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On stability of the demand for money in a developing OECD country: the case of Turkey

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  • Ferda Halicioglu
  • Mehmet Ugur

Abstract

This paper empirically analyses the stability of the narrow money demand function (M1) in Turkey for the period 1950–2002. As part of the IMF sponsored stabilisation programme, Turkey has been pursuing base money targets. To ascertain whether this policy framework satisfies the necessary condition for effectiveness, we estimate and test for the stability of Turkish M1 by employing a recent single cointegration procedure proposed by Pesaran et al. (2001) along with the CUSUM and CUSUMSQ stability tests. We demonstrate that there is a stable money demand function and it could be used as an intermediate target of monetary policy in Turkey.

Suggested Citation

  • Ferda Halicioglu & Mehmet Ugur, 2005. "On stability of the demand for money in a developing OECD country: the case of Turkey," Global Business and Economics Review, Inderscience Enterprises Ltd, vol. 7(2/3), pages 203-213.
  • Handle: RePEc:ids:gbusec:v:7:y:2005:i:2/3:p:203-213
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    Cited by:

    1. Nikolaos Dritsakis, 2011. "Demand for Money in Hungary: An ARDL Approach," Review of Economics & Finance, Better Advances Press, Canada, vol. 1, pages 01-16, November.
    2. Ferda, HALICIOGLU & Kasim, EREN, 2013. "Testing Twin Deficits and Saving-Investment Nexus in Turkey," MPRA Paper 50098, University Library of Munich, Germany.
    3. repec:ksp:journ2:v:4:y:2017:i:2:p:167-192 is not listed on IDEAS
    4. Ferda Halicioglu, 2013. "Dynamics of obesity in Finland," Journal of Economic Studies, Emerald Group Publishing, vol. 40(5), pages 644-657, October.
    5. Ozturk, Ilhan & Acaravci, Ali, 2008. "The Demand for Money in Transition Economies," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 5(2), pages 35-43, June.
    6. repec:eco:journ1:2017-05-39 is not listed on IDEAS

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