Economics, Econometrics and Finance
8 years ago

Turkish Real Exchange Rates Show Long-Term Stability Despite Economic Shifts.

SSRN Electronic Journal
Nonstationarity and the Level Shift for Turkish Real Exchange Rates
Songül Kakilli Acaravcı, Ali Acaravcı

Paper Summary

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The study looked at Turkish real exchange rates from 1990 to 2007. Traditional tests didn't show the rates were stable, but tests allowing for a change in trend did. This means that the real exchange rates in Turkey followed the purchasing power parity in the long run, with a one-time shift before the 1994 financial crisis.