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Do oil prices affect the USD/YTL exchange rate: Evidence from Turkey
(2008) Ozturk I.; Feridun M.; Kalyoncu H.
This study aims at investigating the link between international oil prices and the exchange rate in the case of a small open industrial economy without oil resources - Turkey. Johansen cointegration and Granger causality tests are used to analyze the relationship between oil prices and the exchange rate in the period 1982:12-2006:5. We find that international real crude oil prices Granger cause the USD/YTL real exchange rate.
Is per capita real GDP stationary in the OECD countries? Evidence from a panel unit root test
(2007) Ozturk I.; Kalyoncu H.
This paper examines the stationarity of real GDP per capita for 27 OECD countries during the period 1950 to 2004. Using ADF unit root test on single time series, it is found that real GDP per capita series of most OECD countries have unit root. This outcome, however, might be due to the generally low power of this test. The aim of this paper is to reconsider this issue by exploiting the extra information provided by the combination of the time-series and cross-sectional data and the subsequent power advantages of panel data unit root tests. We apply the test advocated by Im, Pesaran and Shin (1997). The results overwhelmingly indicate that real GDP per capita series among OECD countries are nonstationary.