Endogenous Money Supply: Turkish Economy (2011-2018)
نویسندگان
چکیده
There are basicly two views answering the question of how money is created: according to exogenous hypothesis economic theory central banks have full control over stock in markets and other policy instruments; whereas endogenous postulates created by credit demand actors . Demand for credits turn arises from production process, triggered changes costs, a rise nominal wages. This paper aims analyze whether supply creation Turkish during period 2011-2018 use monthly data, which cointegration between (money base, M1, M2) tested Johansen method VECM estimated specifying direction causality variables. Further, Toda Yamamoto test applied check robustness results obtained long short run causality. Results point at relation supply; i.e. determined, also that extended form basis supply.
 
 ?ktisadi teoride paran?n nas?l yarat?ld??? sorusuna iki farkl? cevap bulunmaktad?r: d??sal para hipotezine göre merkez bankalar?n?n stoku ve di?er politikas? araçlar? üzerinde tam kontrolü bulunmaktayken; içsel teorisine ekonomik aktörlerin kredi talebi üzerine yarat?lmaktad?r. ?çsel firma üretim süreçlerinden ortaya ç?kmakta, maliyetlerindeki art?? daha çok da ücretlerdeki art??tan kaynaklanmaktad?r. Bu çal??mada ayl?k veri kullan?larak aras?ndaki dönemde arz?n?n içselli?i ara?t?r?lmakta; arz? M2 ile krediler aras?nda koentegrasyon ili?kisi olup olmad??? s?nanarak, analizi de?i?kenler nedensellik sorgulanmaktad?r. Buna ilave olarak k?sa uzun dönem testi sonuçlar?n?n güçlü testiyle s?nanmaktad?r. Elde edilen sonuçlara gore kredilerden arz?na do?rudur; talep taraf?ndan belirlenmekte, banka kredileri temelini olu?turmaktad?r.
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ژورنال
عنوان ژورنال: Fiscaoeconomia
سال: 2021
ISSN: ['2564-7504']
DOI: https://doi.org/10.25295/fsecon.891839