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The effects of exchange rate risk on economic performance: the Turkish experience

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Abstract:

This study examines the effects of real exchange rate risk on the economic performance for an emerging, small open economy: Turkey. When the ratios of the total foreign exchange liabilities of the Central Bank of the Republic of Turkey (CBRT) to: (1) total reserves; (2) the CBRT's reserves; and (3) the CBRT's total Turkish lira liabilities are taken proxy of exchange rate risk, the empirical evidence suggests that the increase in exchange rate risk causes a depreciation in the real exchange rate, an increase in prices and a decrease in output.

Document Type: Research Article

DOI: http://dx.doi.org/10.1080/0003684042000287637

Publication date: December 1, 2004

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