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ENERGY PRICE SHOCKS AND DYNAMICS OF CURRENT ACCOUNT IN TURKEY: A FAVAR APPROACH
Bige KUCUKEFE

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Öz Purpose- In this article, we examine the linkages between current account and energy prices, namely crude oil, coal and natural gas in Turkey the years between 2005 and 2016.Methodology- This article investigates how the changes in the energy prices affect the current account in Turkey. For this purpose, a Factor-Augmented Vector Auto Regression (FAVAR) model is used with economic data from the Turkish economy and world commodity price indexes to obtain empirical results for current account dynamics in the Turkish economy. The impact of various factors that include crude oil prices, coal prices, natural gas prices and fuel (Energy) index (Crude oil, natural gas, and coal price indices) data have been studied by obtaining impulse response functions.Findings- Natural gas prices gradually affect the current account. The impact is permanent after a period indicating a very limited elasticity. Oil prices have an immediate The current on the current account. Cycles, in the long run, indicate some degree of elasticity. The negative effect of coal price on the current account deficit occurs with a significant delay. Crude oil price index shocks graphs and fuel index, which includes oil price, coal price and natural gas, and crude oil price shocks graphs are very similar.Conclusion- In this comprehensive study, we can conclude that crude oil prices, coal prices, natural gas prices deteriorate current account balance. From all of the energy indices, the crude oil price is the most effective on the current account.
Anahtar Kelimeler: Current account, oil prices, FAVAR model, Turkish economy

Kaynakça

Ang, H. Y., Sek, S. K. (2011). Empirical Investigation on the Determinants of Current Account Balances. International Journal of Advanced Computer Sciences 1(4): 146–151.Bagzibagli, K., (2012). Monetary Transmission Mechanism And Time Variation In The Euro Area. Department Of Economics Discussion Paper, 12-12. University Of Birmingham
Bige KUCUKEFE
253/5000Hizmetimizi sunmamıza ve geliştirmemize, içerik ve reklamları uyarlamamıza yardımcı olması için çerezleri kullanıyoruz. Devam ederek çerez kullanımını kabul etmiş olursunuz. Telif hakkı © 2020 Elsevier B.V. veya onun lisans verenleri veya katkıda bulunanları. ScienceDirect ®, Elsevier B.V.'nin tescilli ticari markasıdır.
253/5000Hizmetimizi sunmamıza ve geliştirmemize, içerik ve reklamları uyarlamamıza yardımcı olması için çerezleri kullanıyoruz. Devam
ederek çerez kullanımını kabul etmiş olursunuz. Telif hakkı © 2020 Elsevier B.V. veya onun lisans verenleri veya katkıda bulunanları.
ScienceDirect ®, Elsevier B.V.'nin tescilli ticari markasıdır.