Research Article


DOI :10.26650/ISTJECON2022-1172316   IUP :10.26650/ISTJECON2022-1172316    Full Text (PDF)

The Role of Macroeconomic Stability in Current Account Balances

Murat ÇetrezYasin Barış Altaylıgil

This study aims to find out the role of macroeconomic stability in current account balances. The analysis is completed for the period between 1980 and 2016 for 97 countries. The macroeconomic stability is represented by an index created with the countries’ inflation rate (CPI), growth rate, unemployment rate, and fiscal balance data. It is found that macroeconomic stability is one of the important determinants of current account balances like institutional quality and financial development. It has negative and statistically significant relationships with current account balances for four different country groups: developing countries, all countries except industrial, all countries except industrial and African countries, and all countries. Results show that macroeconomic stability is a crucial determinant for developing countries rather than high-income countries.

JEL Classification : C33 , F14 , F41 , F62
DOI :10.26650/ISTJECON2022-1172316   IUP :10.26650/ISTJECON2022-1172316    Full Text (PDF)

Makroekonomik İstikrarın Cari İşlemler Dengesindeki Rolü

Murat ÇetrezYasin Barış Altaylıgil

Bu çalışma literatürde ilk kez makroekonomik istikrarın cari işlemler dengesindeki rolünün ortaya çıkarılmasını amaçlamıştır. Analiz, 97 ülke için 1980-2016 dönemi için yapılmıştır. Makroekonomik istikrar, tüm ülkelerin enflasyon oranı (TÜFE), büyüme oranı, tüm ülkelerin işsizlik oranı ve mali denge verileriyle oluşturulan bir endeks ile temsil edilmiştir. Makroekonomik istikrarın, kurumsal kalite ve finansal gelişme gibi cari işlemler dengesinin önemli belirleyicilerinden biri olduğu tespit edilmiştir. Dört farklı ülke grubu; gelişmekte olan ülkeler, sanayileşme dışındaki tüm ülkeler, sanayileşmiş ve Afrika ülkeleri hariç tüm ülkeler ve son olarak ta tüm ülkeler olmak üzere dört farklı ülke grubu için makroekonomik istikrar endeksinin, cari işlemler dengesi ile negatif ve istatistiksel olarak anlamlı bir ilişkiye sahip olduğu gösterilmiştir. Sonuçlar, makroekonomik istikrarın, özellikle yüksek gelirli ülkelerden ziyade gelişmekte olan ülkeler için daha önemli bir belirleyici olduğunu göstermektedir.

JEL Classification : C33 , F14 , F41 , F62

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APA

Çetrez, M., & Altaylıgil, Y.B. (2022). The Role of Macroeconomic Stability in Current Account Balances. Istanbul Journal of Economics, 72(2), 569-597. https://doi.org/10.26650/ISTJECON2022-1172316


AMA

Çetrez M, Altaylıgil Y B. The Role of Macroeconomic Stability in Current Account Balances. Istanbul Journal of Economics. 2022;72(2):569-597. https://doi.org/10.26650/ISTJECON2022-1172316


ABNT

Çetrez, M.; Altaylıgil, Y.B. The Role of Macroeconomic Stability in Current Account Balances. Istanbul Journal of Economics, [Publisher Location], v. 72, n. 2, p. 569-597, 2022.


Chicago: Author-Date Style

Çetrez, Murat, and Yasin Barış Altaylıgil. 2022. “The Role of Macroeconomic Stability in Current Account Balances.” Istanbul Journal of Economics 72, no. 2: 569-597. https://doi.org/10.26650/ISTJECON2022-1172316


Chicago: Humanities Style

Çetrez, Murat, and Yasin Barış Altaylıgil. The Role of Macroeconomic Stability in Current Account Balances.” Istanbul Journal of Economics 72, no. 2 (Jul. 2024): 569-597. https://doi.org/10.26650/ISTJECON2022-1172316


Harvard: Australian Style

Çetrez, M & Altaylıgil, YB 2022, 'The Role of Macroeconomic Stability in Current Account Balances', Istanbul Journal of Economics, vol. 72, no. 2, pp. 569-597, viewed 20 Jul. 2024, https://doi.org/10.26650/ISTJECON2022-1172316


Harvard: Author-Date Style

Çetrez, M. and Altaylıgil, Y.B. (2022) ‘The Role of Macroeconomic Stability in Current Account Balances’, Istanbul Journal of Economics, 72(2), pp. 569-597. https://doi.org/10.26650/ISTJECON2022-1172316 (20 Jul. 2024).


MLA

Çetrez, Murat, and Yasin Barış Altaylıgil. The Role of Macroeconomic Stability in Current Account Balances.” Istanbul Journal of Economics, vol. 72, no. 2, 2022, pp. 569-597. [Database Container], https://doi.org/10.26650/ISTJECON2022-1172316


Vancouver

Çetrez M, Altaylıgil YB. The Role of Macroeconomic Stability in Current Account Balances. Istanbul Journal of Economics [Internet]. 20 Jul. 2024 [cited 20 Jul. 2024];72(2):569-597. Available from: https://doi.org/10.26650/ISTJECON2022-1172316 doi: 10.26650/ISTJECON2022-1172316


ISNAD

Çetrez, Murat - Altaylıgil, YasinBarış. The Role of Macroeconomic Stability in Current Account Balances”. Istanbul Journal of Economics 72/2 (Jul. 2024): 569-597. https://doi.org/10.26650/ISTJECON2022-1172316



TIMELINE


Submitted07.09.2022
Accepted18.11.2022
Published Online23.12.2022

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