Gelişmekte olan Ülkelerde Döviz Kuru Geçişkenliği üzerine Bir Literatür Taraması

Abstract

This article reviews the literature on exchange rate pass-through in emerging markets with a special focus on the burgeoning empirical research. The literature has overwhelmingly agreed on the recent decline in the pass through in low inflationary environment after the adoption of inflation targeting in many countries. However, the empirical evidences also suggest varying degrees of the pass-through depending on the size and direction of exchange rate changes. Finally, researches on the exchange rate pass-through on disaggregated price indices or the differential pass-through due to the source of exchange rate changes are becoming promising research strands for the estimation of the pass through.

Inflation and exchange rate pass-through

“…Although ERPTRs were historically larger in EMDEs, with currency depreciations often associated with inflation crises and subsequent sharp recessions (Frankel and Rose 1996;Reinhart and Rogoff 2008), they have recently declined in many countries, reflecting the shifting nature of shocks and institutional change (Carriere-Swallow et al 2016;Tunç 2017).…”

Invoicing currency, exchange rate pass‐through, and value‐added trade: The case of Turkey

“…5 Çiçek (2012) investigated the relationship between inflation (tradable/non-tradable) and globalization in Turkey while Saygılı and Saygılı (2011) showed how the coefficients of the aggregate export function change with the export shares of non-traditional commodities, which have higher import and income sensitivity but lower real exchange rate elasticity, increases. 6 A part of this change may be explained by the implementation of the inflation targeting policy (Tunç, 2017;Yüncüler, 2011). 7 In addition, Goldberg and Tille (2013) considered a theoretical bargaining model for both the exporter and importer in determining the invoicing currency.…”

“…6 6 A part of this change may be explained by the implementation of the inflation targeting policy (Tunç, 2017; Yüncüler, 2011). …”

Exchange Rate Pass-Through and Economic Openness Under Inflation Targeting Framework in Asian ITF Economies

“…The assertion assumes a complete pass-through, suggesting that increased economic openness contributes to greater passthrough comprehensiveness, reducing the ERPT (Gust et al, 2010). Nevertheless, amidst a substantial body of literature concurring with diminished pass-through in a low inflation context post the embrace of inflation targeting across numerous nations, empirical findings also indicate divergent pass-through extents contingent upon the size and the direction changes of the exchange rate (Tunc, 2017). Besides, the source of exchange rate changes emerges as a critical issue for the differential pass-through that requires observing the disaggregated price data.…”