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2000/27 Makale özeti ve diğer detaylar.
Purchasing Power Parity (PPP) is one of the most important theoretical relations in international economics. Its empirical measurement, nevertheless, is under discussion. This paper investigates the mean-reversion in bilateral real exchange rate series for lira-dollar (TL/USD), lira-mark (TL/DM), lira-sterling (TL/BP) and lira-franc (TL/FF). The results of the semiparametric estimates show that biletarel real exchange rates have a long memory and are mean reverting processes. On the other hand, the results of the parametric estimates suggest that real TL/USD rate, real TL/DM rate, real TL/BP rate and the real TL/FF rate series are mean reverting processes. Empirical results of both the semiparametric and parametric estimates indicate that the PPP for Turkey can be viewed as a long-run proposition.
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Sayı 3