Policy regime change and structural break in the velocity of money: the Turkish evidence

Esin Cakan () and Erdal Ozmen ()

Applied Economics Letters, 2002, vol. 9, issue 11, 759-762

Abstract: The integration properties of Turkish velocity series are investigated by employing recently developed procedures (Zivot and Andrews (1992) and Perron (Journal of Econometrics, 80, 355-85, 1997)) which allows stationarity around an endogenously estimated structural break point under the alternative hypothesis. The evidence suggests that real currency balances and currency velocity are stationary around a broken trend. The estimated break point coincides with a major policy regime change in Turkey. Broad money velocity and real broad money balances are found to be nonstationary even after allowance for a broken mean and trend.

Date: 2002
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DOI: 10.1080/13504850210128794

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