Real Exchange Rate Fluctuations and Relative Prices in Turkey
Real Exchange Rate Fluctuations and Relative Prices in Turkey
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土耳其的实际汇率波动和相对价格
DOI：
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发表时间：
2007
期刊：
影响因子：
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通讯作者：
Ugur Ciplak
中科院分区：
文献类型：
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作者：
Ugur Ciplak
传统理论认为，由于一价定律的存在，贸易品的价格在各国之间是均衡的，因此真实的汇率波动应该是非贸易品相对价格变化的结果。然而，大量的研究表明，在许多情况下，贸易品价格的贡献是不可忽视的，甚至超过了非贸易品价格的贡献。本文研究土耳其的真实的汇率和相对价格之间的关系。与传统的理论不同，这种关系与可贸易商品的相对价格有更强的联系。但近年来，相对非贸易品价格在真实的汇率波动中所占的比例有所增加。这些研究结果意味着土耳其的真实的汇率是由名义因素驱动的，而不是直到最近才出现的真实的因素。
Traditional theory puts forwards that real exchange rate fluctuations should result from the changes in the relative price of non-tradable goods since tradable goods' prices are to equalize among countries due to the law of one price. However, significant number of researches reported that in many cases, the contribution of tradable goods' prices is not negligible, or even surpass that of the non-tradable goods' prices. This paper studies the relation between the real exchange rate and relative prices for Turkey. The relation is found to be stronger with the relative price of tradable goods, unlike the traditional theory. But the proportion of the fluctuations in real exchange rates accounted for by relative non-tradable goods prices has increased in recent years. These findings imply the real exchange rates in Turkey to be driven by nominal factors, rather than real factors until recently.