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Abstract


EFFECTS Of INTEREST RATES On EXCHANGE RATES In TURKEY DURING 2008 GLOBAL CRISIS

As the discussion on the relationship of interest rates and exchange rates is always a hot topic, this paper aims to analyze this relationship during 2008 financial crisis, which is the second global crisis after the Great Depression of 1930s, whether higher interest rates had the effect of defending exchange rates thus appreciating them. Applying an autoregressive distributed lag model (ARDL) to weekly data between October 2008 and December 2009, it can be concluded that there is no relationship in the short-run but there is a positive relationship in the long-run meaning that higher interest rates are associated with depreciation of exchange rates in the long-run in line with the revisionist view.



Keywords
Exchange Rate, Interest Rate, Unit Root Tests, ARDL model



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