¢¢Central ¢f£
Tam metin
(2) " - ^ TTT TTT - T+ T+TT+ T © 2005 ¡ ¢¢Central ¢f£ ¤ ¥¦-Bank £ §+¨-£ of the © Republic ª ¤ ¨T of¢ Turkey ¨T ¢f£ . ¥. . 0DFURHFRQRPLF3HUIRUPDQFHRI&XUUHQF\%RDUGVLQ 7UDQVLWLRQ(FRQRPLHV . ø$QÕO7DODVOÕ .
(3)
(4)
(5)
(6)
(7) "! #%$
(8) &' )(%# +* , -
(9) .
(10) .
(11) 0/%1 2
(12) 3 3
(13) 4
(14) 2
(15) 3
(16) 35 67
(17)
(18)
(19) 89(%# +*
(20) 9 :
(21) - ;< &=$: >90: ?
(22) 19@35 A20B%5 A3@2@
(23) A3. BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB $EVWUDFW 7KH OLQN EHWZHHQ WKH H[FKDQJH UDWH UHJLPH DQG PDFURHFRQRPLF SHUIRUPDQFH KDV DOZD\VEHHQDGHEDWDEOHLVVXHLQLQWHUQDWLRQDOHFRQRPLFV7KLVSDSHUWDNHVDFULWLFDOORRNDW WKLV GHEDWH E\ IRFXVLQJ RQ WKH UHODWLYH PDFURHFRQRPLF SHUIRUPDQFH RI FXUUHQF\ ERDUGV DJDLQVW RWKHU H[FKDQJH UDWH UHJLPHV LQ WUDQVLWLRQHFRQRPLHV7KHHPSLULFDOILQGLQJVRIWKLV SDSHU VKRZ WKDW UHODWLYH WR IORDWLQJ UHJLPHV FXUUHQF\ ERDUGV LQ WUDQVLWLRQ HFRQRPLHV DUH DVVRFLDWHG ZLWK ORZHU LQIODWLRQ DQG KLJKHU UHDO *'3 SHUFDSLWD JURZWK $GGLWLRQDOO\ WUDQVLWLRQ HFRQRPLHV ZLWK FXUUHQF\ ERDUGV H[SHULHQFH KLJKHU UHDO *'3 SHUFDSLWD JURZWK FRPSDUHGWRERWKSHJJHGDQGIORDWLQJUHJLPHV$FFRUGLQJWRWKHFXUUHQF\ERDUGH[SHULHQFHV LQ WUDQVLWLRQ HFRQRPLHV LW FDQ EH VWDWHG WKDW FXUUHQF\ ERDUGV LQ (VWRQLD /LWKXDQLD DQG %XOJDULD EURXJKW ORZHU LQIODWLRQ DQG KLJKHU UHDO *'3 JURZWK WRWKHVHFRXQWULHVUHODWLYHWR WKHSUHFXUUHQF\ERDUGSHULRG -(/&ODVVLILFDWLRQ)3 .H\ZRUGV7UDQVLWLRQ(FRQRPLHV([FKDQJH5DWHV&XUUHQF\%RDUGV,QIODWLRQ*URZWK. BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB . . . . . . C DFEG H7IJ-I%K-L7G HNMOJG P%Q RSJHTKUWVPOMRXZY [\Y%U
(24) G HHTK-L ] J-] G VP^J-]F] E%K'_'PG `
(25) K-L+HG ] RWVaFb)V] ] G P%cEJ-M^Ydfe'Vg%Q UWQ G h%K'] V ) K-iI
(26) L KHHMR<HG P\K-L K^] EJ-P
(27) hHOJ-PUjcL+J-] G ] gUKH)] VkMRjH+g
(28) I%K-L `%G HTVLl9L VaTYfX<G \-EJKQNm"Q KJ-P%K-Rna VLEG HWG P
(29) `%JQ gJ-S%Q K H+g
(30) I
(31) I%VL ]"J-PUkJU`%G \KWeoEG Q KWg
(32) PUK-L ] J-hG P%c ] EG H)H+] gURYdoJ-MpcL+J-] Ka g%Qq] V^r'LY9XjK-E
(33) ] J-ItsG HJ-L+\u h%Q u Q J-L+vFr'LY9X<G ] J-] w KQ G h
(34) IJQ JJ-PUOr'LYx"G EJ-P yJQ zu P a VLN] E%KG LNE%KQ I%a g%Qf\VMMWK-P
(35) ] H"VP^KJ-L Q G K-L7UL+Ja ] H"Va] EG H7IJ-I%K-LY
(36) dqe'Vg%Q U{JQ HTV ] EJ-P
(37) hj] Vk] E%K{L Ka K-L KK{a VL'EG H+| E%K-LG PHG cE
(38) ] a g%Q7\VMMWK-P
(39) ] HJ-PUnH+g%ccKH+] G VPH-YF}'Q Q] E%KO`%G K-eH)K-iI
(40) L KHHTKUnG Pn] EG H H+] gUR)S%KQ VP%c)] V)] E%KJ-g
(41) ] E%VLJ-PUWUV)P%V]P%K\KHHJ-L+G ] R)L K-I
(42) L KHTK-P
(43) ]] E%V
(44) HTK'Vaf] E%Kox7K-P
(45) ] L+JQ%moJ-P
(46) hWVaF] E%K"~"K-I
(47) g
(48) S%Q G \oVa DFg
(49) L h%K-R
(50) vVLqG ] HH+] Ja aTY. .
(51) , :679« 9(
(52)
(53) - «¬q
(54)
(55) "! <B{® B93
(56) 3AT¯oBf°5 ±
(57) ±. ²9³. ,QWURGXFWLRQ &XUUHQF\ERDUGDUUDQJHPHQWVEHFDPHSRSXODULQUHFHQW\HDUVDQGIRXUWUDQVLWLRQ. HFRQRPLHV KDYH HVWDEOLVKHG FXUUHQF\ ERDUGV (VWRQLD /LWKXDQLD %XOJDULD %RVQLD DQG+HU]HJRYLQD
(58) ,WVKRXOGEHQRWHGWKDWFODVVLFFXUUHQF\ERDUGVZHUHGLIIHUHQWLQ VRPHUHVSHFWVWKDQWKHPRGHUQH[SHULHQFHV:KLOHWKHSULPDU\IXQFWLRQRIDFODVVLF. FXUUHQF\ ERDUG ZDV WR IDFLOLWDWH WKH WUDGH EHWZHHQ D FRORQLDO SRZHU DQG LWV. GHSHQGHQW WHUULWRULHV WKH PRGHUQ FXUUHQF\ ERDUGV ZHUH LQWURGXFHG WR DGGUHVV D UDQJHRIVSHFLILFHFRQRPLFFKDOOHQJHV ´ . 7KHUHDUHDOUHDG\VRPHHPSLULFDOVWXGLHVLQWKHOLWHUDWXUHDVVHUWLQJWKDWFRXQWULHV. ZLWKIL[HGH[FKDQJHUDWHUHJLPHVDFKLHYHORZHULQIODWLRQUHODWLYHWRFRXQWULHVZLWK. IORDWLQJ UHJLPHVµ 6LPLODUO\ HPSLULFDO VWXGLHV DERXW WKH PDFURHFRQRPLF SHUIRUPDQFH RI FXUUHQF\ ERDUGV VKRZ WKDW WKH FRXQWULHV RSHUDWLQJ XQGHU FXUUHQF\. ERDUGVH[SHULHQFHORZHULQIODWLRQDQGKLJKHUJURZWKUHODWLYHWRFRXQWULHVZLWKRWKHU. H[FKDQJHUDWHUHJLPHV¶ *KRVKHWDO
(59) FRQGXFWRQHRIWKHPRVWGHWDLOHG PXOWLFRXQWU\VWXGLHVLQZKLFKWKH\FRPSDUHWKHLQIODWLRQDQGJURZWKSHUIRUPDQFH RIDOO,0)PHPEHUFRXQWULHVRYHUWKHSHULRG7KH\FRQFOXGHWKDWFRXQWULHV. ZLWK FXUUHQF\ ERDUGV H[SHULHQFHG ORZHU LQIODWLRQ WKDQ HLWKHU IORDWLQJ UHJLPHV RU. VLPSOH SHJV UHIOHFWLQJ ERWK D ORZHU JURZWK UDWH RI PRQH\ VXSSO\ D GLVFLSOLQH. HIIHFW
(60) DQG IDVWHU JURZWK RI PRQH\ GHPDQG D FRQILGHQFH HIIHFW
(61) *KRVK HW DO.
(62) DOVRILQGWKDWWKHEHWWHULQIODWLRQSHUIRUPDQFHRIFXUUHQF\ERDUGVZDV QRW DFKLHYHG DW D FRVW RI ORZHU JURZWK LQGHHG RXWSXW JURZWK XQGHU FXUUHQF\. ERDUGVH[FHHGHGJURZWKXQGHUERWKIORDWLQJDQGRWKHUSHJJHGUHJLPHV7KLVSDSHU EDVLFDOO\ DLPV WR WHVW ZKHWher if Ghosh et al. (1998, 2000)’s findings about the. PDFURHFRQRPLFSHUIRUPDQFHRIFXUUHQF\ERDUGVLVYDOLGIRUWUDQVLWLRQHFRQRPLHVRU. QRW$QHPSLULFDOIUDPHZRUNVLPLODUWR*KRVKHWDO
(63) LVGHYHORSHGDQG. WKH GDWDVHW LQ WKLV VWXG\ FRYHUV IRXU UHJLPH W\SHV SHJJHG LQWHUPHGLDWH FXUUHQF\. ERDUG IORDWLQJ
(64) WZHQW\VHYHQ WUDQVLWLRQ HFRQRPLHV RYHU WKH SHULRG . · }HW¸"g%Q UK K-]JQ Y¹ ²º
(65) º
(66) º» I%V
(67) G P
(68) ]'Vg
(69) ] ¼] E%KHTK^IJ-L ] G \-g%Q J-L)K\VP%VMOG \t\-EJQ Q K-P%cKHOJ-L KtH+g\-EZJHWa J\G Q G ] J-] G P%cn] E%K. ] L+J-PHG ] G VP½a L VM¾\K-P
(70) ] L+JQ Q RnI%Q J-P
(71) P%KUn] VnMOJ-L h%K-]'K\VP%VMR<¹ ¿H+] VPG JvÀqG ] E
(72) gJ-PG J » v7H+] J-SG Q G HJ-] G VP½a L VMÁEG cE<VL E
(73) RI%K-L+G P%a Q J-] G VP¹ m7g%Q c
(74) J-L+G J » J-PUÃI
(75) L V`%G U
(76) G P%cÄJ½H+] J-S%Q K½G PH+] G ] g
(77) ] G VPJQ)a L+J-MWK-e'VL hÂG PÄI%V
(78) H+] Å eJ-LOL K\VPH+] L g\-] G VP ¹ m"V
(79) H+PG JoJ-PUsK-L ÆKcV`%G PJ » Y Ç [%KKva VLqG PH+] J-P\K"¸"E%V
(80) H+EK-]JQ Y¹È-É
(81) É%Ê
(82) v ²º
(83) º²
(84) » Y ËqÌ VL7K-MIG L+G \JQfK-`%G UK-P\KvFHTKK)¸"E%V
(85) H+E K-]JQ Y9¹È-É
(86) É ³ v ²º
(87) º
(88) º» v9X<\x"J-L ] E
(89) R^J-PUOÍJ-PJQ U
(90) J¹È-É
(91) É%Î » J-PUOÏoeJ-PtJ-PU ÀFgGq¹È-É
(92) É%Î » Y%d ]H+E%Vg%Q UOS%KP%V] KUO] EJ-]qÏoeJ-PtJ-PUOÀFgGq¹È-É
(93) É%Î » \VMIJ-L K] E%K)K\VP%VMOG \I%K-L a VL MOJ-P\K)VasVP%c Ï'VP%c)g
(94) PUK-LG ] H7\-g
(95) L L K-P\-R)S%V
(96) J-L+UWJ-L L+J-P%cK-MWK-P
(97) ]] VWG ] HI
(98) L K-`%G VgHL Kc
(99) G MWK¹ a Q V
(100) J-] G P%c)L Kc
(101) G MWK » YDFE%K-RW\VP\Q gUKo] EJ-] ] E%K'\-g
(102) L L K-P\-RS%V
(103) J-L+UG PsVP%cÏ'VP%cEJ-`
(104) KoQ Ve'K-L KUS%V] EOG P%a Q J-] G VPOJ-PU)Vg
(105) ] I
(106) g
(107) ]cL Veo] EL KQ J-] G `
(108) K"] V] E%K"I
(109) L K-`%G VgH L Kc
(110) G MWKY. .
(111) , :679« 9(
(112)
(113) - «¬q
(114)
(115) "! <B{® B93
(116) 3AT¯oBf°5 ±
(117) ±. ² É. /LNH*KRVKHWDO
(118) RUGLQDU\OHDVWVTXDUHV 2/6
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currency board experiences in transition countries by focusing on each country’s. PDFURHFRQRPLF SHUIRUPDQFH )LQDOO\ 6HFWLRQ SUHVHQWV VRPH EULHI FRQFOXGLQJ UHPDUNV. 0DFURHFRQRPLF3HUIRUPDQFHRI&XUUHQF\%RDUGV This section will present a brief literature review of the currency board’s. PDFURHFRQRPLFSHUIRUPDQFH0DMRULW\RIWKHSDSHUVZHUHGHVFULSWLYHDQGWKH\GLG. QRW HPSLULFDOO\ H[DPLQH WKH PDFURHFRQRPLF SHUIRUPDQFH RI FXUUHQF\ ERDUG DUUDQJHPHQWV 7KH HPSLULFDO VWXGLHV FDQ EH FODVVLILHG LQWR WZR FDWHJRULHV FRXQWU\. VSHFLILFVWXGLHVDQGPXOWLFRXQWU\VWXGLHV*KRVKHWDO
(120) FRQGXFWRQHRI WKH PRVW FRPSUHKHQVLYH PXOWLFRXQWU\ VWXGLHV DERXW WKH PDFURHFRQRPLF. SHUIRUPDQFH RI FXUUHQF\ ERDUG DUUDQJHPHQWV *KRVK HW DO
(121) ILQG WKDW FRXQWULHV ZLWK FXUUHQF\ ERDUGV H[SHULHQFHG ERWK ORZHU LQIODWLRQ DQG KLJKHU *'3. JURZWK UHODWLYH WR IORDWLQJ UHJLPHV DQG VLPSOH SHJV 7KH\ XVH WKH VWDQGDUG 2/6. 2UGLQDU\/HDVW6TXDUHV
(122) HFRQRPHWULFWHFKQLTXHLQWKHLUHVWLPDWLRQVE\JHQHUDWLQJ. GXPP\ YDULDEOHV IRU WKH H[FKDQJH UDWH UHJLPHV 7KH\ FRQFOXGH WKDW ERWK D ORZHU. JURZWK RI PRQH\ VXSSO\ GLVFLSOLQH HIIHFW
(123) DQG D IDVWHU JURZWK RI PRQH\ GHPDQG. FUHGLELOLW\ HIIHFW
(124) OHDG WR ORZHU LQIODWLRQ UDWHV LQ FRXQWULHV ZLWK FXUUHQF\ ERDUGV FRPSDUHG WR RWKHU UHJLPHVÐ 2QH VLJQLILFDQW ILQGLQJ RI WKH SDSHU WKDW VKRXOG EH. QRWHGLVWKDWWKHEHWWHULQIODWLRQSHUIRUPDQFHRIFXUUHQF\ERDUGVLVQRWDFKLHYHGDWD. FRVWRIORZHU*'3JURZWK. Ñ }Òa G i
(125) KU{K-i%\-EJ-P%cKL+J-] KL Kc
(126) G MWKÅ G P\Q gU
(127) G P%c^J\-g
(128) L L K-P\-ROS%V
(129) J-L+U^J-L L+J-P%cK-MWK-P
(130) ] ÅI
(131) L V`%G UKH'H+] L VP%c^\VMMOG ] MWK-P
(132) ] eoEG \-EtL+JG HTKH'] E%KI%VQ G ] G \JQ\V
(133) H+]VaNMWVP%K-] J-L R^K-iIJ-PHG VPk¹ \JQ Q KU{] E%KWU
(134) G H\G I%Q G P%KKa a K\-] » Y}U
(135) U
(136) G ] G VPJQ Q R
(137) vFa G i
(138) KU. exchange ] V)J"a JH+] K-Lfrate cL Veoregimes ] EVafUVare MWKH+credible ] G \7MWVP%K-which R)UK-MOcreates J-PUY a second effect called the “confidence effect” that leads.
(139) , :679« 9(
(140)
(141) - «¬q
(142)
(143) "! <B{® B93
(144) 3AT¯oBf°5 ±
(145) ±. Ó%º. .ZDQDQG/XL
(146) PDNHDFRXQWU\VSHFLILFVWXG\ +RQJ.RQJ
(147) LQZKLFKWKH\. SHUIRUP D VLPXODWLRQ DQDO\VLV WR FRPSDUH WKH PDFURHFRQRPLF SHUIRUPDQFH RI WZR SHULRGV7KHIXOOVDPSOHLVGLYLGHGLQWRWZRSHULRGVDFFRUGLQJWRWKHWZRH[FKDQJH. UDWHUHJLPHVWKHIUHHIORDWSHULRGFRYHUVWRDQGWKHFXUUHQF\ERDUG SHULRGFRYHUVWRÔ .ZDQDQG/XL
(148) ILQGWKDWERWKRXWSXWJURZWK. DQGLQIODWLRQDUHPRUHVWDEOHGXULQJWKHFXUUHQF\ERDUGSHULRGWKDQWKHIUHHIORDWLQJ. \HDUV 7KH\ FRQFOXGH WKDW WKH FXUUHQF\ ERDUG LQ +RQJ .RQJ KDYH ORZHUHG ERWK. LQIODWLRQDQGRXWSXWJURZWK. 0F&DUWK\DQG=DQDOGD
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Õ . 6LQFH WKHUH DUH TXLWH D IHZ HPSLULFDO VWXGLHV DERXW WKH PDFURHFRQRPLF. SHUIRUPDQFH RI FXUUHQF\ ERDUGV LW LV ZRUWK GLVFXVVLQJ WKH RWKHU HPSLULFDO VWXGLHV. ZKLFK H[DPLQH WKH OLQN EHWZHHQ WKH FKRLFH RI WKH H[FKDQJH UDWH UHJLPH DQG. PDFURHFRQRPLF SHUIRUPDQFH 7KH IROORZLQJ WZR VXEVHFWLRQV ZLOO SURYLGH D EULHI OLWHUDWXUH UHYLHZ RI WKH UHODWLRQVKLS EHWZHHQ WKH H[FKDQJH UDWH UHJLPHV DQG PDFURHFRQRPLFSHUIRUPDQFH0RVWRIWKHVWXGLHVWDNHLQIODWLRQDQGRXWSXWJURZWK. DV WKH PDLQ LQGLFDWRUV RI PDFURHFRQRPLF SHUIRUPDQFH 7KXV WKH QH[W VXEVHFWLRQ. ZLOO SURYLGH D UHYLHZ RI WKH HPSLULFDO ILQGLQJV RQ WKH OLQN EHWZHHQ H[FKDQJH UDWH. UHJLPH DQG LQIODWLRQZKLOHWKHIROORZLQJVXEVHFWLRQZLOOIRFXVRQWKHUHODWLRQVKLS. EHWZHHQRXWSXWJURZWKDQGH[FKDQJHUDWHUHJLPH . Ö d ]H+E%Vg%Q UWS%KP%V] KUW] EJ-]fÏoeJ-P^J-PUÀFgGF¹È-É
(150) É%Î ». gHTK×gJ-L ] K-L Q ROU
(151) J-] JG PO] E%KG LNJ-PJQ R
(152) HG H-Y¿J\-EORKJ-LNG H"U
(153) G `%G UKU G P
(154) ] Va Vg
(155) LFIJ-L ] HJ-PUKJ\-E)IJ-L ]\V`
(156) K-L+Hq] E
(157) L KK7MWVP
(158) ] EH-Y. Ø and Villanueva (1992), Perry (1997), Baliño et al. (1997), m"See, K-P
(159) P%K-for ] ]¹È-instance É
(160) ÉÙ » v¿qP%Williamson V
(161) \-EWJ-PU¸"g%Q(1995), UKo¹È-É
(162) É Osband ³0» Y.
(163) , :679« 9(
(164)
(165) - «¬q
(166)
(167) "! <B{® B93
(168) 3AT¯oBf°5 ±
(169) ±. Ó È. 7KH/LQNEHWZHHQWKH&KRLFHRIWKH([FKDQJH5DWH5HJLPHDQG,QIODWLRQ 7KH UHODWLRQVKLS EHWZHHQ H[FKDQJH UDWH UHJLPHV DQG LQIODWLRQ UHPDLQV D NH\ issue in international economics. “Few questions in international economics have DURXsed more debate than the choice of exchange rate regime” (Ghosh et al., 1997).. 2UWKRGR[ GLVFXVVLRQ RI WKH FKRLFH EHWZHHQ IL[HG DQG IORDWLQJ UHJLPHV VWHPV IURP. WKH QDWXUH RI WKH VKRFNV $FFRUGLQJ WR WKH VWDQGDUG PRGHOV IOH[LEOH UHJLPHV FDQ. LVRODWHWKHGRPHVWLFHFRQRP\LIWKHVKRFNVDUHPDLQO\PRQHWDU\DQGIRUHLJQ2QWKH. RWKHU KDQG SHJJHG UHJLPHV ZLOO EH EHQHILFLDO LI WKH VKRFNV DUH DVVRFLDWHG ZLWK. XQVWDEOHGRPHVWLFPRQHWDU\DQGILQDQFLDOSROLFLHVEHFDXVHIL[HGUHJLPHVJHQHUDWHD. GLVFLSOLQHHIIHFWRQWKHSolicy makers’ actions.. 0RGHUQOLWHUDWXUHDERXWWKHFKRLFHRIH[FKDQJHUDWHUHJLPHPDLQO\GLVFXVVHVWKH. WUDGHRII EHWZHHQ FUHGLELOLW\ DQG IOH[LELOLW\Ú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
(170) FRQGXFWV D VWXG\. FRYHULQJ FRXQWULHV RYHU WKH SHULRG DQG KH ILQGV WKDW FRXQWULHV. RSHUDWLQJ XQGHU IL[HG H[FKDQJH UDWH UHJLPHV KDYH ORZHU LQIODWLRQ UDWHV GXULQJ WKH. VUHODWLYHWRFRXQWULHVZLWKIOH[LEOHUHJLPHV. *KRVKHWDO
(171) PDNHRQHRIWKHPRVWGHWDLOHGPXOWLFRXQWU\VWXGLHVLQZKLFK. WKH\ DQDO\VH WKH OLQN EHWZHHQ WKH QRPLQDO H[FKDQJH UDWH UHJLPH LQIODWLRQ DQG. JURZWK Û 7KH\FRQFOXGHWKDWWKHLQIODWLRQLVERWKORZHUDQGPRUHVWDEOHXQGHUIL[HG UHJLPHV UHIOHFWLQJ ERWK VORZHU PRQH\ VXSSO\ GLVFLSOLQH HIIHFW
(172) DQG IDVWHU PRQH\. GHPDQGJURZWK FUHGLELOLW\HIIHFW
(173) *KRVKHWDO
(174) H[SDQGWKLVVWXG\E\XVLQJD. GDWDVHW ZKLFK FRYHUV VRPH ,0) PHPEHU FRXQWULHV RYHU 7KHLU SUHYLRXVDQGXSGDWHGVWXGLHV\LHOGVLPLODUUHVXOWV. Ü [%KKva VLtG PH+] J-P\K<¿UeJ-L+U
(175) Hn¹È-É
(176) É%Î » Yo¿UeJ-L+U
(177) Hn¹È-É
(178) É%Î. » UK-`
(179) KQ VIHnJZHG MI%Q K<] E%KVL K-] G \JQa L+J-MWK-e'VL hÂa VL -K i%J-MOG PG P%c] E%K'HTKQ K\-] G VPWVaqJ-PWK-i%\-EJ-P%cK"L+J-] K"L Kc
(180) G MWKYDFE%K'J-PJQ R
(181) HG HNUK-I%K-PU
(182) HVP] E%KoK-i%G H+] K-P\K"VafJ7] L+JUKÅ Va a S%K-] e'KK-PW\-L KU
(183) G SG Q G ] R)J-PUa Q K-i%G SG Q G ] RY Ý DFE%K-RWgHTKVL+U
(184) G PJ-L ROQ KJH+]H×gJ-L KH"¹ ÞoÀ[ » KH+] G MOJ-] G VPO] K\-E
(185) PG ×g%K'S
(186) RWcK-P%K-L+J-] G P%cOUg
(187) MMOG KH7a VLK-i%\-EJ-P%cK'L+J-] K L Kc
(188) G MWKH-Y
(189) DFE%KU
(190) J-] JHTK-]q\V`
(191) K-L+HN] E
(192) L KK'L Kc
(193) G MWK'] RI%KH"¹ ] E%K-ROJQ HTVgHTKJoPG P%KÅ eJ-RW\Q JHHG a G \J-] G VPOVaqK-i%\-EJ-P%cKoL+J-] K L Kc
(194) G MWKoG P)] E%KG LqH+] gUR » vFÈ Ó Î)\Vg
(195) P
(196) ] L+G KHV`
(197) K-LF] E%K7I%K-L+G V
(198) U^È-É%Î º ÅÈ-É
(199) É º Y.
(200) , :679« 9(
(201)
(202) - «¬q
(203)
(204) "! <B{® B93
(205) 3AT¯oBf°5 ±
(206) ±. Ó². Domaç et al. (2001) conduct a similar analysis for transition economies. They. FODLP WKDW WKH XVH RI VWDQGDUG HFRQRPHWULF WHFKQLTXHV VXFK DV 2/6 RU 6/6 WZR. VWDJH OHDVW VTXDUHV
(207) DQG WKHGXPP\YDULDEOHDSSURDFKZLOOSURGXFHELDVHGUHVXOWV. 7KXV WKH\ HPSOR\ D VZLWFKLQJ UHJUHVVLRQ IUDPHZRUN LQ RUGHU WR H[DPLQHZKHWKHU. WKHH[FKDQJHUDWHUHJLPHKDYHDQ\HIIHFWRQLQIODWLRQß 7KHHPSLULFDOUHVXOWVRIWKH SDSHU VXJJHVW WKDW WKH H[FKDQJH UDWH UHJLPH PDNHV GLIIHUHQFH IRU LQIODWLRQ. SHUIRUPDQFH 6LQFH LW LV QRW SRVVLEOH WR FRPSDUH WKH LQIODWLRQ SHUIRUPDQFH RI GLIIHUHQW H[FKDQJH UDWH UHJLPHV E\ XVLQJ WKH VZLWFKLQJ UHJUHVVLRQ SURFHGXUH Domaç et al. (2001) perform simulations to determine whether a particular regime. ZRXOG KDYH GHOLYHUHG ORZHU RU KLJKHU
(208) LQIODWLRQ UHODWLYH WR WKH RQH DOUHDG\. HVWDEOLVKHG 7KH HPSLULFDO ILQGLQJV RI WKH SDSHU LQGLFDWH WKDW WUDQVLWLRQHFRQRPLHV. ZLWKLQWHUPHGLDWHUHJLPHVPD\DFKLHYHORZHULQIODWLRQLIWKH\ZHUHWRDGRSWDIL[HG. UHJLPH 7KH UHVXOWV DOVR VXJJHVW WKDW VZLWFKLQJ IURP D IORDWLQJ UHJLPH WR DQ LQWHUPHGLDWH DUUDQJHPHQW PD\ QRW GHOLYHU ORZHU LQIODWLRQ ,W VKRXOG EH QRWHG WKDW WKHLQWHUPHGLDWHUHJLPHLQFOXGHVFRRSHUDWLYHV\VWHPVXQFODVVLILHGIORDWVDQGIORDWV ZLWKSUHGHWHUPLQHGUDQJH. /LWWOHHWDO
(209) PDNHDVWXG\LQFOXGLQJGHYHORSLQJFRXQWULHVDQGWKH\ILQG. WKDWWKHIL[HGH[FKDQJHUDWHUHJLPHVDUHQRWDOZD\VDVVRFLDWHGZLWKORZHULQIODWLRQ. 7KH/LQN%HWZHHQ7KH&KRLFHRI7KH([FKDQJH5DWH5HJLPHDQG*URZWK ,WLVJHQHUDOO\DUJXHGWKDWWKHH[FKDQJHUDWHUHJLPHFDQDIIHFWHFRQRPLFJURZWK. HLWKHU WKURXJK WKH UDWH RI IDFWRU DFFXPXODWLRQ XVXDOO\ GHILQHG DV LQYHVWPHQW
(210) RU. WKURXJK WKH JURZWK UDWH RI IDFWRU DFFXPXODWLRQ LQFUHDVHG SURGXFWLYLW\
(211) )L[HG. H[FKDQJH UDWH UHJLPHV UHGXFH SROLF\ XQFHUWDLQWLHV UHDO LQWHUHVW UDWHV DQG UHDO. H[FKDQJH UDWH YDULDELOLW\ WKXV WKH\ DUH XVXDOO\ DVVRFLDWHG ZLWK KLJKHU LQYHVWPHQW. UHODWLYH WR RWKHU UHJLPHV ´ à 2Q WKH RWKHU KDQG IL[HG H[FKDQJH UDWH UHJLPHV HOLPLQDWH DQ LPSRUWDQW DGMXVWPHQW PHFKDQLVPZKLFKOHDGVWRLQHIILFLHQWDOORFDWLRQ. RIUHVRXUFHVDFURVVVHFWRUV7KHUHIRUHIL[HGUHJLPHVDUHJHQHUDOO\DVVXPHGWRKDYH. VORZHU SURGXFWLYLW\ JURZWK UHODWLYH WR IOH[LEOH UHJLPHV 7KH ILQGLQJV RI WKH. HPSLULFDOVWXGLHVDERXWWKHOLQNEHWZHHQH[FKDQJHUDWHUHJLPHDQGJURZWKZLOOQRZ. EHGLVFXVVHG. *KRVK HW DO
(212) ILQG WKDW *'3 SHUFDSLWD JURZWK WHQGV WR EH ORZHU XQGHU. IL[HG UHJLPHV EXW WKH GLIIHUHQFH LV TXDQWLWDWLYHO\ VPDOO 7KH\ DOVR VWDWH WKDW. á Å H+] K-I)I
(213) L V
(214) \KUg
(215) L K7] VKH+] G MOJ-] K7] E%KoH+eG ] \-EG P%cL KcL KHHG VPY. · â They ¸"E%V
(216) H+use E{J-PHeckman’ U)lKHTK-P
(217) ] Gs¹È-two É
(218) ÉÙ » v
(219) }G ÆK-P
(220) MOJ-P{¹È-É
(221) ÉfÈ » a G PU)] EJ-]MOJG P
(222) ] JG PG P%cWJoa G i
(223) KU)K-i%\-EJ-P%cK"L+J-] K"L Kc
(224) G MWKoQ KJU
(225) H ] VEG cE%K-LqG P
(226) `
(227) KH+] MWK-P
(228) ]L+J-] KHq] E
(229) gHq] Va JH+] K-LfVg
(230) ] I
(231) g
(232) ]9cL Veo] EY.
(233) , :679« 9(
(234)
(235) - «¬q
(236)
(237) "! <B{® B93
(238) 3AT¯oBf°5 ±
(239) ±. Ó
(240) Ó. LQYHVWPHQW UDWHV DUH KLJKHVW XQGHU IL[HGH[FKDQJHUDWHV$FFRUGLQJWRWKHDXWKRUV lower “productivity growth” ´´ XQGHU IL[HG UHJLPHV PXVW KDYH FDXVHGORZHURXWSXW. JURZWK FRPSDUHG WR FRXQWULHV ZLWK IORDWLQJ H[FKDQJH UDWHV 2YHUDOO *KRVK HW DO.
(241) IDLO WR ILQG D VWURQJ OLQN EHWZHHQ HFRQRPLF JURZWK DQG H[FKDQJH UDWH. UHJLPHV +RZHYHU WKH\ ILQG WKDW WKH YRODWLOLW\ RI RXWSXW LV VOLJKWO\ KLJKHU XQGHU. IL[HGUHJLPHVWKDQLWLVXQGHUIORDWLQJUHJLPHV. )LVKHUHWDO
(242) H[DPLQHWKHOLQNEHWZHHQH[FKDQJHUDWHUHJLPHDQGJURZWK. E\JHQHUDWLQJDGXPP\YDULDEOHIRUWKHIL[HGH[FKDQJHUDWHUHJLPH7KH\ILQGWKDW. WKHFRHIILFLHQWRQWKLVGXPP\LVSRVLWLYHDQGVLJQLILFDQWLQWKHJURZWKUHJUHVVLRQV. Domaç et al. (2001) conduct an empirical study which covers 22 transition. HFRQRPLHV%DVHGRQWKHHPSLULFDOUHVXOWVRIWKHSDSHUWKHDXWKRUVFRQFOXGHWKDWLW. LVQRWSRVVLEOHWRPDNHDQ\MXGJHPHQWDERXWDVSHFLILFH[FKDQJHUDWHUHJLPHEHLQJ VXSHULRUWRWKHRWKHULQWHUPVRIJURZWKSHUIRUPDQFH(FRQRPLFJURZWKLVOLNHO\WR. GHSHQG RQ PXFK PRUH WKDQ MXVW WKH H[FKDQJH UDWH UHJLPH 7KXV WKHUH DUH PDQ\ HPSLULFDO VWXGLHV ZKLFK H[DPLQH JURZWK LQ WUDQVLWLRQ HFRQRPLHV E\ WDNLQJ LQWR. DFFRXQW WKH UROH RI VWUXFWXUDO UHIRUPV PDFURHFRQRPLF YDULDEOHV DQG LQLWLDO. FRQGLWLRQV ´ µ . (PSLULFDO(YLGHQFH. 'HVFULSWLRQRI'DWD 7KHVWXG\LVEDVHGRQDQDQQXDOGDWDVHWRIDOOWUDQVLWLRQHFRQRPLHVFRYHULQJWKH. SHULRG2000. International Monetary Fund (IMF)’ s classification of countries. LV XVHG LQ WKLV VWXG\ ,0) GLYLGHV WKH ZRUOG LQWR WKUHH PDMRU JURXSV L
(243) DGYDQFHG HFRQRPLHV LL
(244) GHYHORSLQJ FRXQWULHV LLL
(245) WUDQVLWLRQ HFRQRPLHV &RXQWULHV LQ. WUDQVLWLRQ FRQVLVW RI FRXQWULHV ´ ¶ KRZHYHU <XJRVODYLD DQG 6HUELD DQG 0RQWHQHJUR DUHH[FOXGHGIURPWKLVVWXG\EHFDXVHDGHTXDWHGDWDDUHQRWDYDLODEOH. 7KXVWKHGDWDVHWFRYHUVWUDQVLWLRQHFRQRPLHVRYHUWKHSHULRG ´ Ð . ,WLVZRUWKPHQWLRQLQJWKHFRPPRQIHDWXUHVRIWUDQVLWLRQHFRQRPLHV$FFRUGLQJ. WR WKH ,0) WKHVH FRXQWULHV KDYH WZR GLVWLQFWLYH FKDUDFWHULVWLFV LQ FRPPRQ. · · DFE%K-RgHTK'] L+JUKcL Veo] E^¹ K-iI%VL ]fcL Veo] EOI%Q gH"G MI%VL ]fcL Veo] E. » G PO] E%KG LK-MIG L+G \JQFJ-PJQ R
(246) HG H7JH7JoMWKJH+g
(247) L K'Va I
(248) L V
(249) Ug\-] G `%G ] RcL Veo] EY · Ç [%KKva VLqG PH+] J-P\Kvm"K-L cK-]JQ Y¹È-É
(250) É
(251) É » J-PUxNE
(252) L+G H+] Va a K-L+HTK-PWJ-PUrVRQ Ko¹È-É
(253) É ³0» Y · Ë DFE%KZQ G H+]{Va^] L+J-PHG ] G VPÒK\VP%VMOG KHjG Hk] J-h%K-PÒa L VMã] E%K<MWV
(254) H+]WL K\K-P
(255) ]Wd X ÌÒä VL Q Uå¿\VP%VMOG \½Þog
(256) ] Q VVh ¹ [%K-I
(257) ] K-MS%K-L ²º
(258) ºÓ» G PÄeoEG \-EÄ] E%Kjd X Ì \Q JHHG a G KH ] E%K½\Vg
(259) P
(260) ] L+G KHkG PÄ] L+J-PHG ] G VPÂJHkJjMOJ æVL^cL Vg
(261) IY"}'a ] K-L [%K-I
(262) ] K-MS%K-L ²º
(263) ºÓ vd X Ì H+] J-L ] Hj] Vç\Q JHHG a Rè] E%Kå\Vg
(264) P
(265) ] L+G KH<G P
(266) ] Vè] e'VÂcL Vg
(267) IHé)JU`%J-P\KUÒ\Vg
(268) P
(269) ] L+G KH-¼V] E%K-L K-MWK-L c
(270) G P%cMOJ-L h%K-] HJ-PU)UK-`
(271) KQ VIG P%c)\Vg
(272) P
(273) ] L+G KH-Y · Ñ DFEG HH+] gURgHTKHJ7IJ-P%KQU
(274) J-] Jo\V`
(275) K-L+G P%c ² Ê] L+J-PHG ] G VPW\Vg
(276) P
(277) ] L+G KHJ-PU)J7] G MWK7I%K-L+G V
(278) UVa] K-P)RKJ-L+H-Y.
(279) Ó Ù. , :679« 9(
(280)
(281) - «¬q
(282)
(283) "! <B{® B93
(284) 3AT¯oBf°5 ±
(285) ±. L
(286) WUDQVLWLRQDOVWDWHRIWKHLUHFRQRPLHVIURPDFHQWUDOO\SODQQHGV\VWHPWRRQHEDVHG. RQ PDUNHW UXOHV LL
(287) WUDQVIRUPDWLRQ RI ODUJH LQGXVWULDO VHFWRUV ZKRVH FDSLWDO VWRFNV. DUHPDLQO\QRORQJHULQXVH7DEOHSUHVHQWVWKHOLVWRIWUDQVLWLRQHFRQRPLHV. WKDWZLOOEHXVHGLQWKLVVWXG\ ´ Ô . ê"ë
(288) ìí î7ïð ñ ò'ó
(289) ô9õö ÷ø îù ø õ ê ÷ ë õ ù ø ö ø ó
(290) õ %ì ú)ûîü ø ó
(291) õ ò î õ ö ÷ ëí9ë õ9ýWþ
(292) ë ù ö î ÷õWþ"ô9÷ó
(293) ÿ î. ò'óOó
(294) õ îëí ö Oó õ9ý î ÿ î õ9ý î õö ö ë ö îùë õ9ý ó
(295) õ ü ó í ø ë }'Q SJ-PG J [%Q V`%J-h)~"K-IY }oL MWK-PG J m"V
(296) H+PG JoJ-PUsK-L ÆKcV`%G PJ [%Q V`
(297) K-PG J }oÆK-L SJG æJ-P m7g%Q c
(298) J-L+G J m"KQ J-L gH xNL V
(299) J-] G J ¸oKVL c
(300) G J xNÆK\-E)~"K-I
(301) g
(302) S%Q G \ ÏJ-Æ0J-h
(303) EH+] J-P ¿H+] VPG J ÏoRL cRÆ"~"K-I
(304) g
(305) S%Q G \ s'g
(306) P%c
(307) J-L R XjVQ UV`%J ÀqJ-] `%G J XjVP%cVQ G J ÀqG ] E
(308) gJ-PG J ~7gHHG J X<J\KUVPG J DqJ æG hG H+] J-P lVQ J-PU DFg
(309) L h
(310) MWK-PG H+] J-P ~"VMOJ-PG J _'h
(311) L+JG P%K [%K-L SG JoJ-PUXjVP
(312) ] K-P%KcL V _'ÆS%K-hG H+] J-P [%Vg
(313) L+\Kéd X ÌWä VL Q U¿\VP%VMOG \"Þog
(314) ] Q VVhv%[%K-I
(315) ] K-MS%K-L ²º
(316) ºÓ Y. 7UDQVLWLRQHFRQRPLHVKDYHDGRSWHGDZLGHYDULHW\RIH[FKDQJHUDWHUHJLPHVRYHU. WKHSHULRG7KHFODVVLILFDWLRQRIH[FKDQJHUDWHUHJLPHVLVDFUXFLDOVWHS. LQ WKLV VWXG\ *KRVK HW DO
(317) FODVVLI\ H[FKDQJH UDWH DUUDQJHPHQWV LQWR three categories: i) pegged (or “fixed”, these terms are used interchangeably in this. SDSHU
(318) LL
(319) LQWHUPHGLDWH DQG LLL
(320) IORDWLQJ UHJLPHV 7KHLU FODVVLILFDWLRQ LV SULPDULO\. based on the stated commitment of the central bank (“de jure” classification) as summarised in the IMF’ s annual report on Exchange Rate Arrangements and. Exchange Rate Restrictions. Domaç et al. (
(321) XVH WKH VDPH FODVVLILFDWLRQ. DSSURDFKDQGJURXSWKHH[FKDQJHUDWHUHJLPHVLQWKUHHFDWHJRULHV,QWKLVSDSHUWKH exchange rate arrangements are classified into four categories by using a “de jure”. FODVVLILFDWLRQDSSURDFKL
(322) IL[HGLL
(323) FXUUHQF\ERDUGLLL
(324) LQWHUPHGLDWHDQGLY
(325) IORDWLQJ. UHJLPHV 6LQFH WKLV SDSHU LV DERXW WKH PDFURHFRQRPLF SHUIRUPDQFH RI FXUUHQF\ ERDUGV LQ WUDQVLWLRQ HFRQRPLHV FXUUHQF\ ERDUG DUUDQJHPHQWV DUH FODVVLILHG. VHSDUDWHO\ IURP IL[HG UHJLPHV ´ Õ &ODVVLILFDWLRQ RI WKH H[FKDQJH UDWH UHJLPHV LV. · Ö d X Ì U
(326) G `%G UKHn] E%KÃcL Vg
(327) IÒVat\Vg
(328) P
(329) ] L+G KHjG PÂ] L+J-PHG ] G VPçG P
(330) ] VÄ] e'VÄL Kc
(331) G VPJQOH+g
(332) SÅ. groups. IMF’ s regional \Q JHHG a G \J-] G VPWG HqgHTKU)G P)] EG Hq] J-S%Q KY · Ø ¸"E%V
(333) H+EWK-]FJQ . (1997, L+J-] KWL Kc
(334) G MWK{G Pk ] E%KG LH+] 2002), gU
(335) G KH-YFDomaç DFE%K-RkG Pet \Q gal. UKO(2001) \-g
(336) L L K-P\-do R^S%not V
(337) J-L+classify UtJ-L L+J-P%ccurrency K-MWK-P
(338) ] HG boards Pt] E%KWa G as i
(339) KaU^separate L Kc
(340) G MWKHexchange \J-] KcVL RY. .
(341) , :679« 9(
(342)
(343) - «¬q
(344)
(345) "! <B{® B93
(346) 3AT¯oBf°5 ±
(347) ±. Ó
(348). obtained from the IMF’ s Annual Report on Exchange Rate Arrangements. The. FXUUHQF\ ERDUG REVHUYDWLRQV LQ WKH GDWDVHW DUH (VWRQLD
(349) /LWKXDQLD.
(350) %XOJDULD
(351) DQG %RVQLD DQG +HU]HJRYLQD
(352) ´ Ú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³
(353) ´ ´ Û )LQDOO\GDWDRQLQYHVWPHQW *URVV'RPHVWLF,QYHVWPHQW
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this point: How should a country’ s exchange rate regime be classified? The. WH[WERRN DQVZHU LV VLPSOH HLWKHU WKH H[FKDQJHUDWHLVIL[HGRULWIORDWV *KRVKHW. DO, 2002:2). However, Ghosh et al. (1996) state that “ beyond the traditional fixed floating dichotomy, lies a spectrum of exchange rate regimes.” There are important. GLIIHUHQFHV DPRQJ H[FKDQJH UDWH UHJLPHV DQG WKH WUDGLWLRQDO GLFKRWRP\ FDQ PDVN. WKHVHGLIIHUHQFHV. ÞoPO] E%KV] E%K-LEJ-PU
(355) v¸"E%V
(356) H+E{K-]qJQ Y%¹È-É
(357) É ³ v ²º
(358) º
(359) º» ] J-h%K\-g
(360) L L K-P\-R)S%V
(361) J-L+U
(362) H7JH7JHTK-IJ-L+J-] K'cL Vg
(363) IOVaqK-i%\-EJ-P%cKoL+J-] K L K c
(364) G MWKH-Y ·Ü annual HTK-IIMF’ J-L+J-] KsQ R) a L VMÒ] report E%K"I%Kcon cKUexchange L Kc
(365) G MWKH-Y0rate sVe'arrangements K-`
(366) K-L+v] E%KoJ-g
(367) ] E%does VL+G ] G Knot HG P)summarise ¿H+] VPG JvÀqG ]currency E
(368) gJ-PG Jvm7board g%Q c
(369) J-L+G arrangements JoJ-PUm"V
(370) H+PG J J-PU are enough to take ] E%K"K-Herzegovina i%\-EJ-P%cK7L+J-] K7introduced L Kc
(371) G MWKHG P)currency ] E%KHTK"a Vg
(372) Lqboards \Vg
(373) P
(374) ] L+and G KHJthe H\-g
(375) authorities’ L L K-P\-RS%V
(376) J-L+stated U)J-L L+J-P%commitments cK-MWK-P
(377) ] H-Y ·Ý VL MÒ] E%K'G P%a Q J-] G VP)L+J-] Ko¹ » S
(378) R 2000, \JGhosh Q \-g%Q J-] G P%etc] al. E%K7(1997, ] L+J-PHTa V1998, L MWKUMW KJH+g
(379) L 2002) K | ¹È and » Domaç eoEG \-E)etL KUal.g\(2001) KHq] E%KoJalso U`
(380) K-L+transf HTK"Ka a K\-]9VaFVg
(381) ] Q G K-L+H-Y.
(382) , :679« 9(
(383)
(384) - «¬q
(385)
(386) "! <B{® B93
(387) 3AT¯oBf°5 ±
(388) ±. Ó Î. &ODVVLILFDWLRQ$SSURDFKHV'H-XUHYV'H)DFWR Two options are available in classifying the exchange rate regimes. A “ de jure”. FODVVLILFDWLRQ LV EDVHG RQ WKH SXEOLFO\ VWDWHG FRPPLWPHQW RI WKH FHQWUDO EDQN ,Q. RWKHU ZRUGV WKH GH MXUH FODVVLILFDWLRQ FDSWXUHV WKH IRUPDO FRPPLWPHQW RI WKH. FHQWUDOEDQNKRZHYHULWGRHVQRWUHIOHFWWKHSROLFLHVWKDWDUHLQFRQVLVWHQWZLWKWKH commitment. On the other hand, a “ de facto” classification has the advantage of. EHLQJ EDVHG RQ WKH REVHUYHG EHKDYLRXU RI WKH QRPLQDO H[FKDQJH UDWH UHJLPH WR. GHILQHWKHUHJLPH ´ ß . Following Ghosh et al. (1997, 2002) and Domaç et al. (2001), a de jure. FODVVLILFDWLRQDSSURDFKLVXVHGIRUFDWHJRULVLQJUHJLPHVµ-à 7KHGHMXUHFODVVLILFDWLRQ LQWKLVSDSHULVEDVHGRQWKHVWDWHGLQWHQWLRQVRIWKHPRQHWDU\DXWKRULWLHVDVUHSRUWHG. in the International Monetary Fund’ s Annual report on Exchange Rate. $UUDQJHPHQWV 'LIIHUHQW IURP *KRVK HW DO
(389) XQFODVVLILHG IORDWV DQG. WDUJHW ]RQHV DUH WDNHQ DV LQWHUPHGLDWH H[FKDQJH UDWH UHJLPHVµ´ 7KH IL[HG UHJLPH FRQVLVWVRIVLQJOHFXUUHQF\SHJV6'5SHJVDQGRWKHUEDVNHWSHJV&XUUHQF\ERDUG JURXSFRQWDLQVWKHFXUUHQF\ERDUGDUUDQJHPHQWVLQWUDQVLWLRQHFRQRPLHV7KHIORDW. JURXS FRPSULVHV RI IORDWV ZLWKRXW SUHGHWHUPLQHG UDQJH DQG SXUH IORDWV 6HH. $SSHQGL[ WKDW SUHVHQWV WKH OLVW RI H[FKDQJH UDWH UHJLPHV LQ WUDQVLWLRQ HFRQRPLHV. EHWZHHQ
(390) . (YROXWLRQRI,QIODWLRQDQG*'3*URZWKLQ7UDQVLWLRQ(FRQRPLHV 7KLVVHFWLRQGLVFXVVHVWKHHYROXWLRQRILQIODWLRQDQGUHDO*'3SHUFDSLWDJURZWK. LQWUDQVLWLRQHFRQRPLHVRYHUWKHSHULRGE\XVLQJWKHUDZGDWD7DEOH. VXPPDULVHV WKH PHDQ YDOXHV RI WKH LQIODWLRQ UDWH UHDO *'3 SHUFDSLWD JURZWK DQG. WUDQVIRUPHGLQIODWLRQUDWHµµ . · á d ]G H{e'VL ] EZMWK-P
(391) ] G VPG P%c<] E%KnJ-L ] G \Q KtS
(392) R<ÀfK-`R
(393) Å y'K-R
(394) J-] GJ-PUÃ[
(395) ] g
(396) L ÆK-P%KccK-LO¹ ²º
(397) ºÓ». G PZeoEG \-EZ] E%KnJ-g
(398) ] E%VL+H \ VPH+] L g\-]fJ-P{JQ ] K-L PJ-] G `
(399) K\Q JHHG a G \J-] G VP{J-I
(400) I
(401) L V
(402) J\-EWS
(403) RWG P
(404) ] L V
(405) Ug\G P%cWJ"P%K-eÄUKoa J\-] V\Q JHHG a G \J-] G VPWVafK-i%\-EJ-P%cK L+J-] K7L Kc
(406) G MWKH-Y Ç â ¸"E%V
(407) H+EjK-]oJQ Yq¹È-É
(408) É%Ê » JUVI
(409) ]oJ^\VMSG PJ-] G VPjVaUK'æTg
(410) L K^J-PUkUKOa J\-] Vk\Q JHHG a G \J-] G VPjJ-I
(411) I
(412) L V
(413) J\-E%KH)G Pk] E%KG L H+] gURY
(414) d ]H+E%Vg%Q UWS%KP%V] KUW] EJ-]q¸"E%V
(415) H+E^K-]JQ Y%¹ ²º
(416) º²
(417) » gHTK'] E%KUKæTg
(418) L K\Q JHHG a G \J-] G VP^JHN] E%KG LMOJG POMWK-] E%V
(419) UWVa \J-] KcVL+G HG P%cWL Kc
(420) G MWKH7S
(421) g
(422) ]f] E%K-R{JQ HTV{JUVI
(423) ]UKa J\-] V{\Q JHHG a G \J-] G VP G P^VL+UK-L] VMOJ-h%KJ\VMIJ-L+G HTVPOS%K-] e'KK-P ] E%KHTK7] e'V)J-I
(424) I
(425) L V
(426) J\-E%KH-Y ÇT· DFE%K"a Q V
(427) J-]\J-] KcVL R)G P¸"E%V
(428) H+EK-]JQ Y¹È-É
(429) É ³ v ²º
(430) º
(431) º» HH+] gUR)\VPHG H+] HVa] J-L cK-]ÆVP%KHJHqe'KQ QJHqI
(432) g
(433) L K"a Q V
(434) J-] H-Y Ç Ç DFE
(435) L KKL KcL KHHG VPHoe'K-L K)L g
(436) PkG P eoEG \-E ] E%KWG P%a Q J-] G VP L+J-] KvL KJQq¸"r'lnI%K-L+Å \J-IG ] JcL Veo] EkJ-PU{] L+J-PHTa VL MWKU G P%a Q J-] G VPnL+J-] KOe'K-L K^UK-I%K-PUK-P
(437) ]7`%J-L+G J-S%Q KHJ-PUtRKJ-LUg
(438) MMOG KHe'K-L K{K-iI%Q J-PJ-] VL R `%J-L+G J-S%Q KH-YFy'KJ-LUg
(439) MMOG KH e'K-L K7gHTKU] V)\JQ \-g%Q J-] K7] E%KoJ-P
(440) P
(441) gJQ
(442) MWKJ-PH-Y.
(443) , :679« 9(
(444)
(445) - «¬q
(446)
(447) "! <B{® B93
(448) 3AT¯oBf°5 ±
(449) ± ê"ë
(450) ìí î7ïð þ%ó í ôö ø ó
(451) õOó õ í ë ö ø ó
(452) õ ë õ9ý ûîëí ÷óö Wø õOò'ó
(453) ô9õö ÷ø îù ø õ ê ÷ ë õ ù ø ö ø ó
(454) õ. Ó Ê. y'KJ-L. }o`
(455) K-L+JcK7d P%a Q J-] G VP ¹ xNl9d v}oP
(456) P
(457) gJQ ». }o`
(458) K-L+JcK7~"KJQ%¸"r'l lK-L+Å \J-IG ] J"¸"L Veo] E ¹ }oP
(459) P
(460) gJQ ». }o`
(461) K-L+JcK"DFL+J-PHTa VL MWKU d P%a Q J-] G VP ¹ }oP
(462) P
(463) gJQ ». È-É
(464) ÉfÈ È-É
(465) É ² È-É
(466) É Ó È-É
(467) ÉÙ È-É
(468) É
(469) È-É
(470) É%Î È-É
(471) É%Ê È-É
(472) É ³ È-É
(473) É
(474) É ²º
(475) º
(476) º. È
(477) ÈÎY ²
(478) Ê º Ó Y
(479) Ó È º Ù Ó YÓ È ²
(480) Ó Y Ù ³ ÈÎ ³ Y É ² ³º Y º Ê Î
(481) ÎY ÎFÈ È
(482) YÎ
(483) ²
(484) YÓ Î È ³ Y
(485) È. ÅÈ º Y Ù
(486) Å È
(487) Y È
(488) Å ÊY
(489) Ó Å ÊY ² È Åº YÈ
(490) ÙY º Ê Ó Y ³
(491) ² Y É%Î Ó Y ²9³
(492) YÙ ². º Y Ù%É º YÊ Ó º Y ÎÉ º Y
(493) Ê º YÓ É º Y ²
(494) º Y² º Y È
(495) È º YÈ Ó º YÈ ². 7KH IROORZLQJ ILJXUHV GHPRQVWUDWH WKH HYROXWLRQ RI DYHUDJH LQIODWLRQ UHDO*'3. SHUFDSLWDJURZWKDQGWUDQVIRUPHGLQIODWLRQLQDOOWUDQVLWLRQHFRQRPLHV. Average Inflation (%). ! ø ü%ðïð ñð þ%ó í ôö ø ó
(496) õOó#" î ÷ ëü%î õ í ë ö ø ó
(497) õWø õ ê ÷ ë õ ù ø ö ø ó
(498) õWþ$ó
(499) õ9óWø îù. 1400 1200 1000 800 600 400 200 0 1991. 1992. 1993. 1994. 1995. 1996. 1997. 1998. 1999. 2000. Year. ,WFDQEHHDVLO\VHHQIURP)LJXUHWKDWWKHDYHUDJHLQIODWLRQUDWHLQFUHDVHVRYHU. WKHSHULRGLQZKLFKLWH[FHHGVSHUFHQWLQDQG$IWHUWKH. IRXUGLJLWDYHUDJHLQIODWLRQUDWHLQWKHPHDQYDOXHRIWKHLQIODWLRQUDWHVWDUWVWR. GHFOLQHDQGIROORZVDGRZQZDUGWUHQGXQWLOWKH\HDU.
(500) , :679« 9(
(501)
(502) - «¬q
(503)
(504) "! <B{® B93
(505) 3AT¯oBf°5 ±
(506) ±. Ó³. ! ø ü%ðïð ð þ%ó í ôö ø ó
(507) õOó#" î ÷ ëü%î7ûîëí ÿ î ÷&% ò ë ÿø ö ë' ÷óö Wø õ ê ÷ ë õ ù ø ö ø ó
(508) õWþ$ó
(509) õ9óWø îù. Average Real GDP per-capita growth (%). 10 5 0 -5. 1991. 1992. 1993. 1994. 1995. 1996. 1997. 1998. 1999. 2000. -10 -15 -20 Year. 7KH WUDQVLWLRQ HFRQRPLHV H[SHULHQFH QHJDWLYH DYHUDJH UHDO *'3 SHUFDSLWD. JURZWKUDWHVXQWLO%HWZHHQWKHSHULRGVWKHDYHUDJHUHDO*'3SHU. FDSLWD JURZWK UDWHV DUH DOPRVW FRQVWDQW GLVSOD\LQJ VPDOO GHYLDWLRQV OHVV WKDQ . SHUFHQW
(510) RYHUWKH\HDUV7UDQVLWLRQHFRQRPLHVKDYHDQDYHUDJHUHDO*'3SHUFDSLWD. JURZWKUDWHEHWZHHQSHUFHQWDQGSHUFHQWSHU\HDURYHUWKHSHULRG. 7KHDYHUDJHUHDO*'3SHUFDSLWDJURZWKLQFUHDVHVIURPSHUFHQWLQ WRSHUFHQWLQ. Average Scaled Inflation (%). ! ø ü%ðïð ïð þ%ó í ôö ø ó
(511) õOó#" î ÷ ëü%î"ê ÷ ë õ ù +ó
(512) ÷( î ý)õ í ë ö ø ó
(513) õWø õ ê ÷ ë õ ù ø ö ø ó
(514) õWþ$ó
(515) õ9óWø îù 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0 1991. 1992. 1993. 1994. 1995. 1996. 1997. 1998. 1999. 2000. Year. 6LQFHWKHDYHUDJHLQIODWLRQUDWHVDUHH[WUHPHO\KLJKHVSHFLDOO\EHWZHHQDQG. WUDQVIRUPHGLQIODWLRQUDWHVFDQEHXVHGLQFDOFXODWLQJWKHDQQXDOPHDQV7KH. PDLQ REMHFWLYH RI XVLQJ D WUDQVIRUPHG LQIODWLRQ UDWH LV WR HOLPLQDWH WKH HIIHFW RI. RXWOLHUV $V PHQWLRQHG EHIRUH WKH WUDQVIRUPHG LQIODWLRQ UDWH LV FDOFXODWHG DV. ³
(516) ´ ZKHUH GHQRWHV WKH DQQXDO LQIODWLRQ UDWH LQ SHUFHQWDJH )LJXUH SUHVHQWV WKH HYROXWLRQ RI WKH DYHUDJH WUDQVIRUPHG LQIODWLRQ ZKLFK GLVSOD\V D.
(517) , :679« 9(
(518)
(519) - «¬q
(520)
(521) "! <B{® B93
(522) 3AT¯oBf°5 ±
(523) ±. Ó É. VPRRWKHU FXUYH FRPSDUHG WR WKH RQH LQ )LJXUH ,W FDQ EH VWDWHG WKDW XVLQJ D. WUDQVIRUPHG LQIODWLRQ UDWH PLQLPLVHV WKH SRVVLEOH DGYHUVH HIIHFWV RI RXWOLHUV LQ WKH VDPSOHµ-¶ 7KH DYHUDJH WUDQVIRUPHG LQIODWLRQ UDWH VWDUWV WR IDOO DIWHU LW UHDFKHV LWV. PD[LPXP YDOXH LQ DQG LW GHFOLQHV FRQWLQXRXVO\ XQWLO ,W LQFUHDVHV E\ D. VPDOODPRXQWLQDQGIDOOVDJDLQLQ ,QIODWLRQ. ,QIODWLRQ3HUIRUPDQFHLQ7UDQVLWLRQ(FRQRPLHV 2QO\ WKH H[FKDQJH UDWH UHJLPH FDQQRW H[SODLQ WKH GLIIHUHQFHV LQ LQIODWLRQ $. VLPSOH PRQH\ GHPDQG IXQFWLRQ FDQ EH XVHG LQ RUGHU WR XQGHUVWDQG WKH IDFWRUV. XQGHUO\LQJ WKH GLIIHUHQFHV LQ LQIODWLRQ SHUIRUPDQFH DFURVV UHJLPHVµÐ $ VLPSOH PRQH\GHPDQGIXQFWLRQFDQEHGHILQHGDV . . PYS \ L* !.
(524) . :KHUHPLVEURDGPRQH\SLVWKHFRQVXPHUSULFHLQGH[\LVUHDORXWSXWLLVWKH. QRPLQDO LQWHUHVW UDWH DQG Y LV UHVLGXDO YHORFLW\ 5HDUUDQJHG PRQH\ GHPDQG IXQFWLRQFDQEHIRUPHGE\WDNLQJORJDULWKPVDQGILUVWGLIIHUHQFHVµ-Ô . . ¨ORJP ¨ORJ\ ¨ORJL¨ORJY.
(525) . :KHUH GHQRWHVWKHLQIODWLRQ 7DEOH VXPPDULVHV WKH PHDQ YDOXHV RI LQIODWLRQ UHDO *'3 JURZWK EURDG. PRQH\ JURZWK JURZWK UDWH RI QRPLQDO LQWHUHVW UDWHV DQG WUDQVIRUPHG LQIODWLRQ DFURVVGLIIHUHQWH[FKDQJHUDWHUHJLPHV. ê"ë
(526) ìí î7ïð ï õ í ë ö ø ó
(527) õ î ÷&+ó
(528) ÷( ë õ$ î "$÷ó ùù+ ø î ÷ î õöFþ,$( ë õ %ü î7ûë ö î7ûîü ø îù.-+ñ0//9ñ % 1112 }o`
(529) K-L+JcK } `
(530) K-L+JcK o }o`
(531) K-L+JcK ¿qi%\-EJ-P%cK }o`
(532) K-L+JcK ~"KJQ m L V
(533) JU 7 b)VMOG PJQ ~oJ-] K d P%a Q J-] G VP ¸"r'l X VP%K-R j d P
(534) ] K-L KH+] ~"Kc
(535) G MWK ¹ }oP
(536) P
(537) gJQ » ¸"L Veo] E ¸ L Veo] E " ~oJ-] K"¸"L Veo] E ¹ }oP
(538) P
(539) gJQ » ¹ }oP
(540) P
(541) gJQ » ¹ }oP
(542) P
(543) gJQ » Ì G i
(544) KU Î
(545) ÎY
(546)
(547) ³ ÅÓ YÈ Å É9Y
(548)
(549) ² Î ³ YÊ
(550) xNg
(551) L L K-P\-R'm"V
(552) J-L+U È º
(553) Y ÊÙ Ù
(554) ÙY ºÓ² Å ²º Y
(555) È Ó YÈ ² d P
(556) ] K-L MWKU
(557) G J-] K È ² YÎ ÈÊY ÎFÈ Å Ó Y º%³ Ó Y ÙÎ Ì Q V
(558) J-] Ê
(559) ÊY Ê ÅÈ
(560) È0Y Ó Ù ²9³
(561) ³ Y É Ó º Y Ê
(562) Î. }o`
(563) K-L+JcK DFL+J-PHTa VL MWKU d P%a Q J-] G VP ¹ }oP
(564) P
(565) gJQ » º Y
(566) º Y È-É º YÈ º YÓ. &RXQWULHVRSHUDWLQJXQGHUIL[HGH[FKDQJHUDWHUHJLPHVKDYHWKHKLJKHVWDYHUDJH. LQIODWLRQ UDWH DPRQJ RWKHU FRXQWULHV ZLWK GLIIHUHQW UHJLPHV 0RVW RI WKH HPSLULFDO. Ç Ë ¸"E%V
(567) H+EOK-]fJQ Y
(568) ¹È-É
(569) É ³0» H+] J-] Ko] EJ-]] E%Ko] L+J-PHTa VL MWKU)MWKJH+g
(570) L K'VaG P%a Q J-] G VP{G H`
(571) K-L RW\Q V
(572) HTKo] V)] E%KG P%a Q J-] G VPWL+J-] K'J-] Q VeÃQ K-`
(573) KQ HVafG P%a Q J-] G VPvS
(574) g
(575) ]G ]H+EJ-L I%Q RL KUg\KHq] E%K"Ka a K\-]9VaFVg
(576) ] Q G K-L+HG P)] E%KoHJ-MI%Q KY Ç Ñ ¸"E%V
(577) H+E K-]JQ Y9¹È-É
(578) É%Ê » JQ HTVOgHTKJHG MI%Q KMWVP%K-R^UK-MOJ-PU{a g
(579) P\-] G VP^] V{K-iI%Q JG P^] E%KU
(580) G a a K-L K-P\KH'G P G P%a Q J-] G VP I%K-L a VL MOJ-P\KoJ\-L V
(581) HHqL Kc
(582) G MWKH-Y Ç ÖÌ G L+H+]U
(583) G a a K-L K-P\KHJ-L KoUK-P%V] KUS
(584) R Y.
(585) Ù º. , :679« 9(
(586)
(587) - «¬q
(588)
(589) "! <B{® B93
(590) 3AT¯oBf°5 ±
(591) ±. VWXGLHV VKRZ WKDW FRXQWULHV ZLWK IL[HG H[FKDQJH UDWH UHJLPHV KDYH ORZHU DYHUDJH. LQIODWLRQUHODWLYHWRRWKHUUHJLPHVµ-Õ 7KLVJHQHUDOILQGLQJLVREYLRXVO\QRWYDOLGIRU WUDQVLWLRQ HFRQRPLHV RYHU WKH SHULRG EHFDXVH PRVW RI WKH IL[HG. H[FKDQJHUDWHREVHUYDWLRQVDUHIURPWKHSHULRGZKLFKLVDVVRFLDWHGZLWK. KLJK OHYHOV RI LQIODWLRQ 7DEOH )LJXUH
(592) 0RVW RI WKH FRXQWULHV ZLWK IL[HG. H[FKDQJH UDWH UHJLPHV H[SHULHQFH H[WUHPHO\ KLJK LQIODWLRQ UDWHV LQ WKH HDUO\ \HDUV. RI WKH WUDQVLWLRQ HVSHFLDOO\ EHWZHHQ ZKLFK LV WKH PDLQ UHDVRQ RI ZK\ IL[HG UHJLPHV DUH DVVRFLDWHG ZLWK KLJKHU DYHUDJH LQIODWLRQ UDWHV UHODWLYH WR RWKHU. UHJLPHV ,Q DGGLWLRQ WKH EURDG PRQH\ JURZWK KDV WKH KLJKHVW DYHUDJH SHUFHQW
Benzer Belgeler
Gelen güneş ışınımının bir kısmının yansıdığı, kalan kısmının da epidermis ve dermis tabakalarında homo- jen olarak yutulduğu kabul edilmiş, deri yüzeyi ve çevre
Prokopy of Gaza (circa 475-528) is one of the most prominent representatives of the Gaza Christian rhetorical school of V-VI centuries - a unique phenomenon in
Belirlenen kilovat/saat ba şına elektrik ücretleri şöyle: Hidroelekrik, 7.3 Cent (13 Kuruş), rüzgâr enerjisi 10.5 Cent (18.7 Kuruş), güneş enerjisi 13.3 Cent (23.67
Understanding how much waste is generated during a construction project as well as the types of waste generated for long term storage, disposal, energy recovery and recycling
Eserde yer alan şaireler şunlardır: Ânî Fâtıma, Emetullâh, Habîbe, Zeyneb, Sırrî, Şeref, Sıdkî Emetullah, Safvet, Tûtî, Âişe Hubbî, Ferîde, Fıtnat
In this paper, we consider the integrated problem of inventory and flexible capacity management under non-stationary stochastic demand with the possibility of positive fixed costs,
Experimental results [21] show that the PID controller based on trial-and-error tuning can reduce the main frequency of oscillation (the third Rossiter mode), while introducing
Based on this aim, the general question was expressed as: “To what extent were Turkish primary school teachers aware of dyscalculia and dyscalculic children in their