A CLOSER LOOK AT THE MONEY MULTIPLIERS FOR THE TURKISH ECONOMY: IS THERE A STABLE RELATIONSHIP?

Year 2011, Volume: 61 Issue: 1, 283 - 299, 04.10.2011

H. Levent Korap

Abstract

This paper examines whether the money multiplier processes in the
Turkish economy are stable and can be forecasted. Research results using
quarterly frequency data for the 1987Q1 – 2009Q4 investigation period show that
the processes which convert the base money supply aggregates into the final
monetary aggregates are unstable and tend to decrease the effectiveness of
policies pursued by the monetary authorities. Such a result do not attribute
credibility to the traditional Monetarist prescriptions for the conduct of the
monetary economic policies in the Turkish economy

Keywords

Money Multipliers, Turkish Economy, JEL Classification, C32 ; E51

A CLOSER LOOK AT THE MONEY MULTIPLIERS FOR THE TURKISH ECONOMY: IS THERE A STABLE RELATIONSHIP?

Abstract

Bu çalışma Türkiye ekonomisindeki para çarpanı süreçlerinin istikrarlı ve
tahmin edilir olup olmadığını incelemektedir. 1987Q1 – 2009Q4 dönemi için üçer
aylık veri sıklığını kullanan araştırma bulguları parasal taban arzı büyüklüklerini
nihai parasal büyüklüklere çeviren süreçlerin istikrarlı olmadığını ve parasal
yetkililer tarafından izlenen politikalarının etkinliğini azaltma eğiliminde
olduğunu göstermektedir. Bu tür bir sonuç Türkiye ekonomisinde parasal ekonomi
politikalarının yönetiminde geleneksel parasalcı reçetelere güvenilirlik
atfetmemektedir

Keywords

Para Çarpanları, Türkiye Ekonomisi

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