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    The behavior of Turkish exchange rates: A panel data perspective
    (ELSEVIER SCIENCE BV, 2014) Adiguzel, Ugur; Sahbaz, Ahmet; Ozcan, Ceyhun Can; Nazlioglu, Saban
    This paper investigates the behavior of Turkish exchange rates within the context of purchasing power parity (PPP) hypothesis by means of recent developments in the panel unit root testing procedures for ten Turkish real exchange rates during January 2002-May 2012. The unit root test which accounts for nonlinearity, smooth structural shifts, and cross-section dependency supports that PPP hypothesis holds for Eurozone and European countries (Denmark, Norway, Sweden, Switzerland, and United Kingdom), while it does not hold for non-European trading partners (Canada, Japan, Saudi Arabia, and USA). From the empirical results, we can conclude that PPP, hypothesis holds in the countries which have the free trade agreement, while it is violated in the countries in which there are trade barriers and greater distance. The findings therefore provide policy implications for Turkey in determining equilibrium exchange rates with her major trading partners. (C) 2014 Elsevier B.V. All rights reserved.
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    Relationship between oil prices and exchange rates: The case of Romania
    (Academy of Economic Studies, 2014) Sahbaz, Ahmet; Adiguzel, Ugur; Bayat, Tayfur; Kayhan, Selim
    This study investigates to causality between crude oil prices and exchange rates in Romania employing monthly data from the beginning of floating exchange regime for November 2004 to December 2011. The study benefits from the recent advance in the time series econometric analysis and carries out non-linear causality and frequency domain causality tests. According to nonlinear causality test results there is no causality between the variables. Results show that frequency domain causality results slightly differentiate from the nonlinear causality analysis and imply that there is a causality running from real exchange rate to real oil price on the mediun and long run. © 2015, Academy of Economic Studies, All right reserved.
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    RELATIONSHIP BETWEEN OIL PRICES AND EXCHANGE RATES: THE CASE OF ROMANIA
    (ACAD ECONOMIC STUDIES, 2014) Sahbaz, Ahmet; Adiguzel, Ugur; Bayat, Tayfur; Kayhan, Selim
    This study investigates to causality between crude oil prices and exchange rates in Romania employing monthly data from the beginning Bloating exchange regime for November 2004 to December 2011. The study benefits from the recent advance in the time series econometric analysis and carries out nonlinear causality and frequency domain causality tests. According to nonlinear causality test results there is no causality between the variables. Results show that frequency domain causality results slightly differentiate from the nonlinear causality analysis and imply that there is a causality running from real exchange rate to real oil price on the median and long run.