IDEAS home Printed from https://ideas.repec.org/a/eyd/eyjrnl/v20y2009i71p57-88.html
   My bibliography  Save this article

Enflasyon Hedefleme Rejiminde Cari Hesap Ve Döviz Kuru Dinamikleri

Author

Listed:
  • Munise ILIKKAN ÖZGÜR

    (Aksaray University)

  • Erdinç TELATAR

    (Hacettepe University)

  • Funda TELATAR

    (Hacettepe University)

Abstract

Türkiye'de 2001 yılında yapılan yasal düzenleme ile birlikte, para politikasının birincil hedefi fiyat istikrarının sağlanması olarak belirlenmiş ve enflasyon hedefleme stratejisi benimsenmiştir. Bununla birlikte, 2000'li yıllarda enflasyonu düşürme çabalarının yanısıra cari açık ciddi bir problem haline gelmiştir. Bu çalışmada, ilk olarak enflasyon hedeflemesinin benimsendiği dışa açık bir ekonomide para politikası amaçları ile araçları arasındaki ilişkiler ortaya konulmakta ve Türkiye ekonomisinde para politikası şoklarının cari işlemler hesabı ve reel döviz kuru üzerine etkileri tahmin edilmektedir. Tahmin sonuçlarımız, pozitif para politikası şokunun kısa dönemde cari işlemler hesabı üzerinde olumlu etki yarattığını, ancak bu etkinin uzun dönemde ortadan kalktığını göstermektedir. Bulgularımız, Yeni Açık Ekonomi Makro Ekonomi literatüründe öncü konumundaki redux modelin öngörüleri ile tutarlıdır.

Suggested Citation

  • Munise ILIKKAN ÖZGÜR & Erdinç TELATAR & Funda TELATAR, 2009. "Enflasyon Hedefleme Rejiminde Cari Hesap Ve Döviz Kuru Dinamikleri," Ekonomik Yaklasim, Ekonomik Yaklasim Association, vol. 20(71), pages 57-88.
    • Handle: RePEc:eyd:eyjrnl:v:20:y:2009:i:71:p:57-88
    DOI: 10.5455/ey.10686
    Note: [English Title] CURRENT ACCOUNT AND EXCHANGE RATE DYNAMICS UNDER AN INFLATION TARGETING REGIME [English Abstract] Maintaining price stability has been assigned as the primary objective of monetary policy and the inflation targeting regime has been adopted by the new legal arrangement made in 2001 in Turkey. However, the current account deficit has become a serious problem along with the efforts to decrease inflation during 2000s. In this study, after explaining the relationship between the goals and instruments of monetary policy in an open economy where an inflation targeting regime is implemented, we estimate the effects of monetary policy shocks on the current account and the real exchange rate in the Turkish economy. Our results from the structural VAR estimation show that a positive nominal shock has an favorable effect on the current account in the short run which disappeared in the long run. Our findings are consistent with the predictions of the redux model on which the New Open Economy Macroeconomy literature has been developed. [English Keywords] Inflation Targeting, Current Account Balance, Exchange Rates, İmpossible Trinity, Redux Model
    as

    Download full text from publisher

    File URL: http://dx.doi.org/10.5455/ey.10686
    Download Restriction: No restriction for articles.
    File URL: https://libkey.io/10.5455/ey.10686?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eyd:eyjrnl:v:20:y:2009:i:71:p:57-88. See general information about how to correct material in RePEc.

    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.

    We have no bibliographic references for this item. You can help adding them by using 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 RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Ozan Eruygur (email available below). General contact details of provider: http://www.ekonomikyaklasim.org .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.