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Banka Kredileri Ve Enflasyon Arasindaki Iliski: Turkiye Uzerine Ekonometrik Bir Analiz (1983-2007)


  • Ibrahim ARSLAN

    () (Gaziantep Üniversitesi I.I.B.F.)

  • Sevda YAPRAKLI

    () (Atatürk Üniversitesi I.I.B.F.)


In this study, one of the most controversial debates of economics literature, namely the relationship between bank credits and inflation is studied in the context of Turkish economy. In the study, covering 1983-2007 period, total bank credits and inflation (PPI) are used. The relationships between bank credits and inflation rate are analyzed econometrically by employing Johansen cointegration analysis and error correction model. According to the results, bank credits is negatively effected by inflation, while inflation is positively effected by bank credits in the long run. Furthermore, error correction-augmented Granger causality tests show that bi-directional causality exists between bank credits and inflation.

Suggested Citation

  • Ibrahim ARSLAN & Sevda YAPRAKLI, 2008. "Banka Kredileri Ve Enflasyon Arasindaki Iliski: Turkiye Uzerine Ekonometrik Bir Analiz (1983-2007)," Istanbul University Econometrics and Statistics e-Journal, Department of Econometrics, Faculty of Economics, Istanbul University, vol. 7(1), pages 88-103, May.
  • Handle: RePEc:ist:ancoec:v:7:y:2008:i:1:p:88-103

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    References listed on IDEAS

    1. Arditti, Fred D., 1971. "Another Look at Mutual Fund Performance," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 6(03), pages 909-912, June.
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    5. Chunhachinda, Pornchai & Dandapani, Krishnan & Hamid, Shahid & Prakash, Arun J., 1997. "Portfolio selection and skewness: Evidence from international stock markets," Journal of Banking & Finance, Elsevier, vol. 21(2), pages 143-167, February.
    6. Bertrand Maillet & Emmanuel Jurczenko, 2006. "Multi-moment Asset Allocation and Pricing Models," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00308990, HAL.
    7. Peiro, Amado, 1999. "Skewness in financial returns," Journal of Banking & Finance, Elsevier, vol. 23(6), pages 847-862, June.
    8. Kane, Alex, 1982. "Skewness Preference and Portfolio Choice," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 17(01), pages 15-25, March.
    9. Benoit Mandelbrot, 2015. "The Variation of Certain Speculative Prices," World Scientific Book Chapters,in: THE WORLD SCIENTIFIC HANDBOOK OF FUTURES MARKETS, chapter 3, pages 39-78 World Scientific Publishing Co. Pte. Ltd..
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    More about this item


    Bank Credits; Inflation; Turkey Economy; Time Series; Unit Root; Cointegration; Weak Exogenity; Granger Causality; VEC Model;

    JEL classification:

    • C50 - Mathematical and Quantitative Methods - - Econometric Modeling - - - General
    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • E59 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Other
    • E64 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Incomes Policy; Price Policy


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