Testing the validity of quasi PPP hypothesis: evidence from a recent panel unit root test with structural breaks

Bülent Güloğlu · Serdar Ispira · Deniz Okat

27 citations0/0 files storedApplied Economics Letters

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Monetary Policy and Economic Impact Financial Markets and Investment Strategies Global Financial Crisis and Policies

Abstract

In this article we test the validity of quasi Purchasing Power Parity (PPP) hypothesis for 18 Turkish real exchange rate series using a panel unit root test that allows for structural breaks in the level and the trend. Test results based on a long span of data find evidence of the validity of quasi PPP hypothesis for almost all the exchange rate series under study and for the whole of panel as well.

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References

2004General Diagnostic Tests for Cross Section Dependence in Panels 1989The Great Crash, the Oil Price Shock, and the Unit Root Hypothesis 1964A Monetary History of the United States 1867-1960 1964A Monetary History of the United States, 1867-1960 1998The overvaluation of purchasing power parity 1990Purchasing Power Parity in the Long Run 1991IS THE BUDGET DEFICIT “TOO LARGE?”2005Breaking the panels: An application to the GDP per capita

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2016Testing the Validity of PPP Theory for Turkey: Nonlinear Unit Root Testing

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