The Endogenous Money Growth: An Outcome of High Budget Deficits in Turkey

Bu çalışma, Türkiye ekonomisinde parasal aktarım sürecininin uyum dinamiğinin özelliklerini ortaya çıkarma amacına yönelik bir denemedir. Zaman serilerinde eş-bütünleşme analizine dayanan tahminler, 1985-2001 döneminde, sürekli artan kamu iç borçlanma gereğinin bir sonucu olarak ortaya çıkan parasal dinamikler üzerindeki mali egemenliğin varlığını doğrulamaktadır. Ampirik bulgular, parasal aktarım sürecinde, para arzının yüksek enflasyon ve bütçe açıklarına eşlik etmesinin bir sonucu olarak, kredi-para arzının ekonomide içsel genişlediğini ortaya koymaktadır.

Türkiye'deki Yüksek Bütçe Açıklarının Bir Sonucu: İçsel Para Büyümesi

This study is an attempt to reveal the characteristics of the adjustment dynamics of the monetary transmission process in the Turkish economy. The estimations based on the cointegration analysis of time series confirm the presence of fiscal dominance over monetary dynamics resulting from continuously increasing borrowing requirements of the public sector in the period 1985-2001. The empirical findings imply that the monetary transmission process is characterised by the monetary accommodation of high inflation and budget deficits, the outcome of which is an endogenous credit-money expansion in the economy.

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