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1、Thestabilityofmoneydemand:EvidencefromTurkeyPhDChaidoDritsakiTechnologicalInstituteofWesternMacedonia,GreeceDepartmentofFinancialApplicationse-mail:dritsaki@uom.grandPhDMelinaDritsakiBrunelUniversityWestLondone-mail:Melina.dritsaki@brunel.ac.ukAbstractDemandformoneyisanimporta
2、ntmacroeconomicrelationship.Itsstabilityhasimplicationsforthechoiceofmonetarypolicytargets.ThecurrentstudyexaminesthestabilityofmoneydemandfunctioninTurkeyfromJanuary1989toMay2010.Morespecifically,itestimatesthedemandfornarrowmoneyinTurkeyandevaluatesitsrobustnessandstability.
3、ConsideringtheeconomicreformsandfinancialcrisesinTurkey,itisfoundthatthereexistsawell-determinedinstabilityformoneydemandanditsdynamicswhichisadequatelycapturedbycointegrationanderrorcorrectionmodels.Finally,theconclusionsfromtheestimationoftheimpulseresponsefunctionsshowthati
4、nterestratecausesthelargestshiftinmoneydemandaswellasintheindustrialproduction.Keywords:Demandformoney,Monetarypolicy,Cointegration,VectorErrorCorrectionModel,Stability,Impulseresponsefunction.JEL:C22,C32,E41,E52331.IntroductionDemandformoneyinvestigateswhatmotivatespeopletoho
5、ldmoneybalances.Deducingfromtheestimationsofmoneydemandequations,themonetaryauthoritycandecidewhichmonetarypoliciesarebettertoimplementunderthecurrenteconomicconditions.Astabledemandfunctionformoneyhaslongbeenperceivedasaprerequisitefortheuseofmonetaryaggregatesintheconductofp
6、olicy(GoldfeldandSichel,1990).Theeffectivenessandsuccessofamonetaryprogrammecruciallydependsonastablemoneydemandfunction.Thestablemoneydemandfunctionensuresthatthemoneysupplywouldhavepredictableimpactsonothereconomicvariablessuchasinflation,interestrates,nationalincome,andpriv
7、ateinvestments.Therefore,thestabilityissueinmoneydemandfunctionbecomesaninterestingresearchareaforresearcherstotesttheeffectivenessofagivenmonetaryprogramme(HaliciogluandUgur,2005).Turkeyhashistoricallysufferedanumberofeconomicproblems.Inflationwashighandpersistent,theuseoffor
8、eigncurrency,waswidespreadandthebankingsectorwasanoligopolyan
