Exchange rates, prices and profitability: The Turkish evidence
Başlık çevirisi mevcut değil.
- Tez No: 400812
- Danışmanlar: PROF. JOHN DEVEREUX
- Tez Türü: Doktora
- Konular: Ekonomi, Economics
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 2012
- Dil: İngilizce
- Üniversite: The Cıty Unıversıty Of New York
- Enstitü: Yurtdışı Enstitü
- Ana Bilim Dalı: Belirtilmemiş.
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: Belirtilmemiş.
Özet
Özet yok.
Özet (Çeviri)
This dissertation consists of three essays. The first essay, published in the Turkish Central Bank Review I, 2010, examines the impact of exchange rate movements on export prices and profitability, at sectoral and at firm level respectively, for Turkish manufacturing. The results suggest that i) Turkish firms tend to stabilize their local currency prices implying that they have market power in international markets, and ii) exchange rate movements affect the profitability of firms. The results also show that the profits of export oriented firms are more likely to be a?ected by exchange rate movements. In the second essay, I develop a two-country model of international trade, built on Melitz (2003) model, where plant level heterogeneity is the key assumption. In this framework I analyze the impact of currency appreciation on productivity thresholds using a Newton Algorithm. The numerical simulation suggests that exchange rate appreciation increases productivity thresholds for both exporting and domestic production. In addition, I incorporate liquidity constraints in line with Manova (2010) into a model of heterogeneous firms and numerically show that, in the presence of liquidity constraints, the productivity threshold for exporting increases. The third essay, co-authored with Professor Yazgan from Bilgi University, uses unique firm level dataset, to test the impact of currency appreciation on the survival behavior and sales of Turkish firms in traded and nontraded industries for 2002-2009. The results suggest that real exchange rate appreciation decreases the probability of survival in both traded and nontraded industries. We find that high (low) productivity firms have higher (lower) probability of survival than low (high) productivity firms in both traded and nontraded industries as a result of domestic exchange rate appreciation. We further test the impact of currency appreciations on the sales of continuing firms belonging to both traded and nontraded industries. Our results show that real exchange rate appreciations do not have any impact on continuing firms? sales in both traded and nontraded industries.
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