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Exchange market pressure in Turkey 1993-2004: an application of the girton-roper monetary model

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  • Inci Parlaktuna

Abstract

In this paper, Lance Girton & Don Roper's (1977) monetary model of Exchange Market Pressure (EMP) is applied to the Turkish economy in the period of 1993-2004. The results provide strong evidence of negative relation between domestic credit and exchange market pressure (EMP) and indicate that the Central Bank of the Republic of Turkey (TCMB) absorbed most of the exchange market pressure by adjusting the foreign reserves.

Suggested Citation

  • Inci Parlaktuna, 2005. "Exchange market pressure in Turkey 1993-2004: an application of the girton-roper monetary model," International Economic Journal, Taylor & Francis Journals, vol. 19(1), pages 51-62.
    • Handle: RePEc:taf:intecj:v:19:y:2005:i:1:p:51-62
    DOI: 10.1080/1351161042000320371
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    References listed on IDEAS

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    1. Weymark, Diana N., 1995. "Estimating exchange market pressure and the degree of exchange market intervention for Canada," Journal of International Economics, Elsevier, vol. 39(3-4), pages 273-295, November.
    2. Jai Sheen Mah, 1995. "An analysis of the structural change in the exchange market pressure: Korea, 1980-89," Applied Economics Letters, Taylor & Francis Journals, vol. 2(3), pages 80-82.
    3. Weymark, Diana N, 1997. "Measuring the degree of exchange market intervention in a small open economy," Journal of International Money and Finance, Elsevier, vol. 16(1), pages 55-79, February.
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    Cited by:

    1. María José Gil-Moltó & Joanna Poyago-Theotoky & Vasileios Zikos, 2006. "R&D policy and privatization in a mixed oligopoly," Discussion Paper Series 2006_25, Department of Economics, Loughborough University.
    2. Salih Turan Katircioglu & Mete Feridun, 2011. "Do macroeconomic fundamentals affect exchange market pressure? Evidence from bounds testing approach for Turkey," Applied Economics Letters, Taylor & Francis Journals, vol. 18(3), pages 295-300.
    3. Mete FERIDUN, 2008. "Currency Crises In Emerging Markets: The Case Of Post‐Liberalization Turkey," The Developing Economies, Institute of Developing Economies, vol. 46(4), pages 386-427, December.
    4. Mete Feridun, 2006. "Currency Crises in Emerging Markets: An Application of Signals Approach to Turkey," Discussion Paper Series 2006_26, Department of Economics, Loughborough University, revised Dec 2006.

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