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HİZMETLER SEKTÖRÜ FİYAT KATILIĞININ BAĞLANTILILIK İNCELEMESİ

Year 2024, Issue: 42, 173 - 188, 09.02.2024
https://doi.org/10.18092/ulikidince.1357482

Abstract

Ekonomik bağlantılılık ve fiyat katılığı, ekonomik istikrar ve politika yapma süreçleri için kritik öneme sahip temel konulardır. Diebold ve Yılmaz'ın (2009, 2012 ve 2014) finansal ve ekonomik bağlantılılık modellemesi, bu alanda önemli bir çerçeve sunmaktadır. Bu çalışma, Türkiye'deki TÜFE-Hizmetler grubu altındaki ana beşli fiyatlarının bağlantılılığını ve fiyat katılığını incelemeyi amaçlamaktadır. Fiyat istikrarının sağlanması için temel alanlardan biri toplam talep ve tüketimdeki aşırı ısınma olarak görülürken, başta hizmetler sektörü olmak üzere bazı sektörlerdeki fiyat katılığı sıklıkla ifade edililir hale gelmiştir. Çalışma, bağlantılılıktaki değişimin sektör içi fiyatlama davranışına yönelik sunduğu bilgi çerçevesinde, hizmetler sektöründeki fiyat katılığına yeni bir perspektifle bakmakta olup, alt fiyat gruplarının bağlantılılığına yönelik politika tedbirlerinin tespit edilmesine yardımcı olmayı amaçlamaktadır. Türkiye’de TÜFE enflasyonundaki yükselmenin büyük ölçüde ulusal ve uluslararası makroekonomik nedenlerden kaynaklandığı genel kabul olarak yer almakla birlikte fiyat katılıklarının sektörel özellikleri, yapışkan fiyat yapısına yol açabilmektedir. Milli gelir içerisinde aldığı yüksek pay ve istihdamdaki ağırlığı dikkate alındığında, hizmetler sektöründe, sektör içi rekabeti, ürün çeşitliliğini ve olası arz artırıcı önlemlerin üzerinde durulmadan, enflasyonla mücadelenin bir ayağının eksik kalacağı öngörülmektedir.

References

  • Antonakakis, N., Chatziantoniou, I., ve Gabauer, D. (2019). Cryptocurrency market contagion: Market uncertainty, market complexity, and dynamic portfolios. Journal of International Financial Markets, Institutions and Money, 61, 37-51.
  • Antonakakis, N., Chatziantoniou, I., ve Gabauer, D. (2020). Refined Measures of Dynamic Connectedness based on Time-Varying Parameter Vector Autoregressions. Journal of Risk and Financial Management, 13(4), 84. https://doi.org/10.3390/jrfm13040084
  • Antonakakis, N., ve Badinger, H. (2014). International business cycle spillovers since the 1870s. Applied Economics, 46(30), 3682-3694.
  • Arnarsson, Á. B. (2022). Connectedness of DeFi tokens, Bitcoin and Ethereum, . Reykjavik University, https://skemman.is/bitstream/1946/42900/1/Connectedness%20of%20DeFi%20tokens%2C%20Bitcoin%20and%20Ethereum.pdf
  • Boaretto, G. O., ve Da Silva, C. G. (2019). Services inflation dynamics and persistence puzzle in Brazil: a time-varying parameter approach. Applied Economics, 51(13), 1450-1462.
  • Diebold, F. X., ve Yılmaz, K. (2014a). On the network topology of variance decompositions: Measuring the connectedness of financial firms. Journal of Econometrics, 182(1), 119–134.
  • Diebold, F. X., ve Yılmaz, K. (2014b). On the network topology of variance decompositions: Measuring the connectedness of financial firms. Journal of Econometrics, 182(1), 119–134. https://doi.org/10.1016/j.jeconom.2014.04.012
  • Diebold, F. X., ve Yılmaz, K. (2015). Financial and macroeconomic connectedness: A network approach to measurement and monitoring. Oxford University Press, USA.
  • Diebold, F. X., ve Yilmaz, K. (2009). Measuring Financial Asset Return and Volatility Spillovers, with Application to Global Equity Markets. The Economic Journal, 119(534), 158–171. https://doi.org/10.1111/j.1468-0297.2008.02208.x
  • Diebold, F. X., ve Yilmaz, K. (2012a). Better to give than to receive: Predictive directional measurement of volatility spillovers. International Journal of Forecasting, 28(1), 57–66. https://doi.org/10.1016/j.ijforecast.2011.02.006
  • Diebold, F. X., ve Yilmaz, K. (2012b). Better to give than to receive: Predictive directional measurement of volatility spillovers. International Journal of Forecasting, 28(1), 57–66. https://doi.org/10.1016/j.ijforecast.2011.02.006
  • Greenwood-Nimmo, M., Nguyen, V. H., ve Shin, Y. (2015). Measuring the connectedness of the global economy. Social Science Research Network. https://doi.org/10.2139/ssrn.2586861. https://github.com/GabauerDavid/ConnectednessApproach (Erişim Tarihi: 18.09.2023)
  • Karadaş, E., Mutluer, D., Özer, Y. B., ve Aysoy, C. (2008). Türkiye’de imalat sanayindeki firmaların fiyatlama davranışı. İktisat Işletme Ve Finans, 23(268). https://doi.org/10.3848/iif. 2008.268.1018
  • Klenow, P. J., ve Malin, B. (2010). Microeconomic evidence on Price-Setting. Handbook of Monetary Economics (231–284). https://doi.org/10.1016/b978-0-444-53238-1.00006-5
  • Lavoie, M., ve Rochon, L. P. (2023). Olivier Blanchard and Inflation. Monetary Policy Institute Blog. Retrieved July 20, 2023, from https://medium.com/@monetarypolicyinstitute/olivier-blanchard-and-inflation-219f195125fe
  • Nakamura, E., ve Steinsson, J. (2013). Price rigidity: Microeconomic evidence and macroeconomic implications. Annual Reviev of Economics., 5(1), 133-163.
  • Özmen, M. U., ve Yücel, C. Y. (2017). Türkiye’de Yakın Dönemde Kira Enflasyonunu Etkileyen Faktörler (Sy 2017-07; Ekonomi Notları).
  • Özmen, M., ve Sevinc, O. (2015). Price Rigidity in Turkey: Evidence from Micro Data. Emerging Markets Finance and Trade, 52(4), 1029–1045. https://doi.org/10.1080/1540 496x.2015.1047304
  • Pham, B. T., & Sala, H. (2022). Cross-country connectedness in inflation and unemployment: measurement and macroeconomic consequences. Empirical economics, 62(3), 1123-1146.
  • Rotemberg, J. J. (2005). Customer anger at price increases, changes in the frequency of price adjustment and monetary policy. Journal of Monetary Economics, 52(4), 829-852.
  • Rotemberg, J. J., ve Saloner, G. (1987). The Relative Rigidity of Monopoly Pricing. American Economic Review 77, no. 5 (Aralık): 917–926.
  • Sahinöz, S. ve Saracoglu, B.(2008). Price Setting Behavior in Turkish Industries: Evidence From Survey Data, Turkish Economic Association Discussion Paper, No. 2008/3,
  • Saita, Y., Takagawa, I., Nishizaki, K., ve Higo, M. (2006). Kouribukkatoukeichousa wo mochiita kakakunenchakusei no keisoku. Price Setting in Japan: Evidence from Individual Retail Price Data), Bank of Japan Working Paper Series, (06-J), 02.
  • Taylor, J. B. (1980). Aggregate dynamics and staggered contracts. Journal of Political Economy, 88(1), 1-23.
  • TCMB (2023a). Enflasyon Raporu 2023-III Kutu 2.3 Hizmetler Enflasyonunda Atalet. https://www.tcmb.gov.tr/wps/wcm/connect/b1752356-1fb4-4c3e-b338-e362182e7314 /Kutu_2.3_2023_iii..pdf?MOD=AJPERES&CACHEID=ROOTWORKSPACE-b1752356-1fb4-4 c3e-b338-e362182e7314-oCmscd.
  • TCMB (2023b) Aylık Fiyat Gelişmeleri, tcmb.gov.tr/wps/wcm/connect/6107f69a-b62e-4bdd-9467-9460d726c0cd/afiyatagustos23.pdf?MOD=AJPERESveCACHEID=ROOTWORKSPACE-6107f69a-b62e-4bdd-9467-9460d726c0cd-oFA91A8
  • TÜİK (2023). Enflasyon ve Fiyat. https://data.tuik.gov.tr/Kategori/GetKategori?p=enflasyon-ve-fiyat-106&dil=1. Erişim tarihi (18.08.203)
  • Yakup, A. R. I. (2022). TVP-VAR Based CARR-Volatility Connectedness: Evidence from The Russian-Ukraine Conflict. Ekonomi Politika ve Finans Araştırmaları Dergisi, 7(3), 590-607.

CONNECTEDNESS ANALYSIS OF INFLATION PERSISTENCE IN THE SERVICES SECTOR

Year 2024, Issue: 42, 173 - 188, 09.02.2024
https://doi.org/10.18092/ulikidince.1357482

Abstract

Economic and financial connectedness and price rigidity are fundamental issues of critical importance for economic stabilisation and policymaking. The financial and economic interconnectedness modelling of Diebold and Yılmaz (2009, 2012 and 2014) provides an important framework in this area. This study aims to analyse the interconnectedness and price rigidity of the main quintile prices under the CPI-Services group in Turkey. While overheating in aggregate demand and consumption is seen as one of the main areas for achieving price stability, price rigidity in some sectors, especially in the services sector, has been frequently mentioned. Within the framework of the information provided by the change in interconnectedness on intra-sectoral pricing behaviour, the study takes a new perspective on price rigidity in the services sector and aims to help identify policy measures for the interconnectedness of sub-price groups. Although it is generally accepted that the rise in CPI inflation in Turkey is largely due to national and international macroeconomic factors, the sectoral characteristics of price rigidities can lead to sticky price structures. Considering the high share of the services sector in national income and its weight in employment, it is seen that one of the pillars of the fight against inflation will remain incomplete without emphasising measures to increase competition, product diversity and possible supply in the services sector.

References

  • Antonakakis, N., Chatziantoniou, I., ve Gabauer, D. (2019). Cryptocurrency market contagion: Market uncertainty, market complexity, and dynamic portfolios. Journal of International Financial Markets, Institutions and Money, 61, 37-51.
  • Antonakakis, N., Chatziantoniou, I., ve Gabauer, D. (2020). Refined Measures of Dynamic Connectedness based on Time-Varying Parameter Vector Autoregressions. Journal of Risk and Financial Management, 13(4), 84. https://doi.org/10.3390/jrfm13040084
  • Antonakakis, N., ve Badinger, H. (2014). International business cycle spillovers since the 1870s. Applied Economics, 46(30), 3682-3694.
  • Arnarsson, Á. B. (2022). Connectedness of DeFi tokens, Bitcoin and Ethereum, . Reykjavik University, https://skemman.is/bitstream/1946/42900/1/Connectedness%20of%20DeFi%20tokens%2C%20Bitcoin%20and%20Ethereum.pdf
  • Boaretto, G. O., ve Da Silva, C. G. (2019). Services inflation dynamics and persistence puzzle in Brazil: a time-varying parameter approach. Applied Economics, 51(13), 1450-1462.
  • Diebold, F. X., ve Yılmaz, K. (2014a). On the network topology of variance decompositions: Measuring the connectedness of financial firms. Journal of Econometrics, 182(1), 119–134.
  • Diebold, F. X., ve Yılmaz, K. (2014b). On the network topology of variance decompositions: Measuring the connectedness of financial firms. Journal of Econometrics, 182(1), 119–134. https://doi.org/10.1016/j.jeconom.2014.04.012
  • Diebold, F. X., ve Yılmaz, K. (2015). Financial and macroeconomic connectedness: A network approach to measurement and monitoring. Oxford University Press, USA.
  • Diebold, F. X., ve Yilmaz, K. (2009). Measuring Financial Asset Return and Volatility Spillovers, with Application to Global Equity Markets. The Economic Journal, 119(534), 158–171. https://doi.org/10.1111/j.1468-0297.2008.02208.x
  • Diebold, F. X., ve Yilmaz, K. (2012a). Better to give than to receive: Predictive directional measurement of volatility spillovers. International Journal of Forecasting, 28(1), 57–66. https://doi.org/10.1016/j.ijforecast.2011.02.006
  • Diebold, F. X., ve Yilmaz, K. (2012b). Better to give than to receive: Predictive directional measurement of volatility spillovers. International Journal of Forecasting, 28(1), 57–66. https://doi.org/10.1016/j.ijforecast.2011.02.006
  • Greenwood-Nimmo, M., Nguyen, V. H., ve Shin, Y. (2015). Measuring the connectedness of the global economy. Social Science Research Network. https://doi.org/10.2139/ssrn.2586861. https://github.com/GabauerDavid/ConnectednessApproach (Erişim Tarihi: 18.09.2023)
  • Karadaş, E., Mutluer, D., Özer, Y. B., ve Aysoy, C. (2008). Türkiye’de imalat sanayindeki firmaların fiyatlama davranışı. İktisat Işletme Ve Finans, 23(268). https://doi.org/10.3848/iif. 2008.268.1018
  • Klenow, P. J., ve Malin, B. (2010). Microeconomic evidence on Price-Setting. Handbook of Monetary Economics (231–284). https://doi.org/10.1016/b978-0-444-53238-1.00006-5
  • Lavoie, M., ve Rochon, L. P. (2023). Olivier Blanchard and Inflation. Monetary Policy Institute Blog. Retrieved July 20, 2023, from https://medium.com/@monetarypolicyinstitute/olivier-blanchard-and-inflation-219f195125fe
  • Nakamura, E., ve Steinsson, J. (2013). Price rigidity: Microeconomic evidence and macroeconomic implications. Annual Reviev of Economics., 5(1), 133-163.
  • Özmen, M. U., ve Yücel, C. Y. (2017). Türkiye’de Yakın Dönemde Kira Enflasyonunu Etkileyen Faktörler (Sy 2017-07; Ekonomi Notları).
  • Özmen, M., ve Sevinc, O. (2015). Price Rigidity in Turkey: Evidence from Micro Data. Emerging Markets Finance and Trade, 52(4), 1029–1045. https://doi.org/10.1080/1540 496x.2015.1047304
  • Pham, B. T., & Sala, H. (2022). Cross-country connectedness in inflation and unemployment: measurement and macroeconomic consequences. Empirical economics, 62(3), 1123-1146.
  • Rotemberg, J. J. (2005). Customer anger at price increases, changes in the frequency of price adjustment and monetary policy. Journal of Monetary Economics, 52(4), 829-852.
  • Rotemberg, J. J., ve Saloner, G. (1987). The Relative Rigidity of Monopoly Pricing. American Economic Review 77, no. 5 (Aralık): 917–926.
  • Sahinöz, S. ve Saracoglu, B.(2008). Price Setting Behavior in Turkish Industries: Evidence From Survey Data, Turkish Economic Association Discussion Paper, No. 2008/3,
  • Saita, Y., Takagawa, I., Nishizaki, K., ve Higo, M. (2006). Kouribukkatoukeichousa wo mochiita kakakunenchakusei no keisoku. Price Setting in Japan: Evidence from Individual Retail Price Data), Bank of Japan Working Paper Series, (06-J), 02.
  • Taylor, J. B. (1980). Aggregate dynamics and staggered contracts. Journal of Political Economy, 88(1), 1-23.
  • TCMB (2023a). Enflasyon Raporu 2023-III Kutu 2.3 Hizmetler Enflasyonunda Atalet. https://www.tcmb.gov.tr/wps/wcm/connect/b1752356-1fb4-4c3e-b338-e362182e7314 /Kutu_2.3_2023_iii..pdf?MOD=AJPERES&CACHEID=ROOTWORKSPACE-b1752356-1fb4-4 c3e-b338-e362182e7314-oCmscd.
  • TCMB (2023b) Aylık Fiyat Gelişmeleri, tcmb.gov.tr/wps/wcm/connect/6107f69a-b62e-4bdd-9467-9460d726c0cd/afiyatagustos23.pdf?MOD=AJPERESveCACHEID=ROOTWORKSPACE-6107f69a-b62e-4bdd-9467-9460d726c0cd-oFA91A8
  • TÜİK (2023). Enflasyon ve Fiyat. https://data.tuik.gov.tr/Kategori/GetKategori?p=enflasyon-ve-fiyat-106&dil=1. Erişim tarihi (18.08.203)
  • Yakup, A. R. I. (2022). TVP-VAR Based CARR-Volatility Connectedness: Evidence from The Russian-Ukraine Conflict. Ekonomi Politika ve Finans Araştırmaları Dergisi, 7(3), 590-607.
There are 28 citations in total.

Details

Primary Language Turkish
Subjects Inflation
Journal Section Articles
Authors

Burchan Sakarya 0000-0002-8987-2168

Mubina İpek 0009-0002-7313-0386

Early Pub Date February 5, 2024
Publication Date February 9, 2024
Published in Issue Year 2024 Issue: 42

Cite

APA Sakarya, B., & İpek, M. (2024). HİZMETLER SEKTÖRÜ FİYAT KATILIĞININ BAĞLANTILILIK İNCELEMESİ. Uluslararası İktisadi Ve İdari İncelemeler Dergisi(42), 173-188. https://doi.org/10.18092/ulikidince.1357482

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