Macroeconomic Volatility under Alternative Exchange Rate Regimes in Turkey

KASMAN, Saadet; AYHAN, AFİFE DUYGU

Macroeconomic Volatility under Alternative Exchange Rate Regimes in Turkey

Saadet KASMAN, (Dokuz Eylül Üniversitesi, İşletme Fakültesi, Ekonomi Bölümü, İzmir, Türkiye)

AFİFE DUYGU AYHAN (Dokuz Eylül Üniversitesi, İşletme Fakültesi, Ekonomi Bölümü, İzmir, Türkiye)

Central Bank Review

7 0

Yıl: 2006 Cilt: 6 Sayı: 2 Sayfa Aralığı: 37 - 58 Metin Dili: İngilizce İndeks Tarihi: 29-07-2022

Macroeconomic Volatility under Alternative Exchange Rate Regimes in Turkey

Öz:

After the collapse of fixed exchange rate regime in 1980, alternative regimes were adopted in Turkey. The "crawling peg" regime (1980-81) is followed by "managed float" (1981-99), "crawling peg" (1999-2001) and "free floating" (2001-) in "de jure" classification. This paper examines the behavior of the macroeconomic variables in terms of volatility across exchange rate regimes in "de jure " and "de facto" classifications, using monthly data over the period 1980-2006. We find a strong GARCH effect for the real exchange rate, inflation and foreign exchange reserves. The findings of the t-test indicate that the variations in the mean of most of the macroeconomic variables are not statistically different from each other under "de facto" regimes The results of this study suggest the existence of "de facto" regime neutrality.

Anahtar Kelime: exchange rate volatility macroeconomics

Konular: İşletme İktisat

Belge Türü: Makale Makale Türü: Araştırma Makalesi Erişim Türü: Erişime Açık

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APA	KASMAN S, AYHAN A (2006). Macroeconomic Volatility under Alternative Exchange Rate Regimes in Turkey. , 37 - 58.
Chicago	KASMAN Saadet,AYHAN AFİFE DUYGU Macroeconomic Volatility under Alternative Exchange Rate Regimes in Turkey. (2006): 37 - 58.
MLA	KASMAN Saadet,AYHAN AFİFE DUYGU Macroeconomic Volatility under Alternative Exchange Rate Regimes in Turkey. , 2006, ss.37 - 58.
AMA	KASMAN S,AYHAN A Macroeconomic Volatility under Alternative Exchange Rate Regimes in Turkey. . 2006; 37 - 58.
Vancouver	KASMAN S,AYHAN A Macroeconomic Volatility under Alternative Exchange Rate Regimes in Turkey. . 2006; 37 - 58.
IEEE	KASMAN S,AYHAN A "Macroeconomic Volatility under Alternative Exchange Rate Regimes in Turkey." , ss.37 - 58, 2006.
ISNAD	KASMAN, Saadet - AYHAN, AFİFE DUYGU. "Macroeconomic Volatility under Alternative Exchange Rate Regimes in Turkey". (2006), 37-58.

APA	KASMAN S, AYHAN A (2006). Macroeconomic Volatility under Alternative Exchange Rate Regimes in Turkey. Central Bank Review, 6(2), 37 - 58.
Chicago	KASMAN Saadet,AYHAN AFİFE DUYGU Macroeconomic Volatility under Alternative Exchange Rate Regimes in Turkey. Central Bank Review 6, no.2 (2006): 37 - 58.
MLA	KASMAN Saadet,AYHAN AFİFE DUYGU Macroeconomic Volatility under Alternative Exchange Rate Regimes in Turkey. Central Bank Review, vol.6, no.2, 2006, ss.37 - 58.
AMA	KASMAN S,AYHAN A Macroeconomic Volatility under Alternative Exchange Rate Regimes in Turkey. Central Bank Review. 2006; 6(2): 37 - 58.
Vancouver	KASMAN S,AYHAN A Macroeconomic Volatility under Alternative Exchange Rate Regimes in Turkey. Central Bank Review. 2006; 6(2): 37 - 58.
IEEE	KASMAN S,AYHAN A "Macroeconomic Volatility under Alternative Exchange Rate Regimes in Turkey." Central Bank Review, 6, ss.37 - 58, 2006.
ISNAD	KASMAN, Saadet - AYHAN, AFİFE DUYGU. "Macroeconomic Volatility under Alternative Exchange Rate Regimes in Turkey". Central Bank Review 6/2 (2006), 37-58.