FİNANSAL YENİLİKLER VE PARA İKAMESİ BAĞLAMINDA PARANIN GELİR DOLANIM HIZININ İNCELENMESİ: TÜRKİYE ÖRNEĞİ

Paranın gelir dolanım hızı, mevcut gelir oluşurken birim paranın kaç defa el değiştirdiğini gösterir. Bu yönüyle, para stoku ile gelir akımı arasındaki ilişkiyi ortaya koyan önemli bir göstergedir. Dolanım hızı doğrudan kontrol edilemediği için onu belirleyen faktörlerin tespit edilmesi, iktisat politikası yapılması açısından da oldukça önemlidir. Geleneksel yaklaşımlar çerçevesinde milli gelirin ve faiz oranının bir fonksiyonu olarak ele alınan dolanım hızı, zamanla sergilediği oynaklık sonucu daha detaylı incelenmeye başlanmış ve bu oynaklığın ortaya çıkmasında dünyada görülen finansal yeniliklerin bir payının olduğu öne sürülmüştür. Ayrıca gelişmiş kapitalist ülkeler dışında kalan ülkelerde görülen para ikamesi olgusunun da dolanım hızı üzerinde belirleyici olduğu ileri sürülmektedir. 2000-2014 arası dönemde Türkiye üzerine yapılan bu çalışmada, paranın gelir dolanım hızının hem geleneksel faktörlerle hem de finansal yenilikler ile para ikamesi olgusu gibi güncel faktörlerle olan uzun dönemli ilişkisi, Johansen Eşbütünleşme Testi ile sınanmıştır. Çalışmanın sonucunda, uzun dönemde gelir ve faiz oranı gibi geleneksel değişkenlerle dolanım hızının aynı yönde hareket ettiği; para ikamesi sürecinin yaşandığı ve finansal yeniliklerin dolanım hızını düşürdüğü gözlenmiştir.

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