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    Analysis of Exchange Rate Pass Through with Asymmetric Causality Tests in Turkey
    (Eskisehir Osmangazi Univ, Fac Education, 2015) Bayat, Tayfur; Ozcan, Burcu; Tas, Sebnem
    In this study, we focused on the relationship between structural breaks and causality in order to reveal the exchange rate pass-through effect over the period January 2003 to December 2013 in Turkey. The traditional univariate unit root tests such as Dickey-Fuller (1979) test, Phillips-Perron (1988) test, and Zivot-Andrews (1992) test with one endonegous break were employed. Finally, the linear Granger causality test derived from the vector autoregressive model and the causality test developed by Breitung and Candelon (2006) were used. The results indicated that there is a structural break corresponds to the December 2007. According to the results of empirical analysis, the implementation of floating exchange rate policy along with the inflation targeting strategy has led the stability of exchange rates. Therefore, it was concluded that there is no pass-through effect in the economy of Turkey.
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    Is Policy Interest Effectively Used in Turkey for Against Currency Substitution: Evidence from Fourier Area
    (Sosyoekonomi Soc, 2021) Bayat, Tayfur; Tas, Sebnem
    The phenomenon of currency substitution started in the Turkish economy during the transition to a free-market economy in the 1980s with the changing foreign exchange regime. In this context, the study, based on the January 2011-November 2020 period, Turkey's economy to prevent currency substitution, whether the weighted average funding rate is used effectively or not, is examined by traditional and Fourier causality tests. As a result of empirical analysis, it has been determined that currency substitution hysteria is experienced due to economic actors' deterioration in nominal exchange rate expectations. To rectify this situation, no interest rate hysteresis was experienced during the analysis period due to the inability to use the policy rate effectively. As the study's main question, both time and Fourier domain causality from average funding cost to money substitution could not be found.