Para Talebinin Belirleyenleri ve İstikrarı Üzerine Bir Uygulama: Türkiye Örneği(An Analysis on Determinants and Stability of Money Demand: The Case of Turkey)
{"title":"Para Talebinin Belirleyenleri ve İstikrarı Üzerine Bir Uygulama: Türkiye Örneği(An Analysis on Determinants and Stability of Money Demand: The Case of Turkey)","authors":"Burcu Ozcan, Ayşe Arı","doi":"10.18657/YECBU.30507","DOIUrl":null,"url":null,"abstract":"In this study, the stability of money demand is investigated using monthly data for the period 2005:12- 2012:10. First, the presence of a long-run equilibrium relationship among M2 monetary aggregate, real income, interest rate, and exchange rate is examined through Johansen cointegration test. After that, stability of money demand is analyzed using CUSUM and CUSUMSQ tests. The results are in support of a long-run relationship among variables of interest. However, stability of money demand function is rejected. Thus, it is not efficient for Central Bank of Turkey to apply a monetary policy based on M2 monetary aggregate.","PeriodicalId":30218,"journal":{"name":"Yonetim ve Ekonomi","volume":"20 1","pages":"105-120"},"PeriodicalIF":0.0000,"publicationDate":"2013-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"3","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Yonetim ve Ekonomi","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.18657/YECBU.30507","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 3
Abstract
In this study, the stability of money demand is investigated using monthly data for the period 2005:12- 2012:10. First, the presence of a long-run equilibrium relationship among M2 monetary aggregate, real income, interest rate, and exchange rate is examined through Johansen cointegration test. After that, stability of money demand is analyzed using CUSUM and CUSUMSQ tests. The results are in support of a long-run relationship among variables of interest. However, stability of money demand function is rejected. Thus, it is not efficient for Central Bank of Turkey to apply a monetary policy based on M2 monetary aggregate.
京公网安备 11010802042870号
京ICP备2023020795号-1
分享
求助内容：
应助结果提醒方式：
扫码关注我们
