Modeling Turkish M2 Broad Money Demand A Portfolio based Approach Using Implications for Monetary Policy
Yazarlar (2)
Prof. Dr. Cem Saatcioğlu İstanbul Üniversitesi, Türkiye
Doç. Dr. Hüseyin Levent KORAP Kastamonu Üniversitesi, Türkiye
| Makale Türü |
Özgün Makale
(Ulusal alan endekslerinde (TR Dizin, ULAKBİM) yayınlanan tam makale)
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| Dergi Adı | Selçuk Üniversitesi Sosyal ve Ekonomik Araştırmalar Dergisi | ||
| Dergi Tarandığı Indeksler | ulakbim | ||
| Makale Dili | İngilizce | Basım Tarihi | 01-2008 |
| Cilt / Sayı / Sayfa | – / 9 / 1–13 | DOI | – |
| Özet |
| In this paper, a money demand model upon M2 broad monetary aggregate for the Turkish economy is examined in a portfolio-based approach considering various alternative cost measures to hold money. Employing multivariate co-integration methodology of same order integrated variables, our estimation results indicate that there exists a theoretically plausible co-integrating vector in the long-run money demand variable space. The main alternative costs to demand for money are found as the depreciation rate of domestic currency and the course of equity prices, for which the former brings out the importance of currency substitution phenomenon settled in the economy. Besides, we find that domestic inflation carries a weakly exogenous characteristic and conclude that the main factors leading to the domestic inflation are determined out of the money demand variable space. |
| Anahtar Kelimeler |
