The endogenous money hypothesis: empirical evidence from Türkiye (2008-2020)
Yazarlar (3)
Dr. Öğr. Üyesi Oktay Özden İstanbul 29 Mayıs Üniversitesi, Türkiye
Dr. Öğr. Üyesi Hakkı Kutay Bolkol Marmara Üniversitesi, Türkiye
Prof. Dr. Baki DEMİREL Yalova Üniversitesi, Türkiye
| Makale Türü | Özgün Makale (ESCI dergilerinde yayınlanan tam makale) | ||
| Dergi Adı | PSL QUARTERLY REVIEW | ||
| Dergi ISSN | 2037-3635 Dergi Bilgileri (2024) | ||
| Dergi Tarandığı Indeksler | ESCI | ||
| Makale Dili | İngilizce | Basım Tarihi | 03-2024 |
| Cilt / Sayı / Sayfa | 77 / 308 / 23–57 | DOI | 10.13133/2037-3643/18011 |
| Makale Linki | https://rosa.uniroma1.it/rosa04/psl_quarterly_review/article/view/18011 | ||
| UAK Araştırma Alanları |
Para Politikası
Para-Banka
İktisat Politikaları
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| Özet |
| This paper examines the validity of the endogenous money supply hypothesis in Turkiye from 2008 to 2020. The endogenous money hypothesis underlines the fact that a demand for bank credit leads to the creation of credit and deposit. Deposits are created once credit application is approved by banks. Therefore, the money supply is endogenously determined by bank loans. However, there exist horizontalist, structuralist, and circuitist views, each proposing different causalities between monetary aggregates and the relationship between money and income. In this article, we put forth ten hypotheses to test the validity of the endogenous money hypothesis and three main perspectives over the period 2008-2020 in Turkiye. We aim to discern which of the three main views aligns best with the sample. Our findings provide new evidence on the validity of the endogenous money hypothesis in Turkiye from 2008 to 2020. Besides, the circuit theory of money fits precisely in the short run but partially in the long run. The findings also support the structuralist view partially according to the long-run results. |
| Anahtar Kelimeler |
| Endogenous money | VAR | Granger Causality |
BM Sürdürülebilir Kalkınma Amaçları
| Atıf Sayıları | |
| Web of Science | 1 |