Before the fall, was the Turkish lira overvalued?

Eastern European Economics

Volumn 41, Issue 2, 2003, Pages 69-99

  Civcir, Irfan ^a  

^a ANKARA UNIVERSITY   (Turkey)

Author keywords

[No Author keywords available]

Indexed keywords

FINANCIAL CRISIS; INFLATION; PRICE DYNAMICS; PURCHASING POWER PARITY; REAL EXCHANGE RATE;

TURKEY;

EID: 0042848707     PISSN: 00128775     EISSN: None     Source Type: Journal    
DOI: 10.1080/00128775.2003.11041043     Document Type: Article

References (45)

1. Akinci, D.A., and Demir, A. 1993. "Satin alma gücü paritesi ve döviz kurlari: Bir cointegration sinamasi" (Purchasing Power Parity and Exchange Rates: A Cointegration Analysis]. Turkish Development Bank, Discussion Paper 13-1APM-30.
2. Balassa, B. 1964. "The Purchasing Power Parity Doctrine: A Reappraisal." Journal of Political Economy, no. 72: 584-96.
3. Bayoumi, T.; P. Clark; S. Symansky; and M. Taylor. 1994. "The Robustness of Equilibrium Exchange Rate Calculations to Alternative Assumptions and Methodologies." In Estimating Equilibrium Exchange Rates, ed. J. Williamson, 19-60. Washington, DC: Institute for International Economics.
4. Berg, A.; E. Borensztein; G.M. Milesi-Ferretti; and C. Pattillo. 2000. "Anticipating Balance of Payments Crises, the Role of Early Warning Systems." IMF Occasional Paper 186.
5. Breuer, J. 1994. "Purchasing Power Parity: A Survey of and Challenge to Recent Literature." In Estimating Equilibrium Exchange Rates, ed. J. Williamson, 245-77. Washington, DC: Institute for International Economics.
6. Cashin, P., and C.J. McDermott. 2001. "An Unbiased Appraisal of Purchasing Power Parity." IMF Working Paper WP/01/196.
7. Cheung, Y.-W., and K.S. Lai. 1993a. "Finite-sample Sizes of Johansen's Likelihood Ratio Tests for Cointegration." Oxford Bulletin of Economics and Statistics 55: 313-28.
8. Cheung, Y.-W., and K.S. Lai. 1993b. "Long-run Purchasing Power Parity During the Recent Float." Journal of International Economics 34: 181-92.
9. Chinn, M.D. 1999. "Measuring Misalignment: PPP and East Asian Currencies in the 1990s. "IMF Working Paper VP/99/120.
10. Doornik, J.A.; D.F. Hendry; and B. Nielsen. 1998. "Inference in Cointegrating Models: UK M1 Revisited." Journal of Economic Surveys 112, no. 5: 533-72.
11. Edison, H.; J. Gagnon; and W. Melick. 1997. "Understanding the Empirical Literature on Purchasing Power Parity: The Post-Bretton Woods Era." Journal of International Money and Finance 16: 1-17.
12. Enders, W. 1995. Applied Econometric Time Series. New York: Wiley.
13. Erlat, H. 2001. "The Nature of Persistence in Turkish Real Exchange Rates." METU Economic Research Centre Working Paper
14. Frankel, J.A., and A.K. Rose. 1996. "A Panel Project on Purchasing Power Parity: Mean Reversion Within and Between Countries." Journal of International Economics 40: 209-24.
15. Franses, P.H. 1999. "How to Deal with Intercept and Trend in Practical Cointegration Analysis." Econometric Institute Research Report, 904/A.
16. Froot, K.A., and K. Rogoff. 1995. "Perspectives on PPP and Long-run Real Exchange Rates." In Handbook of International Economics, vol. 3, ed. G. Grossman and K. Rogoff, 1648-84. Amsterdam: Elsevier Press.
17. Glen, J.D. 1992. "Real Exchange Rates in the Short, Medium, and Long Run." Journal of International Economics 33: 147-66.
18. Goldfajn, I., and P. Gupta. 2001. "Overshootings and Reversals: The Role of Monetary Policy." Central Bank of Chile Working Papers, no 126.
19. Goldfajn, I. and R.O. Valdes. 1996. "The Aftermath of Appreciations." NBER, Working Paper no. 5650.
20. Goldfajn, I., and R.O. Valdes. 1998. "Current Account Sustainability: Are Currency Crises Predictable?" European Economic Review 42: 873-85.
21. Goldfajn, I., and R.O Valdes. 1999. "The Aftermath of Appreciations." Quarterly Journal of Economics 114: 229-62.
22. Gonzalo, J., and J.Y. Pitarakis. 1994. "Cointegration Analysis in Large Systems." Technical Report, Department of Economics, Boston University.
23. Hinkle, L.E. and P.J. Montiel. 1999. Exchange Rate Misalignment. New York: Oxford University Press for the World Bank.
24. Hjelm, G., and M.W. Johansson. 2002. "A Monte Carlo Study on the Pitfalls in Determining Deterministic Components in Cointegrating Models." Mimeo. Lund University.
25. Johansen, S. 1988. "Statistical Analysis of Cointegrating Vectors." Journal of Economics and Dynamic Control 12: 231-54.
26. Johansen, S. 1995. Likelihood-based Inference in Cointegrated Vector Autoregressive Models. Oxford, UK: Oxford University Press.
27. Johansen, S., and K. Juselius. 1990. "Maximum Likelihood Estimation and Inference on Cointegration with Applications to the Demand for Money." Oxford Bulletin of Economics and Statistics 52: 169-210.
28. Kaminsky, G.L., and C.M. Reinhart. 1999. "The Twin Crises: The Causes of Banking and Balance-of-Payment Problems." American Economic Review 89: 473-500.
29. Kaminsky, G.; S. Lizondo; and C.M. Reinhart. 1998. "Leading Indicators of Currency Crises." IMF Staff Papers (March): 1-48
30. Kremers, J.; N. Ericsson; and J. Dolado. 1992. "The Power of Cointegration Tests." Oxford Bulletin of Economics and Statistics 54: 325-48.
31. Lothian, J.R., and M.P. Taylor. 1996. "Real Exchange Rate Behaviour: The Recent Float from the Perspective of Two Centuries." Journal of Political Economy 104: 488-509.
32. Lothian, J.R., and M.P. Taylor. 1996. "Real Exchange Rate Behaviour: The Recent Float from the Perspective of Two Centuries." Journal of Political Economy 104: 488-509.
33. Metin, K. 1994. "A Test for Long-run Purchasing Power Parity and Uncovered Interest Rate Parity: Turkish Case." Discussion Paper, no. 94-2. Department of Economics, Bilkent University.
34. Milesi-Ferretti, G.M., and A. Razin. 1996. "Current Account Sustainability: Selected East Asian and Latin American Experiences." NBER, Working Paper, no. 5791.
35. Papell, D.H. 1997. "Searching for Stationarity: Purchasing Power Parity Under the Current Float." Journal of International Economics 43: 313-32.
36. Phillips, P.C.B, and P. Perron. 1988. "Testing for Unit Root in Time Series Regression." Biometrica 75: 335-46.
37. Sachs, J.; A. Tornell; and A. Velasco. 1996. "Financial Crises in Emerging Markets: The Lessons from 1995." Brookings Papers on Economics Activity, no. 1: 147-215.
38. Samuelson, P. 1964. "Theoretical Notes on Trade Problems." Review of Economics and Statistics 46: 145-54.
39. Sarno, L. 2000. "Real Exchange Rate Behaviour in High Inflation Countries: Empirical Evidence from Turkey, 1980-1997." Applied Economic Letters 7: 285-291.
40. Steigerwald, D.G. 1996. "Purchasing Power Parity, Unit Roots, and Dynamic Structure." Journal of Empirical Finance 2: 343-57.
41. Taskin, F., and K. Metin. 1994. "Does Purchasing Power Parity Hold in the Long Run? Evidence for Developing Countries." Working Paper, no. 94-19. Department of Economics, Bilkent University.
42. Taylor, A.M. 2002. "A Century Of Purchasing-Power Parity." Review of Economics and Statistics 84: 139-50.
43. Taylor, M.P., and L. Sarno. 1998. "The Behavior of Real Exchange Rates During the Post-Bretton Woods Period." Journal of International Economics 46, no. 2: 281-312.
44. Telatar, E., and Kazdaǧli, H. 1998. "Re-Examine the Long Run Purchasing Power Parity Hypothesis for A High Inflation Country: The Case of Turkey." Applied Economics Letters 5: 51-53.
45. Williamson, J., ed. 1994. Estimating Equilibrium Exchange Rates. Washington, DC: Institute for International Economics.