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Is currency seigniorage exogenous for inflation tax in Turkey?

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  • Erdal Ozmen
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    Abstract

    This paper discusses the implications of the validity of the conditioning hypothesis for the maintained money demand equation for an inflation tax analysis. We also test the validity of the quantity-theoretical inflation tax model for the post-1980 quarterly Turkish data by using Johansen cointegration techniques. The results suggest that the tax rate (inflation) is weakly exogenous for the parameters of the long-run money demand (tax base) equation. This result, consistent with a Keynesian endogenous seigniorage-exogenous inflation tax rate theory prior, does not support the hypothesis that the Turkish inflation can be explained by the conventional inflation tax revenue-maximizing motive alone.

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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal Applied Economics.

    Volume (Year): 30 (1998)
    Issue (Month): 4 ()
    Pages: 545-552

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    Handle: RePEc:taf:applec:v:30:y:1998:i:4:p:545-552

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    Cited by:
    1. K. Azim Ozdemir, 2005. "A Monetary Disequilibrium Model for Turkey : Investigation of a Disinflationary Fiscal Rule and its Implications on Monetary Policy," Working Papers 0507, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
    2. Levent, Korap, 2009. "Parasal büyüme ve tüketici enflasyonu değişim oranı arasındaki nedensellik ilişkisi üzerine bir deneme: Türkiye örneği
      [An essay upon the causality relationship between the monetary gro
      ," MPRA Paper 19537, University Library of Munich, Germany.
    3. Levent KORAP & Metin YILDIRIM, 2012. "Testing the Lucas Critique for the Turkish Money Demand Function," Iktisat Isletme ve Finans, Bilgesel Yayincilik, vol. 27(318), pages 57-82.
    4. Levent, Korap, 2008. "Modeling base money demand and inflation for the Turkish economy," MPRA Paper 19617, University Library of Munich, Germany.
    5. GARCIA-HIERNAUX, Alfredo & CERNO, Leonel, 2006. "Empirical Evidence For A Money Demand Function: A Panel Data Analysis Of 27 Countries In 1988-98," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 6(1).

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