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TÜRKİYE EKONOMİSİ İÇİN GENİŞ TANIMLI PARA TALEBİ

THE TURKISH BROAD MONEY DEMAND

Journal Name:

  • İstanbul Ticaret Üniversitesi Sosyal Bilimler Dergisi

Publication Year:

  • 2005

Key Words:

Keywords (Original Language):

Author NameUniversity of AuthorFaculty of Author
Abstract (2. Language): 
In this paper, we try to examine the Turkish M2Y broad money demand and its determinants for the period 1987.1-2004.2 with quarterly data. For this purpose, we first specify the construction of a money demand model, and give a literature review of international evidence for empirical studies carried out. By using modern econometric techniques, then, we construct an empirical broad money demand model for Turkish economy, and compare the estimated results with the findings of some other empirical money demand studies carried out on Turkish economy. The main findings of our study indicate that the broad money demand is insensitive to real income, and we attribute this case to the highly unstable growth performance of the economy and the rapid financial innovation process which decreases the correlation between monetary and income agregates. Money demandfunction indicates instabilities within estimation period, probably because of domestic economic crises conditions and political uncertanties. Also, the main determinant of our money demand model is estimated as inflationary expectations.
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Abstract (Original Language): 
Çalışmamızda 1987.01-2004.02 dönemi için üçer aylık veriler kullanılarak M2Y para talebinin belirleyicileri incelenmeye çalışılmaktadır. Bu amaçla öncelikle para talebi modelinin oluşumu incelenmekte ve konuyla ilgili yazın taraması özet bilgiler sunularak gerçekleştirilmeye çalışılmaktadır. Daha sonra Türkiye ekonomisi üzerine bir para talebi uygulaması gerçekleştirilmekte ve tahmin edilen sonuçlar diğer bazı uygulamalı çalışmalar ile karşılaştırılmaktadır. Çalışmamız sonucu elde edilen başlıca bulgular M2Y para talebinin reel gelire karşı duyarlılık göstermediği ve tahmin edilen para talebi ilişkisinin inceleme dönemi içerisinde önemli istikrarsızlıklar gösterdiği şeklindedir. Bu sonuçlar ise ekonominin göstermişolduğu hayli istikrarsız büyüme sürecine ve finansal piyasaların yaşadığı hızlı değişime atfedilmektedir. Ayrıca incelenen para talebi ilişkisinin başlıca belirleyici unsuru enflasyon olgusu olarak tahmin edilmektedir.
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139-165
  • English

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