The Effects of The Interest Rate Volatility on Turkish Money Demand

作者:ÇELIKÖZ, Yildiz SAILAM; ARSLAN, Ünal 刊名:International Business Research 上传者:宋杰

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www.ccsenet.org/ibr International Business Research Vol. 4, No. 4; October 2011 ISSN 1913-9004 E-ISSN 1913-9012 286 The Effects of The Interest Rate Volatility on Turkish Money Demand Yıldız SAĞLAM ÇELİKÖZ (Corresponding author) Economics Departmant, Mustafa Kemal University Tayfur Sökmen Kampüsü; Serinyol/Turkey Tel: 90-326-245-5845(1239) E-mail: yildizsaglam@yahoo.com Ünal ARSLAN Economics Departmant, Mustafa Kemal University Tayfur Sökmen Kampüsü; Serinyol/Turkey Tel: 90-326-245-5845(1252) E-mail: uarslan@politics.ankara.edu.tr Received: December 16, 2010 Accepted: May 11, 2011 doi:10.5539/ibr.v4n4p286 Abstract This study aims to examine, especially the effects of interest rate (time deposit and treasury bills) volatilities on the demand for money in case of Turkey for 1987: 1-2007: 3 period. Quarterly data of all variables are used as the research data and Pesaran, Shin and Smith (2001) 's bound test is used as the research method. In computing interest rate volatilities, moving-sample standart deviation method which is proposed by Kenen and Rodrik (1986) and Koray and Lastrapes (1989) is used. According to the results, the long run coefficient of gross domestic product is positive and statistically significant as expected. Although, the volatility of interest rate on treasury bills is positive as expected, it is statistically insignificant. On the other side, the coefficient of volatility of interest rate on time deposit, the coefficient of inflation rate and the coeffic

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