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A RESEARCH ON RELATIONS BETWEEN THE INTEREST RATE AND EXCHANGE RATE IN TURKEY

Year 2019, , 289 - 308, 23.04.2019

Dilara Ayla

https://doi.org/10.29029/busbed.506059
Cited By: 4

Abstract

This study has designed to investigate the
cointegration and causality relationship between short-term real interest rates
and average exchange rates for Turkish economy by the period of
2006:Q1-2017:Q4. According to the Engle-Granger cointegration test results, imply
that short term real interest rates and average exchange rate variables act
together in long term. Whether the model variables with which the cointegration
relationship is determined have any causality relationship was tested by
Granger causality analysis based on the error correction model. Causality test
result concluded that there was not any causal relations between the variables in
question in the short term, but there was a mutual causal relations in the long
run. When an evaluation is made in the context of the findings obtained from
the analysis, it can be interpreted that these two variables are a stimulating
variable for each other. As a matter of fact, the existence of the
cointegration and causality relationship between these variables, which are
among the main determinants of the economic conjuncture, are important in terms
of macroeconomic balance elements. For this reason, it can be said that
especially the economies of developing countries should take decisions to
determine the role on interest rates and exchange rate in order to increase the
capacity of resistance against economic shocks.

Keywords

Exchange Rate Cointegration Causality ECM Method Interest Rate

References

  • AGENOR, Pierre Richard, McDermott, John ve Üçer, Murat E. (1997), “Fiscal Imbalances, Capital Inflows, and The Real Exchange Rate: The Case of Turkey”, IMF Workink Paper, No: 97/1, pp. 1-20.
  • ANDRİEȘ Alin Marius, Căprarua, Bogdan, Ihnatov, Iulian ve Tiwari, Aviral Kumar (2017), “The Relationship between Exchange Rates and Interest Rates in A Small Open Emerging Economy: The Case of Romania”, Economic Modelling, 67, pp. 261-274.
  • BASURTO, Gabriela ve Ghosh, Atish R. (2000), “The Interest Rate-Exchange Rate Nexus in Currency Crises”, IMF Staff Papers, 47, pp. 99–120.
  • BAUTISTA, Carlos C. (2003), “Interest Rate–Exchange Rate Dynamics in the Philippines: A DCC Analysis”, Applied Economics Letters, 10, pp. 107-111.
  • BRANSON, William H. (1983), Macroeconomic Determinants of Real Exchange Rates, In: Herring, R.J. (Ed.), Managing Foreign Exchange Risk, Cambridge University Press, Cambridge.
  • BRANSON, William H. ve Halttunen, Hannu (1979), Asset-Market Determination of Exchange Rates: Initial Empirical and Policy Results, In: Martin, J.P., Smith, A. (Eds.), Trade and Payments Adjustment under Flexible Exchange Rates, Macmillan, London.
  • BRANSON, William H., Halttunen, Hannu ve Masson, Paul (1977), “Exchange Rates in The Short Run: The Dollar-Deutschemark Rate”, European Economic Review, 10(3), pp. 303–324.
  • CHAKRABARTI, Avik (2006), “Real Exchange Rates and Real İnterest Rates Once Again: A Multivariate Panel Cointegration Analysis”, Applied Economics, 38, pp. 1217-1221.
  • CHEN, Shiu-Sheng (2006), “Revisiting the Interest Rate–Exchange Rate Nexus: A Markov-Switching Approach”, Journal of Development Economics, 79, pp. 208-224.
  • CHO, Dongchul ve West, Kenneth D. (2001), “Interest Rates And Exchange Rates in The Korean, Philippine and Thai Exchange Rate Crıses”, The National Bureau of Economic Research Conference on Management of Currency Crises, Mart 2001.
  • DASH, Pradyumna (2004), “The Relationship between Interest Rate and Exchange Rate in India”, Sixth Annual Conference on Money and Finance in the Indian Economy, March 25-27, Mumbai.
  • DEKLE, Robert, Hsiao, Cheng ve Wang, Siyan (2002), “High Interest Rates and Exchange Rate Stabilization in Korea, Malaysia, and Thailand: An Empirical Investigation of the Traditional and Revisionist Views”, Review of International Economics, 10(1), pp. 64–78.
  • DİCKEY, David A. ve Fuller, Wayne A. (1981), “Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root”, Econometrica, 49(4), pp. 1057-1072.
  • DOĞAN, İbrahim, Afsal, Mahmut Ş., Aydın, Bayram ve Gürbüz, Süleyman (2017), “Faiz Oranları ve Döviz Kuru Dönemsel Analizi: Türkiye Örneği”, International Journal of Academic Value Studies, 3(13), ss. 199-205.
  • DORNBUScH, Rudiger (1976),”Expectations and Exchange Rate Dynamics”, Journal of Political Economy, 84(6), pp. 1161–1176.
  • ENDERS, Walter (1995), Applied Econometric Time Series, John Wiley ve Sons, New York.
  • ENGLE, Robert F. ve Granger, Clive W. J. (1987), “Co-Integration and Error Correction: Representation, Estimation and Testing”, Econometrica, 55(2), pp. 251-276.
  • FELDSTEIN, Martin (1986), The Budget Deficit and The Dollar”, The National Bureau of Economıc Research Working Paper, No:1898, pp. 1-62.
  • FISHER, Irving (1930), The theory of interest, As Determined by Impatience to Spend Income and Opportunity to Invest it, The Macmillan Company, New York.
  • FRANKEL, Jeffrey A. (1979), “On the Mark: A Theory of Floating Exchange Rates Based on Real Interest Differantials”, American Economic Review, 69(4), pp. 610-622
  • FURMAN, Jason ve Stiglitz, Joseph E. (1998), “Economic Crises: Evidence and Insights from East Asia”, Brookings Papers on Economic Activity, 2, pp. 1-135.
  • GOLDFAJN, Ilan ve Baig, Taimur (1998), “Monetary Policy in the Aftermath of Currency Crisis: TheCase of Asia”, IMF Working Paper, No. 98/170, pp. 1-31.
  • GRANGER, Clive W.J. (1988), “Some Recent Developments in a Concept of Causality”, Journal of Econometrics, Vol.39, pp. 199-211.
  • GÜL, Ekrem, Ekinci, Aykut ve Özer, Mustafa (2007), “Türkiye’de Faiz Oranları ve Döviz Kuru Arasındaki Nedensellik İlişkisi: 1984-2006”, İktisat İşletme ve Finans, ss. 21-31.
  • GÜMÜŞ, İnci (2002), “Effects of the Interest Rate Defense on Exchange Rates During the 1994 Crisis in Turkey”, The Central Bank of the Republic of Turkey Research Department Working Paper, No: 14, pp. 1-16
  • HACKER, R. Scott, Karlsson, Hyunjoo Kim ve Mansson, Kristofer (2010), “An Investigation of The Causal Relations Between Exchange Rates Interest Rate Differentials Using Wavelets”, CESIS Electronic Working Paper Series, No:215, pp. 1-20.
  • ____________ (2012), “The Relationship between Exchange Rates and Interest Rate Differentials: A Wavelet Approach”, The World Economy, pp. 1162-1168.
  • HNATKOVSKA, Viktoria, Lahiri, Amartya ve Vegh, Carlos A. (2008), “Interest Rates and The Exchange Rate: A Non-Monotonic Tale”, NBER Working Paper, No: 13925, pp. 1-41.
  • HOFFMANN, Mathias ve MacDonald, Ronald (2009), “Real Exchange Rates and Real Interest Rate Differentials: A Present Value Interpretation”, European Economic Review, 53, pp. 952-970.
  • HOLTEMOLLER, Oliver ve Mallick, Sushanta (2013), “Exchange Rate Regime, Real Misalignment and Currency Crises”, Economic Modelling, 34, pp. 5–14.
  • _________________ (2016), “ Global Food Prices and Monetary Policy in An Emerging Market Economy: The Case of India”, Journal of Economics, 46, pp. 56–70.
  • HOOPER, Peter ve Morton, John E. (1980), “Fluctuations in The Dollar: A model of Nominal and Real Exchange Rate Determination”, International Finance Discussion Papers, 168, pp. 1-27.
  • KARACA, Orhan (2005), “Türkiye'de Faiz Oranı ile Döviz Kuru Arasındaki Ilişki: Faizlerin Düşürülmesi Kurları Yükseltir mi?”, Türkiye Ekonomik Kurumu Tartışma Metni, 14, ss. 1-20.
  • KARAMUSTAFA, Osman ve Küçükkale, Yakup (2002), “Türkiye’de Kriz Döneminde Kur-Faiz-Borsa İlişkilerinin Dinamik Analizi”, Banka, Mali ve Ekonomik Yorumlar Dergisi, 11, ss. 47-56.
  • KAYHAN, Selim, Bayat, Tayfur ve Uğur, Ahmet (2013), “Interest Rates and Exchange Rate Relationship in BRIC-T Countries”, Ege Akademik Bakış, 13(2), pp. 227-236.
  • KRAAY, Aart (2000), “Do High Interest Rates Defend Currencies during Speculative Attacks?”, The World Bank, pp. 1-46.
  • KOFOĞLU, İsmail H., Küçükkale, Yakup ve Yamak, Rahmi (2018), “Faiz Oranları, Döviz Kurları ve Çekirdek Fiyat Endeksleri Arasındaki Dinamik İlişkiler: Türkiye Örneği”, Journal of Social Sciences of Mus Alparslan University, 6(6), ss. 1111-1118.
  • MALLICK, Sushanta K. ve Sousa, Ricardo M. (2012), “Real Effects of Monetary Policy in Large Emerging Economies”, Macroeconomic Dynamics, 16, pp. 190–212.
  • MINELLA, Andre, de Freitas, Paulo Springer, Goldfajn, Ilan ve Muinhos, Marcelo Kfoury (2003) “Inflation Targeting in Brazil: Constructing Credibility under Exchange Rate Volatility”, Journal of International Money and Finance, 22(7), pp. 1015–1040.
  • PARAMATI, Sudharshan Reddy ve Rakesh, Gupta (2013), “An Empirical Relationship between Exchange Rates, Interest Rates and Stock Returns”, European Journal of Economics, Finance and Administrative Sciences, 56, pp. 168-181.
  • RADELET, Steven ve Sachs, Jeffrey D. (1998), “The East Asian Financial Crisis: Diagnosis, Remedies, Prospects”, Brookings Papers on Economic Activity, 1, pp. 1-90.
  • SÁNCHEZ, Marcelo (2005), “The Link between Interest Rates and Exchange Rates Do Contractionary Deprecations Make A Diffirence?”, European Central Bank Working Paper, No:58, pp. 1-55.
  • __________________(2008), “The Link between Interest Rates and Exchange Rates: Do Contractionary Depreciations Make A Difference?”, International Economic Journal, 22, pp. 43–61.
  • SARAÇ, Taha Bahadır ve Karagöz, Kadir (2015), “Impact of Short-term Interest Rate on Exchange Rate: The Case of Turkey”, Procedia Economics and Finance, 38, pp. 195-202.
  • STIGLITZ, Joseph E. (1999), “Interest Rates, Risk, and Imperfect Markets: Puzzles and Policies”, Oxford Review of Economic Policy, 15 (2), pp. 59–76.
  • ŞENSOY, Ahmet ve Sobacı, Cihat (2014), “Effects of Volatility Shocks on The Dynamic Linkages between Exchange Rate, Interest Rate and The Stock Market: The Case of Turkey”, Economic Modelling, 43, pp. 448-457.
  • ŞENTÜRK, Mehmet ve Dücan, Engin (2014), “Turkiye’de Doviz Kuru-Faiz Oranı ve Borsa Getirisi İliskisi: Ampirik Bir Analiz”, Business and Economics Research Journal, 5(3), ss. 67-80.
  • WOO, Wing T. (1985), “The Monetary Approach to Exchange Rate Determination under Rational Expectations”, Journal of International Economics, 18 (1985), pp. 1-16.
  • YÜCEL, Emel ve Özmen, Mehmet (2010), “Faiz Oranı, Döviz Kuru ve Borsa Endeksi Nedensellik İlişkisi: 1989-2009 Türkiye Uygulaması”, Muhasebe Bilim Dünyası Dergisi, 12(3), ss. 213-244.

TÜRKİYE’DE FAİZ ORANI VE DÖVİZ KURU İLİŞKİSİ ÜZERİNE BİR ARAŞTIRMA

Year 2019, , 289 - 308, 23.04.2019

Dilara Ayla

https://doi.org/10.29029/busbed.506059
Cited By: 4

Abstract

Bu çalışma, Türkiye ekonomisinde 2006:Q1-2017:Q4
dönemi kısa vadeli reel faiz oranları ve ortalama döviz kurları arasındaki eşbütünleşme ve nedensellik ilişkilerinin
incelenmesi amacıyla tasarlanmıştır. Bu kapsamda yapılan Engle-Granger
eşbütünleşme testi sonuçlarına göre kısa dönemli reel faiz oranları ile
ortalama döviz kuru değişkenlerinin uzun dönemde birlikte hareket ettikleri
tespit edilmiştir. Aralarında eşbütünleşme ilişkisi tespit edilen model
değişkenlerinin herhangi bir nedensellik ilişkisine sahip olup olmadığı ise
hata düzeltme modeline dayalı Granger nedensellik analizi yardımıyla
sınanmıştır. Nedensellik analizi sonucunda, değişkenlerin kısa dönemde herhangi
bir nedensellik ilişkisi içerisinde olmadıkları tespit edilmekle birlikte uzun
dönemde karşılıklı nedensellik ilişkisinin olduğu sonucuna ulaşılmıştır. Analiz
sonucunda ulaşılan bulgular bağlamında bir değerlendirme yapıldığında söz
konusu her iki değişkenin de birbirleri için uyarıcı bir değişken olduğu yorumu
yapılabilecektir. Nitekim ekonomik konjonktürün temel belirleyicileri arasında
yer alan bu değişkenler arasındaki eşbütünleşme ve nedensellik ilişkisinin
varlığı makroekonomik denge unsurları açısından önem arz etmektedir. Bu sebeple
özellikle gelişmekte olan ülke ekonomilerinin ekonomik şoklar karşısındaki
direnç kapasitesinin arttırılması noktasında faiz oranları ve döviz kuru
üzerindeki rolünü belirleyebilecek nitelikte kararlar alması gerektiği
söylenebilecektir.

Keywords

Döviz Kuru Faiz Oranı Eşbütünleşme Nedensellik Hata Düzeltme Yöntemi

References

  • AGENOR, Pierre Richard, McDermott, John ve Üçer, Murat E. (1997), “Fiscal Imbalances, Capital Inflows, and The Real Exchange Rate: The Case of Turkey”, IMF Workink Paper, No: 97/1, pp. 1-20.
  • ANDRİEȘ Alin Marius, Căprarua, Bogdan, Ihnatov, Iulian ve Tiwari, Aviral Kumar (2017), “The Relationship between Exchange Rates and Interest Rates in A Small Open Emerging Economy: The Case of Romania”, Economic Modelling, 67, pp. 261-274.
  • BASURTO, Gabriela ve Ghosh, Atish R. (2000), “The Interest Rate-Exchange Rate Nexus in Currency Crises”, IMF Staff Papers, 47, pp. 99–120.
  • BAUTISTA, Carlos C. (2003), “Interest Rate–Exchange Rate Dynamics in the Philippines: A DCC Analysis”, Applied Economics Letters, 10, pp. 107-111.
  • BRANSON, William H. (1983), Macroeconomic Determinants of Real Exchange Rates, In: Herring, R.J. (Ed.), Managing Foreign Exchange Risk, Cambridge University Press, Cambridge.
  • BRANSON, William H. ve Halttunen, Hannu (1979), Asset-Market Determination of Exchange Rates: Initial Empirical and Policy Results, In: Martin, J.P., Smith, A. (Eds.), Trade and Payments Adjustment under Flexible Exchange Rates, Macmillan, London.
  • BRANSON, William H., Halttunen, Hannu ve Masson, Paul (1977), “Exchange Rates in The Short Run: The Dollar-Deutschemark Rate”, European Economic Review, 10(3), pp. 303–324.
  • CHAKRABARTI, Avik (2006), “Real Exchange Rates and Real İnterest Rates Once Again: A Multivariate Panel Cointegration Analysis”, Applied Economics, 38, pp. 1217-1221.
  • CHEN, Shiu-Sheng (2006), “Revisiting the Interest Rate–Exchange Rate Nexus: A Markov-Switching Approach”, Journal of Development Economics, 79, pp. 208-224.
  • CHO, Dongchul ve West, Kenneth D. (2001), “Interest Rates And Exchange Rates in The Korean, Philippine and Thai Exchange Rate Crıses”, The National Bureau of Economic Research Conference on Management of Currency Crises, Mart 2001.
  • DASH, Pradyumna (2004), “The Relationship between Interest Rate and Exchange Rate in India”, Sixth Annual Conference on Money and Finance in the Indian Economy, March 25-27, Mumbai.
  • DEKLE, Robert, Hsiao, Cheng ve Wang, Siyan (2002), “High Interest Rates and Exchange Rate Stabilization in Korea, Malaysia, and Thailand: An Empirical Investigation of the Traditional and Revisionist Views”, Review of International Economics, 10(1), pp. 64–78.
  • DİCKEY, David A. ve Fuller, Wayne A. (1981), “Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root”, Econometrica, 49(4), pp. 1057-1072.
  • DOĞAN, İbrahim, Afsal, Mahmut Ş., Aydın, Bayram ve Gürbüz, Süleyman (2017), “Faiz Oranları ve Döviz Kuru Dönemsel Analizi: Türkiye Örneği”, International Journal of Academic Value Studies, 3(13), ss. 199-205.
  • DORNBUScH, Rudiger (1976),”Expectations and Exchange Rate Dynamics”, Journal of Political Economy, 84(6), pp. 1161–1176.
  • ENDERS, Walter (1995), Applied Econometric Time Series, John Wiley ve Sons, New York.
  • ENGLE, Robert F. ve Granger, Clive W. J. (1987), “Co-Integration and Error Correction: Representation, Estimation and Testing”, Econometrica, 55(2), pp. 251-276.
  • FELDSTEIN, Martin (1986), The Budget Deficit and The Dollar”, The National Bureau of Economıc Research Working Paper, No:1898, pp. 1-62.
  • FISHER, Irving (1930), The theory of interest, As Determined by Impatience to Spend Income and Opportunity to Invest it, The Macmillan Company, New York.
  • FRANKEL, Jeffrey A. (1979), “On the Mark: A Theory of Floating Exchange Rates Based on Real Interest Differantials”, American Economic Review, 69(4), pp. 610-622
  • FURMAN, Jason ve Stiglitz, Joseph E. (1998), “Economic Crises: Evidence and Insights from East Asia”, Brookings Papers on Economic Activity, 2, pp. 1-135.
  • GOLDFAJN, Ilan ve Baig, Taimur (1998), “Monetary Policy in the Aftermath of Currency Crisis: TheCase of Asia”, IMF Working Paper, No. 98/170, pp. 1-31.
  • GRANGER, Clive W.J. (1988), “Some Recent Developments in a Concept of Causality”, Journal of Econometrics, Vol.39, pp. 199-211.
  • GÜL, Ekrem, Ekinci, Aykut ve Özer, Mustafa (2007), “Türkiye’de Faiz Oranları ve Döviz Kuru Arasındaki Nedensellik İlişkisi: 1984-2006”, İktisat İşletme ve Finans, ss. 21-31.
  • GÜMÜŞ, İnci (2002), “Effects of the Interest Rate Defense on Exchange Rates During the 1994 Crisis in Turkey”, The Central Bank of the Republic of Turkey Research Department Working Paper, No: 14, pp. 1-16
  • HACKER, R. Scott, Karlsson, Hyunjoo Kim ve Mansson, Kristofer (2010), “An Investigation of The Causal Relations Between Exchange Rates Interest Rate Differentials Using Wavelets”, CESIS Electronic Working Paper Series, No:215, pp. 1-20.
  • ____________ (2012), “The Relationship between Exchange Rates and Interest Rate Differentials: A Wavelet Approach”, The World Economy, pp. 1162-1168.
  • HNATKOVSKA, Viktoria, Lahiri, Amartya ve Vegh, Carlos A. (2008), “Interest Rates and The Exchange Rate: A Non-Monotonic Tale”, NBER Working Paper, No: 13925, pp. 1-41.
  • HOFFMANN, Mathias ve MacDonald, Ronald (2009), “Real Exchange Rates and Real Interest Rate Differentials: A Present Value Interpretation”, European Economic Review, 53, pp. 952-970.
  • HOLTEMOLLER, Oliver ve Mallick, Sushanta (2013), “Exchange Rate Regime, Real Misalignment and Currency Crises”, Economic Modelling, 34, pp. 5–14.
  • _________________ (2016), “ Global Food Prices and Monetary Policy in An Emerging Market Economy: The Case of India”, Journal of Economics, 46, pp. 56–70.
  • HOOPER, Peter ve Morton, John E. (1980), “Fluctuations in The Dollar: A model of Nominal and Real Exchange Rate Determination”, International Finance Discussion Papers, 168, pp. 1-27.
  • KARACA, Orhan (2005), “Türkiye'de Faiz Oranı ile Döviz Kuru Arasındaki Ilişki: Faizlerin Düşürülmesi Kurları Yükseltir mi?”, Türkiye Ekonomik Kurumu Tartışma Metni, 14, ss. 1-20.
  • KARAMUSTAFA, Osman ve Küçükkale, Yakup (2002), “Türkiye’de Kriz Döneminde Kur-Faiz-Borsa İlişkilerinin Dinamik Analizi”, Banka, Mali ve Ekonomik Yorumlar Dergisi, 11, ss. 47-56.
  • KAYHAN, Selim, Bayat, Tayfur ve Uğur, Ahmet (2013), “Interest Rates and Exchange Rate Relationship in BRIC-T Countries”, Ege Akademik Bakış, 13(2), pp. 227-236.
  • KRAAY, Aart (2000), “Do High Interest Rates Defend Currencies during Speculative Attacks?”, The World Bank, pp. 1-46.
  • KOFOĞLU, İsmail H., Küçükkale, Yakup ve Yamak, Rahmi (2018), “Faiz Oranları, Döviz Kurları ve Çekirdek Fiyat Endeksleri Arasındaki Dinamik İlişkiler: Türkiye Örneği”, Journal of Social Sciences of Mus Alparslan University, 6(6), ss. 1111-1118.
  • MALLICK, Sushanta K. ve Sousa, Ricardo M. (2012), “Real Effects of Monetary Policy in Large Emerging Economies”, Macroeconomic Dynamics, 16, pp. 190–212.
  • MINELLA, Andre, de Freitas, Paulo Springer, Goldfajn, Ilan ve Muinhos, Marcelo Kfoury (2003) “Inflation Targeting in Brazil: Constructing Credibility under Exchange Rate Volatility”, Journal of International Money and Finance, 22(7), pp. 1015–1040.
  • PARAMATI, Sudharshan Reddy ve Rakesh, Gupta (2013), “An Empirical Relationship between Exchange Rates, Interest Rates and Stock Returns”, European Journal of Economics, Finance and Administrative Sciences, 56, pp. 168-181.
  • RADELET, Steven ve Sachs, Jeffrey D. (1998), “The East Asian Financial Crisis: Diagnosis, Remedies, Prospects”, Brookings Papers on Economic Activity, 1, pp. 1-90.
  • SÁNCHEZ, Marcelo (2005), “The Link between Interest Rates and Exchange Rates Do Contractionary Deprecations Make A Diffirence?”, European Central Bank Working Paper, No:58, pp. 1-55.
  • __________________(2008), “The Link between Interest Rates and Exchange Rates: Do Contractionary Depreciations Make A Difference?”, International Economic Journal, 22, pp. 43–61.
  • SARAÇ, Taha Bahadır ve Karagöz, Kadir (2015), “Impact of Short-term Interest Rate on Exchange Rate: The Case of Turkey”, Procedia Economics and Finance, 38, pp. 195-202.
  • STIGLITZ, Joseph E. (1999), “Interest Rates, Risk, and Imperfect Markets: Puzzles and Policies”, Oxford Review of Economic Policy, 15 (2), pp. 59–76.
  • ŞENSOY, Ahmet ve Sobacı, Cihat (2014), “Effects of Volatility Shocks on The Dynamic Linkages between Exchange Rate, Interest Rate and The Stock Market: The Case of Turkey”, Economic Modelling, 43, pp. 448-457.
  • ŞENTÜRK, Mehmet ve Dücan, Engin (2014), “Turkiye’de Doviz Kuru-Faiz Oranı ve Borsa Getirisi İliskisi: Ampirik Bir Analiz”, Business and Economics Research Journal, 5(3), ss. 67-80.
  • WOO, Wing T. (1985), “The Monetary Approach to Exchange Rate Determination under Rational Expectations”, Journal of International Economics, 18 (1985), pp. 1-16.
  • YÜCEL, Emel ve Özmen, Mehmet (2010), “Faiz Oranı, Döviz Kuru ve Borsa Endeksi Nedensellik İlişkisi: 1989-2009 Türkiye Uygulaması”, Muhasebe Bilim Dünyası Dergisi, 12(3), ss. 213-244.
There are 49 citations in total.

Details

Primary Language Turkish
Subjects Economics
Journal Section Articles
Authors

Dilara Ayla 0000-0002-0206-250X

Publication Date April 23, 2019
Published in Issue Year 2019

Cite

APA Ayla, D. (2019). TÜRKİYE’DE FAİZ ORANI VE DÖVİZ KURU İLİŞKİSİ ÜZERİNE BİR ARAŞTIRMA. Bingöl Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 9(17), 289-308. https://doi.org/10.29029/busbed.506059

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