Türk İmalat Sanayi Sektörel Reel Efektif Döviz Kuru Endeksleri Üzerine Bir Değerlendirme (An Assessment on the Turkish Manufacturing Industrial Real Effective Exchange Rates)

Türk İmalat Sanayi Sektörel Reel Efektif Döviz Kuru Endeksleri Üzerine Bir Değerlendirme (An Assessment on the Turkish Manufacturing Industrial Real Effective Exchange Rates)

Title : An Assessment on the Turkish Manufacturing Industrial Real Effective Exchange Rates
Number : 12/21
Author(s) : Hülya Saygılı, Gökhan Yılmaz
Language : Turkish
Date : June 2012
Abstract : Considering the differences in competitiveness and trade partners across subsectors of manufacturing industry, real effective exchange rates computed at industrial level is anticipated to follow a different pattern than a broad based rate. Hence sector specific rates are expected to be more informative in understanding the changes in industry level competitiveness. The objective of this paper is to present the Turkish manufacturing industry specific real effective exchange rates (RER) computed in Saygılı et al. (2012) and inform about the features and trends in the indexes. The study finds that trends in industry-specific rates differ both with respect to each other as well as to broad PPI and CPI based manufacturing industry real effective exchange rates. The relative real exchange rate analysis in the paper demonstrates that industries can be classified into three groups as those whose competitiveness deteriorates, enhances moderately and improves. Also, Hodrick-Prescott analysis showed that those industries that are sensitive to external developments such as energy and basic metals have high cyclicality in their real exchange rates compared to the other industries. When components of industry-specific RER are decomposed it is observed that primary sources of classification of the industries according to appreciation in their real exchange rates and competitiveness into three groups is the developments in their relative prices. Finally, the paper finds that ignorance of third market effect in computation of country weights may results in biased RER indexes.
Keywords : Real Effective Exchange Rates, Industry-Specific Rates, Competitiveness of the Turkish Manufacturing Industry
JEL Codes : C82; F31; L60

Türk İmalat Sanayi Sektörel Reel Efektif Döviz Kuru Endeksleri Üzerine Bir Değerlendirme (An Assessment on the Turkish Manufacturing Industrial Real Effective Exchange Rates)
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