Money, Inflation and Growth Relationship: The Turkish Case

Cuma Bozkurt

57 citations0/0 files storedInternational Journal of Economics and Financial Issues

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Monetary Policy and Economic Impact Economic Theory and Policy Economic theories and models

Abstract

ABSTRACT: There is a significant relation between inflation, which is known as an increase in the general level of prices in the broadest sense of the word, money and growth. While the course of the relationship between money supply and inflation is evident in general terms, an overall tendency related to the relationship between inflation and growth hasn't been clarified. This paper examines money, inflation and growth relationship in Turkey by using cointegration test. For this purpose, 1999.2 – 2012.2 period is taken and quarterly data of money supply (M2), GDP, velocity of money and deflator are used. According to the results from this paper, money supply and velocity of money is a main determinant of inflation in the long run in Turkey. On the other hand, 1 % decreases in income directly reduces inflation by 1%.

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References

1979Distribution of the Estimators for Autoregressive Time Series with a Unit Root 1988Statistical analysis of cointegration vectors 1990MAXIMUM LIKELIHOOD ESTIMATION AND INFERENCE ON COINTEGRATION — WITH APPLICATIONS TO THE DEMAND FOR MONEY 1992A Note with Quantiles of the Asymptotic Distribution of the Maximum Likelihood Cointegration Rank Test Statistics1 1965Money and Economic Growth 1981Anticipated inflation and the capital stock in a cash in-advance economy 2001Threshold Effects in the Relationship between Inflation and Growth 1982Monetary Trends in the United States and the United Kingdom

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