This thesis analyses the determinants of the real exchange rate in Turkey. It is the first major study of the sources of real exchange rate variability in Turkey. This is an important topic because, if the real exchange rate is misaligned, there will be adverse effects upon econ…
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The currency crises occurred in many Southeast Asian countries in recent months had raised many concerns about whether their currencies and interest rates conformed to international parity conditions on one hand, and whether the occurrence of these simultaneous crises in the reg…
The movements of real exchange rates, narrowly defined as the relative prices of nontradables, are examined in eight high-growth East Asian economies. Despite two decades of remarkable economic growth, the Balassa-Samuelson effect--trend increases in relative prices of nontradab…
This is a three-essay dissertation. Chapter One develops a theoretical model to explain intra-industry direct foreign investment and study its properties. The model yields interestingly intuitive insights despite its simplicity and static nature. It is shown that in order for in…
The main purpose of my dissertation is to determine long-run exchange rate movements through macroeconomic fundamentals and stock prices. The augmented Dickey-Fuller test for testing for a single unit root and Dickey-Pantula's methodology for testing for multiple unit roots are …
Since the 1990s inflation targeting has become the prevalent monetary policy paradigm. This "new monetary policy" has four major features: a numerical and official inflation target, interest rate as the sole policy tool, central bank independence and no other objectives for poli…
Demystifying Global Macroeconomics (DGM) provides readers with a practical, working use of international macroeconomics. For serious business and political leaders, understanding the global interconnections in economic and financial markets is crucial for making informed and wel…
Demystifying Global Macroeconomics (DGM) provides readers with a practical, working use of international macroeconomics. For serious business and political leaders, understanding the global interconnections in economic and financial markets is crucial for making informed and wel…