Özet:

In the study, it is investigated whether the effects of shocks to real exchange rates in the fragile eight countries are temporary or permanent by wavelet-based unit root tests. In this context, the time range of the data used covers the period between 1994 January - 2020 August. Firstly, linearity tests are performed on the real exchange rates of the selected countries. Within the framework of the results, the wavelet-based nonlinear FWKSS and WKSS tests are applied to the nonlinear series. The Fourier term is not found to be significant for all countries. Therefore, it is seen that the FWKSS unit root test results cannot be interpreted for all countries. This result shows that the WKSS unit root test should be used for countries. According to the results of the WKSS test, only the real exchange rates of Argentina and South Africa are stationary at 10% significance level, while the others have unit-roots. According to the results, the effects of shocks on the real exchange rate are temporary for Argentina and South Africa. However, the effects of the shock in the real exchange rate are found to be permanent for Brazil, Chile, India, Indonesia, Russia and Turkey. 

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