Misaligned? Overvalued? The untold story of the Turkish lira

被引：14
作者：
Atasoy, Deniz [1 ]
Saxena, Sweta C. [1 ]
机构：
[1] Univ Pittsburgh, Pittsburgh, PA 15260 USA
来源：
EMERGING MARKETS FINANCE AND TRADE | 2006年 / 42卷 / 03期
关键词：
equilibrium real exchange rate; misalignment; overvaluation; Turkish lira;
D O I：
10.2753/REE1540-496X420302
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Scholars agree that overvalued exchange rates result in currency crises. This paper estimates the equilibrium real exchange rate for Turkey, finding that the lira was indeed overvalued before the crises in 1994 and 2001. However the actual real exchange rate is at present close to the equilibrium level, exposing the myth propagated by Turkish exporters that the lira's overvaluation is responsible for Turkey's uncompetitive exports. The paper also highlights the role for fiscal adjustment in macroeconomic stability.
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页码：29 / 45
页数：17
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