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Turkiye Cumhuriyet Merkez Bankasi Bagimsizligi Enflasyonist Etki Yaratir mi?

Author

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  • Bulent Dogru

    () (Gumushane University)

Abstract

In this study, the disinflationary effects of central bank independence of the Central Bank of Turkey (CBT) on inflation is examined within the framework of the co-integration analysis and Vector Error Correction (VECM) for the time period 1990: Q1 - 2012: Q4. According to the findings of the econometric model estimated, an increment in the independence of the central bank pulls down average inflation 18-21 %. However, according to the findings of the study in the short-term central bank independence is not a determinant of inflation.

Suggested Citation

  • Bulent Dogru, 2013. "Turkiye Cumhuriyet Merkez Bankasi Bagimsizligi Enflasyonist Etki Yaratir mi?," Istanbul University Econometrics and Statistics e-Journal, Department of Econometrics, Faculty of Economics, Istanbul University, vol. 18(1), pages 35-55, May.
  • Handle: RePEc:ist:ancoec:v:18:y:2013:i:1:p:35-55
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    File URL: http://eidergisi.istanbul.edu.tr/sayi18/iueis18m3.pdf
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    References listed on IDEAS

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    1. A. Bhargava & L. Franzini & W. Narendranathan, 2006. "Serial Correlation and the Fixed Effects Model," World Scientific Book Chapters,in: Econometrics, Statistics And Computational Approaches In Food And Health Sciences, chapter 4, pages 61-77 World Scientific Publishing Co. Pte. Ltd..
    2. Ayca Tekin-Koru & Erdal Ozmen, 2003. "Budget deficits, money growth and inflation: the Turkish evidence," Applied Economics, Taylor & Francis Journals, vol. 35(5), pages 591-596.
    3. Metin, Kivilcim, 1998. "The Relationship between Inflation and the Budget Deficit in Turkey," Journal of Business & Economic Statistics, American Statistical Association, vol. 16(4), pages 412-422, October.
    4. Philippe Aghion & Ioana Marinescu, 2008. "Cyclical Budgetary Policy and Economic Growth: What Do We Learn from OECD Panel Data?," NBER Chapters,in: NBER Macroeconomics Annual 2007, Volume 22, pages 251-278 National Bureau of Economic Research, Inc.
    5. Piersanti, Giovanni, 2000. "Current account dynamics and expected future budget deficits: some international evidence," Journal of International Money and Finance, Elsevier, vol. 19(2), pages 255-271, April.
    6. Im, Kyung So & Pesaran, M. Hashem & Shin, Yongcheol, 2003. "Testing for unit roots in heterogeneous panels," Journal of Econometrics, Elsevier, vol. 115(1), pages 53-74, July.
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    More about this item

    Keywords

    Central Bank Independence; Inflation; VECM; Co-integration;

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation

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