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Misalignment Under Different Exchange Rate Regimes: the Case of Turkey

Dagdeviren, Sengül; Ayla Ogu? Binatli; Sohrabji, Niloufer - In: Economie Internationale (2012) 130, pp. 81-98

The paper examines misalignment of the Turkish lira between 1998 and 2011. We first estimate the equilibrium real exchange rate for Turkey, then compute misalignment and finally test for structural breaks in the misalignment series. Through our tests we find three structural regimes. Our results...

Persistent link: https://www.econbiz.de/10010827712

Investment-specific technology shocks and international business cycles: An empirical assessment

Mandelman, Federico S.; Rabanal, Pau; Rubio-Ramírez, … - 2010

In this paper, we first introduce investment-specific technology (IST) shocks to an otherwise standard international real business cycle model and show that a thoughtful calibration of them along the lines of Raffo (2009) successfully addresses the quantity, international comovement,...

Persistent link: https://www.econbiz.de/10010292222

Cointegrated TFP processes and international business cycles

Rabanal, Pau; Rubio-Ramirez, Juan Francisco; Tuesta, Vicente - 2009

A puzzle in international macroeconomics is that observed real exchange rates are highly volatile. Standard international real business cycle (IRBC) models cannot reproduce this fact. We show that total factor productivity processes for the United States and the rest of the world are...

Persistent link: https://www.econbiz.de/10010292354

An empirical analysis of current account determinants in emerging Asian economies

Yang, Lucun - 2011

Limited empirical work has been done to the diverging current account balances of the individual emerging Asian economies. Based on the intertemporal approach to current account, this paper empirically examines both the long-run and short-run impacts of initial stock of net foreign assets,...

Persistent link: https://www.econbiz.de/10010288866

On the dynamics of the Greek twin deficits: Empirical evidence over the period 1960 - 2007

Panagiotis, Pantelidis; Emmanouil, Trachanas; … - In: International Journal of Economic Sciences and Applied … 2 (2009) 2, pp. 9-32

One of the most important open macroeconomic issues, during the current global economic recession, concerns the sustainability of persistent budget and trade deficits as well as possible interactions between them. These deficits are most crucial due to severe debt servicing costs, faced by...

Persistent link: https://www.econbiz.de/10010289404

What Determines Real Exchange Rates? The Nordic Countries

Bergvall, Anders - 2002

This paper presents a model yielding testable implications concerning the long-run co-movements of real exchange rates, relative productivity, the trade balance and terms of trade. Countries with higher productivity, trade deficits or improved terms of trade are found to have more appreciated...

Persistent link: https://www.econbiz.de/10010321757

Intertemporal solvency of Turkey’s current account

Oğuş Binatlı, Ayla; Sohrabji, Niloufer - 2008

+ (which include imports, net interest and unilateral transfer payments). Cointegration between inflows and outflows implies … that the intertemporal budget constraint is satisfied. We use the Johansen and the Gregory and Hansen (1996) cointegration … tests to determine linkages between exports and imports+ in Turkey. Using the Johansen test we find no cointegration and …

Persistent link: https://www.econbiz.de/10011807191

Elasticities of Turkish Exports and Imports

Oğuş Binatlı, Ayla; Sohrabji, Niloufer - 2009

The Turkish current account has been exploding in the last few years leading to concerns of a crisis. One of the primary factors identified in the rising deficits is the appreciating lira. In addition, income elasticity of exports and imports can also shed light on continuing trade deficits. In...

Persistent link: https://www.econbiz.de/10011807199

Investment Specific Technology Shocks and International Business Cycles: An Empirical Assessment

Mandelman, Federico; Rabanal, Pau; Rubio-Ramirez, Juan … - In: Review of Economic Dynamics 14 (2011) 1, pp. 136-155

Persistent link: https://www.econbiz.de/10008587029

Cointegrated TFP Processes and International Business Cycles

Rabanal, Pau; Rubio-Ramirez, Juan Francisco; Reátegui, … - Duke University, Department of Economics - 2010

A central puzzle in international macroeconomics is that observed real exchange rates are highly volatile. Standard International Real Business Cycle (IRBC) models cannot reproduce this fact when calibrated using conventional parameterizations, and can only generate one fourth of the real...

Persistent link: https://www.econbiz.de/10008549057