A Multisectoral Cofeature Analysis of Fluctuations in the Turkish Economy
AbstractWhile there are numerous empirical studies on business cycles for developed economies, there are very few analyses regarding developing countries. The purpose of this paper is to document the comovement among sectoral outputs in Turkey, a developing country, and provide evidence about the importance of real factors to explain fluctuations. Specifically, we ask whether business activity in Turkey is generated by a few forces and whether there are differences in the shape, duration, and amplitude of cycles of individual sectors. Furthermore, we examine the relative importance of permanent and transitory innovations. Using sectoral data for fifty years, and employing cointegration and cofeature analysis, we find evidence in favor of strong comovement of sectors in the Turkish economy. Nonetheless, the evidence that almost all variation in total innovations in all sectors could be attributable to permanent innovations implies that the sources of the fluctuations could be real factors. The findings about the procyclicality and amplitudes of transitory components, as well as about the relative importance of permanent innovations, is unlike the evidence reported for advanced economies in earlier research.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by M.E. Sharpe, Inc. in its journal Emerging Markets Finance and Trade.
Volume (Year): 40 (2004)
Issue (Month): 6 (November)
Contact details of provider:
Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=111024
business cycles; comovement; persistence; sectoral cycles;
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Dibooglu, Sel & AlGudhea, Salim N., 2007. "All time cheaters versus cheaters in distress: An examination of cheating and oil prices in OPEC," Economic Systems, Elsevier, vol. 31(3), pages 292-310, September.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Chris Nguyen).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.