Yükselen piyasalarda döviz kuru belirlenmesi: Teori ve pratik

One of the major concerns of the recent years is to investigate the economies of the emerging markets, because of their increasing attraction in the economic arena. These countries are examined in terms of their preferences of monetary, fiscal and exchange rate policies. Especially, the exchange rate policy is one of the most essential driving factors of the economy. Recently, lots of tests are conducted in order to find out which approach best describes the countries? economic needs and among these approaches whether the monetary approach explain exchange rate fluctuations in emerging markets or not.Therefore, in this thesis, the main objective is to explain the exchange rate movements in the emerging countries, especially in Turkey, Taiwan, Brazil and Argentina, with the long-run monetary model approach, both theoretically and empirically. The core emphasize of the long-run monetary model of the exchange rate determination is a relation between the nominal exchange rate and the monetary variables such as the money supply, the real income, the nominal interest rate and the Consumer Price Index (CPI) differentials.