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Exchange Rate Regimes And Pass-Through: Evidence From The Turkish Economy

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Listed author(s):
  • HAKAN KARA
  • HANDE KÜÇÜK-TUGER
  • ÜMIT ÖZLALE
  • BURÇ TUGER
  • ERAY M. YÜCEL

Abstract

"We seek to demonstrate the variations in the exchange rate pass-through (ERPT) and identify the shift in the price-setting behavior by placing the emphasis on the implemented exchange rate and monetary policy regimes. Having a history of several distinct monetary regimes, Turkey exhibits a genuine laboratory in this respect. Our empirical results reveal that the pass-through from exchange rates to domestic prices has changed dramatically. We detect breaks in the pass-through coefficients at three episodes, all of which coincide with a shift in monetary/exchange rate regime, lending support to the view that monetary and exchange rate regimes might be among the major determinants of the ERPT process". ("JEL" C51, E31, E58) Copyright 2007 Western Economic Association International.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1465-7287.2007.00037.x
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Article provided by Western Economic Association International in its journal Contemporary Economic Policy.

Volume (Year): 25 (2007)
Issue (Month): 2 (04)
Pages: 206-225

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Handle: RePEc:bla:coecpo:v:25:y:2007:i:2:p:206-225
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Keywords:

Find related papers by JEL classification:

  • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
  • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
  • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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Cited by:

  1. Yusuf Soner Baskaya & Tugrul Gurgur & Fethi Ogunc, 2008. "Islenmis Gida Fiyatlarini Belirleyen Faktorler," Working Papers 0809, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
  2. Yusuf Soner Baskaya & Eda Gulsen & Musa Orak, 2010. "2008 Hedef Revizyonu Oncesi ve Sonrasinda Enflasyon Beklentileri," CBT Research Notes in Economics 1001, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
  3. Tunc, Cengiz & Kılınç, Mustafa, 2016. "Exchange Rate Pass-Through in a Small Open Economy: A Structural VAR Approach," MPRA Paper 72770, University Library of Munich, Germany, revised 28 Jul 2016.
  4. Erdem Basci & Özgür Özel & Cagri Sarikaya, 2008. "The monetary transmission mechanism in Turkey: new developments," BIS Papers chapters,in: Bank for International Settlements (ed.), Transmission mechanisms for monetary policy in emerging market economies, volume 35, pages 475-499 Bank for International Settlements.
  5. Hasan Ersel & Fatih Özatay, 2008. "Fiscal Dominance and Inflation Targeting: Lessons from Turkey," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 44(6), pages 38-51, November.
  6. Aktas, Zelal & Kaya, Neslihan & Özlale, Ümit, 2010. "Coordination between monetary policy and fiscal policy for an inflation targeting emerging market," Journal of International Money and Finance, Elsevier, vol. 29(1), pages 123-138, February.
  7. Toraganlı, Nazlı & Yazgan, M. Ege, 2016. "Exchange rates and firm survival: An examination with Turkish firm-level data," Economic Systems, Elsevier, vol. 40(3), pages 433-443.
  8. World Bank, 2008. "Turkey - Country Economic Memorandum : Volume 2. Sustaining High Growth, Selected Issues," World Bank Other Operational Studies 8017, The World Bank.
  9. Hakan Kara & Fethi ÃÄünç, 2008. "Inflation Targeting and Exchange Rate Pass-Through: The Turkish Experience," Emerging Markets Finance and Trade, M.E. Sharpe, Inc., vol. 44(6), pages 52-66, November.
  10. Nazli Toraganli, 2010. "Exchange Rate Pass-Through and Exposure in the Turkish Economy," Central Bank Review, Research and Monetary Policy Department, Central Bank of the Republic of Turkey, vol. 10(1), pages 47-69.
  11. Yusuf Soner Baskaya & Hakan Kara & Defne Mutluer, 2008. "Expectations, Communication and Monetary Policy in Turkey," Working Papers 0801, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
  12. Caglar Yunculer, 2011. "Pass-Through of External Factors into Price Indicators In Turkey," Central Bank Review, Research and Monetary Policy Department, Central Bank of the Republic of Turkey, vol. 11(2), pages 71-84.
  13. Çiçek, Serkan, 2012. "Globalization and flattening of Phillips Curve in Turkey between 1987 and 2007," Economic Modelling, Elsevier, vol. 29(5), pages 1655-1661.
  14. Ülke, Volkan, 2015. "The Degree of Currency Substitution and Exchange Rate Pass-Through," MPRA Paper 75633, University Library of Munich, Germany, revised 15 Dec 2015.

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