Enflasyon ve Nominal Faiz Oranı İlişkisi: Türkiye Örneği (2004-2013)(Relationship Between

Yıl 2015, Cilt: 22 Sayı: 2, 521 - 533, 12.01.2016

Musa Atgür , Oğuzhan Altay

https://doi.org/10.18657/yecbu.78391

Cited By: 19

Öz

Bu çalışmada, Türkiye'de enflasyon ve nominal faiz oranı ilişkisi, 2004-2013 dönemi için incelenmiştir. Çalışmada elde edilen sonuçlar, 2004-2013 döneminde Türkiye'de Fisher Etkisinin varlığına işaret etmiştir. Çalışmada uygulanan Johansen, Lütkepohl-Saikkonen Eşbütünleşme Testleri ve Dinamik En Küçük Kareler (DOLS) Yöntemi sonuçlarına göre, enflasyon (ENF) ve nominal faiz oranı (NFO) değişkenleri arasında uzun dönemli bir ilişki bulunmuştur. Bu kapsamda 2004-2013 döneminde Türkiye'de enflasyon ve nominal faiz oranındaki gelişmeler birbiri ile yakından ilgilidir. Bu sebeple, Türkiye Cumhuriyet Merkez Bankasının önümüzdeki dönemde de uygulayacağı para politikalarını bu uzun dönemli ilişkiyi dikkate alarak yürütmesi önem arzetmektedir.

This paper examines the relationship between the inflation and interest rate in Turkey for the period 2004-2013. The results obtained in this study have pointed to the existence of Fisher Effect in Turkey during the period 2004-2013. According to the Johansen, Lütkepohl-Saikkonen Cointegration Tests and Dynamic Least Squares (DOLS)method the results applied in the study, a long-run relationship has been found between the inflation(ENF) and nominal interest rate (NFO) variables. In this context, the developments is related to each other about the inflation and nominal interest rates in Turkey for during the period 2004-2013. Therefore, the Central Bank of the Republic of Turkey should conduct to implement monetary policy taking into account the long-run relation for the next period.

Anahtar Kelimeler

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Kaynakça

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