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TÜRKİYE'DE PARA İKAMESİ VE TERS PARA İKAMESİNİN DÖVİZ KURU ARACILIĞIYLA SENYORAJ GELİRİ ÜZERİNE ETKİSİ

THE EFFECTS OF CURRENCY SUBSTITUTION AND REVERSE CURRENCY SUBSTITUTION ON SEIGNORAGE REVENUE VIA EXCHANGE RATE IN TURKEY

Journal Name:

  • Süleyman Demirel Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi

Publication Year:

  • 2008
Author NameUniversity of AuthorFaculty of Author
Abstract (2. Language): 
Theoretically, seignorage revenue is expected to decrease with the decline in real money demand under currency substitution. Further, under reverse currency substitution in line with the increase in real money demand the seignorage revenue is expected to increase. In this study we test the theoretical expectation that currency substitution and reverse currency substitution have effects on seignorage revenue via exchange rate. For this aim, we used the monthly data obtained from Central Bank Database covering the period between 1987/01 and 2007/08. Semi-log Cagan Type real money demand function estimated and long run relationship is examined among the variables. Using Johansen - Juselius approach Our findings Para İkamesi, Ters Para İkamesi, Döviz Kuru, Senyoraj Geliri, Para Talebi. Currency Substitution, Reverse Currency Substitution Exchange Rate, Seignorage Revenue, Money Demand.
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Abstract (Original Language): 
Teorik olarak, para ikamesi altında reel para talebinde yaşanan azalma ile birlikte, senyoraj gelirinin azalması, ters para ikamesi durumunda ise reel para talebinde yaşanan artışa paralel olarak senyoraj gelirinin artması beklenmektedir. Bu çalışmada Türkiye'de para ikamesi ve ters para ikamesinin döviz kuru aracılığıyla senyoraj gelirini teorik beklentiye uygun olarak etkileyip etkilemediği araştırılmıştır. Çalışmanın uygulama kısmında 1987/01 - 2007/08 dönemini kapsayan veri kullanılmış ve yarı logaritmik Cagan tipi reel para talebi fonksiyonunda uzun dönemli ilişkinin olup olmadığı Johansen - Juselius yöntemi ile araştırılmıştır. Ekonomide yaşanan dönüşüm ve reel para talebinde yaşanan yukarı yönlü kırılmada Güçlü Ekonomiye Geçiş Programının başlangıç olarak alınmasıyla birikte, tahmin sonuçlarına göre incelenen dönemde Türkiye'de döviz kuru aracılığıyla para ikamesi ve ters para ikamesinin reel para talebi fonksiyonu üzerinde beklenen yönde etkisinin olduğu bulunmuş ve senyoraj gelirinin de para ikamesi altında azaldığı, ters para ikamesi alünda ise arttığı gösterilmiştir.
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  • 3
89-104
  • Turkish

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