Conference Paper
BibTex RIS Cite

FISHER ETKİSİ TÜRKİYE EKONOMİSİ İÇİN GEÇERLİ Mİ? BİR ZAMAN SERİSİ ANALİZİ: 1980-2013

Year 2015, Issue: 3, 45 - 66, 25.11.2015

Abstract

İktisat literatüründe oldukça meşhur olan Fisher Etkisi (Hipotezi), nominal faiz oranları ile enflasyon oranı arasında pozitif ilişki olduğunu ileri sürmektedir. Ekonometrik olarak nominal faiz oranları ile enflasyon arasında kointegrasyon olduğunu ileri süren bu hipotez, ekonomi politikaları amaç ve araçlarının seçilmesinde etkili olabilecek önermeleri içerdiği için de önem taşımaktadır. Bu çalışmada, Türkiye ekonomisinde 1980-2013 dönemi yıllık verileri ile Fisher Etkisinin geçerli olup olmadığı kointegrasyon ve nedensellik analizleri çerçevesinde ampirik olarak test edilmiştir. Johansen (1988) kointegrasyon analizi çerçevesinde Fisher Etkisinin Türkiye için geçerli olduğu sonucuna ulaşılmış, nedensellik analizinde enflasyon oranından faiz oranlarına (yıllık tasarruf mevduatı faiz oranı) doğru tek yönlü nedensellik ilişkisi tespit edilmiştir.

References

  • • AKTHAM, Z. and HAITHAM, A., (2006), “Does Fisher Effect Apply in Developing Countries: Evidence from A Nonlinear Cotrending Test Applied to Argentina, Brazil, Malaysia, Mexico, South Korea and Turkey”, Applied Econometrics and International Development, 6 (2), 31-46.
  • • ARISOY, İ. , (2013), “Testing for the Fisher Hypothesis under Regime Shifts in Turkey: New Evidence from Time-Varying Parameters”, International Journal of Economics and Financial Issues, 3 (2), 496-502.
  • • ATKINS, F. and SERLETIS, A., (2003), “Bound Tests of the Gibson Paradox and the Fisher Effect: Evidence from Low-Frequency International Data”, The Manchester School, 71 (6), 673-679.
  • • BADILLO, R. vd., (2011), “The Fisher Effect in the EU Revisited: New Evidence Using Panel Cointegration Estimation with Global Stochastic Trends”, Applied Economics Letters, 18 (13), 1247–1251.
  • • BAYAT, T., (2011), “Türkiye’de Fisher Etkisinin Geçerliliği: Doğrusal Olmayan Eşbütünleşme Yaklaşımı”, Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 38, 47-60.
  • • BERUMENT, H. and JELASSI, M., (2002), “The Fisher Hypothesis: A Multi-Country Analysis”, Applied Economics, 34, 1645-1655.
  • • BEYER, A. vd., (2009), “Structural Breaks Cointegration and the Fisher Effect”, Working Paper Series, European Central Bank, 1013, 1-31.
  • • BOLATOĞLU, N., (2006), “Türkiye’de Enflasyon ve Nominal Faiz Oranları Arasındaki Uzun Dönemli İlişki: Fisher Etkisi”, Hacettepe Üniversitesi, İİBF Dergisi, 24 (2), 1–16.
  • • BONHAM, C. S., (1991), “Correct Cointegration Test of the Long Run Relationship Between Nominal Interest and Inflation”, Applied Economics, 23, 1487-1492.
  • • CHRISTOPOULOS, D. K, and LEON-LEDESMA, M. A., (2007), “A Long-Run Nonlinear Approach to the Fisher Effect”, Journal of Money, Credit, and Banking, 39 (2-3), 543-559.
  • • COPPOCK, L. and POITRAS, M., (2000), “Evaluating the Fisher Effect in Long-Term Cross-Country Averages”, International Review of Economics and Finance, 9 (2), 181-192.
  • • COORAY, A., (2002), “Interest Rates and Inflationary Expectations: Evidence on the Fisher Effect in Sri Lanka”, South Asia Economic Journal, 3, 201-216.
  • • CROWDER, W. J., (1997), “The Long-Run Fisher Relation in Canada”, Canadian Journal of Economics, 30 (4), 1124-1142.
  • • CROWDER, W. J. and HOFFMAN, D., (1996), “The Long-Run Relationship between Nominal Interest Rates and Inflation: The Fisher Equation Revisited”, Journal of Money, Credit and Banking, 28 (1), 102-118.
  • • ÇAKMAK, vd., (2002), “Fisher Hipotezi'nin Türkiye Açısından Değerlendirilmesi: 1989-2001”, Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 16, (3-4), 31-40.
  • • DANIELS, J. P., NOURZAD, F. and TOUTKOUSHIAN R. K., (1996), “Testing Fisher Effect as a Long-Run Equilibrium Relation”, Applied Financial Economics, 6 (2), 115-110.
  • • DUTT, S. D. and D., GHOSH, (1995), “The Fisher Hypothesis: Examining the Canadian Experience”, Applied Economics, 27 (11), 1025-1030.
  • • EVANS, M. D. and LEWIS, K., (1995), “Do Expected Shifts in lnflation Affect Estimates of the Long-Run Fisher Relation?”, Journal of Finance, 50 (1), 225 - 253.
  • • EVANS, M. D., (1998), “Real Rates, Expected Inflation, and Inflation Risk Premia”, Journal of Finance, 53 (1), 187-218.
  • • FATIMA, N. and SAHIBZADA, S. A., (2012), “Empirical Evidence of Fisher Effect in Pakistan”, World Applied Sciences Journal, 18 (6), 770-773.
  • • FAMA, E., (1975), “Short Term Interest Rates as Predictors of Inflation”, American Economic Review, 65 (3), 269–282.
  • • GHAZALI, N. A. and RAMLEE, S., (2003), “A Long Memory Test of the Long-Run Fisher Effect in the G7 Countries”, Applied Financial Economics, 13, 763-769.
  • • GRANVILLE, B. and MALLICK, S., (2004), “Fisher Hypothesis: UK Evidence over a Century”, Applied Economics Letters, 11 (2), 87-90.
  • • GÜL, E. ve AÇIKALIN, S., (2008), “An Examination of the Fisher Hypothesis: The Case of Turkey”, Applied Economics, 40, 3227-3231.
  • • HATEMI, A., (2008), “The Fisher Effect: A Kalman Filter Approach to Detecting Structural Change”, Applied Economic Letters, 15 (8), 619-624.
  • • HAWTREY, K.M., (1997), “The Fisher Effect and Australian Interest Rates”, Applied Financial Economics, 7 (4), 337-346.
  • • HENDRY, D. F., (1986), “Econometric Modelling with Cointegrated Variables: An Overview”, Oxford Bulletin of Economics and Statistics, 48 (3), 201-212.
  • • HUTCHISON, M. M. and KEELEY, M. C., (1989), “Estimating Fisher Effect and the Stochastic Money Growth Process”, Economic Inquiry, 27 (2), 219- 239.
  • • İNCEKARA, A., Demez, S. ve Ustaoğlu, M., (2012), “Validaty of Fisher Effect for Turkish Economy: Cointegration Analysis”, Procedia-Social and Behavioral Sciences, 58, 396-405.
  • • INDER, B. and SILVAPULLE, P., (1993), “Does the Fisher Effect Apply in Australia?” Applied Economics, 25 (6), 839-843.
  • • JARENO, F. and TOLENTINO, M., (2012), “The Fisher Effect in the Spanish Case: APreliminary Study”, Asian Economic and Financial Review, 2 (7), 841-857.
  • • JOHANSEN, S., (1988), “Statistical Analysis of Cointegrating Vectors”, Journal of Economic Dynamics and Control, 12 (2-3), 231-254.
  • • JUNTILLA, J., (2001), “Testing an Augmented Fisher Hypothesis for Small Open Economy: The Case of Finland”, Journal of Macroeconomics, 23 (4), 577-599.
  • • KALIVA, K., (2008), “The Fisher Effect, Survey Data and Time-Varying Volatility”, Empirical Economics, 35 (1), 1-10.
  • • KARAGÖL, E., (2007), “Türkiye’de Ekonomik Büyüme ile Elektrik Tüketimi İlişkisi: Sınır Testi Yaklaşımı”, Doğuş Üniversitesi Dergisi, 8 (1), 72-80.
  • • KASMAN, S., KASMAN, A. ve TURGUTLU, E., (2006), “Fisher Hypothesis Revisited: A Fractional Cointegration Analysis”, Emerging Markets Finance and Trade, 42 (6), 59-76.
  • • KOUSTAS, Z. and SERLETIS, A., (1999), “On the Fisher Effect”, Journal of Monetary Economics, 44 (1), 105-130.
  • • LANNE, M., (2001), “Near Unit Root and the Relationship between Inflation and Interest Rates: A Reexamination of the Fisher Effect”, Empirical Economics, 26 (2), 357-366.
  • • LARDIC, S. and MIGNON, V., (2003), “Fractional Cointegration Between Nominal Interest Rates and Inflation: A Re-Examination of the Fisher Relationship in the G7 Countries”, Economics Bulletin, 3 (14), 1-10.
  • • Mc DONALD, R. and MURPHY, P., (1989), “Testing for the Long-Run Relationships between Nominal Interest Rates and Inflation Using Cointegration Techniques”, Applied Economics, 21, 439-447.
  • • MILLION, N., (2003), “The Fisher Effect Revisited Through an Efficient Non Linear Unit Root Testing Procedure”, Applied Economics Letters, 10 (15), 951-954.
  • • MISHKIN, F. S., (1992), “Is the Fisher Effect for Real? A Reexamination of the Relationship Between Inflation and Interest Rate”, Journal of Monetary Economics, 30(2), 195–215.
  • • MISHKIN, F.S. and SIMON, J., (1995), “An Empirical Examination of the Fisher Effect in Australia”, Economic Record, 71 (3), 217-229.
  • • MIYAGAWA, S. and MORITA, Y., (2003), “The Fisher Effect and The Long–Run Phillips Curve in the Case of Japan, Sweden and Italy”, Working Papers in Economics, Göteborg University, School of Business, Economics and Law, 77, 1-20.
  • • MOAZZAMI, B., (1991), “The Fisher Equation Controversy Re-examined”, Applied Financial Economics, 1 (3), 129-133.
  • • NUSAIR, S. A., (2008), “Testing for the Fisher Hypothesis Under Regime Shifts: An Application to Asian Countries”, International Economic Journal, 22 (2), 273-284.
  • • OBI, B., NURUDEEN, A. and WAFURE, O. G., (2009), “An Empirical Investigation of the Fisher Effect in Nigeria: Co-Integration and Error Correction Approach”, International Review of Business Research Papers, 5 (5), 96-109.
  • • OLEKALNS, N., (1996), “Further Evidence on the Fisher Effect”, Applied Economics, 28 (7), 851-856.
  • • PALEOIOGOS, J. M. and GEORGANTELIS, S. E., (1997), “Does the Fisher Effect App1y in Greece? A Cointegration Analysis”, Economia Internazionale, 52 (2), 229-243.
  • • PANOPOULOU, E., (2005), “A Resolution of the Fisher Effect Puzzle: A Comparison of Estimators”, IIIS Discussion Paper, 67, 1-31.
  • • PEREZ, S. J. ve SIEGLER, M.V., (2003), “Inflationary Expectations and the Fisher Effect Prior to World War I”, Journal of Money, Credit and Banking, 35 (6), 947-965.
  • • PENG, W., (1995), “The Fisher Hypothesis and Inflation Persistence: Evidence from Five Major Industrial Countries”, IMF Working Paper, 95 (118), 1-28.
  • • PHILLIPS, P. C. B. and PERRON, P., (1988), “Testing for Unit Roots in Time Series Regression”, Biometrika, 75 (2), 335-346.
  • • PHYLAKTIS, K. and BLAKE, D., (1993), “The Fisher Hypothesis: Evidence from Three High Inflation Economies”, Review of World Economics (Weltwirtschaftliches Archiv), 129 (3), 591- 599.
  • • REHMAN, H. vd., (2004), “Does Fisher Effect Exist in Pakistan? A Cointegration Analysis”, Pakistan Economic and Social Review, 42, 1/2, 21-37.
  • • ROSE, A. K., (1988), “Is the Real Interest Rate Stable?”, The Journal of Finance, 43 (5),1095-1112.
  • • SATHYE, M., SHARMA, D. and LIU, S., (2008), “The Fisher Effect in an Emerging Economy: The Case of India”, International Business Research, 1 (2), 99-104.
  • • ŞİMŞEK, M. ve KADILAR, C., (2006), “Fisher Etkisinin Türkiye Verileri ile Testi”, Doğuş Üniversitesi Dergisi, 7 (1), 99-111.
  • • TAŞAR, O. M., (2010), “Türkiye’nin Güçlü Ekonomiye Geçiş Programı ve Makro Ekonomik Etkilerinin Analizi”, Niğde Üniversitesi İİBF Dergisi, 3 (1), 76-97.
  • • TARI, R., (2010), “Ekonometri”, 6. Baskı, Kocaeli, Umuttepe Kitabevi.
  • • THORNTON, J., (1996), “The Adjustment of Nominal Interest Rates in Mexico: A Study of the Fisher Effect”, Applied Economics Letters, 3 (4), 255-257.
  • • TURGUTLU, E., (2004), “Fisher Hipotezinin Tutarlılığının Testi: Parçalı Durağanlık ve Parçalı Koentegrasyon Analizi”, Dokuz Eylül Üniversitesi İİBF Dergisi, 19 (2), 55–74.
  • • UYSAL, Y., (2007), “Türkiye’de Enflasyon: Sektörel Kaynakları ve İç Ticaret Hadleri”, Finans Politik & Ekonomik Yorumlar, 44 (508), 21-34.
  • • WALLACE, M.S. and WARNER, J. T., (1993), “The Fisher Effect and the Term Structure of Interest Rates: Test of Cointegration”, The Review of Economics and Statistics, 75 (2), 320-324.
  • • WESTERLUND, J., (2008), “Panel Cointegration Tests of the Fisher Effect”, Journal of Applied Econometrics, 23 (2), 193-233.
  • • YAMAK, N. ve TANRIÖVER, B., (2007), “Türkiye’de Nominal Faiz Oranı-Genel Fiyat Düzeyi İlişkisi: Gibson Paradoksu”, 8. Türkiye Ekonometri ve İstatistik Kongresi, , İnönü Üniversitesi, Malatya, 1–13.
  • • YILANCI, V., (2009), “Fisher Hipotezinin Türkiye İçin Sınanması: Doğrusal Olmayan Eşbütünleşme Analizi”, Atatürk Üniversitesi İİBF Dergisi, 23 (4), 205–213.

IS FISHER EFFECT VALID IN TURKISH ECONOMY? A TIME SERIES ANALYSIS: 1980-2013

Year 2015, Issue: 3, 45 - 66, 25.11.2015

Abstract

Fisher Effect (Hypothesis) which is very popular in economics literature has asserted that there is a positive relationship between nominal interest rates and inflation. This hypothesis which states that there is a co integration between nominal interest rates and inflation econometrically, is also important for being effective in selection of the economic politics aims and tools. In this study, validity of Fisher Effect is tested by co integration and causality analyses with the annual data of Turkish economy in the period of 1980-2013. As a result of Johansen (1988) co integration analysis, Fisher Effect is valid for Turkey and causality analysis determined that there is a one-way causality relationship from inflation rate to interest rates (annual saving deposit interest rate).

References

  • • AKTHAM, Z. and HAITHAM, A., (2006), “Does Fisher Effect Apply in Developing Countries: Evidence from A Nonlinear Cotrending Test Applied to Argentina, Brazil, Malaysia, Mexico, South Korea and Turkey”, Applied Econometrics and International Development, 6 (2), 31-46.
  • • ARISOY, İ. , (2013), “Testing for the Fisher Hypothesis under Regime Shifts in Turkey: New Evidence from Time-Varying Parameters”, International Journal of Economics and Financial Issues, 3 (2), 496-502.
  • • ATKINS, F. and SERLETIS, A., (2003), “Bound Tests of the Gibson Paradox and the Fisher Effect: Evidence from Low-Frequency International Data”, The Manchester School, 71 (6), 673-679.
  • • BADILLO, R. vd., (2011), “The Fisher Effect in the EU Revisited: New Evidence Using Panel Cointegration Estimation with Global Stochastic Trends”, Applied Economics Letters, 18 (13), 1247–1251.
  • • BAYAT, T., (2011), “Türkiye’de Fisher Etkisinin Geçerliliği: Doğrusal Olmayan Eşbütünleşme Yaklaşımı”, Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 38, 47-60.
  • • BERUMENT, H. and JELASSI, M., (2002), “The Fisher Hypothesis: A Multi-Country Analysis”, Applied Economics, 34, 1645-1655.
  • • BEYER, A. vd., (2009), “Structural Breaks Cointegration and the Fisher Effect”, Working Paper Series, European Central Bank, 1013, 1-31.
  • • BOLATOĞLU, N., (2006), “Türkiye’de Enflasyon ve Nominal Faiz Oranları Arasındaki Uzun Dönemli İlişki: Fisher Etkisi”, Hacettepe Üniversitesi, İİBF Dergisi, 24 (2), 1–16.
  • • BONHAM, C. S., (1991), “Correct Cointegration Test of the Long Run Relationship Between Nominal Interest and Inflation”, Applied Economics, 23, 1487-1492.
  • • CHRISTOPOULOS, D. K, and LEON-LEDESMA, M. A., (2007), “A Long-Run Nonlinear Approach to the Fisher Effect”, Journal of Money, Credit, and Banking, 39 (2-3), 543-559.
  • • COPPOCK, L. and POITRAS, M., (2000), “Evaluating the Fisher Effect in Long-Term Cross-Country Averages”, International Review of Economics and Finance, 9 (2), 181-192.
  • • COORAY, A., (2002), “Interest Rates and Inflationary Expectations: Evidence on the Fisher Effect in Sri Lanka”, South Asia Economic Journal, 3, 201-216.
  • • CROWDER, W. J., (1997), “The Long-Run Fisher Relation in Canada”, Canadian Journal of Economics, 30 (4), 1124-1142.
  • • CROWDER, W. J. and HOFFMAN, D., (1996), “The Long-Run Relationship between Nominal Interest Rates and Inflation: The Fisher Equation Revisited”, Journal of Money, Credit and Banking, 28 (1), 102-118.
  • • ÇAKMAK, vd., (2002), “Fisher Hipotezi'nin Türkiye Açısından Değerlendirilmesi: 1989-2001”, Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 16, (3-4), 31-40.
  • • DANIELS, J. P., NOURZAD, F. and TOUTKOUSHIAN R. K., (1996), “Testing Fisher Effect as a Long-Run Equilibrium Relation”, Applied Financial Economics, 6 (2), 115-110.
  • • DUTT, S. D. and D., GHOSH, (1995), “The Fisher Hypothesis: Examining the Canadian Experience”, Applied Economics, 27 (11), 1025-1030.
  • • EVANS, M. D. and LEWIS, K., (1995), “Do Expected Shifts in lnflation Affect Estimates of the Long-Run Fisher Relation?”, Journal of Finance, 50 (1), 225 - 253.
  • • EVANS, M. D., (1998), “Real Rates, Expected Inflation, and Inflation Risk Premia”, Journal of Finance, 53 (1), 187-218.
  • • FATIMA, N. and SAHIBZADA, S. A., (2012), “Empirical Evidence of Fisher Effect in Pakistan”, World Applied Sciences Journal, 18 (6), 770-773.
  • • FAMA, E., (1975), “Short Term Interest Rates as Predictors of Inflation”, American Economic Review, 65 (3), 269–282.
  • • GHAZALI, N. A. and RAMLEE, S., (2003), “A Long Memory Test of the Long-Run Fisher Effect in the G7 Countries”, Applied Financial Economics, 13, 763-769.
  • • GRANVILLE, B. and MALLICK, S., (2004), “Fisher Hypothesis: UK Evidence over a Century”, Applied Economics Letters, 11 (2), 87-90.
  • • GÜL, E. ve AÇIKALIN, S., (2008), “An Examination of the Fisher Hypothesis: The Case of Turkey”, Applied Economics, 40, 3227-3231.
  • • HATEMI, A., (2008), “The Fisher Effect: A Kalman Filter Approach to Detecting Structural Change”, Applied Economic Letters, 15 (8), 619-624.
  • • HAWTREY, K.M., (1997), “The Fisher Effect and Australian Interest Rates”, Applied Financial Economics, 7 (4), 337-346.
  • • HENDRY, D. F., (1986), “Econometric Modelling with Cointegrated Variables: An Overview”, Oxford Bulletin of Economics and Statistics, 48 (3), 201-212.
  • • HUTCHISON, M. M. and KEELEY, M. C., (1989), “Estimating Fisher Effect and the Stochastic Money Growth Process”, Economic Inquiry, 27 (2), 219- 239.
  • • İNCEKARA, A., Demez, S. ve Ustaoğlu, M., (2012), “Validaty of Fisher Effect for Turkish Economy: Cointegration Analysis”, Procedia-Social and Behavioral Sciences, 58, 396-405.
  • • INDER, B. and SILVAPULLE, P., (1993), “Does the Fisher Effect Apply in Australia?” Applied Economics, 25 (6), 839-843.
  • • JARENO, F. and TOLENTINO, M., (2012), “The Fisher Effect in the Spanish Case: APreliminary Study”, Asian Economic and Financial Review, 2 (7), 841-857.
  • • JOHANSEN, S., (1988), “Statistical Analysis of Cointegrating Vectors”, Journal of Economic Dynamics and Control, 12 (2-3), 231-254.
  • • JUNTILLA, J., (2001), “Testing an Augmented Fisher Hypothesis for Small Open Economy: The Case of Finland”, Journal of Macroeconomics, 23 (4), 577-599.
  • • KALIVA, K., (2008), “The Fisher Effect, Survey Data and Time-Varying Volatility”, Empirical Economics, 35 (1), 1-10.
  • • KARAGÖL, E., (2007), “Türkiye’de Ekonomik Büyüme ile Elektrik Tüketimi İlişkisi: Sınır Testi Yaklaşımı”, Doğuş Üniversitesi Dergisi, 8 (1), 72-80.
  • • KASMAN, S., KASMAN, A. ve TURGUTLU, E., (2006), “Fisher Hypothesis Revisited: A Fractional Cointegration Analysis”, Emerging Markets Finance and Trade, 42 (6), 59-76.
  • • KOUSTAS, Z. and SERLETIS, A., (1999), “On the Fisher Effect”, Journal of Monetary Economics, 44 (1), 105-130.
  • • LANNE, M., (2001), “Near Unit Root and the Relationship between Inflation and Interest Rates: A Reexamination of the Fisher Effect”, Empirical Economics, 26 (2), 357-366.
  • • LARDIC, S. and MIGNON, V., (2003), “Fractional Cointegration Between Nominal Interest Rates and Inflation: A Re-Examination of the Fisher Relationship in the G7 Countries”, Economics Bulletin, 3 (14), 1-10.
  • • Mc DONALD, R. and MURPHY, P., (1989), “Testing for the Long-Run Relationships between Nominal Interest Rates and Inflation Using Cointegration Techniques”, Applied Economics, 21, 439-447.
  • • MILLION, N., (2003), “The Fisher Effect Revisited Through an Efficient Non Linear Unit Root Testing Procedure”, Applied Economics Letters, 10 (15), 951-954.
  • • MISHKIN, F. S., (1992), “Is the Fisher Effect for Real? A Reexamination of the Relationship Between Inflation and Interest Rate”, Journal of Monetary Economics, 30(2), 195–215.
  • • MISHKIN, F.S. and SIMON, J., (1995), “An Empirical Examination of the Fisher Effect in Australia”, Economic Record, 71 (3), 217-229.
  • • MIYAGAWA, S. and MORITA, Y., (2003), “The Fisher Effect and The Long–Run Phillips Curve in the Case of Japan, Sweden and Italy”, Working Papers in Economics, Göteborg University, School of Business, Economics and Law, 77, 1-20.
  • • MOAZZAMI, B., (1991), “The Fisher Equation Controversy Re-examined”, Applied Financial Economics, 1 (3), 129-133.
  • • NUSAIR, S. A., (2008), “Testing for the Fisher Hypothesis Under Regime Shifts: An Application to Asian Countries”, International Economic Journal, 22 (2), 273-284.
  • • OBI, B., NURUDEEN, A. and WAFURE, O. G., (2009), “An Empirical Investigation of the Fisher Effect in Nigeria: Co-Integration and Error Correction Approach”, International Review of Business Research Papers, 5 (5), 96-109.
  • • OLEKALNS, N., (1996), “Further Evidence on the Fisher Effect”, Applied Economics, 28 (7), 851-856.
  • • PALEOIOGOS, J. M. and GEORGANTELIS, S. E., (1997), “Does the Fisher Effect App1y in Greece? A Cointegration Analysis”, Economia Internazionale, 52 (2), 229-243.
  • • PANOPOULOU, E., (2005), “A Resolution of the Fisher Effect Puzzle: A Comparison of Estimators”, IIIS Discussion Paper, 67, 1-31.
  • • PEREZ, S. J. ve SIEGLER, M.V., (2003), “Inflationary Expectations and the Fisher Effect Prior to World War I”, Journal of Money, Credit and Banking, 35 (6), 947-965.
  • • PENG, W., (1995), “The Fisher Hypothesis and Inflation Persistence: Evidence from Five Major Industrial Countries”, IMF Working Paper, 95 (118), 1-28.
  • • PHILLIPS, P. C. B. and PERRON, P., (1988), “Testing for Unit Roots in Time Series Regression”, Biometrika, 75 (2), 335-346.
  • • PHYLAKTIS, K. and BLAKE, D., (1993), “The Fisher Hypothesis: Evidence from Three High Inflation Economies”, Review of World Economics (Weltwirtschaftliches Archiv), 129 (3), 591- 599.
  • • REHMAN, H. vd., (2004), “Does Fisher Effect Exist in Pakistan? A Cointegration Analysis”, Pakistan Economic and Social Review, 42, 1/2, 21-37.
  • • ROSE, A. K., (1988), “Is the Real Interest Rate Stable?”, The Journal of Finance, 43 (5),1095-1112.
  • • SATHYE, M., SHARMA, D. and LIU, S., (2008), “The Fisher Effect in an Emerging Economy: The Case of India”, International Business Research, 1 (2), 99-104.
  • • ŞİMŞEK, M. ve KADILAR, C., (2006), “Fisher Etkisinin Türkiye Verileri ile Testi”, Doğuş Üniversitesi Dergisi, 7 (1), 99-111.
  • • TAŞAR, O. M., (2010), “Türkiye’nin Güçlü Ekonomiye Geçiş Programı ve Makro Ekonomik Etkilerinin Analizi”, Niğde Üniversitesi İİBF Dergisi, 3 (1), 76-97.
  • • TARI, R., (2010), “Ekonometri”, 6. Baskı, Kocaeli, Umuttepe Kitabevi.
  • • THORNTON, J., (1996), “The Adjustment of Nominal Interest Rates in Mexico: A Study of the Fisher Effect”, Applied Economics Letters, 3 (4), 255-257.
  • • TURGUTLU, E., (2004), “Fisher Hipotezinin Tutarlılığının Testi: Parçalı Durağanlık ve Parçalı Koentegrasyon Analizi”, Dokuz Eylül Üniversitesi İİBF Dergisi, 19 (2), 55–74.
  • • UYSAL, Y., (2007), “Türkiye’de Enflasyon: Sektörel Kaynakları ve İç Ticaret Hadleri”, Finans Politik & Ekonomik Yorumlar, 44 (508), 21-34.
  • • WALLACE, M.S. and WARNER, J. T., (1993), “The Fisher Effect and the Term Structure of Interest Rates: Test of Cointegration”, The Review of Economics and Statistics, 75 (2), 320-324.
  • • WESTERLUND, J., (2008), “Panel Cointegration Tests of the Fisher Effect”, Journal of Applied Econometrics, 23 (2), 193-233.
  • • YAMAK, N. ve TANRIÖVER, B., (2007), “Türkiye’de Nominal Faiz Oranı-Genel Fiyat Düzeyi İlişkisi: Gibson Paradoksu”, 8. Türkiye Ekonometri ve İstatistik Kongresi, , İnönü Üniversitesi, Malatya, 1–13.
  • • YILANCI, V., (2009), “Fisher Hipotezinin Türkiye İçin Sınanması: Doğrusal Olmayan Eşbütünleşme Analizi”, Atatürk Üniversitesi İİBF Dergisi, 23 (4), 205–213.
There are 67 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Osman Kanca

Adem Üzümcü

Ahmet Deniz

Publication Date November 25, 2015
Submission Date November 25, 2015
Published in Issue Year 2015 Issue: 3

Cite

APA Kanca, O., Üzümcü, A., & Deniz, A. (2015). FISHER ETKİSİ TÜRKİYE EKONOMİSİ İÇİN GEÇERLİ Mİ? BİR ZAMAN SERİSİ ANALİZİ: 1980-2013. Verimlilik Dergisi(3), 45-66.

23139       23140          29293

22408 Journal of Productivity is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License (CC BY-NC 4.0)