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The Inflationary Effect of Price Increases in Oil Products in Turkey

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  • Osman PEKER

    ()
    (Adnan Menderes Universitesi, Iktisadi ve Idari Bilimler Fakultesi, Iktisat Bolumu)

  • Mehmet MERCAN

    ()
    (Hakkari Universitesi, Iktisadi ve Idari Bilimler Fakultesi, Iktisat Bolumu)

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    Abstract

    In this study, the inflationary effect of price increases in oil products was investigated for Turkey’s economy using monthly data for the period 1996 - 2009. According to the empirical evidence obtained from the study made with bounds testing approach developed by Pesaran et al. (2001), co-integration relationship between the variables have been determined. Accordingly, in the long-term analysis, inflationary effect of price increases of oil products was found positive and statistically significant in line with theoretical expectations. In its short-term analysis, coefficient of the error correction term was found statistically significant and negative. Therefore, deviations occured between the variables converge to long-term equilibrium level.

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    Bibliographic Info

    Article provided by Ege University Faculty of Economics and Administrative Sciences in its journal Ege Academic Review.

    Volume (Year): 11 (2011)
    Issue (Month): 4 ()
    Pages: 553-562

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    Handle: RePEc:ege:journl:v:11:y:2011:i:4:p:553-562

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    Web page: http://iibf.ege.edu.tr/ENG/
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    Related research

    Keywords: Oil product prices; crude oil prices; bounds testing approach; Turkey;

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    1. Paresh Kumar Narayan & Russell Smyth, 2006. "What Determines Migration Flows From Low-Income To High-Income Countries? An Empirical Investigation Of Fiji-U.S. Migration 1972-2001," Contemporary Economic Policy, Western Economic Association International, vol. 24(2), pages 332-342, 04.
    2. Tatom, John A., 1988. "Are the macroeconomic effects of oil-price changes symmetric?," Carnegie-Rochester Conference Series on Public Policy, Elsevier, Elsevier, vol. 28(1), pages 325-368, January.
    3. Kamas, Linda & Joyce, Joseph P., 1993. "Money, income and prices under fixed exchange rates: Evidence from causality tests and VARs," Journal of Macroeconomics, Elsevier, Elsevier, vol. 15(4), pages 747-768.
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