Exchange rate volatility and export in Turkey: Does the nexus vary across the type of commodity?

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dc.authoridÖlmez, Fevzi/0000-0003-3847-2778
dc.authoridTARAKCI, DOGUKAN/0000-0003-2634-9318
dc.authorwosidTARAKÇI, Doğukan/GRF-1646-2022
dc.authorwosidÖlmez, Fevzi/ACL-2264-2022
dc.contributor.authorTarakçı, Doğukan
dc.contributor.authorÖlmez, Fevzi
dc.contributor.authorDurusu-Ciftçi, Dilek
dc.date.accessioned2023-03-22T19:47:17Z
dc.date.available2023-03-22T19:47:17Z
dc.date.issued2022
dc.departmentBelirleneceken_US
dc.description.abstractTurkey has experienced a rapid increase in exports during the last two decades. In addition, there has been a significant increase in the exchange rate and its volatility in recent years. Hence, the empirical examination of the volatility-export nexus in a comprehensive framework seems to be important to provide insights for policymakers. In this study, we investigate how the exchange rate volatility affects Turkey's exports to its major partners namely, Belgium, France, Germany, Italy, Netherlands, Russia, Spain, the UK, and the USA for the period of 2002:01-2019:12. Considering the existence of an asymmetric effect of volatility on trade, we separate positive changes of volatility from negative changes via the partial sum concept and introduce nonlinearity into the estimation and testing procedure. Our results indicate that (i) exchange rate volatility plays quite important role for Turkey's export, (ii) asymmetry matters for better understanding the volatility-export nexus, (iii) the impact of volatility is country and commodity-specific, (iv) exchange rate volatility shows higher impacts on capital and consumption goods export. Lastly, exchange rate volatility affects exports in opposite directions in the short and long-run. Both low and high volatility generally increase (decrease) Turkey's exports in the short-run (long-run). These results provide important implications for policymakers. (C) 2022 The Authors. Published by Elsevier B.V. on behalf of Central Bank of The Republic of Turkey.en_US
dc.identifier.doi10.1016/j.cbrev.2022.05.001
dc.identifier.endpage89en_US
dc.identifier.issn1303-0701
dc.identifier.issn1305-8800
dc.identifier.issue2en_US
dc.identifier.scopus2-s2.0-85132232613en_US
dc.identifier.scopusqualityQ2en_US
dc.identifier.startpage77en_US
dc.identifier.trdizinid1124989en_US
dc.identifier.urihttps://doi.org/10.1016/j.cbrev.2022.05.001
dc.identifier.urihttps://search.trdizin.gov.tr/yayin/detay/1124989
dc.identifier.urihttps://hdl.handle.net/20.500.14034/591
dc.identifier.volume22en_US
dc.identifier.wosWOS:000825343600001en_US
dc.identifier.wosqualityN/Aen_US
dc.indekslendigikaynakWeb of Scienceen_US
dc.indekslendigikaynakScopusen_US
dc.indekslendigikaynakTR-Dizinen_US
dc.language.isoenen_US
dc.publisherCentral Bank Republic Turkeyen_US
dc.relation.journalCentral Bank Reviewen_US
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/openAccessen_US
dc.subjectVolatilityen_US
dc.subjectExchange rateen_US
dc.subjectExporten_US
dc.subjectRDLen_US
dc.subjectNARDLen_US
dc.subjectInternational-Tradeen_US
dc.subjectRate Uncertaintyen_US
dc.subjectRate Variabilityen_US
dc.subjectFlowsen_US
dc.subjectMalaysiaen_US
dc.subjectJapanen_US
dc.subjectChinaen_US
dc.titleExchange rate volatility and export in Turkey: Does the nexus vary across the type of commodity?en_US
dc.typeArticleen_US

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