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Abstract
This study re-examines the validity of long-run purchasing power parity (PPP) hypothesis for Turkey using nonlinear cointegration technique. The finding of this article provides the evidence that the long run PPP hypothesis is valid by using nonlinear cointegration technique. This finding argues the validity of the long-run PPP hypothesis in bilateral Turkish real exchange rates with the USA, which is also supported by Sarno (Citation2000) and Erlat (Citation2004).
Notes
1 In order to see the developments in exchange rate in Turkish economy, see Berument (Citation2007).