Yapisal Kirilma Altinda Para Talebinin Istikrari: Türkiye Örnegi
Abstract(This paper is in Turkish) This study investigates the stability of the relationship between demand for real money, real income, and interest rates in Turkey using quarterly data for the period from 1988:I to 2005: IV. According to conventional stability tests the demand for money is subject to serious parameter instabilities, especially during the periods of economic crises. Zivot and Andrews (1992) unit root tests show the existence of structural breaks in the variables, but the existence of breaks do not change the results obtained from the conventional ADF tests. Although the standard multivariate cointegration analysis reveals a longrun relationship between variables, the evidence of cointegration is not present when a structural break is found in the relationship using Gregory and Hansen (1996) methodology. These findings show that Central Bank of Turkey must be cautious in using monetary aggregates as a potential indicator of monetary policy.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Ege University, Department of Economics in its series Working Papers with number 0611.
Length: 15 pages
Date of creation: Dec 2006
Date of revision:
Money Demand; Structural Break; Zivot-Andrews Unit Root Test; Gregory-Hansen Cointegration Test; Para Talebi; Yapisal Kirilma; Zivot-Andrews Birim Kök Testi; Gregory-Hansen Esbütünlesme Testi;
Other versions of this item:
- A. Nazif ÇATIK, 2007. "Yapısal kırılma altında para talebinin istikrarı: Türkiye örneği," Iktisat Isletme ve Finans, Bilgesel Yayincilik, vol. 22(251), pages 103-113.
- C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
- C41 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Duration Analysis; Optimal Timing Strategies
- C52 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Evaluation, Validation, and Selection
- E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
This paper has been announced in the following NEP Reports:
- NEP-ALL-2007-01-14 (All new papers)
- NEP-CWA-2007-01-14 (Central & Western Asia)
- NEP-MAC-2007-01-14 (Macroeconomics)
You can help add them by filling out this form.
reading list or among the top items on IDEAS.Access and download statisticsgeneral information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Baris Gök).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.