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The Effects of Foreign Trade on Participation Index: ARDL Bounds Testing Approach

Author

Listed:
  • Tufan Sarıtaş

    (Karamanoglu Mehmetbey University)

  • Erdi Bayram

    (Mani̇sa Celâl Bayar University)

Abstract

In this study, the effect of foreign trade on Participation 30 Index was investigated by using ARDL Bounds Testing Approach with monthly data for the period 2011:3-2020:2. Two models have been established; in the first model, Participation 30 index is dependent series (LKAT); exchange rate (LDOV), import (LITH) and inflation (LENF) are independent series. In the second model, exchange rate (LDOV), export (LIHR) and inflation (LENF) are independent series. According to findings, it was concluded that imports had a positive effect on index. On the other hand, it was observed exports did not have statistically significant effect on the index.

Suggested Citation

  • Tufan Sarıtaş & Erdi Bayram, 2021. "The Effects of Foreign Trade on Participation Index: ARDL Bounds Testing Approach," Journal of Finance Letters (Maliye ve Finans Yazıları), Maliye ve Finans Yazıları Yayıncılık Ltd. Şti., vol. 36(115), pages 59-76, April.
    • Handle: RePEc:acc:malfin:v:36:y:2021:i:115:p:59-76
    DOI: https://doi.org/10.33203/mfy.792982
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    More about this item

    Keywords

    Participation Index; Export; Import; ARDL Bounds Test;
    All these keywords.

    JEL classification:

    • C82 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Macroeconomic Data; Data Access
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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