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Türkiye’de Küresel Finansal Kriz Sonrası Nakit İkamesinin Seyri: Markov Rejim Değişim Modelleri

Year 2023, Volume: 8 Issue: "Cumhuriyet'in 100. Yılında Türkiye'nin Sosyo-Ekonomisi" Özel Sayısı, 39 - 52, 29.10.2023
https://doi.org/10.25204/iktisad.1340538

Abstract

Çalışmanın amacı, Türkiye’de Küresel Finansal Kriz sonrası nakit ikamesinin itici güçlerini araştırmaktır. Teorik arka plana uygun olarak belirlenen modeller, 2010:01-2023:02 dönemine ait döviz kuru beklentileri, enflasyon oranı ve yerli-yabancı faiz oranı farkı değişkenlerine ek olarak, Kur Korumalı Mevduat (KKM) dönemine ilişkin bir kukla değişkeni de içermektedir. Markov rejim değişim regresyon yöntemi aracılığıyla iki rejimli iki farklı model tahmin edilmiştir. Bu modellerden elde edilen bulgulara göre, döviz kuru beklentileri, nakit ikamesinin en önemli belirleyicisidir. Döviz kuru beklentileri ile nakit ikamesi pozitif ilişkidir. Faiz farkındaki azalmalar, nakit ikamesinde bir artış yaratırken faiz farkındaki artışların nakit ikamesi kararları üzerinde anlamlı bir etkisi yoktur. Bunun yanında, enflasyon oranlarının ise nakit ikamesi üzerinde anlamlı bir etkisinin olmadığına ulaşılmıştır. Buna karşılık, nakit ikamesi, bir önceki döneme ilişkin nakit ikamesi kararlarından büyük ölçüde etkilenmektedir. Son olarak, KKM uygulamasının nakit ikamesinde anlamlı ve oldukça yüksek bir oranda bir azalma sağladığı tespit edilmiştir. Ancak nakit ikamesiyle mücadelede, KKM gibi yüksek maliyetli politikalardan ziyade, kredibilitesi yüksek, tutarlı ve güçlü politikaların tercih edilmesinin daha uygun olacağı düşünülmektedir.

References

  • Aigheyisi, O. S. ve Isikhuemen, A. H. (2019). Determinants of currency substitution in Nigeria. Empirical Economics Review, 9(1), 89-101. http://eer.freevar.com/volume-9-number-1.htm
  • Akalin, G. I. ve Prater, E. L. (2015). The global crisis of the late 2000s and currency substitution: a study of three Eastern European Economies Russia, Turkey and Ukraine. Journal of Central Banking Theory and Practice, 4(2), 5-22. https://doi.org/10.1515/jcbtp-2015-0006
  • Akinlo, A. E. (2022). How does corruption affect currency substitution? evidence from Nigeria. Journal of Development Policy and Practice, 7(2), 221-242. https://doi.org/10.1177/24551333221086332
  • Aktaş, R. ve Aydınlık, Ü. (2022). Regional dollarization differences and determinants: The case of Turkey. Öneri Dergisi, 17(57), 295-315. https://doi.org/10.14783/maruoneri.1010252
  • Bărbuță-Mișu, N., Güleç, T. C., Duramaz, S. ve Virlanuta, F. O. (2020). Determinants of dollarization of savings in the Turkish economy. Sustainability, 12(15), 6141. https://doi.org/10.3390/su12156141
  • Bawa, S., Omotosho, B. S. ve Doguwa, S. I. (2015). Ratchet effects in currency substitution: An application to Nigeria. CBN Journal of Applied Statistics, 6(2), 19-37. https://api.semanticscholar.org/CorpusID:56329890
  • Bhar, R. ve Hamori, S. (2007). Analysing yield spread and output dynamics in an endogenous Markov Switching Regression Framework. Asia-Pacific Financial Markets, 14:141-156. https://doi.org/10.1007/s10690-007-9056-7
  • Bildirici, M. E., Alp, E. A., Ersin, Ö. Ö. ve Bozoklu, Ü. (2010). İktisatta kullanılan doğrusal olmayan zaman serisi yöntemleri. İstanbul: Türkmen Kitabevi.
  • Birkan, A. Ö. (2006). Alternative measures of currency and asset substitution: the case of Turkey. In Deshpande, A. (ed.) Capital Without Borders: Challenges to Development. Anthem Press, pp. 71–88.
  • Bordo, M. D., ve Choudhri, E. U. (1982). Currency substitution and the demand for money: Some evidence for Canada, Journal of Money, Credit and Banking, 14(1), 48-57. https://doi.org/10.2307/1991491
  • Calvo, G. A. ve Rodriguez, C. A. (1977). A model of exchange rate determination under currency substitution and rational expectations. Journal of Political Economy, 85(3), 617-625.
  • Calvo, G.A. ve Vegh, C.A. (1992). Currency substitution in developing countries: an introduction. IMF Working Paper 92/40 (May 1992).
  • Doguwa, S. I. (2014). Currency substitution: Evidence from Nigeria. CBN Journal of Applied Statistics, 5(2), 1-23.
  • Eken, S., Cashin, P., Erbas, S. N., Martelino, J. ve Mazarei, A. (1995). Currency substitution and dollarization. In Economic Dislocation and Recovery in Lebanon. Washington DC:International Monetary Fund.
  • Hamilton, J. D. (1989). A new approach to the economic analysis of nonstationary time series and the business cycle. Econometrica: Journal of the Econometric Society, 57(2) 357-384. https://doi.org/10.2307/1912559
  • Hamilton, J. D. (1990). Analysis of time series subject to changes in regime. Journal of Econometrics, 45(1-2), 39-70. https://doi.org/10.1016/0304-4076(90)90093-9
  • IMF (2020). A Crisis Like No Other, An Uncertain Recovery, World Economic Outlook Update, June 2020. https://www.imf.org/en/Publications/WEO/Issues/2020/06/24/WEOUpdateJune2020
  • Kolosok, S., Saher, L., Kovalenko, Y. ve Delibasic, M. (2022). Renewable energy and energy innovations: examining relationships using Markov switching regression model. Marketing and Management of Innovations, (2), 151-160. https://doi.org/10.21272/mmi.2022.2-14
  • Komarek, L. ve Melecky, M. (2003). Currency substitution in a transitional economy with an application to the Czech Republic. Eastern European Economics, 41(4), 72-99. https://doi.org/10.1080/00128775.2003.11041054
  • Kumamoto, H. (2014). Recent experiences with currency substitution. International Journal of Financial Research, 5(4), 1. http://dx.doi.org/10.5430/ijfr.v5n4p1
  • Metin-Özcan, K. ve Us, V. (2007). Dedollarization in Turkey after decades of dollarization: a myth or reality?. Physica A:Statistical Mechanics and Its Applications, 385(1), 292-306. https://doi.org/10.1016/j.physa.2007.06.018
  • Milenkovic, I. ve Davidovic, M. (2013). Determinants of currency substitution/dollarization-the case of the republic of serbia. Journal of Central Banking Theory and Practice, 1(3), 139-155.
  • Mogardini, J. ve Mueller, J. (1999). Ratchet effect in currency substitutions: an application to the Kyrgyz Republic. IMF Working Paper No:99/102, International Monetary Fund, Washington, D.C. https://doi.org/10.2307/3867659
  • Ortiz, G. (1983). Currency substitution in Mexico: The dollarization problem. Journal of Money, Credit and Banking, 15(2), 174-185. https://doi.org/10.2307/1992398
  • Özkarametre, N. (1996). Türkiye’de dolarizasyon ve para ikamesi: 1990-1995. Ekonomik Yaklaşım, 7(20), Bahar 1996.
  • Perron, P. (1989). The Great Crash, the oil price shock, and the unit root hypothesis. Econometrica, 57, 1361-1401. https://doi.org/10.2307/1913712
  • Perron, P. ve Vogelsang, T. J. (1992). Nonstationarity and level shifts with an application to purchasing power parity. Journal of Business & Economic Statistics, 10, 301–320.
  • Raheem, I. D. ve Asongu, S. A. (2018). Extending the determinants of dollarization in sub-Saharan Africa: The role of easy access to foreign exchange earnings. Research in International Business and Finance, 45, 106-120. https://doi.org/10.1016/j.ribaf.2017.07.138
  • Rojas-Suarez, L. (1992). Currency substitution and inflation in Peru, IMF Working Paper No:92/33, International Monetary Fund, Washington, D.C.
  • Rossouw, S., Greyling, T. ve Adhikari, T. (2021). The evolution of happiness pre and peri-COVID-19: A Markov Switching Dynamic Regression Model. Plos one, 16(12), e0259579. https://doi.org/10.1371/journal.pone.0259579
  • Scacciavillani, F. (1995). Inflation Expectations and currency substitutions in Turkey. IMF Working Paper, WP/95/111, November 1995.
  • Selçuk, F. (1994). Currency substitution in Turkey. Applied Economics, 26, 509-518. https://doi.org/10.1080/00036849400000019
  • Selçuk, F. (1997). GMM estimation of currency substitution in a high-inflation economy: evidence from Turkey. Applied Economics Letters, 4, 225-227. https://doi.org/10.1080/758518499
  • Şıklar, İ., Karagöl, V. ve Şahin, S. (2017). Is there any meaningful ratchet effect in the process of currency substitution? evidence from Turkey. Business and Economic Research, Macrothink Institute, 7(2), 146-162.
  • Tasseven, O. (2017). The Link Between Dollarization and Its Determinants in Turkey. In H. Dinçer & Ü. Hacioğlu (ed.) Risk Management, Strategic Thinking and Leadership in the Financial Services Industry: A Proactive Approach to Strategic Thinking, Springer, 59-72.
  • TCMB (2008). 2009 yılında para ve kur politikası. Ankara: TCMB, 16 Aralık 2008.
  • TCMB (2009). 2010 yılında para ve kur politikası. Ankara: TCMB, 10 Aralık 2009.
  • TCMB (2010). 2011 yılında para ve kur politikası. Ankara: TCMB, 21 Aralık 2010.
  • TCMB (2014). Makro ihtiyati politikalar ve Türkiye uygulaması, TCMB Bülteni, Sayı 35, Eylül 2014.
  • TCMB (2015). 2016 yılı para ve kur politikası. Ankara: TCMB, 9 Aralık 2015.
  • TCMB (2020). 17 Mart-31 Mart-17 Nisan 2020 Tarihli Toplantı Kararları, Koronavirüsün ekonomik ve finansal etkilerine karşı alınan tedbirler, https://www.tcmb.gov.tr/wps/wcm/connect/TR/TCMB+TR/Main+Menu/Duyurular/Koronavirus, (19/07/2020).
  • Tesfamichael, S. G. ve Shiferaw, Y. A. (2019). A Markov regime-switching regression approach to modelling NDVI from surface temperature and soil moisture. International Journal of Remote Sensing, 40(24), 9352-9379. https://doi.org/10.1080/01431161.2019.1630783
  • Tufaner, M. B. (2021). The determinants of dollarization in Turkey: an econometric analysis. Econder International Academic Journal, 5(2), 108-118.
  • Türk Lirası Mevduat ve Katılma Hesaplarının Dönüşümünün Desteklenmesi Hakkında Tebliğ (2021, 21 Aralık). Resmî Gazete (Sayı: 31696) https://www.resmigazete.gov.tr/eskiler/2021/12/20211221M1-1.htm
  • Türkiye Cumhuriyet Merkez Bankası Elektronik Veri Dağıtım Sistemi (TCMB EVDS) Veri Tabanı. https://evds2.tcmb.gov.tr/
  • Us, V. (2003). Analyzing the persistence of currency substitution using a ratchet variable: the Turkish case. Emerging Markets Finance and Trade, 39(4), 58-81. https://doi.org/10.1080/1540496X.2003.11052545
  • Valev, N. T. (2010). The hysteresis of currency substitution: currency risk vs. network externalities. Journal of International Money and Finance, 29 (2010) 224-235. https://doi.org/10.1016/j.jimonfin.2009.06.017
  • Xaiyavong, I. ve Toyoda, T. (2016). Currency substitution in Laos. Asian Economic Journal, 30(1), 67-89. https://doi.org/10.1111/asej.12085

The Course of Currency Substitution after the Global Financial Crisis in Turkey: Markov Regime Switching Models

Year 2023, Volume: 8 Issue: "Cumhuriyet'in 100. Yılında Türkiye'nin Sosyo-Ekonomisi" Özel Sayısı, 39 - 52, 29.10.2023
https://doi.org/10.25204/iktisad.1340538

Abstract

The study aims to investigate the driving forces of currency substitution after the Global Financial Crisis in Turkey. The models determined in accordance with the theoretical background also include a dummy variable for the Foreign Exchange Protected Deposit (FXPD) period in addition to the exchange rate expectations, inflation rate and domestic-foreign interest rate difference for the period 2010:01-2023:02. Two different models with two regimes are estimated by the Markov regime-switching regression method. According to the findings obtained from these models, exchange rate expectations are the most important determinant of currency substitution. Exchange rate expectations and currency substitution are positively related. Decreases in interest rate differential cause an increase in currency substitution, while increases in interest rate difference do not have a significant effect on currency substitution decisions. In addition, it has found that inflation rates do not have a significant effect on currency substitution. Nonetheless, currency substitution is heavily influenced by currency substitution decisions for the previous period. Lastly, it has been determined that the FXPD provides a significant and quite high decrease in currency substitution. However, it is thought that it would be more appropriate to prefer policies with high credibility, consistent and strength rather than high-cost policies such as FXPD in the fight against currency substitution.

References

  • Aigheyisi, O. S. ve Isikhuemen, A. H. (2019). Determinants of currency substitution in Nigeria. Empirical Economics Review, 9(1), 89-101. http://eer.freevar.com/volume-9-number-1.htm
  • Akalin, G. I. ve Prater, E. L. (2015). The global crisis of the late 2000s and currency substitution: a study of three Eastern European Economies Russia, Turkey and Ukraine. Journal of Central Banking Theory and Practice, 4(2), 5-22. https://doi.org/10.1515/jcbtp-2015-0006
  • Akinlo, A. E. (2022). How does corruption affect currency substitution? evidence from Nigeria. Journal of Development Policy and Practice, 7(2), 221-242. https://doi.org/10.1177/24551333221086332
  • Aktaş, R. ve Aydınlık, Ü. (2022). Regional dollarization differences and determinants: The case of Turkey. Öneri Dergisi, 17(57), 295-315. https://doi.org/10.14783/maruoneri.1010252
  • Bărbuță-Mișu, N., Güleç, T. C., Duramaz, S. ve Virlanuta, F. O. (2020). Determinants of dollarization of savings in the Turkish economy. Sustainability, 12(15), 6141. https://doi.org/10.3390/su12156141
  • Bawa, S., Omotosho, B. S. ve Doguwa, S. I. (2015). Ratchet effects in currency substitution: An application to Nigeria. CBN Journal of Applied Statistics, 6(2), 19-37. https://api.semanticscholar.org/CorpusID:56329890
  • Bhar, R. ve Hamori, S. (2007). Analysing yield spread and output dynamics in an endogenous Markov Switching Regression Framework. Asia-Pacific Financial Markets, 14:141-156. https://doi.org/10.1007/s10690-007-9056-7
  • Bildirici, M. E., Alp, E. A., Ersin, Ö. Ö. ve Bozoklu, Ü. (2010). İktisatta kullanılan doğrusal olmayan zaman serisi yöntemleri. İstanbul: Türkmen Kitabevi.
  • Birkan, A. Ö. (2006). Alternative measures of currency and asset substitution: the case of Turkey. In Deshpande, A. (ed.) Capital Without Borders: Challenges to Development. Anthem Press, pp. 71–88.
  • Bordo, M. D., ve Choudhri, E. U. (1982). Currency substitution and the demand for money: Some evidence for Canada, Journal of Money, Credit and Banking, 14(1), 48-57. https://doi.org/10.2307/1991491
  • Calvo, G. A. ve Rodriguez, C. A. (1977). A model of exchange rate determination under currency substitution and rational expectations. Journal of Political Economy, 85(3), 617-625.
  • Calvo, G.A. ve Vegh, C.A. (1992). Currency substitution in developing countries: an introduction. IMF Working Paper 92/40 (May 1992).
  • Doguwa, S. I. (2014). Currency substitution: Evidence from Nigeria. CBN Journal of Applied Statistics, 5(2), 1-23.
  • Eken, S., Cashin, P., Erbas, S. N., Martelino, J. ve Mazarei, A. (1995). Currency substitution and dollarization. In Economic Dislocation and Recovery in Lebanon. Washington DC:International Monetary Fund.
  • Hamilton, J. D. (1989). A new approach to the economic analysis of nonstationary time series and the business cycle. Econometrica: Journal of the Econometric Society, 57(2) 357-384. https://doi.org/10.2307/1912559
  • Hamilton, J. D. (1990). Analysis of time series subject to changes in regime. Journal of Econometrics, 45(1-2), 39-70. https://doi.org/10.1016/0304-4076(90)90093-9
  • IMF (2020). A Crisis Like No Other, An Uncertain Recovery, World Economic Outlook Update, June 2020. https://www.imf.org/en/Publications/WEO/Issues/2020/06/24/WEOUpdateJune2020
  • Kolosok, S., Saher, L., Kovalenko, Y. ve Delibasic, M. (2022). Renewable energy and energy innovations: examining relationships using Markov switching regression model. Marketing and Management of Innovations, (2), 151-160. https://doi.org/10.21272/mmi.2022.2-14
  • Komarek, L. ve Melecky, M. (2003). Currency substitution in a transitional economy with an application to the Czech Republic. Eastern European Economics, 41(4), 72-99. https://doi.org/10.1080/00128775.2003.11041054
  • Kumamoto, H. (2014). Recent experiences with currency substitution. International Journal of Financial Research, 5(4), 1. http://dx.doi.org/10.5430/ijfr.v5n4p1
  • Metin-Özcan, K. ve Us, V. (2007). Dedollarization in Turkey after decades of dollarization: a myth or reality?. Physica A:Statistical Mechanics and Its Applications, 385(1), 292-306. https://doi.org/10.1016/j.physa.2007.06.018
  • Milenkovic, I. ve Davidovic, M. (2013). Determinants of currency substitution/dollarization-the case of the republic of serbia. Journal of Central Banking Theory and Practice, 1(3), 139-155.
  • Mogardini, J. ve Mueller, J. (1999). Ratchet effect in currency substitutions: an application to the Kyrgyz Republic. IMF Working Paper No:99/102, International Monetary Fund, Washington, D.C. https://doi.org/10.2307/3867659
  • Ortiz, G. (1983). Currency substitution in Mexico: The dollarization problem. Journal of Money, Credit and Banking, 15(2), 174-185. https://doi.org/10.2307/1992398
  • Özkarametre, N. (1996). Türkiye’de dolarizasyon ve para ikamesi: 1990-1995. Ekonomik Yaklaşım, 7(20), Bahar 1996.
  • Perron, P. (1989). The Great Crash, the oil price shock, and the unit root hypothesis. Econometrica, 57, 1361-1401. https://doi.org/10.2307/1913712
  • Perron, P. ve Vogelsang, T. J. (1992). Nonstationarity and level shifts with an application to purchasing power parity. Journal of Business & Economic Statistics, 10, 301–320.
  • Raheem, I. D. ve Asongu, S. A. (2018). Extending the determinants of dollarization in sub-Saharan Africa: The role of easy access to foreign exchange earnings. Research in International Business and Finance, 45, 106-120. https://doi.org/10.1016/j.ribaf.2017.07.138
  • Rojas-Suarez, L. (1992). Currency substitution and inflation in Peru, IMF Working Paper No:92/33, International Monetary Fund, Washington, D.C.
  • Rossouw, S., Greyling, T. ve Adhikari, T. (2021). The evolution of happiness pre and peri-COVID-19: A Markov Switching Dynamic Regression Model. Plos one, 16(12), e0259579. https://doi.org/10.1371/journal.pone.0259579
  • Scacciavillani, F. (1995). Inflation Expectations and currency substitutions in Turkey. IMF Working Paper, WP/95/111, November 1995.
  • Selçuk, F. (1994). Currency substitution in Turkey. Applied Economics, 26, 509-518. https://doi.org/10.1080/00036849400000019
  • Selçuk, F. (1997). GMM estimation of currency substitution in a high-inflation economy: evidence from Turkey. Applied Economics Letters, 4, 225-227. https://doi.org/10.1080/758518499
  • Şıklar, İ., Karagöl, V. ve Şahin, S. (2017). Is there any meaningful ratchet effect in the process of currency substitution? evidence from Turkey. Business and Economic Research, Macrothink Institute, 7(2), 146-162.
  • Tasseven, O. (2017). The Link Between Dollarization and Its Determinants in Turkey. In H. Dinçer & Ü. Hacioğlu (ed.) Risk Management, Strategic Thinking and Leadership in the Financial Services Industry: A Proactive Approach to Strategic Thinking, Springer, 59-72.
  • TCMB (2008). 2009 yılında para ve kur politikası. Ankara: TCMB, 16 Aralık 2008.
  • TCMB (2009). 2010 yılında para ve kur politikası. Ankara: TCMB, 10 Aralık 2009.
  • TCMB (2010). 2011 yılında para ve kur politikası. Ankara: TCMB, 21 Aralık 2010.
  • TCMB (2014). Makro ihtiyati politikalar ve Türkiye uygulaması, TCMB Bülteni, Sayı 35, Eylül 2014.
  • TCMB (2015). 2016 yılı para ve kur politikası. Ankara: TCMB, 9 Aralık 2015.
  • TCMB (2020). 17 Mart-31 Mart-17 Nisan 2020 Tarihli Toplantı Kararları, Koronavirüsün ekonomik ve finansal etkilerine karşı alınan tedbirler, https://www.tcmb.gov.tr/wps/wcm/connect/TR/TCMB+TR/Main+Menu/Duyurular/Koronavirus, (19/07/2020).
  • Tesfamichael, S. G. ve Shiferaw, Y. A. (2019). A Markov regime-switching regression approach to modelling NDVI from surface temperature and soil moisture. International Journal of Remote Sensing, 40(24), 9352-9379. https://doi.org/10.1080/01431161.2019.1630783
  • Tufaner, M. B. (2021). The determinants of dollarization in Turkey: an econometric analysis. Econder International Academic Journal, 5(2), 108-118.
  • Türk Lirası Mevduat ve Katılma Hesaplarının Dönüşümünün Desteklenmesi Hakkında Tebliğ (2021, 21 Aralık). Resmî Gazete (Sayı: 31696) https://www.resmigazete.gov.tr/eskiler/2021/12/20211221M1-1.htm
  • Türkiye Cumhuriyet Merkez Bankası Elektronik Veri Dağıtım Sistemi (TCMB EVDS) Veri Tabanı. https://evds2.tcmb.gov.tr/
  • Us, V. (2003). Analyzing the persistence of currency substitution using a ratchet variable: the Turkish case. Emerging Markets Finance and Trade, 39(4), 58-81. https://doi.org/10.1080/1540496X.2003.11052545
  • Valev, N. T. (2010). The hysteresis of currency substitution: currency risk vs. network externalities. Journal of International Money and Finance, 29 (2010) 224-235. https://doi.org/10.1016/j.jimonfin.2009.06.017
  • Xaiyavong, I. ve Toyoda, T. (2016). Currency substitution in Laos. Asian Economic Journal, 30(1), 67-89. https://doi.org/10.1111/asej.12085
There are 48 citations in total.

Details

Primary Language Turkish
Subjects Macroeconomics (Other)
Journal Section Research Papers
Authors

Veysel Karagöl 0000-0001-9939-0173

Early Pub Date October 25, 2023
Publication Date October 29, 2023
Submission Date August 10, 2023
Published in Issue Year 2023 Volume: 8 Issue: "Cumhuriyet'in 100. Yılında Türkiye'nin Sosyo-Ekonomisi" Özel Sayısı

Cite

APA Karagöl, V. (2023). Türkiye’de Küresel Finansal Kriz Sonrası Nakit İkamesinin Seyri: Markov Rejim Değişim Modelleri. İktisadi İdari Ve Siyasal Araştırmalar Dergisi, 8("Cumhuriyet’in 100. Yılında Türkiye’nin Sosyo-Ekonomisi" Özel Sayısı), 39-52. https://doi.org/10.25204/iktisad.1340538
AMA Karagöl V. Türkiye’de Küresel Finansal Kriz Sonrası Nakit İkamesinin Seyri: Markov Rejim Değişim Modelleri. JEBUPOR. October 2023;8("Cumhuriyet’in 100. Yılında Türkiye’nin Sosyo-Ekonomisi" Özel Sayısı):39-52. doi:10.25204/iktisad.1340538
Chicago Karagöl, Veysel. “Türkiye’de Küresel Finansal Kriz Sonrası Nakit İkamesinin Seyri: Markov Rejim Değişim Modelleri”. İktisadi İdari Ve Siyasal Araştırmalar Dergisi 8, no. "Cumhuriyet’in 100. Yılında Türkiye’nin Sosyo-Ekonomisi" Özel Sayısı (October 2023): 39-52. https://doi.org/10.25204/iktisad.1340538.
EndNote Karagöl V (October 1, 2023) Türkiye’de Küresel Finansal Kriz Sonrası Nakit İkamesinin Seyri: Markov Rejim Değişim Modelleri. İktisadi İdari ve Siyasal Araştırmalar Dergisi 8 "Cumhuriyet’in 100. Yılında Türkiye’nin Sosyo-Ekonomisi" Özel Sayısı 39–52.
IEEE V. Karagöl, “Türkiye’de Küresel Finansal Kriz Sonrası Nakit İkamesinin Seyri: Markov Rejim Değişim Modelleri”, JEBUPOR, vol. 8, no. "Cumhuriyet’in 100. Yılında Türkiye’nin Sosyo-Ekonomisi" Özel Sayısı, pp. 39–52, 2023, doi: 10.25204/iktisad.1340538.
ISNAD Karagöl, Veysel. “Türkiye’de Küresel Finansal Kriz Sonrası Nakit İkamesinin Seyri: Markov Rejim Değişim Modelleri”. İktisadi İdari ve Siyasal Araştırmalar Dergisi 8/"Cumhuriyet’in 100. Yılında Türkiye’nin Sosyo-Ekonomisi" Özel Sayısı (October 2023), 39-52. https://doi.org/10.25204/iktisad.1340538.
JAMA Karagöl V. Türkiye’de Küresel Finansal Kriz Sonrası Nakit İkamesinin Seyri: Markov Rejim Değişim Modelleri. JEBUPOR. 2023;8:39–52.
MLA Karagöl, Veysel. “Türkiye’de Küresel Finansal Kriz Sonrası Nakit İkamesinin Seyri: Markov Rejim Değişim Modelleri”. İktisadi İdari Ve Siyasal Araştırmalar Dergisi, vol. 8, no. "Cumhuriyet’in 100. Yılında Türkiye’nin Sosyo-Ekonomisi" Özel Sayısı, 2023, pp. 39-52, doi:10.25204/iktisad.1340538.
Vancouver Karagöl V. Türkiye’de Küresel Finansal Kriz Sonrası Nakit İkamesinin Seyri: Markov Rejim Değişim Modelleri. JEBUPOR. 2023;8("Cumhuriyet’in 100. Yılında Türkiye’nin Sosyo-Ekonomisi" Özel Sayısı):39-52.