Fiyat Düzeyinin Mali Teorisinin Türkiye İçin Fourier Temelli Ampirik Yaklaşımlarla Test Edilmesi

Yıl 2024, Cilt: 19 Sayı: 1, 49 - 72, 01.04.2024

Şeref Can Serin Murat Demir

https://doi.org/10.17153/oguiibf.1329943

Öz

Enflasyon, ortodoks yaklaşımlarda parasal bir olgu olarak tanıtılmaktadır. Ancak fiyat düzeyinin mali teorisi kapsamında dönemler arası bütçe kısıtının bugünkü değerini yükümlülüklerinden bağımsız bir biçimde belirleyen mali otoritenin uyguladığı politikaların fiyat düzeyi üzerinde belirleyici olabileceği savunulmaktadır. Bu çalışmada Fourier-ADL eş-bütünleşme ve Fourier Toda-Yamamoto nedensellik yaklaşımları kullanılarak Türkiye için fiyat düzeyinin mali teorisinin geçerliliği test edilmektedir. Elde edilen bulgular 1975-2021 dönemi kapsamında fiyat düzeyinin belirlenmesinde maliye politikasının etkili olduğuna işaret etmektedir.

Anahtar Kelimeler

Maliye Politikası, Kamu Borcu, FTPL, Fourier-ADL

Testing the Fiscal Theory of Price Level for Türkiye with Fourier-Based Empirical Approaches

Öz

Inflation is introduced as a monetary phenomenon in orthodox approaches. However, in the fiscal theory of the price level, the policies implemented by the fiscal authority, which determines the present value of intertemporal budget constraint independently of its liabilities, may be determinative of the price level. In this study, the validity of the fiscal theory of the price level for Türkiye was tested via the Fourier-ADL co-integration and Fourier Toda-Yamamoto causality approach. The findings indicate that fiscal policy was effective in determining the price level in the 1975-2021 period.

Anahtar Kelimeler

Fiscal Policy, Public Debt, FTPL, Fourier-ADL

Kaynakça

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