Inflation in Selected Emerging Market Economies” BIS Papers, 8:69-81.
  • Mishkin, S.F. (2008) “Exchange Rate Pass-Through and Monetary Policy” Conference on Monetary Policy “Jarle Bergo Colloquium: Globalisation and Monetary Policy”, 7 March, Oslo.
  • Oduncu, A., Değerli, A. ve Kılınç, Z. (2011) “The Role of Commoditiy Price on Emerging Country Inflation Dynamica” International Research Journal Finance and Economics, 74:84-88.
  • Özçiçek, Ö. (2007) “Türkiye’de Ekonomik Krizler ve Döviz Kuru Enflasyon İlişkisi” Gazi Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 9(1):71- 80.
  • Peker, O. ve S. Görmüş. (2008) “Türkiye’de Dö- viz Kurunun Enflasyonist Etkileri” Süleyman Demirel Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 13(2):187- 202.
  • Reinhart, C.M. (2006) “Addicted to Dolars” NBER Working Paper Series.
  • Summers, H.L. (2000) “International Financial Crises: Causes, Prevention, and Cures” The American Economic Review, 90(2):1-16. Stone, M.R. ve Ashok, B. (2004) “A New Taxonomy of Monetary Regimes” IMF Working Paper Series, No:191.
  • Taylor, J. (2000) “Low Inflation Pass-Through, and the Pricing Power of Firms” European Economic Review, 44:1389-1408.
  • Türkcan, K. (2005) “Exchange Rate Pass-Through Elasticities in Final and Intermediate Goods: The Case of Turkey” Yönetim ve Ekonomi, 12(1):61-78.
  • Velasco, A. (2002) “Exchange Rates in Emerging Markets: Floating Toward the Future” Banco de México (eds), Stabilization and monetary policy: the international experience, Mexico.
APA DEMİREL B, Alpaslan B, BOZDAĞ E (2014). Do Exchange Rates Affect Inflation? Evidence from Emerging Market Economies. , 1 - 8.
Chicago DEMİREL BAKİ,Alpaslan Baris,BOZDAĞ Emre Güneşer Do Exchange Rates Affect Inflation? Evidence from Emerging Market Economies. (2014): 1 - 8.
MLA DEMİREL BAKİ,Alpaslan Baris,BOZDAĞ Emre Güneşer Do Exchange Rates Affect Inflation? Evidence from Emerging Market Economies. , 2014, ss.1 - 8.
AMA DEMİREL B,Alpaslan B,BOZDAĞ E Do Exchange Rates Affect Inflation? Evidence from Emerging Market Economies. . 2014; 1 - 8.
Vancouver DEMİREL B,Alpaslan B,BOZDAĞ E Do Exchange Rates Affect Inflation? Evidence from Emerging Market Economies. . 2014; 1 - 8.
IEEE DEMİREL B,Alpaslan B,BOZDAĞ E "Do Exchange Rates Affect Inflation? Evidence from Emerging Market Economies." , ss.1 - 8, 2014.
ISNAD DEMİREL, BAKİ vd. "Do Exchange Rates Affect Inflation? Evidence from Emerging Market Economies". (2014), 1-8.
APA DEMİREL B, Alpaslan B, BOZDAĞ E (2014). Do Exchange Rates Affect Inflation? Evidence from Emerging Market Economies. Ege Akademik Bakış, 14(1), 1 - 8.
Chicago DEMİREL BAKİ,Alpaslan Baris,BOZDAĞ Emre Güneşer Do Exchange Rates Affect Inflation? Evidence from Emerging Market Economies. Ege Akademik Bakış 14, no.1 (2014): 1 - 8.
MLA DEMİREL BAKİ,Alpaslan Baris,BOZDAĞ Emre Güneşer Do Exchange Rates Affect Inflation? Evidence from Emerging Market Economies. Ege Akademik Bakış, vol.14, no.1, 2014, ss.1 - 8.
AMA DEMİREL B,Alpaslan B,BOZDAĞ E Do Exchange Rates Affect Inflation? Evidence from Emerging Market Economies. Ege Akademik Bakış. 2014; 14(1): 1 - 8.
Vancouver DEMİREL B,Alpaslan B,BOZDAĞ E Do Exchange Rates Affect Inflation? Evidence from Emerging Market Economies. Ege Akademik Bakış. 2014; 14(1): 1 - 8.
IEEE DEMİREL B,Alpaslan B,BOZDAĞ E "Do Exchange Rates Affect Inflation? Evidence from Emerging Market Economies." Ege Akademik Bakış, 14, ss.1 - 8, 2014.
ISNAD DEMİREL, BAKİ vd. "Do Exchange Rates Affect Inflation? Evidence from Emerging Market Economies". Ege Akademik Bakış 14/1 (2014), 1-8.
Sayfa Oluşturulma Tarihi
22-04-2024 22:18

İLETİŞİM

TÜBİTAK ULAKBİM TR Dizin

Yüzüncüyıl, İşçi Blokları Mahallesi

Muhsin Yazıcıoğlu Caddesi No:51/C

06530 Çankaya / ANKARA +90 (312) 298 92 00

trdizin@tubitak.gov.tr

TÜBİTAK ULAKBİM Ulusal Akademik Ağ ve Bilgi Merkezi Cahit Arf Bilgi Merkezi © Tüm Hakları Saklıdır. Gizlilik Politikası Kullanım Şartları