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  • 1
    Electronic Resource
    Electronic Resource
    Money demand, financial liberalization and currency substitution in Turkey (2003)
    [S.l.] : Emerald
    Journal of economic studies 30 (2003), S. 514-534 
    Details
    ISSN: 0144-3585
    Source: Emerald Fulltext Archive Database 1994-2005
    Topics: Economics
    Notes: This paper investigates the empirical relationship between money, real income, interest rates, inflation and expected exchange rate, and examines the constancy of this relationship, especially in the light of financial reform, deregulation of financial markets and financial crises in Turkey. The estimation results show that expected exchange rate is statistically significant in the money demand function, indicating existence of currency substitution in Turkey. The dynamics of money demand is important, the inflation and income effects are much smaller in the short-run than long-run. The results also reveal that the demand for money in Turkey is stable, despite the economic reforms and financial crises.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1108/01443580310492817
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  • 2
    Electronic Resource
    Electronic Resource
    MULTIVARIATE COINTEGRATION APPROACH TO THE DETERMINATION OF RESERVES AND BANK CREDIT: A CASE STUDY OF TURKEY (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Bulletin of economic research 47 (1995), S. 0 
    Details
    ISSN: 1467-8586
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: The paper estimates both long-run reserves and long-run money demand equations using the multivariate cointegration approach. An economic model is constructed, based on the monetary approach to balance of payments in which the monetary authorities can control money supply through changes in bank credit. The vector auto-regressive methodology is used to derive latent equilibrium relationships, and the short-run error correction equations are estimated for both nominal money stock and reserves. A response function for the short-run changes in bank credit is developed. Given the institutional system and slow adjustments, a response function of changes in bank credit to lagged changes in reserves performs well for the period 1960–88.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-8586.1995.tb00601.x
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    Paper (German National Licenses)
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