Income Velocity of Money (M2): The Case of Turkey, 1986-2000

Fatih Cin and Fikret Dulger

Istanbul Stock Exchange Review, 2002, vol. 6, issue 22, 33-48

Abstract: The aim of this study is to test the long-run relation among income velocity of money (M2) as dependent variable and real income, interest rate and real exchange rate as independent variables, for Turkey between 1986.1-2000.4. Johansen Co-Integration and Error-Correction Methods are employed and a long-run relation among these variables is determined through the Johansen Co-integration method where the parameters obtained are consistent with theoretical expectations. Error Correction Method, however, reveals a fairly low adjustment speed (0.05) of short-run shock to long-run equilibrium

Date: 2002
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