| Yazarlar (2) |
Cem Saatcioğlu
Türkiye |
Doç. Dr. Hüseyin Levent KORAP
Türkiye |
| Özet |
| In this paper, a reserve money demand model is constructed for the Turkish economy. Base on the contemporaneous multivariate co-integration estimation methodology, our findings indicate that the main alternative costs to hold reserve money balances in hand are the expected exchange rate depreciation representing ongoing currency substitution phenomenon in the economy and the equity prices. The semi-elasticity of domestic inflation reveals high degree of substitutability between real monetary balances and durable commodities. Furthermore, there exists evidence in favor of the effects of financial development on the money demand function in the sense that diversification of financial tools held in hand against demand for money balances is a necessary condition for the determination of long-run course of the monetary policy. |
| Anahtar Kelimeler |
| Makale Türü | Özgün Makale |
| Makale Alt Türü | Ulusal alan endekslerinde (TR Dizin, ULAKBİM) yayınlanan tam makale |
| Dergi Adı | Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü Dergisi |
| Dergi ISSN | 1308-2922 |
| Dergi Tarandığı Indeksler | TR DİZİN |
| Makale Dili | İngilizce |
| Basım Tarihi | 01-2008 |
| Cilt No | 1 |
| Sayı | 2 |
| Sayfalar | 33 / 42 |
| Makale Linki | https://dergipark.org.tr/tr/pub/pausbed/issue/34706/383678 |
