Is Policy Interest Effectively Used in Turkey for Against Currency Substitution: Evidence from Fourier Area
Küçük Resim Yok
Tarih
2021
Yazarlar
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
Sosyoekonomi Soc
Erişim Hakkı
info:eu-repo/semantics/openAccess
Özet
The phenomenon of currency substitution started in the Turkish economy during the transition to a free-market economy in the 1980s with the changing foreign exchange regime. In this context, the study, based on the January 2011-November 2020 period, Turkey's economy to prevent currency substitution, whether the weighted average funding rate is used effectively or not, is examined by traditional and Fourier causality tests. As a result of empirical analysis, it has been determined that currency substitution hysteria is experienced due to economic actors' deterioration in nominal exchange rate expectations. To rectify this situation, no interest rate hysteresis was experienced during the analysis period due to the inability to use the policy rate effectively. As the study's main question, both time and Fourier domain causality from average funding cost to money substitution could not be found.
Açıklama
Anahtar Kelimeler
Currency Substitution, Policy Interest, Fourier Approximation, Causality
Kaynak
Sosyoekonomi
WoS Q Değeri
N/A
Scopus Q Değeri
N/A
Cilt
29
Sayı
50
