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Year 2012, Volume: 3 Issue: 55, 15 - 21, 01.05.2012

D. Baygonuşova,

Abstract

This paper investigates the relationship between inflation and economic growth in Kyrgyzstan.
VAR model is applied using monthly data for the period of 2000-2012 years. Results show that there is
one way causal effect from economic growth to inflation and unlike other case studies inflation has no
effect on economic growth. Increase in the rate of economic growth reduces the rate of inflation
providing a positive impact on the economy as a whole. Therefore, according to these results the
conduct of stimulating monetary policy would be adequate to ensure economic growth.

References

  • Alexander, W.R.J. (1997) “Inflation and Economic Growth: Evidence From A Growth Equation”, Applied Economics, 29, ss.233-238.
  • Ağayev, S. ve Yamak, N. (2009) “Bağımsız Devletler Büyümenin Belirleyicileri”, Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, Cilt: 23, Sayı: 4, ss. 179-204. Ülkelerinde Ekonomik
  • Apergis, N. (2005) “Inflation Uncertainty and Growth: Evidence From Panel Data”, Australian Economic Papers, 44(2), ss.186-197.
  • Artan, S. (2006) “Gelişmiş ve Gelişmekte Olan Ülkelerde Enflasyon ve Büyüme: Yatay-Kesit ve Panel Veri Analizi”, İktisat İşletme ve Finans, Yıl: 21, Sayı: 239, ss.108-124.
  • Benhabib, J. ve Spiegel, M.M. (2006) “Moderate Inflation and the Deflation-Depression Link”, Federal Reserve Bank of San Francisco Working Paper http://www.frbsf.org/publications/economics/pape rs/2006/wp06-32bk.pdf (29.01.2007). ss.1-20,
  • Berber, M. ve Artan, S. (2004) “Türkiye’de Enflasyon-Ekonomik Büyüme İlişkisi: Teori-Literatür ve Uygulama”, Atatürk Üniversitesi İİBF Dergisi, 18(3-4), ss.103-117.
  • Bhatia, R. (1960) “Inflation, Deflation and Economic Development”, IMF Staff Papers, 8(1), ss.101-114.
  • Black D.C., Dowd, M.R. ve Keith, K. (2001) “The Inflation/Growth Relationship: Evidence From State Panel Data”, Applied Economics Letters, 8(2), ss.771-774.
  • Bolton, D. ve Alexander, W.R.J. (2001) “The Differing Consequences of Low and High Rates of Inflation”, Applied Economics Letters, 8, ss.411-414.
  • Bruno, M. ve Easterly, W. (1998) “Inflation Crises and Long-run Growth”, Journal of Monetary Economics, 41(1), ss.3-26.
  • Bullard, J. ve Keating, J.W. (1995) “The Long-run Relationship between Inflation and Output in Postwar Economies”, Journal of Monetary Economics, 36(3), ss.477-496.
  • Caporin M. ve Maria, C.D. (2002) “Inflation and Growth: Some Panel Data Evidence ”, GRETA Working Papers, No: 02/09, ss.1-29.
  • Chang, G.H. ve Black, D.C. (2002) “Nonlinearity of Inflation-Growth Relationship and the Optimal Inflation Rate, University of Toledo, ss.1-27.
  • Chowdhury, A. (2002) “Does Inflation Affect Economic Growth? The Relevance of The Debate for Indonesia”, Journal of Asia Pacific Economy, 7(1), ss.20-34.
  • De Gregorio, J. (1993) “Inflation, Taxation and Long-Run Economics, 31(3), ss.271-298. Journal of Monetary
  • Engle, R.F. And Granger, C.W.J. (1987). “Co- integration and Error Correction: Representation, Estimation, and Testing”. Econometrica 55.
  • Ericsson, N.R., Irons, J.S. ve Tryon, R.W. (2001) “Output and Inflation in the Long Run”, Journal of Applied Econometrics, 16(3), ss.241-253.
  • Faria, J.R. ve Carneiro, F.G. (2001) “Does High Inflation Affect Growth in the Long and Short Run?”, Journal of Applied Economics, 16(1), ss.89- 150.
  • Fischer, S. (1983) “Inflation and Growth, Cuadernos de Economia, 20(61), ss.267-278; (1993) “The Role of Macroeconomic Factors in Growth”, Journal of Monetary Economics, 32(3), ss.485-511.
  • Gerni, C., Emsen, Ö. S. Ve Değer, K. (2006). “Doğrudan Yabancı Yatırımların Belirleyicileri: Geçiş Ekonomileri Üzerine Nedensellik Testleri ve Panel Veri Analizleri (1990-2004)”. Türkiye Ekonomi Kurumu Uluslararası Konferansı, 11-13 Eylül 2006.
  • Ghosh, A. ve Phillips S. (1998) “Inflation, Disinflation and Growth”, IMF Working Paper, No: 98/68, ss.1-44.
  • Grier, K.B. ve Tullock, G. (1989) “An Empirical Analysis of Cross-National Economic Growth, 1951- 1980”, Journal of Monetary Economics, 24(2), ss.259- 276.
  • Grier, Kevin ve Perry, Mark J., (1998), “On Infla- tion and Inflation Uncertainty in the G-7
  • Countries”, Journal of International Money and Finance, 17, 671-689.
  • Grimes, A. (1991) “The Effects of Inflation on Growth: Weltwirtschaftliches Archiv, 127, ss.631-644. International Evidence”,
  • Gylfason, T. ve Herbertsson, T.T. (2001) “Does Inflation Matter for Growth? ”, Japan and the World Economy, 13(4), ss.405-428.
  • Hodge, D. (2006) “Inflation and Growth in South Africa”, Cambridge Journal of Economics, 30(2), ss.163-180.
  • Johnson, H.G. (1967), “Is Inflation a Retarding Factor in Economic Growth?”, D. Krivine (der.), Fiscal and Monetary Problems in Developing States, Praeger, ss.121-137.
  • Judson, R. ve Orphanides, O. (1999) “Inflation, Volatility, and Growth”, International Finance, 2(1), ss.117-138.
  • Karaca, O. (2003) “Türkiye’de Enflasyon- Büyüme İlişkisi: Zaman Serisi Analizi”, Doğuş Üniversitesi Dergisi, 4(2), ss.247-255.
  • Karras, G. (1993) “Money, Inflation, and Output Growth: Does the Aggregate Supply-Aggregate Demand Evidence?”, Weltwirtschaftliches Archiv, 129(4), ss.662-674. The International
  • Kim, S.H. ve Willet, T.D. (2000) “Is The Negative Correlation Between Inflation and Growth Real?: An Analysis of the Effects of the Oil Supply Shocks”, Applied Economics Letters, 7(3), ss.141- 147.
  • Kormendi, R.C. ve Meguire, P.G. (1985) “Macroeconomic Determinants of Growth: Cross- Country Evidence”, Journal of Monetary Economics, 16(2), ss.141-163.
  • Mallik, G. ve Chowdhury, A. (2001) “Inflation and Economic Growth: Evidence from four South Asian Countries”, Asia-Pacific Development Journal, 8(1), ss.123-135.
  • Motley, B. (1998) “Growth and Inflation: A Cross-Country Study”, Federal Reserve Bank of San Francisco Economic Review, 1, ss.15-28.
  • Nell, K.S. (2000) “Is Low Inflation a Precondition for Faster Growth? The Case of South Africa”, Studies in Economics 0011, Department of Economics, http://www.ukc.ac.uk/economics, (29.01.2007). of Kent, ss.1-33,
  • Rapach, D. (2003) “International Evidence on the Long-Run Impact of Inflation”, Journal of Money, Credit and Banking, 35(1), ss.23-48.
  • Sarel, M. (1996) “Nonlinear Effects of Inflation on Economic Growth”, IMF Staff Papers, 43(1), ss.199-215.
  • Sevüktekin, M. ve Nargileçekenler, M. (2007) “Ekonometrik Zaman Serileri Analizi Eviews Uygulamalı”, Umut kitapevi, geliştrilmiş 2.Baskı, Ankara, Ekim. ss. 311.
  • Smyth, D.J. (1992) “Inflation and the Growth Rate in the United States Naturel Output”, Applied Economics, 24, ss.567-570.
  • Thirlwall, A.P. ve Barton, C.A. (1971) “Inflation and Growth: The International Evidence”, Banco Nazionale del Lavoro Quarterly Review, 98, ss.263- 275.
  • Tun Wai, U. (1959) “The Relation Between Inflation and Economic Development: A Statistical Inductive”, IMF Staff Papers, 7, ss.202-209.
  • Vaona, A. (2006) “Nonparametric and Semi- parametric Evidence on the Long-Run Effects of Inflation on Growth”, The Kiel Institute for the World Economy, Kiel Working Paper No. 1286, ss.1- 9.
  • Yapraklı, S. (2007). “Enflasyon Ve Ekonomik Büyüme Arasındaki İlişki: Türkiye İçin Eş- Bütünleşme Ve Nedensellik Analizi”. Atatürk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, Cilt 10, Sayı 2. ss. 287-301.
  • Haziran 2012 г. АНТИМОНОПОЛЬНОЕ ЗАКОНОДАТЕЛЬСТВО – ВАЖНАЯ СОСТАВЛЯЮЩАЯ
  • СОВРЕМЕННОЙ ЭКОНОМИКИ

KIRGIZİSTAN’DA EKONOMİK BÜYÜME VE ENFLASYON İLİŞKİSİ

Year 2012, Volume: 3 Issue: 55, 15 - 21, 01.05.2012

D. Baygonuşova,

Abstract

References

  • Alexander, W.R.J. (1997) “Inflation and Economic Growth: Evidence From A Growth Equation”, Applied Economics, 29, ss.233-238.
  • Ağayev, S. ve Yamak, N. (2009) “Bağımsız Devletler Büyümenin Belirleyicileri”, Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, Cilt: 23, Sayı: 4, ss. 179-204. Ülkelerinde Ekonomik
  • Apergis, N. (2005) “Inflation Uncertainty and Growth: Evidence From Panel Data”, Australian Economic Papers, 44(2), ss.186-197.
  • Artan, S. (2006) “Gelişmiş ve Gelişmekte Olan Ülkelerde Enflasyon ve Büyüme: Yatay-Kesit ve Panel Veri Analizi”, İktisat İşletme ve Finans, Yıl: 21, Sayı: 239, ss.108-124.
  • Benhabib, J. ve Spiegel, M.M. (2006) “Moderate Inflation and the Deflation-Depression Link”, Federal Reserve Bank of San Francisco Working Paper http://www.frbsf.org/publications/economics/pape rs/2006/wp06-32bk.pdf (29.01.2007). ss.1-20,
  • Berber, M. ve Artan, S. (2004) “Türkiye’de Enflasyon-Ekonomik Büyüme İlişkisi: Teori-Literatür ve Uygulama”, Atatürk Üniversitesi İİBF Dergisi, 18(3-4), ss.103-117.
  • Bhatia, R. (1960) “Inflation, Deflation and Economic Development”, IMF Staff Papers, 8(1), ss.101-114.
  • Black D.C., Dowd, M.R. ve Keith, K. (2001) “The Inflation/Growth Relationship: Evidence From State Panel Data”, Applied Economics Letters, 8(2), ss.771-774.
  • Bolton, D. ve Alexander, W.R.J. (2001) “The Differing Consequences of Low and High Rates of Inflation”, Applied Economics Letters, 8, ss.411-414.
  • Bruno, M. ve Easterly, W. (1998) “Inflation Crises and Long-run Growth”, Journal of Monetary Economics, 41(1), ss.3-26.
  • Bullard, J. ve Keating, J.W. (1995) “The Long-run Relationship between Inflation and Output in Postwar Economies”, Journal of Monetary Economics, 36(3), ss.477-496.
  • Caporin M. ve Maria, C.D. (2002) “Inflation and Growth: Some Panel Data Evidence ”, GRETA Working Papers, No: 02/09, ss.1-29.
  • Chang, G.H. ve Black, D.C. (2002) “Nonlinearity of Inflation-Growth Relationship and the Optimal Inflation Rate, University of Toledo, ss.1-27.
  • Chowdhury, A. (2002) “Does Inflation Affect Economic Growth? The Relevance of The Debate for Indonesia”, Journal of Asia Pacific Economy, 7(1), ss.20-34.
  • De Gregorio, J. (1993) “Inflation, Taxation and Long-Run Economics, 31(3), ss.271-298. Journal of Monetary
  • Engle, R.F. And Granger, C.W.J. (1987). “Co- integration and Error Correction: Representation, Estimation, and Testing”. Econometrica 55.
  • Ericsson, N.R., Irons, J.S. ve Tryon, R.W. (2001) “Output and Inflation in the Long Run”, Journal of Applied Econometrics, 16(3), ss.241-253.
  • Faria, J.R. ve Carneiro, F.G. (2001) “Does High Inflation Affect Growth in the Long and Short Run?”, Journal of Applied Economics, 16(1), ss.89- 150.
  • Fischer, S. (1983) “Inflation and Growth, Cuadernos de Economia, 20(61), ss.267-278; (1993) “The Role of Macroeconomic Factors in Growth”, Journal of Monetary Economics, 32(3), ss.485-511.
  • Gerni, C., Emsen, Ö. S. Ve Değer, K. (2006). “Doğrudan Yabancı Yatırımların Belirleyicileri: Geçiş Ekonomileri Üzerine Nedensellik Testleri ve Panel Veri Analizleri (1990-2004)”. Türkiye Ekonomi Kurumu Uluslararası Konferansı, 11-13 Eylül 2006.
  • Ghosh, A. ve Phillips S. (1998) “Inflation, Disinflation and Growth”, IMF Working Paper, No: 98/68, ss.1-44.
  • Grier, K.B. ve Tullock, G. (1989) “An Empirical Analysis of Cross-National Economic Growth, 1951- 1980”, Journal of Monetary Economics, 24(2), ss.259- 276.
  • Grier, Kevin ve Perry, Mark J., (1998), “On Infla- tion and Inflation Uncertainty in the G-7
  • Countries”, Journal of International Money and Finance, 17, 671-689.
  • Grimes, A. (1991) “The Effects of Inflation on Growth: Weltwirtschaftliches Archiv, 127, ss.631-644. International Evidence”,
  • Gylfason, T. ve Herbertsson, T.T. (2001) “Does Inflation Matter for Growth? ”, Japan and the World Economy, 13(4), ss.405-428.
  • Hodge, D. (2006) “Inflation and Growth in South Africa”, Cambridge Journal of Economics, 30(2), ss.163-180.
  • Johnson, H.G. (1967), “Is Inflation a Retarding Factor in Economic Growth?”, D. Krivine (der.), Fiscal and Monetary Problems in Developing States, Praeger, ss.121-137.
  • Judson, R. ve Orphanides, O. (1999) “Inflation, Volatility, and Growth”, International Finance, 2(1), ss.117-138.
  • Karaca, O. (2003) “Türkiye’de Enflasyon- Büyüme İlişkisi: Zaman Serisi Analizi”, Doğuş Üniversitesi Dergisi, 4(2), ss.247-255.
  • Karras, G. (1993) “Money, Inflation, and Output Growth: Does the Aggregate Supply-Aggregate Demand Evidence?”, Weltwirtschaftliches Archiv, 129(4), ss.662-674. The International
  • Kim, S.H. ve Willet, T.D. (2000) “Is The Negative Correlation Between Inflation and Growth Real?: An Analysis of the Effects of the Oil Supply Shocks”, Applied Economics Letters, 7(3), ss.141- 147.
  • Kormendi, R.C. ve Meguire, P.G. (1985) “Macroeconomic Determinants of Growth: Cross- Country Evidence”, Journal of Monetary Economics, 16(2), ss.141-163.
  • Mallik, G. ve Chowdhury, A. (2001) “Inflation and Economic Growth: Evidence from four South Asian Countries”, Asia-Pacific Development Journal, 8(1), ss.123-135.
  • Motley, B. (1998) “Growth and Inflation: A Cross-Country Study”, Federal Reserve Bank of San Francisco Economic Review, 1, ss.15-28.
  • Nell, K.S. (2000) “Is Low Inflation a Precondition for Faster Growth? The Case of South Africa”, Studies in Economics 0011, Department of Economics, http://www.ukc.ac.uk/economics, (29.01.2007). of Kent, ss.1-33,
  • Rapach, D. (2003) “International Evidence on the Long-Run Impact of Inflation”, Journal of Money, Credit and Banking, 35(1), ss.23-48.
  • Sarel, M. (1996) “Nonlinear Effects of Inflation on Economic Growth”, IMF Staff Papers, 43(1), ss.199-215.
  • Sevüktekin, M. ve Nargileçekenler, M. (2007) “Ekonometrik Zaman Serileri Analizi Eviews Uygulamalı”, Umut kitapevi, geliştrilmiş 2.Baskı, Ankara, Ekim. ss. 311.
  • Smyth, D.J. (1992) “Inflation and the Growth Rate in the United States Naturel Output”, Applied Economics, 24, ss.567-570.
  • Thirlwall, A.P. ve Barton, C.A. (1971) “Inflation and Growth: The International Evidence”, Banco Nazionale del Lavoro Quarterly Review, 98, ss.263- 275.
  • Tun Wai, U. (1959) “The Relation Between Inflation and Economic Development: A Statistical Inductive”, IMF Staff Papers, 7, ss.202-209.
  • Vaona, A. (2006) “Nonparametric and Semi- parametric Evidence on the Long-Run Effects of Inflation on Growth”, The Kiel Institute for the World Economy, Kiel Working Paper No. 1286, ss.1- 9.
  • Yapraklı, S. (2007). “Enflasyon Ve Ekonomik Büyüme Arasındaki İlişki: Türkiye İçin Eş- Bütünleşme Ve Nedensellik Analizi”. Atatürk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, Cilt 10, Sayı 2. ss. 287-301.
  • Haziran 2012 г. АНТИМОНОПОЛЬНОЕ ЗАКОНОДАТЕЛЬСТВО – ВАЖНАЯ СОСТАВЛЯЮЩАЯ
  • СОВРЕМЕННОЙ ЭКОНОМИКИ
There are 46 citations in total.

Details

Other ID JA86FY56CG
Journal Section Miscellaneous
Authors

D. Baygonuşova, This is me

Publication Date May 1, 2012
Submission Date May 1, 2012
Published in Issue Year 2012 Volume: 3 Issue: 55

Cite

APA Baygonuşova, D. (2012). KIRGIZİSTAN’DA EKONOMİK BÜYÜME VE ENFLASYON İLİŞKİSİ. Reforma, 3(55), 15-21.