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THE STATIONARITY OF CONSUMPTION-INCOME RATIO: EVIDENCE FROM TURKEY

Yıl 2015, Cilt: 33 Sayı: 3, 23 - 46, 02.01.2016

Ayşe Arı Burcu Özcan

https://doi.org/10.17065/huniibf.103772
Cited By: 2

Öz

In this study we 
investigate the stationarity of consumption-income ratio for Turkey. For
this aim, the period of 1955-2010 is examined by using the structural break
unit root tests, proposed by Zivot and Andrews (1992) (ZA), Lumsdaine and
Papell (1997) (LP), Lee and Strazicich (2003, 2004) (LM), and Kapetanios et al. (2005) and also a non linear unit
root test developed by Kapetanios et al.
(2003). The results provide evidence of unit root exceptions with  one and two break LM unit root test in case
of Model A and KSS unit root test in case of constant and trend model. As a
result of these findings, we can generally assert that the consumption-income
ratio is not mean reverting and thus the political shocks will have permanent
effects on the consumption and saving behaviours of households. Besides, these
results support the absolute income hypothesis in contrast to the relative
income hypothesis, the permanent income hypothesis and the life cycle
hypothesis.

Anahtar Kelimeler

Consumption-income ratio unit root tests structural break

Kaynakça

  • Ando, A., F. Modigliani (1963), “The Life-cycle Hypothesis of Saving: Aggregate Implications and Tests”, American Economic Review, 53, 55–84.
  • Baykara, S., E. Telatar (2012), “The Stationarity of Consumption-Income Ratios with Nonlinear and Asymmetric Unit Root Tests: Evidence from Fourteen Transition Economies”, Hacettepe University Department of Economics Working Papers, No: 20129.
  • Ben-David, D., R. Lumsdaine, D.H. Papell (2003), “Unit Root, Postwar Slowdowns and Long- Run Growth: Evidence from Two Structural Breaks”, Empirical Economics, 28(2), 303-319.
  • Bjornland, H.D. (1999), “Structural Breaks and Stochastic Trends in Macroeconomic Variables in Norway”, Applied Economics Letters, 6, 133–138.
  • Blinder, A.S., A. Deaton, R.E. Hall, R.G. Hubbard (1985), “The Time Series Consumption Function Revisited”, Brookings Papers on Economic Activity, 2, 465-521
  • Campbell, J.Y. (1987), “Does Saving Anticipate Declining Labor Income?, An Alternative Test of the Permanent Income Hypothesis”, Econometrica, 55, 1249–1273.
  • Campbell, J.Y., P. Perron (1991) “Pitfalls and Opportunities: What Macroeconomists Should Know About Unit Roots”, NBER Macroeconomics Annual, 6, 141-201.
  • Caner, M., B.E. Hansen (2001), “Threshold Autoregression with A Unit Root”, Econometrica, 69(6), 1555-1596.
  • Carrion-i-Silvestre, J.L., T. Del Barrio, E. López-Bazo (2005), “Breaking The Panels: An Application to the GDP Per Capita”, The Econometrics Journal, 8,159–175.
  • Cerrato, M., C. De Peretti, R. Larsson, N. Sarantis (2009) “A Nonlinear Panel Unit Root Test Under Cross Section Dependence”, Discussion Paper 2009-28, Glasgow: Department of Economics, University of Glasgow.
  • Cerrato, M., De Peretti, C. Stewart, (2013), “Is the Consumption-Income Ratio Stationary?, Evidence from Linear and Nonlinear Panel Unit Root Tests for OECD and Non- OECD Countries”, Manchester School, 81, 102–120.
  • Choi, I. (2001), “Unit Root Tests For Panel Data”, Journal of International Money and Finance, 20, 249–272.
  • Cook, S. (2002), “Asymmetric Mean-Reversion in the Consumption-Income Ratio: Evidence from OECD Economies”, Applied Economics and International Development, 2, 27- 34.
  • Cook, S. (2003), “The Nonstationarity of the Consumption-Income Ratio: Evidence from More Powerful Dickey–Fuller Tests”, Applied Economics Letters, 10, 393–395.
  • Cook, S. (2005), “The Stationary of Consumption-Income Ratios: Evidence from Minimum LM Unit Root Testing”, Economics Letters, 89(1), 55–60.
  • Deaton, A.S. (1977), “Involuntary Saving through Unanticipated Inflation”, American Economic Review, 67, 899–910.
  • Dickey, D.A., W.A. Fuller (1979), “Distribution of the Estimators for Autoregressive Time Series with a Unit Root”, Journal of the American Statistical Association, 74, 427–31.
  • Drobny, A., S.G. Hall (1989), “An Investigation of the Long-run Properties of Aggregate Non- durable Consumers’ Expenditure in the United Kingdom”, Economic Journal, 99, 454–460.
  • Duesenberry, J.S. (1952) Income, Saving and the Theory of Consumer Behavior, Cambridge Mass: Harvard University Press.
  • Fallahi, F. (2012), “The Stationarity of Consumption-income Ratios: Evidence from Bootstrapping Confidence Intervals”, Economics Letters, 115, 137–140.
  • Friedman, M. (1957), A Theory of the Consumption Function, Princeton: Princeton University Press.
  • Giray, G. (2013), “Stochastic Properties of the Consumption-Income Ratios in Central and Eastern European Countries”, Journal of Economics and Business, 31(2), 193-207.
  • Gomes, F.A.R., D.S. Franchini (2009) “The Stationarity of Consumption-Income Ratios: Evidence From South American Countries”, Economia Aplicada,, 13, 463-479.
  • Hadri, K. (2000), “Testing for Stationarity in Heterogeneous Panel Data”, The Econometrics Journal, 3, 148–161.
  • Hall, S.G., K.D. Patterson (1992), “A Systems-Approach to the Relationship between Consumption and Wealth”, Applied Economics, 24, 1165–1171.
  • Harris, R.D.F., E. Tzavalis (1999), “Inference for Unit Roots in Dynamic Panels where the Time Dimension is Fixed”, Journal of Econometrics, 91, 201-226.
  • Horioka, C.Y. (1997), “A Cointegration Analysis of the Impact of the Age Structure of the Population on the Household Saving Rate in Japan”, Review of Economics and Statistics, 79, 511–516.
  • Im, S.K., H.M. Pesaran, Y. Shin (1997), “Testing for Unit Roots in Heterogeneous Panel”, Cambridge: Department of Applied Econometrics, University of Cambridge.
  • Im, K.S., J. Lee, M. Tieslau (2005), “Panel LM Unit Root Tests with Level Shifts”, Oxford Bulletin of Economics and Statistics, 67, 393–419.
  • Jin, F. (1995), “Cointegration of Consumption and Disposable Income: Evidence from Twelve OECD Countries”, Southern Economic Journal, 62, 77-88.
  • Kapetanios, G., Y. Shin, A. Snell (2003), “Testing for a Unit Root in the Nonlinear STAR Framework”, Journal of Econometrics, 112, 359–379.
  • Kapetanios, G. (2005), “Unit-Root Testing against the Alternative Hypothesis of Up to M Structural Breaks”, Journal of Time Series Analysis, 26, 123–133
  • Keynes, J.M. (1936), The General Theory of Employment, Interest and Money, London: MacMillan.
  • King, R.G., C.I. Plosser, J.H. Stock, M.W. Watson (1991) “Stochastic Trends and Economic Fluctuations”, American Economic Review, 81, 819–840.
  • Lee, J., M. Strazicich (1999) “Minimum LM Unit Root Test”, Department of Economics„ Faculty Research Paper, No: 9932, Technical Report, University of Central Florida.
  • Lee, J., M. Strazicich (2003), “Minimum LM Unit Root Test with Two Structural Breaks”, Review of Economic and Statistics, 85(4), 1082–1089.
  • Lee, J., M.C. Strazicich (2004), “Minimum LM Unit Root Test with One Structural Break”, Department of Economics Working Papers, No: 04-17, Appalachian State University.
  • Lettau, M., S. Ludvigson (2001), “Consumption, Aggregate Wealth, and Expected Stock Returns”, Journal of Finance, 56, 815–849.
  • Levin, A., C.F. Lin, C. Chu (2002), “Unit Root Tests in Panel Data: Asymptotic and Finite- sample Properties”, Journal of Econometrics, 108, 1–24.
  • Liao, S., M. Huang, L. Wang (2011), “Mean-reverting Behavior of Consumptionincome Ratio in OECD Countries: Evidence from SURADF Panel Unit Root Tests”, Economics Bulletin, 31, 679–686.
  • Lumsdaine, R. L., D.H. Papell (1997), “Multiple Trend Breaks and The Unit Root Hypothesis”, Review of Economics and Statistics, 79(2), 212-18.
  • Mackinnon, J. (1996), “Numerical Distribution Functions for Unit Root and Cointegration Tests”, Journal of Applied Econometrics, 11, 601–618.
  • Maddala, G., S. Wu (1999), “A Comparative Study of Unit Root Tests with Panel Data and A New Simple Test”, Oxford Bulletin of Economic and Statistics, 61, 631–652.
  • Molana, H. (1991), “The Time Series Consumption Function: Error Correction, Random Walk and the Steady State”, Economic Journal, 101, 382–403.
  • Nelson, C.R., C.R. Plosser (1982), “Trends and Random Walks in Macroeconomics Time Series: Some Evidence and Implications”, Journal of Monetary Economics, 10, 139–162.
  • Ng, S., P. Peron (2001), “Lag Length Selection and the Construction of Unit Root Tests Withgood Size and Power”, Econometrica, 69, 1519–1554.
  • Ng, S., P. Perron (1995), “Unit Root Tests in ARMA Models With Data Dependent Methods for Selection of the Truncation Lag”, Journal of the American Statistical Association, 90, 268-281.
  • Park, H., W. Fuller (1995), “Alternative Estimators and Unit Root Tests for the Autoregressive Process”, Journal of Time Series Analysis, 16, 415–29.
  • Perron, P. (1989), “The Great Crash, The Oil Price Shock, and The Unit Root Hypothesis”, Econometrica, 57(6), 1361–401.
  • Pesaran, M.H. (2003), “A Simple Panel Unit Root Test in the Presence of Cross- Section Dependence”, mimeo, Cambridge University.
  • Pesaran, M.H. (2007), “A Simple Panel Unit Root Test in the Presence of Cross Section Dependence”, Journal of Applied Econometrics, 22, 265–312.
  • Phillips, P.C.B, P. Perron (1988) “Testing for a Unit Root in Time Series Regressions”, Biometrika,75, 335-346.
  • Romero-Ávila, D. (2008), “A Confirmatory Analysis of the Unit Root Hypothesis for OECD Consumption–Income Ratios”, Applied Economics, 40, 2271-2278.
  • Romero-Ávila, D. (2009), “Are OECD Consumption–Income Ratios Stationary After All?”, Economic Modelling, 26, 107–117.
  • Sarantis, N., C. Stewart (1999), “Is the Consumption-Income Ratio Stationary? Evidence from Panel Unit Root Test”, Economics Letters, 64, 309–314.
  • Shin, D., B. So (2001), “Recursive Mean Adjustment for Unit Root Tests”, Journal of Time Series Analysis, 22, 595–612.
  • Slesnick, D.T. (1998), “Are Our Data Relevant to the Theory? The Case of Aggregate Consumption”, Journal of Business and Economic Statistics, 16, 52–61.
  • Smith, L.V., S. Leybourne, T. Kim, P. Newbold (2004), “More Powerful Panel Data Unit Root Tests With An Application to the Mean Reversion in Real Exchange Rates”, Journal of Applied Econometrics, 19, 147–170.
  • Sollis, R., S. Leybourne, P. Newbold (2002), “Tests For Symmetric And Asymmetric Nonlinear Mean Reversion in Real Exchange Rates”, Journal of Money,Credit and Banking, 34, 686-700.
  • Taylor, M.P., L. Sarno (1998), “The Behaviour of Real Exchange Rates During The Post-Bretton Woods Period”, Journal of International Economic, 46, 281– 312.
  • Tsionas, E., D. Christopoulos (2002), “Non-Sationarity in the Consumption- Income Ratio: Further Evidence from Panel and Asymmetric Unit Root Tests”, Economics Bulletin, 3, 1–5.
  • Ungern-Sternberg, T.V. (1986), “Inflation and the Consumption Function”, Weltwirtschftliches Archiv, 122, 741-744.
  • Yılancı, V., F. Zeren, F., A. Arı (2013), “Tüketim-Gelir Oranı Güneydoğu Asya Ülkelerinde Durağan Mı?: Panel Birim Kök Testi”, Yönetim ve Ekonomi Araştırmaları Dergisi, 21, 1301-39.
  • Zivot, E., D.W.K. Andrews (1992), “Further Evidence on The Great Crash, the Oil Price Shock, and The Unit Root Hypothesis”, Journal of Business and Economic Statistics, 10(3), 251-70.

TÜKETİM-GELİR ORANININ DURAĞANLIĞI: TÜRKİYE ÖRNEĞİ

Yıl 2015, Cilt: 33 Sayı: 3, 23 - 46, 02.01.2016

Ayşe Arı Burcu Özcan

https://doi.org/10.17065/huniibf.103772
Cited By: 2

Öz

Bu çalışmada Türkiye’de tüketim-gelir oranının durağan olup olmadığı sorgulanmaktadır. Bu amaçla 1955-2010 dönemi, Zivot ve Andrews (1992) (ZA), Lumsdaine ve Papell (1997) (LP), Lee ve Strazicich (2003, 2004) (LM) ve Kapetanios vd. (2005) tarafından geliştirilen yapısal kırılmalı birim kök testleri ile Kapetanios vd. (2003) (KSS) tarafından geliştirilen doğrusal olmayan birim kök testi ile analiz edilmiştir. Bulgular, bir ve iki kırılmalı LM testinde Model A ile KSS testinde sabitli ve trendli model hariç, tüketim-gelir oranında birim kökün varlığını ortaya koymuştur. Bu durumda genel itibariyle tüketim-gelir oranının bir sabite yakınsamayacağı dolayısıyla şokların hanehalkının tüketim ve tasarruf davranışları üzerinde kalıcı etkilere sahip olacağı söylenebilecektir. Ayrıca nispi gelir hipotezi, sürekli gelir hipotezi ve ömür boyu gelir hipotezlerinin aksine mutlak gelir hipotezinin geçerliliğinden bahsedilebilir.

Anahtar Kelimeler

Tüketim-gelir oranı birim kök testleri yapısal kırılma

Kaynakça

  • Ando, A., F. Modigliani (1963), “The Life-cycle Hypothesis of Saving: Aggregate Implications and Tests”, American Economic Review, 53, 55–84.
  • Baykara, S., E. Telatar (2012), “The Stationarity of Consumption-Income Ratios with Nonlinear and Asymmetric Unit Root Tests: Evidence from Fourteen Transition Economies”, Hacettepe University Department of Economics Working Papers, No: 20129.
  • Ben-David, D., R. Lumsdaine, D.H. Papell (2003), “Unit Root, Postwar Slowdowns and Long- Run Growth: Evidence from Two Structural Breaks”, Empirical Economics, 28(2), 303-319.
  • Bjornland, H.D. (1999), “Structural Breaks and Stochastic Trends in Macroeconomic Variables in Norway”, Applied Economics Letters, 6, 133–138.
  • Blinder, A.S., A. Deaton, R.E. Hall, R.G. Hubbard (1985), “The Time Series Consumption Function Revisited”, Brookings Papers on Economic Activity, 2, 465-521
  • Campbell, J.Y. (1987), “Does Saving Anticipate Declining Labor Income?, An Alternative Test of the Permanent Income Hypothesis”, Econometrica, 55, 1249–1273.
  • Campbell, J.Y., P. Perron (1991) “Pitfalls and Opportunities: What Macroeconomists Should Know About Unit Roots”, NBER Macroeconomics Annual, 6, 141-201.
  • Caner, M., B.E. Hansen (2001), “Threshold Autoregression with A Unit Root”, Econometrica, 69(6), 1555-1596.
  • Carrion-i-Silvestre, J.L., T. Del Barrio, E. López-Bazo (2005), “Breaking The Panels: An Application to the GDP Per Capita”, The Econometrics Journal, 8,159–175.
  • Cerrato, M., C. De Peretti, R. Larsson, N. Sarantis (2009) “A Nonlinear Panel Unit Root Test Under Cross Section Dependence”, Discussion Paper 2009-28, Glasgow: Department of Economics, University of Glasgow.
  • Cerrato, M., De Peretti, C. Stewart, (2013), “Is the Consumption-Income Ratio Stationary?, Evidence from Linear and Nonlinear Panel Unit Root Tests for OECD and Non- OECD Countries”, Manchester School, 81, 102–120.
  • Choi, I. (2001), “Unit Root Tests For Panel Data”, Journal of International Money and Finance, 20, 249–272.
  • Cook, S. (2002), “Asymmetric Mean-Reversion in the Consumption-Income Ratio: Evidence from OECD Economies”, Applied Economics and International Development, 2, 27- 34.
  • Cook, S. (2003), “The Nonstationarity of the Consumption-Income Ratio: Evidence from More Powerful Dickey–Fuller Tests”, Applied Economics Letters, 10, 393–395.
  • Cook, S. (2005), “The Stationary of Consumption-Income Ratios: Evidence from Minimum LM Unit Root Testing”, Economics Letters, 89(1), 55–60.
  • Deaton, A.S. (1977), “Involuntary Saving through Unanticipated Inflation”, American Economic Review, 67, 899–910.
  • Dickey, D.A., W.A. Fuller (1979), “Distribution of the Estimators for Autoregressive Time Series with a Unit Root”, Journal of the American Statistical Association, 74, 427–31.
  • Drobny, A., S.G. Hall (1989), “An Investigation of the Long-run Properties of Aggregate Non- durable Consumers’ Expenditure in the United Kingdom”, Economic Journal, 99, 454–460.
  • Duesenberry, J.S. (1952) Income, Saving and the Theory of Consumer Behavior, Cambridge Mass: Harvard University Press.
  • Fallahi, F. (2012), “The Stationarity of Consumption-income Ratios: Evidence from Bootstrapping Confidence Intervals”, Economics Letters, 115, 137–140.
  • Friedman, M. (1957), A Theory of the Consumption Function, Princeton: Princeton University Press.
  • Giray, G. (2013), “Stochastic Properties of the Consumption-Income Ratios in Central and Eastern European Countries”, Journal of Economics and Business, 31(2), 193-207.
  • Gomes, F.A.R., D.S. Franchini (2009) “The Stationarity of Consumption-Income Ratios: Evidence From South American Countries”, Economia Aplicada,, 13, 463-479.
  • Hadri, K. (2000), “Testing for Stationarity in Heterogeneous Panel Data”, The Econometrics Journal, 3, 148–161.
  • Hall, S.G., K.D. Patterson (1992), “A Systems-Approach to the Relationship between Consumption and Wealth”, Applied Economics, 24, 1165–1171.
  • Harris, R.D.F., E. Tzavalis (1999), “Inference for Unit Roots in Dynamic Panels where the Time Dimension is Fixed”, Journal of Econometrics, 91, 201-226.
  • Horioka, C.Y. (1997), “A Cointegration Analysis of the Impact of the Age Structure of the Population on the Household Saving Rate in Japan”, Review of Economics and Statistics, 79, 511–516.
  • Im, S.K., H.M. Pesaran, Y. Shin (1997), “Testing for Unit Roots in Heterogeneous Panel”, Cambridge: Department of Applied Econometrics, University of Cambridge.
  • Im, K.S., J. Lee, M. Tieslau (2005), “Panel LM Unit Root Tests with Level Shifts”, Oxford Bulletin of Economics and Statistics, 67, 393–419.
  • Jin, F. (1995), “Cointegration of Consumption and Disposable Income: Evidence from Twelve OECD Countries”, Southern Economic Journal, 62, 77-88.
  • Kapetanios, G., Y. Shin, A. Snell (2003), “Testing for a Unit Root in the Nonlinear STAR Framework”, Journal of Econometrics, 112, 359–379.
  • Kapetanios, G. (2005), “Unit-Root Testing against the Alternative Hypothesis of Up to M Structural Breaks”, Journal of Time Series Analysis, 26, 123–133
  • Keynes, J.M. (1936), The General Theory of Employment, Interest and Money, London: MacMillan.
  • King, R.G., C.I. Plosser, J.H. Stock, M.W. Watson (1991) “Stochastic Trends and Economic Fluctuations”, American Economic Review, 81, 819–840.
  • Lee, J., M. Strazicich (1999) “Minimum LM Unit Root Test”, Department of Economics„ Faculty Research Paper, No: 9932, Technical Report, University of Central Florida.
  • Lee, J., M. Strazicich (2003), “Minimum LM Unit Root Test with Two Structural Breaks”, Review of Economic and Statistics, 85(4), 1082–1089.
  • Lee, J., M.C. Strazicich (2004), “Minimum LM Unit Root Test with One Structural Break”, Department of Economics Working Papers, No: 04-17, Appalachian State University.
  • Lettau, M., S. Ludvigson (2001), “Consumption, Aggregate Wealth, and Expected Stock Returns”, Journal of Finance, 56, 815–849.
  • Levin, A., C.F. Lin, C. Chu (2002), “Unit Root Tests in Panel Data: Asymptotic and Finite- sample Properties”, Journal of Econometrics, 108, 1–24.
  • Liao, S., M. Huang, L. Wang (2011), “Mean-reverting Behavior of Consumptionincome Ratio in OECD Countries: Evidence from SURADF Panel Unit Root Tests”, Economics Bulletin, 31, 679–686.
  • Lumsdaine, R. L., D.H. Papell (1997), “Multiple Trend Breaks and The Unit Root Hypothesis”, Review of Economics and Statistics, 79(2), 212-18.
  • Mackinnon, J. (1996), “Numerical Distribution Functions for Unit Root and Cointegration Tests”, Journal of Applied Econometrics, 11, 601–618.
  • Maddala, G., S. Wu (1999), “A Comparative Study of Unit Root Tests with Panel Data and A New Simple Test”, Oxford Bulletin of Economic and Statistics, 61, 631–652.
  • Molana, H. (1991), “The Time Series Consumption Function: Error Correction, Random Walk and the Steady State”, Economic Journal, 101, 382–403.
  • Nelson, C.R., C.R. Plosser (1982), “Trends and Random Walks in Macroeconomics Time Series: Some Evidence and Implications”, Journal of Monetary Economics, 10, 139–162.
  • Ng, S., P. Peron (2001), “Lag Length Selection and the Construction of Unit Root Tests Withgood Size and Power”, Econometrica, 69, 1519–1554.
  • Ng, S., P. Perron (1995), “Unit Root Tests in ARMA Models With Data Dependent Methods for Selection of the Truncation Lag”, Journal of the American Statistical Association, 90, 268-281.
  • Park, H., W. Fuller (1995), “Alternative Estimators and Unit Root Tests for the Autoregressive Process”, Journal of Time Series Analysis, 16, 415–29.
  • Perron, P. (1989), “The Great Crash, The Oil Price Shock, and The Unit Root Hypothesis”, Econometrica, 57(6), 1361–401.
  • Pesaran, M.H. (2003), “A Simple Panel Unit Root Test in the Presence of Cross- Section Dependence”, mimeo, Cambridge University.
  • Pesaran, M.H. (2007), “A Simple Panel Unit Root Test in the Presence of Cross Section Dependence”, Journal of Applied Econometrics, 22, 265–312.
  • Phillips, P.C.B, P. Perron (1988) “Testing for a Unit Root in Time Series Regressions”, Biometrika,75, 335-346.
  • Romero-Ávila, D. (2008), “A Confirmatory Analysis of the Unit Root Hypothesis for OECD Consumption–Income Ratios”, Applied Economics, 40, 2271-2278.
  • Romero-Ávila, D. (2009), “Are OECD Consumption–Income Ratios Stationary After All?”, Economic Modelling, 26, 107–117.
  • Sarantis, N., C. Stewart (1999), “Is the Consumption-Income Ratio Stationary? Evidence from Panel Unit Root Test”, Economics Letters, 64, 309–314.
  • Shin, D., B. So (2001), “Recursive Mean Adjustment for Unit Root Tests”, Journal of Time Series Analysis, 22, 595–612.
  • Slesnick, D.T. (1998), “Are Our Data Relevant to the Theory? The Case of Aggregate Consumption”, Journal of Business and Economic Statistics, 16, 52–61.
  • Smith, L.V., S. Leybourne, T. Kim, P. Newbold (2004), “More Powerful Panel Data Unit Root Tests With An Application to the Mean Reversion in Real Exchange Rates”, Journal of Applied Econometrics, 19, 147–170.
  • Sollis, R., S. Leybourne, P. Newbold (2002), “Tests For Symmetric And Asymmetric Nonlinear Mean Reversion in Real Exchange Rates”, Journal of Money,Credit and Banking, 34, 686-700.
  • Taylor, M.P., L. Sarno (1998), “The Behaviour of Real Exchange Rates During The Post-Bretton Woods Period”, Journal of International Economic, 46, 281– 312.
  • Tsionas, E., D. Christopoulos (2002), “Non-Sationarity in the Consumption- Income Ratio: Further Evidence from Panel and Asymmetric Unit Root Tests”, Economics Bulletin, 3, 1–5.
  • Ungern-Sternberg, T.V. (1986), “Inflation and the Consumption Function”, Weltwirtschftliches Archiv, 122, 741-744.
  • Yılancı, V., F. Zeren, F., A. Arı (2013), “Tüketim-Gelir Oranı Güneydoğu Asya Ülkelerinde Durağan Mı?: Panel Birim Kök Testi”, Yönetim ve Ekonomi Araştırmaları Dergisi, 21, 1301-39.
  • Zivot, E., D.W.K. Andrews (1992), “Further Evidence on The Great Crash, the Oil Price Shock, and The Unit Root Hypothesis”, Journal of Business and Economic Statistics, 10(3), 251-70.
Toplam 64 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm 2014-2015
Yazarlar

Ayşe Arı Bu kişi benim

Burcu Özcan

Yayımlanma Tarihi 2 Ocak 2016
Gönderilme Tarihi 30 Eylül 2015
Yayımlandığı Sayı Yıl 2015 Cilt: 33 Sayı: 3

Kaynak Göster

APA Arı, A., & Özcan, B. (2016). TÜKETİM-GELİR ORANININ DURAĞANLIĞI: TÜRKİYE ÖRNEĞİ. Hacettepe Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 33(3), 23-46. https://doi.org/10.17065/huniibf.103772
AMA Arı A, Özcan B. TÜKETİM-GELİR ORANININ DURAĞANLIĞI: TÜRKİYE ÖRNEĞİ. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. Ocak 2016;33(3):23-46. doi:10.17065/huniibf.103772
Chicago Arı, Ayşe, ve Burcu Özcan. “TÜKETİM-GELİR ORANININ DURAĞANLIĞI: TÜRKİYE ÖRNEĞİ”. Hacettepe Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi 33, sy. 3 (Ocak 2016): 23-46. https://doi.org/10.17065/huniibf.103772.
EndNote Arı A, Özcan B (01 Ocak 2016) TÜKETİM-GELİR ORANININ DURAĞANLIĞI: TÜRKİYE ÖRNEĞİ. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 33 3 23–46.
IEEE A. Arı ve B. Özcan, “TÜKETİM-GELİR ORANININ DURAĞANLIĞI: TÜRKİYE ÖRNEĞİ”, Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, c. 33, sy. 3, ss. 23–46, 2016, doi: 10.17065/huniibf.103772.
ISNAD Arı, Ayşe - Özcan, Burcu. “TÜKETİM-GELİR ORANININ DURAĞANLIĞI: TÜRKİYE ÖRNEĞİ”. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 33/3 (Ocak 2016), 23-46. https://doi.org/10.17065/huniibf.103772.
JAMA Arı A, Özcan B. TÜKETİM-GELİR ORANININ DURAĞANLIĞI: TÜRKİYE ÖRNEĞİ. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2016;33:23–46.
MLA Arı, Ayşe ve Burcu Özcan. “TÜKETİM-GELİR ORANININ DURAĞANLIĞI: TÜRKİYE ÖRNEĞİ”. Hacettepe Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, c. 33, sy. 3, 2016, ss. 23-46, doi:10.17065/huniibf.103772.
Vancouver Arı A, Özcan B. TÜKETİM-GELİR ORANININ DURAĞANLIĞI: TÜRKİYE ÖRNEĞİ. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2016;33(3):23-46.

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