Exchange Rate Policies from the Early Republic to the Present

Erol Bulut; Göktuğ Şahin

Makale detayları

Exchange Rate Policies from the Early Republic to the Present

Yazarlar:

Erol Bulut | Göktuğ Şahin

Yayıncı:

Ahmet Arif EREN

Ana Başlıklar:

Para Politikası

Dergi:

Fiscaoeconomia Vol.7 Issue Özel Sayı, pp.210-238

Belge Tipi:

Makale

Yayın Tarihi:

10/2023

Belge Dili:

Türkçe

Document ID (Org No.):

2001302214

pISSN:

2564-7504

Anahtar kelimeler:

Özet:

 In this study, exchange rate policies, which have been one of the significant factors for the Turkish economy since the establishment of the Republic are examined. Additionally, within the scope of the study, exchange rate volatility, as a factor increasing economic sensitivity regarding exchange rates, is considered in terms of its effects on industrial production in the Turkish economy, especially in the period following the official implementation of the flexible exchange rate system in 2001. The aim of the study is to investigate the impact of exchange rate policies and volatility on economic decisions and stability in the first 100 years of the Republic of Türkiye. As a result, it has been observed that Türkiye has faced economic crises due to its foreign exchange deficit, and therefore, it has frequently had to take measures in exchange rate regulations. Conversely, to counterbalance this situation, it is imperative for Türkiyes industry to specialize in the production of high-value-added final goods, to strategically plan policies related to the current account deficit in the long-term, and to address solutions for energy and intermediate goods imports that are both appropriate to the countrys conditions and strategically prioritized. In this regard, it is recommended to establish a stable and target-oriented approach in the implementation of sensitive exchange rate policies, leaving no room for errors. Furthermore, based on the analysis conducted within the scope of the study, an inverse relationship between high exchange rate volatility and economic growth has been observed in Türkiye, particularly during certain periods. Among the key economic reasons for this observed relationship in the Turkish Economy are investment uncertainty, fluctuations in consumer spending, the balance of foreign trade, the effects on financial stability, international investments, and capital flows, while the influence of both national and international political conjunctures is also highly considerable.

 In this study, exchange rate policies, which have been one of the significant factors for the Turkish economy since the establishment of the Republic are examined. Additionally, within the scope of the study, exchange rate volatility, as a factor increasing economic sensitivity regarding exchange rates, is considered in terms of its effects on industrial production in the Turkish economy, especially in the period following the official implementation of the flexible exchange rate system in 2001. The aim of the study is to investigate the impact of exchange rate policies and volatility on economic decisions and stability in the first 100 years of the Republic of Türkiye. As a result, it has been observed that Türkiye has faced economic crises due to its foreign exchange deficit, and therefore, it has frequently had to take measures in exchange rate regulations. Conversely, to counterbalance this situation, it is imperative for Türkiyes industry to specialize in the production of high-value-added final goods, to strategically plan policies related to the current account deficit in the long-term, and to address solutions for energy and intermediate goods imports that are both appropriate to the countrys conditions and strategically prioritized. In this regard, it is recommended to establish a stable and target-oriented approach in the implementation of sensitive exchange rate policies, leaving no room for errors. Furthermore, based on the analysis conducted within the scope of the study, an inverse relationship between high exchange rate volatility and economic growth has been observed in Türkiye, particularly during certain periods. Among the key economic reasons for this observed relationship in the Turkish Economy are investment uncertainty, fluctuations in consumer spending, the balance of foreign trade, the effects on financial stability, international investments, and capital flows, while the influence of both national and international political conjunctures is also highly considerable.

 In this study, exchange rate policies, which have been one of the significant factors for the Turkish economy since the establishment of the Republic are examined. Additionally, within the scope of the study, exchange rate volatility, as a factor increasing economic sensitivity regarding exchange rates, is considered in terms of its effects on industrial production in the Turkish economy, especially in the period following the official implementation of the flexible exchange rate system in 2001. The aim of the study is to investigate the impact of exchange rate policies and volatility on economic decisions and stability in the first 100 years of the Republic of Türkiye. As a result, it has been observed that Türkiye has faced economic crises due to its foreign exchange deficit, and therefore, it has frequently had to take measures in exchange rate regulations. Conversely, to counterbalance this situation, it is imperative for Türkiyes industry to specialize in the production of high-value-added final goods, to strategically plan policies related to the current account deficit in the long-term, and to address solutions for energy and intermediate goods imports that are both appropriate to the countrys conditions and strategically prioritized. In this regard, it is recommended to establish a stable and target-oriented approach in the implementation of sensitive exchange rate policies, leaving no room for errors. Furthermore, based on the analysis conducted within the scope of the study, an inverse relationship between high exchange rate volatility and economic growth has been observed in Türkiye, particularly during certain periods. Among the key economic reasons for this observed relationship in the Turkish Economy are investment uncertainty, fluctuations in consumer spending, the balance of foreign trade, the effects on financial stability, international investments, and capital flows, while the influence of both national and international political conjunctures is also highly considerable.

 Bu çalışmada, Cumhuriyetin kuruluşundan itibaren Türkiye Ekonomisi açısından önemli etkenlerden birisi olan döviz kuru politikaları incelenmiştir. Ayrıca çalışmada, döviz kuru konusunda ekonomik hassasiyeti artıran bir etken olarak döviz kuru oynaklığı volatilitesi, Türkiye Ekonomisinde esnek kur sisteminin resmî olarak uygulanmaya başlandığı 2001 yılı sonrası dönem itibariyle sanayi üretimine dair olarak büyüme üzerindeki etkileri kapsamında ele alınmıştır. Çalışmanın amacı, Türkiye Cumhuriyetinin ilk 100 yılına dair döviz kuru politikaları ve oynaklığının ekonomik kararlar ve istikrar üzerine etkilerini incelemektir. Sonuç olarak, Türkiyenin döviz açığı nedeniyle ekonomik krizlerle karşı karşıya kaldığı gözlenmiştir ve bu nedenle kambiyo mevzuatında sık sık önlemler almak zorunda kalması söz konusudur. Bu duruma karşılık ülke sanayisinin katma değeri yüksek nihai mal üretiminde uzmanlaşması, cari açık konusunda ortaya konacak politikaların uzun erimli şekilde planlanması, enerji ve ara mal ithalatı konusundaki çözümlemelerin ülkenin şartlarına uygun ve stratejik açıdan öncelenmiş şekilde ele alınması gerekmektedir. Ayrıca, çalışma kapsamında gerçekleştirilen analiz sonucunda Türkiyede özellikle belli dönemlerde yüksek döviz kuru oynaklığı ile ekonomik büyüme arasında ters yönlü bir ilişki olduğu gözlenmiştir. İlgili ilişkinin Türkiye Ekonomisinde yaşanmasının temel ekonomik nedenleri arasında yatırım kararsızlığı, tüketici harcamalarındaki dalgalanmalar, dış ticaret dengesi, finansal istikrar etkileri, uluslararası yatırımlar, sermaye akışlar gibi etkenler sıralanabilirken ulusal ve uluslararası siyasi konjonktürün de etkisinin yüksek olduğu gözlenmektedir.

Makale detayları

Exchange Rate Policies from the Early Republic to the Present

Yazarlar:

Erol Bulut | Göktuğ Şahin

Yayıncı:

Ahmet Arif EREN

Ana Başlıklar:

Para Politikası

Dergi:

Fiscaoeconomia Vol.7 Issue Özel Sayı, pp.210-238

Belge Tipi:

Makale

Yayın Tarihi:

10/2023

Belge Dili:

Türkçe

Document ID (Org No.):

2001302214

pISSN:

2564-7504

Exchange Rate

Exchange Rate Policies

Foreign Exchange Regulations

Volatility

Economic GrowthDöviz Kuru

Döviz Kuru Politikaları

Kambiyo Mevzuatı

Oynaklık

Ekonomik Büyüme

Sayı

Makale detayları

Yazarlar: Erol Bulut | Göktuğ Şahin

Yayıncı: Ahmet Arif EREN

Ana Başlıklar: Para Politikası

Dergi: Fiscaoeconomia Vol.7 Issue Özel Sayı, pp.210-238

Belge Tipi: Makale

Yayın Tarihi: 10/2023

Belge Dili: Türkçe

Document ID (Org No.): 2001302214

pISSN: 2564-7504

Sayı

Yazarlar:

Erol Bulut | Göktuğ Şahin

Yayıncı:

Ahmet Arif EREN

Ana Başlıklar:

Para Politikası

Dergi:

Fiscaoeconomia Vol.7 Issue Özel Sayı, pp.210-238

Belge Tipi:

Makale

Yayın Tarihi:

10/2023

Belge Dili:

Türkçe

Document ID (Org No.):

2001302214

pISSN:

2564-7504