DÖVİZ KURLARINA MİKRO YAPI YAKLAŞIMI: BİR YAZIN İNCELEMESİ

1990’lı yıllardan itibaren döviz kuru belirlenmesinde makro yaklasımların basarısız olmasıyla birlikte özellikle kısa vadeli kur hareketlerinin belirlenmesinde döviz kurlarına mikro yapı yaklasımı ortaya atılmıstır. Bu teori, bir yandan döviz kuru ekonomileri, diger yandan mikro finans teorileri arasında bir köprü olusturmustur. Döviz kurlarına mikro yapı teorisi, makro yaklasımdan farklı olarak, piyasa katılımcıları arasında bilginin aktarımı, piyasadaki ajanların davranısı, alım-satım emrinin önemi, ajanların beklentilerinin heterojenligi ve bunun ticaret hacmi ile döviz kuru hareketleri yönünden sonuçları ile ilgilidir. Bu çalısmada, Türkiye’de ihmal edilen bir konu olan döviz kurlarına mikro yapı yaklasımı teorik ve ampirik düzeyde tanıtılmaktadır.

Anahtar Kelimeler:

Döviz kurları, mikro yapı yaklaşımı, makro yaklaşım

THE MICROSTRUCTURE APPROACH TO EXCHANGE RATES: A LITERATURE REVIEW

The Microstructure Approach to Exchange Rates: A Literature Review 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

Keywords:

Exchange rates, microstructure approach, macro approach,

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