Abstract
Monetary and fiscal policies are two basic policies that play an important
role in changing economic activities. Monetary policies are implemented
by the central bank or monetary authority, while fiscal policies are
determined by the government. The relative part of monetary and fiscal
policy is a debated issue with no definitive consequences. In fact, the main
debate between the Monetarist and the Keynesian forms the basis of this
question. According to monetarists, monetary policy is more effective than
Keynesian policy. This study has examined Turkey’s monetary policy or
fiscal policy is more effective by using data from 1980-2018 period. To
achieve the purpose of the research, money supply and public spending are
proxy variables used for monetary policy and fiscal policy. According to
the results obtained with the Cointegration Vector Autoregressive Model,
Turkey’s economy is more affected by fiscal policy.
References
- [1] Ali, S., Irum, S., & Ali, A. (2009). Whether Fiscal Stance or Monetary Policy is Effective for Economic Growth in case of South Asian Countries? 24th AGM, Pakistan Institute of Development Ecenomics (PIDE). [2] Anderson, L. C., & Jordan, J. L. (1968). Monetary and Fiscal Actions: A Test of Their Relative Importance in Economic Stabilization. Federal Reserve Bank of St. Louis Review, 50, 11-23. [3] Ansari, M. I. (2002). Impact of Financial Development, Money and Public Spending on Malaysian National Income: An Econometric Study. Journal of Asian Economics, 13, 72-93. [4] Ataç, B. (2002). Maliye Politikası. Eğitim Sağlık ve Bilimsel Araştırma Çalışmaları Vakfı Yayınları, 118. [5] Barrow, R. (1978). Unanticipated Money, Output and the Price Level in the United States. Journal of Political Economy, 86, 549-580. [6] Cerda, R.A., Gonzales, H., & Lagos l. F. (2006). Is Fiscal Policy Effective? Evidence for an Emerging Economy: Chile 1833-2000. Applied Economics Letters, 13, 575-580. [7] Cyrus, M., & Elias, K. (2014). Monetary and Fiscal Policy Shocks and Economic Growth in Kenya: VAR Econometric Approach. Journal of World Economic Research, 3, 95-108. [8] Friedman, M., & Meiselman, D. (1963). The Relative Stability of Monetary Velocity and the Investment Multiplier in the United States, 1887-1958. In Stabilization Policies, Englewood Cliffs, Prentice-Hall. [9] Hanif, M.N., & Arby, M.F. (2003). Monetary and Fiscal Policy Coordination. Munich Personal Repec Archive, 10307. [10] Hsing, Y. (2005). Impact of Monetary Policy, Fiscal Policy and Currency Depreciation on Output: The Case of Venezuela. Briefing Notes in Economics, 65. [11] Kretzmer, P. E. (1992). Monetary vs. Fiscal Policy: New Evidence on an Old Debate. Economic Review, Second Quarter, 21-30. [12] Mehta, B. C., & Bishnoi, C. R. (1977). The Relative Efficiency of Monetary and Fiscal Policies in India. Rajasthan Economic Journal. [13] Öncel, M. (1969). Ekonomik İstikrarın Temininde Para ve Maliye Politikalarının Rolü. Ankara Üniversitesi Hukuk Fakültesi Dergisi, 3, 289- 299. [14] Scott, A. (2011). Examining The Relative Effectiveness of Monetary and Fiscal Policies in Nigeria: A cointegration and error correction approach. University of Benin Social Science Research Network, 15, 2-20. [15] “Sinai, A. (1971). Relative Effects of Monetary and Fiscal Actions. Quarterly Journal of Finance and Accounting, 10, 26-36. [16] Türkiye Cumhuriyet Merkez Bankası, Yıllık Faaliyet Raporlar, https://www.tcmb.gov.tr/wps/wcm/connect/tr/tcmb+tr/main+menu/ yayinlar/raporlar/yillik+rapor. [17] Weeks, J. (2008). The Effectiveness of Monetary Policy Reconsidered. Technical Paper, International Poverty Centre, 3. [18] World Bank, www.world bank.org.com.
Abstract
Ekonomik faaliyetlerin değiştirilmesinde para ve maliye politikaları en önemli iki temel politika olarak tanımlanmaktadır. Para politikaları merkez bankası veya para otoritesi tarafından uygulanırken, maliye politikaları hükümet tarafından belirlenir. Para ve maliye politikasının göreceli kısmı, çok tartışılmıştır ancak kesin bir sonuca varılmamıştır. Aslında, Monetarist ve Keynesyen arasındaki ana tartışma bu sorunun temelini oluşturmaktadır. Keynesyenler maliye politikalarının; Monetaristler ise, para politikasının daha etkili olduğunu söylüyorlar.
Bu çalışmada, Türkiye 1980-2018 dönemine ait para arzı ve kamu harcamaları verileri kullanarak para ve maliye politikalarından hangisinin daha etkin olduğu analiz edilmektedir. Araştırmanın amacına ulaşmak için, para politikası için para arzı ve maliye politikası için kamu harcamaları kullanılmakta olan proxy değişkenlerdir. Eşbütünleşme Vektör Otoregresif Model ile elde edilen sonuçlara göre, Türkiye ekonomisi maliye politikasından daha çok etkilenmektedir.
References
- [1] Ali, S., Irum, S., & Ali, A. (2009). Whether Fiscal Stance or Monetary Policy is Effective for Economic Growth in case of South Asian Countries? 24th AGM, Pakistan Institute of Development Ecenomics (PIDE). [2] Anderson, L. C., & Jordan, J. L. (1968). Monetary and Fiscal Actions: A Test of Their Relative Importance in Economic Stabilization. Federal Reserve Bank of St. Louis Review, 50, 11-23. [3] Ansari, M. I. (2002). Impact of Financial Development, Money and Public Spending on Malaysian National Income: An Econometric Study. Journal of Asian Economics, 13, 72-93. [4] Ataç, B. (2002). Maliye Politikası. Eğitim Sağlık ve Bilimsel Araştırma Çalışmaları Vakfı Yayınları, 118. [5] Barrow, R. (1978). Unanticipated Money, Output and the Price Level in the United States. Journal of Political Economy, 86, 549-580. [6] Cerda, R.A., Gonzales, H., & Lagos l. F. (2006). Is Fiscal Policy Effective? Evidence for an Emerging Economy: Chile 1833-2000. Applied Economics Letters, 13, 575-580. [7] Cyrus, M., & Elias, K. (2014). Monetary and Fiscal Policy Shocks and Economic Growth in Kenya: VAR Econometric Approach. Journal of World Economic Research, 3, 95-108. [8] Friedman, M., & Meiselman, D. (1963). The Relative Stability of Monetary Velocity and the Investment Multiplier in the United States, 1887-1958. In Stabilization Policies, Englewood Cliffs, Prentice-Hall. [9] Hanif, M.N., & Arby, M.F. (2003). Monetary and Fiscal Policy Coordination. Munich Personal Repec Archive, 10307. [10] Hsing, Y. (2005). Impact of Monetary Policy, Fiscal Policy and Currency Depreciation on Output: The Case of Venezuela. Briefing Notes in Economics, 65. [11] Kretzmer, P. E. (1992). Monetary vs. Fiscal Policy: New Evidence on an Old Debate. Economic Review, Second Quarter, 21-30. [12] Mehta, B. C., & Bishnoi, C. R. (1977). The Relative Efficiency of Monetary and Fiscal Policies in India. Rajasthan Economic Journal. [13] Öncel, M. (1969). Ekonomik İstikrarın Temininde Para ve Maliye Politikalarının Rolü. Ankara Üniversitesi Hukuk Fakültesi Dergisi, 3, 289- 299. [14] Scott, A. (2011). Examining The Relative Effectiveness of Monetary and Fiscal Policies in Nigeria: A cointegration and error correction approach. University of Benin Social Science Research Network, 15, 2-20. [15] “Sinai, A. (1971). Relative Effects of Monetary and Fiscal Actions. Quarterly Journal of Finance and Accounting, 10, 26-36. [16] Türkiye Cumhuriyet Merkez Bankası, Yıllık Faaliyet Raporlar, https://www.tcmb.gov.tr/wps/wcm/connect/tr/tcmb+tr/main+menu/ yayinlar/raporlar/yillik+rapor. [17] Weeks, J. (2008). The Effectiveness of Monetary Policy Reconsidered. Technical Paper, International Poverty Centre, 3. [18] World Bank, www.world bank.org.com.
Details
| Primary Language | Turkish |
|---|---|
| Subjects | Economics |
| Journal Section | Research Article |
| Authors | |
| Publication Date | October 1, 2019 |
| Published in Issue | Year 2019 Volume: 5 Issue: 2 |
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