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DÖVİZ KURLARINA MİKRO YAPI YAKLAŞIMI: BİR YAZIN İNCELEMESİ

The Microstructure Approach to Exchange Rates: A Literature Review

Journal Name:

  • Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi

Publication Year:

  • 2014

Key Words:

Keywords (Original Language):

Author NameUniversity of AuthorFaculty of Author
Abstract (2. Language): 
The microstructure approach to exchange rates in determining the short-term exchange rate movements have been proposed with failure of macro approaches to the determination of the exchange rate since the 1990s. This theory, on the one hand, the economies of the exchange rate, on the other hand, it has created a bridge between micro-finance theories. Microstructure theory of exchange rates, unlike the macro approach, is interested in the transfer of information between market participants, the behavior of agents in the market, the importance of order flow, the heterogeneity of agents' expectations and with the results of this in terms of the volume of trade and exchange rate movements. In this study, microstructure approach to exchange rates which is subject to a neglected in Turkey is introduced at the theoretical and empirical level.
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Abstract (Original Language): 
1990'lı yıllardan itibaren döviz kuru belirlenmesinde makro yaklaşımların başarısız olmasıyla birlikte özellikle kısa vadeli kur hareketlerinin belirlenmesinde döviz kurlarına mikro yapı yaklaşımı ortaya atılmıştır. Bu teori, bir yandan döviz kuru ekonomileri, diğer yandan mikro finans teorileri arasında bir köprü oluşturmuştur. Döviz kurlarına mikro yapı teorisi, makro yaklaşımdan farklı olarak, piyasa katılımcıları arasında bilginin aktarımı, piyasadaki ajanların davranışı, alım-satım emrinin önemi, ajanların beklentilerinin heterojenliği ve bunun ticaret hacmi ile döviz kuru hareketleri yönünden sonuçları ile ilgilidir. Bu çalışmada, Türkiye'de ihmal edilen bir konu olan döviz kurlarına mikro yapı yaklaşımı teorik ve ampirik düzeyde tanıtılmaktadır.
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