FİNANSAL YENİLİKLER VE PARA İKAMESİ BAĞLAMINDA PARANIN GELİR DOLANIM HIZININ İNCELENMESİ: TÜRKİYE ÖRNEĞİ

Year 2018, Volume: 2 Issue: 2, 144 - 165, 31.12.2018

Kerem Kiper

Abstract

Paranın
gelir dolanım hızı, mevcut gelir oluşurken birim paranın kaç defa el
değiştirdiğini gösterir. Bu yönüyle, para stoku ile gelir akımı arasındaki
ilişkiyi ortaya koyan önemli bir göstergedir. Dolanım hızı doğrudan kontrol
edilemediği için onu belirleyen faktörlerin tespit edilmesi, iktisat politikası
yapılması açısından da oldukça önemlidir. Geleneksel yaklaşımlar çerçevesinde
milli gelirin ve faiz oranının bir fonksiyonu olarak ele alınan dolanım hızı,
zamanla sergilediği oynaklık sonucu daha detaylı incelenmeye başlanmış ve bu
oynaklığın ortaya çıkmasında dünyada görülen finansal yeniliklerin bir payının
olduğu öne sürülmüştür. Ayrıca gelişmiş kapitalist ülkeler dışında kalan
ülkelerde görülen para ikamesi olgusunun da dolanım hızı üzerinde belirleyici
olduğu ileri sürülmektedir. 2000-2014 arası dönemde Türkiye üzerine yapılan bu
çalışmada, paranın gelir dolanım hızının hem geleneksel faktörlerle hem de
finansal yenilikler ile para ikamesi olgusu gibi güncel faktörlerle olan uzun
dönemli ilişkisi, Johansen Eşbütünleşme Testi ile sınanmıştır. Çalışmanın
sonucunda, uzun dönemde gelir ve faiz oranı gibi geleneksel değişkenlerle
dolanım hızının aynı yönde hareket ettiği; para ikamesi sürecinin yaşandığı ve
finansal yeniliklerin dolanım hızını düşürdüğü gözlenmiştir.

Keywords

Paranın gelir dolanım hızı, para talebi, finansal yenilikler, para ikamesi

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