Effects of the real exchange rate on output and inflation: evidence from Turkey
Date
2003
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This paper assesses the effects of real depreciation on the economic performance of Turkey by considering quarterly data from 1987:I to 2001:III. The empirical evidence suggests that, contrary to classical wisdom, the real depreciations are contractionary, even when external factors like world interest rates, international trade, and capital flows are controlled. Moreover, the results obtained from the analyses indicate that real exchange rate depreciations are inflationary.
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The Developing Economies
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Wiley-Blackwell Publishing Ltd.
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English