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Regional Inflation Convergence: The Case of Turkey

Year 2014, Volume: 14 Issue: 2, 305 - 314, 01.05.2014

Abstract

Until the early 2000s’ Turkey has experienced high inflation rates. Therefore disinflation programmes intended a single digit inflation rates and a stable economy as the number one goal. This paper investigates the convergence of the regional inflation rates for Turkey at NUTS 2 level over the period of 2004:1 to 2011:12. We used pair-wise approach to examine the regional inflation convergence. The results reveals that in the case of structural break there is a strong convergence among the regions of Turkey

References

  • Abbott, A. ve De Vita, G. (2013) “Testing for Long-Run Convergence Across Regional House Prices in The UK: A Pairwise Approach”Applied Economics, 45(10):1227-1238.
  • Akdi Y. ve Şahin, A.(2007) “ Enflasyon Yakınsama- sı: Türkiye Örnegi” Finans Politik ve Ekonomik Yorumlar, 44:69- 74
  • Aldan, A. ve Gaygısız, E. (2006) “Convergence ac- ross Provinces of Turkey: A Spatial Analysis” Research and Monetary Policy Department Working Paper Series, No:9.
  • Başkaya, Y.S, Gulsen, E. ve H. Kara, (2012 “Inflation Expectations and Central Bank Communication in Tur- key” Central Bank Review, 12(2):1-10.
  • Baumol, W. J. (1986) “Productivity Growth, Conver- gence, and Welfare: What the Long-Run Data Show” The American Economic Review, 76 (5):1072-1085.
  • Beck, G.W., Hubrich, K. ve Marcelliono, M. (2006) “Regional Inflation Dynamics within andacross Euro Area Countries and a Comparison with the US” Europe- an Central Bank Working Paper Series, No 681.
  • Bernard, A.B. ve Durlauf, S. (1995) “Convergence İn İnternational Output” Journal of Applied Econometrics, 10:97–108.
  • Binder, M. ve Pesaran, M.H. (1999) “Stochastic Growth Models and Their Econometric Implications” Jo- urnal of Economic Growth 4:139–183.
  • Busetti, F., Forni, L., Harvey, A. ve Venditti, F. (2007) “Inflation Convergence and Divergence within the Eu- ropean Monetary Union” International Journal of Central Banking, 3(2):95-121.
  • Doğruel, F. ve Doğruel, A.S. (2003) “Türkiye’de Böl- gesel Gelir Farklılıkları ve Büyüme, Köse, vd.(eds), İkti- sat Üzerine Yazılar I: Küresel Düzen, Birikim, Devlet Ve Sınıflar – Korkut Boratav’a Armağan, İstanbul,İletişim Yayınları.
  • Durlauf, S.N., Johnson, P.A. ve Temple, R.W. (2005) “Growth Econometrics” Aghion et al.(eds) Handbook of Economic Growth, North-Holland, Amsterdam.
  • Erk, N., Ateş, S. ve Direkçi, T. (2000) Convergence and Growth within Gap Region (South Eastern Anatolia Project) and Overall Turkey’s Regions., IV. ODTÜ Uluslararası Ekonomi Kongresi, 13-16 Eylül, Ankara.
  • Erlat, H. (2005) Türkiye’de Bölgesel Yakınsama Soru- nuna Zaman Dizisi Yaklaşımı Içinde Erlat (ed.) Bölgesel Gelişme Stratejileri Ve Akdeniz Ekonomisi, Ankara, Türkiye Ekonomi Kurumu.
  • Ermişoğlu, E. (2013) “Turkiye’de Enflasyon Hedeflemesi:Bir Başarı Hikayesi mi?” BDDK Bankacılık ve Finansal Piyasalar, 7(1):31-58.
  • Filiztekin, A. (1998) “Convergence across Industries and Provinces in Turkey” Koç University Working Paper Series, No:08.
  • Gezici, F. ve Hewings, G.J.D. (2004) “Regional Con- vergence and the Economic Performance of Peripheral Areas in Turkey” Review Of Urban & Regional Develop- ment Studies, 16(2):113-132.
  • Kara, H. (2008) “Turkish Experience With Implicit Inflation Targeting” Central Bank Review,. 8(1):1-16.
  • Holmes, M.J., Otero, J. ve Panagiotidis, T. (2011) “Investigating Regional House Price Convergence in The United States: Evidence From A Pair-Wise Approach” Economic Modelling, 28(6): 2369-2376.
  • Hyvoven, M. (2004) “Inflation Convergence Across Countries” Economic Research Department Reserve Bank of Australia Research Discussion Paper.
  • Karaca, O. (2004) “Türkiye’de Bölgeler Arası Gelir Farklılıkları: Yakınsama Var Mı?” Türkiye Ekonomi Ku- rumu Tartışma Metni, No:7.
  • Kılıçaslan, Y. ve Özatağan, G. (2007) “Impact of Re- lative Population Change on Regional Income Conver- gence: Evidence from Turkey” Review Of Urban &Regio- nal Development Studies, 19:210-223.
  • Kočenda, E. ve Papell, D. (1997) “Inflation Con- vergence within the European Union: A Panel Data Analysis” International Journal of Finance and Economics, 2(3):189-198.
  • Kök, R. ve Yeşilyurt, M. E. (2006) “İlk Beş Yüz İma- lat Sanayi Kuruluşunun Etkinlik Analizi ve Sigma Yakın- saması-Türkiye Örneği: 1993-2000” İktisat Isletme ve Fi- nans, 21(249):46-60.
  • Kose, M.A., Otrok, C. ve Whiteman C.H. (2003) “International Business Cycles: World, Region, And Country-Speci_C Factors” American Economic Review, 93(4):1216-1239.
  • Lopez, C. ve Papell, D.H.(2011) “Convergence of Euro Area Inflation Rates” Banque de France Working Paper Series, No: 326.
  • Mentz, M. ve Sebastian, S.P. (2003) “Inflation Con- vergence after the Introduction of the Euro” CFS Wor- king Paper Series, No:30.
  • Mumtaz, H., Simonelli, S. ve Surico, P. (2011) “In- ternational Comovements, Business Cycle And Ination: A Historical Perspective” Review of Economic Dynamics ,14(1):176-198.
  • Önder, A.Ö., Karadağ, M. ve Deliktaş, E.(2007) “The Effects of Public Capital on Regional Convergence in Turkey” Ege University Working Paper Series, No:07.
  • Pesaran, M.H. (2007) “A Pair-Wise Approach For Testing Output and Growth Convergence” Journal of Econometrics, 138:312-355.
  • Perron, P. (1989) “The Great Crash, the Oil Pri- ce Shock and the Unit Root Hypothesis” Econometrica, 58:1361-1401.
  • Quah, D. (1993) “Galton’s Fallacy and Tests of the Convergence Hypothesis” Scandinavian Journal of Econo- mics, 95(4):427-43
  • Sağbaş, İ. (2002) “Türkiyede Kamu Harcamalarının Yakınsama Üzerindeki Etkisi” Afyon Kocatepe Üniversitesi İ.İ.B.F. Dergisi,4(2):137-148.
  • Siklos, J.H. ve Wohar, M.E.(1997) “Convergence in Interest Rates and Inflation Rates across Countries over Time” Review of International Economics, 5(1):129-141.
  • Solow, R.M. (1956) “A Contribution to the Theory of Economic Growth” The Quarterly Journal of Economics, 70(1):65-94.
  • Tunay, K.B. ve Silpağar, A.M. (2007) “Dinamik Me- kan-Zaman Panel Veri Modelleriyle Türkiyeıde Bölgesel Enflasyon Yakinsamasinin Analizi” Gazi Üniversitesi İkti- sadi ve İdari Bilimler Fakültesi Dergis,i 9(1):1-27.
  • Yeşilyurt, F. (2011) “Bölgesel Ekonomide Ekonomet- rik Yöntemler:Türkiye Örneği” Yayınlanmamış Doktora Tezi, İzmir, Ege Üniversitesi, Sosyal Bilimler Enstitüsü.
  • Yılmazkuday, H. (2009) “Inflation Targeting and Inf- lation Convergence within Turkey” University Library of Munich MPRA Paper, No:16770.
  • Yılmazkuday, H. (2013) “Inflation Targeting, Flexible Exchange Rates and Inflation Convergence” Applied Eco- nomics, 45(3):593-603.
  • Zivot, E. ve Donald, W.K. Andrews (1992) “Further Evidence on the Great Crash, The Oil- Price Shock, and the Unit-Root Hypothesis” Journal of Business and Econo- mic Statistics,10(3):251-270.

Bölgesel Enflasyon Yakınsaması: Türkiye Örneği

Year 2014, Volume: 14 Issue: 2, 305 - 314, 01.05.2014

Abstract

2000’li yılların başına kadar yüksek enflasyon oranlarını tecrübe eden Türkiye’deki desenflasyon politikalarının bir numaralı hedefi tek haneli enflasyon ve ekonomik istikrarın sağlanmasıdır. Bu yapıya dayalı olarak bu çalışma 2004:1 2011:12 döneminde bölgesel düzeydeki enflasyon yakınsamasını İstatistiksel Bölge Sınıflandırması 2 düzeyinde incelemektedir. Bölgesel enflasyon yakınsaması için ikili (pair-wise) yaklaşım kullanılmıştır. Sonuçlar yapısal kırılmanın varlığı durumunda Türkiye’deki bölgeler arasında güçlü bir yakınsamanın olduğunu göstermektedir

References

  • Abbott, A. ve De Vita, G. (2013) “Testing for Long-Run Convergence Across Regional House Prices in The UK: A Pairwise Approach”Applied Economics, 45(10):1227-1238.
  • Akdi Y. ve Şahin, A.(2007) “ Enflasyon Yakınsama- sı: Türkiye Örnegi” Finans Politik ve Ekonomik Yorumlar, 44:69- 74
  • Aldan, A. ve Gaygısız, E. (2006) “Convergence ac- ross Provinces of Turkey: A Spatial Analysis” Research and Monetary Policy Department Working Paper Series, No:9.
  • Başkaya, Y.S, Gulsen, E. ve H. Kara, (2012 “Inflation Expectations and Central Bank Communication in Tur- key” Central Bank Review, 12(2):1-10.
  • Baumol, W. J. (1986) “Productivity Growth, Conver- gence, and Welfare: What the Long-Run Data Show” The American Economic Review, 76 (5):1072-1085.
  • Beck, G.W., Hubrich, K. ve Marcelliono, M. (2006) “Regional Inflation Dynamics within andacross Euro Area Countries and a Comparison with the US” Europe- an Central Bank Working Paper Series, No 681.
  • Bernard, A.B. ve Durlauf, S. (1995) “Convergence İn İnternational Output” Journal of Applied Econometrics, 10:97–108.
  • Binder, M. ve Pesaran, M.H. (1999) “Stochastic Growth Models and Their Econometric Implications” Jo- urnal of Economic Growth 4:139–183.
  • Busetti, F., Forni, L., Harvey, A. ve Venditti, F. (2007) “Inflation Convergence and Divergence within the Eu- ropean Monetary Union” International Journal of Central Banking, 3(2):95-121.
  • Doğruel, F. ve Doğruel, A.S. (2003) “Türkiye’de Böl- gesel Gelir Farklılıkları ve Büyüme, Köse, vd.(eds), İkti- sat Üzerine Yazılar I: Küresel Düzen, Birikim, Devlet Ve Sınıflar – Korkut Boratav’a Armağan, İstanbul,İletişim Yayınları.
  • Durlauf, S.N., Johnson, P.A. ve Temple, R.W. (2005) “Growth Econometrics” Aghion et al.(eds) Handbook of Economic Growth, North-Holland, Amsterdam.
  • Erk, N., Ateş, S. ve Direkçi, T. (2000) Convergence and Growth within Gap Region (South Eastern Anatolia Project) and Overall Turkey’s Regions., IV. ODTÜ Uluslararası Ekonomi Kongresi, 13-16 Eylül, Ankara.
  • Erlat, H. (2005) Türkiye’de Bölgesel Yakınsama Soru- nuna Zaman Dizisi Yaklaşımı Içinde Erlat (ed.) Bölgesel Gelişme Stratejileri Ve Akdeniz Ekonomisi, Ankara, Türkiye Ekonomi Kurumu.
  • Ermişoğlu, E. (2013) “Turkiye’de Enflasyon Hedeflemesi:Bir Başarı Hikayesi mi?” BDDK Bankacılık ve Finansal Piyasalar, 7(1):31-58.
  • Filiztekin, A. (1998) “Convergence across Industries and Provinces in Turkey” Koç University Working Paper Series, No:08.
  • Gezici, F. ve Hewings, G.J.D. (2004) “Regional Con- vergence and the Economic Performance of Peripheral Areas in Turkey” Review Of Urban & Regional Develop- ment Studies, 16(2):113-132.
  • Kara, H. (2008) “Turkish Experience With Implicit Inflation Targeting” Central Bank Review,. 8(1):1-16.
  • Holmes, M.J., Otero, J. ve Panagiotidis, T. (2011) “Investigating Regional House Price Convergence in The United States: Evidence From A Pair-Wise Approach” Economic Modelling, 28(6): 2369-2376.
  • Hyvoven, M. (2004) “Inflation Convergence Across Countries” Economic Research Department Reserve Bank of Australia Research Discussion Paper.
  • Karaca, O. (2004) “Türkiye’de Bölgeler Arası Gelir Farklılıkları: Yakınsama Var Mı?” Türkiye Ekonomi Ku- rumu Tartışma Metni, No:7.
  • Kılıçaslan, Y. ve Özatağan, G. (2007) “Impact of Re- lative Population Change on Regional Income Conver- gence: Evidence from Turkey” Review Of Urban &Regio- nal Development Studies, 19:210-223.
  • Kočenda, E. ve Papell, D. (1997) “Inflation Con- vergence within the European Union: A Panel Data Analysis” International Journal of Finance and Economics, 2(3):189-198.
  • Kök, R. ve Yeşilyurt, M. E. (2006) “İlk Beş Yüz İma- lat Sanayi Kuruluşunun Etkinlik Analizi ve Sigma Yakın- saması-Türkiye Örneği: 1993-2000” İktisat Isletme ve Fi- nans, 21(249):46-60.
  • Kose, M.A., Otrok, C. ve Whiteman C.H. (2003) “International Business Cycles: World, Region, And Country-Speci_C Factors” American Economic Review, 93(4):1216-1239.
  • Lopez, C. ve Papell, D.H.(2011) “Convergence of Euro Area Inflation Rates” Banque de France Working Paper Series, No: 326.
  • Mentz, M. ve Sebastian, S.P. (2003) “Inflation Con- vergence after the Introduction of the Euro” CFS Wor- king Paper Series, No:30.
  • Mumtaz, H., Simonelli, S. ve Surico, P. (2011) “In- ternational Comovements, Business Cycle And Ination: A Historical Perspective” Review of Economic Dynamics ,14(1):176-198.
  • Önder, A.Ö., Karadağ, M. ve Deliktaş, E.(2007) “The Effects of Public Capital on Regional Convergence in Turkey” Ege University Working Paper Series, No:07.
  • Pesaran, M.H. (2007) “A Pair-Wise Approach For Testing Output and Growth Convergence” Journal of Econometrics, 138:312-355.
  • Perron, P. (1989) “The Great Crash, the Oil Pri- ce Shock and the Unit Root Hypothesis” Econometrica, 58:1361-1401.
  • Quah, D. (1993) “Galton’s Fallacy and Tests of the Convergence Hypothesis” Scandinavian Journal of Econo- mics, 95(4):427-43
  • Sağbaş, İ. (2002) “Türkiyede Kamu Harcamalarının Yakınsama Üzerindeki Etkisi” Afyon Kocatepe Üniversitesi İ.İ.B.F. Dergisi,4(2):137-148.
  • Siklos, J.H. ve Wohar, M.E.(1997) “Convergence in Interest Rates and Inflation Rates across Countries over Time” Review of International Economics, 5(1):129-141.
  • Solow, R.M. (1956) “A Contribution to the Theory of Economic Growth” The Quarterly Journal of Economics, 70(1):65-94.
  • Tunay, K.B. ve Silpağar, A.M. (2007) “Dinamik Me- kan-Zaman Panel Veri Modelleriyle Türkiyeıde Bölgesel Enflasyon Yakinsamasinin Analizi” Gazi Üniversitesi İkti- sadi ve İdari Bilimler Fakültesi Dergis,i 9(1):1-27.
  • Yeşilyurt, F. (2011) “Bölgesel Ekonomide Ekonomet- rik Yöntemler:Türkiye Örneği” Yayınlanmamış Doktora Tezi, İzmir, Ege Üniversitesi, Sosyal Bilimler Enstitüsü.
  • Yılmazkuday, H. (2009) “Inflation Targeting and Inf- lation Convergence within Turkey” University Library of Munich MPRA Paper, No:16770.
  • Yılmazkuday, H. (2013) “Inflation Targeting, Flexible Exchange Rates and Inflation Convergence” Applied Eco- nomics, 45(3):593-603.
  • Zivot, E. ve Donald, W.K. Andrews (1992) “Further Evidence on the Great Crash, The Oil- Price Shock, and the Unit-Root Hypothesis” Journal of Business and Econo- mic Statistics,10(3):251-270.
There are 39 citations in total.

Details

Other ID JA75DH76PT
Journal Section Research Article
Authors

Filiz Yeşilyurt This is me

Publication Date May 1, 2014
Published in Issue Year 2014 Volume: 14 Issue: 2

Cite

APA Yeşilyurt, F. (2014). Regional Inflation Convergence: The Case of Turkey. Ege Academic Review, 14(2), 305-314.
AMA Yeşilyurt F. Regional Inflation Convergence: The Case of Turkey. ear. May 2014;14(2):305-314.
Chicago Yeşilyurt, Filiz. “Regional Inflation Convergence: The Case of Turkey”. Ege Academic Review 14, no. 2 (May 2014): 305-14.
EndNote Yeşilyurt F (May 1, 2014) Regional Inflation Convergence: The Case of Turkey. Ege Academic Review 14 2 305–314.
IEEE F. Yeşilyurt, “Regional Inflation Convergence: The Case of Turkey”, ear, vol. 14, no. 2, pp. 305–314, 2014.
ISNAD Yeşilyurt, Filiz. “Regional Inflation Convergence: The Case of Turkey”. Ege Academic Review 14/2 (May 2014), 305-314.
JAMA Yeşilyurt F. Regional Inflation Convergence: The Case of Turkey. ear. 2014;14:305–314.
MLA Yeşilyurt, Filiz. “Regional Inflation Convergence: The Case of Turkey”. Ege Academic Review, vol. 14, no. 2, 2014, pp. 305-14.
Vancouver Yeşilyurt F. Regional Inflation Convergence: The Case of Turkey. ear. 2014;14(2):305-14.