Cilt 2, Sayı 2, 2014

Öz

Anahtar Kelimeler

• -

PARA VE FİZİKİ SERMAYE İLİŞKİSİ: MCKİNNON TAMAMLAYICILIK HİPOTEZİ TÜRKİYE EKONOMİSİ İÇİN NE KADAR GEÇERLİ?

Abstract

According to theory of financial liberalization that emphasizes money and physical capital complementarity, increase in real interest rate following liberalization leads to money demand and investment. Validity of this assumption, which is also known as McKinnon complementarity hypothesis, has been tested empirically for various countries undertaken financial
liberalization policies. These empirical works shape the policies of countries with regard to their money demand, interest rate and investment. This study investigates the nexus between money demand, interest rate and investment size in Turkey by employing Bound test and ARDL approach over the period 1988Q1-2013.Q4. Empirical analysis of this study hints that
there is a limited complementary relationship between money and physical capital in Turkish economy

Keywords

• Financial Liberalization
• McKinnon Complementary Hypothesis
• Money and Physical Capital
• Bound Test and ARDL Method
• Turkey

References

1. http://www.alphanumericjournal.com/