Economics at your fingertips  

Yapisal Kirilma Altinda Para Talebinin Istikrari: Türkiye Örnegi

Nazif Catik ()

No 611, Working Papers from Ege University, Department of Economics

Abstract: (This paper is in Turkish) This study investigates the stability of the relationship between demand for real money, real income, and interest rates in Turkey using quarterly data for the period from 1988:I to 2005: IV. According to conventional stability tests the demand for money is subject to serious parameter instabilities, especially during the periods of economic crises. Zivot and Andrews (1992) unit root tests show the existence of structural breaks in the variables, but the existence of breaks do not change the results obtained from the conventional ADF tests. Although the standard multivariate cointegration analysis reveals a longrun relationship between variables, the evidence of cointegration is not present when a structural break is found in the relationship using Gregory and Hansen (1996) methodology. These findings show that Central Bank of Turkey must be cautious in using monetary aggregates as a potential indicator of monetary policy.

Keywords: Money Demand; Structural Break; Zivot-Andrews Unit Root Test; Gregory-Hansen Cointegration Test; Para Talebi; Yapisal Kirilma; Zivot-Andrews Birim Kök Testi; Gregory-Hansen Esbütünlesme Testi (search for similar items in EconPapers)
JEL-codes: C32 C41 C52 E41 (search for similar items in EconPapers)
Pages: 15 pages
Date: 2006-12
New Economics Papers: this item is included in nep-cwa and nep-mac
References: Add references at CitEc
Citations: Track citations by RSS feed

Downloads: (external link) First version, 2006 (application/pdf)

Related works:
Journal Article: Yapısal kırılma altında para talebinin istikrarı: Türkiye örneği (2007)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link:

Access Statistics for this paper

More papers in Working Papers from Ege University, Department of Economics Contact information at EDIRC.
Bibliographic data for series maintained by Baris Gök ().

Page updated 2020-10-19
Handle: RePEc:ege:wpaper:0611