Abstract
Para talebi fonksiyonun istikrarlı ve iyi tanımlanmış olması para politikası uygulayıcılarının daha etkin kararlar almasını sağlamaktadır. Bu amaçla, etkin para politikası uygulayabilmek için para talebinin belirleyicilerinin neler olduğu literatürde sıklıkla tartışılmaktadır. Tartışmanın temelinde bilgi ve iletişim teknolojilerindeki gelişmelere bağlı olarak özellikle 2000’li yıllardan sonra çeşitlenen finansal yeniliklerin para talebini nasıl etkilediği ya da etkileyeceği yer almaktadır. Bu çalışmada, finansal yeniliklerin para talebi üzerindeki olası etkileri BRICS-T için 2000-2018 dönemi, G7 ülkeleri ve üst orta gelir ülkeler için 1997-2016 dönemi için panel veri analiz kapsamında incelenmiştir. Elde edilen bulgular, finansal yeniliklerin para talebi üzerinde pozitif yönlü etkileri olduğunu ortaya koymaktadır. Bu sonuç, gelecekte uygulanacak para politikası stratejilerini belirlemek isteyen para politikası otoriterlerinin finansal yenilikleri yakından takip etmeleri gereğini ortaya koymaktadır.
Keywords
References
- Aliha, P. M. vd. (2017). Investigating the Effect of Financial Innovations on Demand for Money on a World Scale: A Systems GMM Panel Data Approach. Journal of Global Business and Social Entrepneurship, 3(5), 181-188.
- Arrau, P. ve De Gregorio, J. (1991). Financial Innovation and Money Demand. International Economics Department, The World Bank Working Paper, WPS 585, 1-44.
- Attanasio, O. P. vd. (2002). The Demand for Money, Financial Innovation, and the Welfare Cost of Inflation: An Analysis with Household Data. Journol of Political Economy, 110(2), 317-351.
- Dunne, J. P. ve Kasekende, E. (2018). Financial Innovation and Money Demand: Evidence from Sub-Saharan Africa. South African Journal of Economics, 86(4), 428-448.
- Frame, W. S. ve White, L. J. (2002). Emprical Studies of Financial Innovation: Lots of Talk, Little Action?. FRB of Atlanta Working Paper Series, Working Paper 2002-12, 1-38.
- Hafer, R. W. ve Kutan, Ali M. (2003). Financial Innovation and the Demand for Money: Evidence from The Philippines. International Economic Journal, 17(1), 17-27.
- Hye (2009). Financial Innovation and Demand for Money in Pakistan. The Asian Economic Review, 51(2), 219-228.
- Kasekende, E. ve Nikolaidou, E. (2014). Financial Innovation and Money Demand with a Focus on Mobile Money: The case of Kenya. http://scholar.googleusercontent.com/scholar?q=cache:pr2e5oqbUpMJ:scholar.google.com/&hl=tr&as_sdt=0,5 (Erişim: 17.11.2019).
- Lippi, F. ve Secchi, A. (2009). Technological Change and the Households’ Demand for Currency. Journal of Monetary Economics, 56, 222-230.
- Malik, Q. U. ve Aslam, Q. (2010). Effect of Financial Innovations on Demand for Money in Pakistan: An ARDL Approach. Paradigms: A Research Journal of Commerce, Economics and Social Sciences, 4(1), 1-23.
- Nagayasu, J. (2012). Financial Innovation and Regional Money. Applied Economics, 44(35), 4617-4629.
- Nakorji, M. ve Asuzu, O. C. (2019). Money Demand in the Conduct of Monetary Policy in Nigeria. Economic and Financial Review, 57(1), 1-22.
- Odularu, G. O. (2010). Does Financial Innovation Affect the Demand for Money in Nigeria?. Asian Journal of Business Management Studies, 1(1), 8-18.
- Odularu, G. O. ve Okunrinboye, O. A. (2009). Modeling the impact of financial innovation on the demand for money in Nigeria. African Journal of Business Management, 3(2), 39-51.
- Oktayer. A. (2011). Finansal Yenilikler ve Para Talebi. Maliye Dergisi, 160, 351-368.
- Radhika, K. P. vd. (2016). Financial Innovations: Empirical Evidence of Impact on Cash Demand in India. https://www.researchgate.net/publication/323166552 (Erişim: 17.11.2019).
Abstract
Stable and well-defined function of money demand enables monetary policy implementers to make more effective decisions. For this purpose, the determinants of money demand for effective monetary policy are frequently discussed in the literature. The basis of the discussion is how financial innovations, which have diversified since the 2000s depending on the developments in IT technologies, affected or will affect the demand for money. In this study, for the BRICS-T 2000-2018 period and also for G7 and upper middle-income countries 1997-2016 period, were examined in panel data analysis for the possible effects of financial innovation on money demand. The results obtained indicate that financial innovations have positive effects on money demand. This result reveals the necessity of closely monitoring financial innovations by monetary policy authorities who wish to determine the future monetary policy strategies.
References
- Aliha, P. M. vd. (2017). Investigating the Effect of Financial Innovations on Demand for Money on a World Scale: A Systems GMM Panel Data Approach. Journal of Global Business and Social Entrepneurship, 3(5), 181-188.
- Arrau, P. ve De Gregorio, J. (1991). Financial Innovation and Money Demand. International Economics Department, The World Bank Working Paper, WPS 585, 1-44.
- Attanasio, O. P. vd. (2002). The Demand for Money, Financial Innovation, and the Welfare Cost of Inflation: An Analysis with Household Data. Journol of Political Economy, 110(2), 317-351.
- Dunne, J. P. ve Kasekende, E. (2018). Financial Innovation and Money Demand: Evidence from Sub-Saharan Africa. South African Journal of Economics, 86(4), 428-448.
- Frame, W. S. ve White, L. J. (2002). Emprical Studies of Financial Innovation: Lots of Talk, Little Action?. FRB of Atlanta Working Paper Series, Working Paper 2002-12, 1-38.
- Hafer, R. W. ve Kutan, Ali M. (2003). Financial Innovation and the Demand for Money: Evidence from The Philippines. International Economic Journal, 17(1), 17-27.
- Hye (2009). Financial Innovation and Demand for Money in Pakistan. The Asian Economic Review, 51(2), 219-228.
- Kasekende, E. ve Nikolaidou, E. (2014). Financial Innovation and Money Demand with a Focus on Mobile Money: The case of Kenya. http://scholar.googleusercontent.com/scholar?q=cache:pr2e5oqbUpMJ:scholar.google.com/&hl=tr&as_sdt=0,5 (Erişim: 17.11.2019).
- Lippi, F. ve Secchi, A. (2009). Technological Change and the Households’ Demand for Currency. Journal of Monetary Economics, 56, 222-230.
- Malik, Q. U. ve Aslam, Q. (2010). Effect of Financial Innovations on Demand for Money in Pakistan: An ARDL Approach. Paradigms: A Research Journal of Commerce, Economics and Social Sciences, 4(1), 1-23.
- Nagayasu, J. (2012). Financial Innovation and Regional Money. Applied Economics, 44(35), 4617-4629.
- Nakorji, M. ve Asuzu, O. C. (2019). Money Demand in the Conduct of Monetary Policy in Nigeria. Economic and Financial Review, 57(1), 1-22.
- Odularu, G. O. (2010). Does Financial Innovation Affect the Demand for Money in Nigeria?. Asian Journal of Business Management Studies, 1(1), 8-18.
- Odularu, G. O. ve Okunrinboye, O. A. (2009). Modeling the impact of financial innovation on the demand for money in Nigeria. African Journal of Business Management, 3(2), 39-51.
- Oktayer. A. (2011). Finansal Yenilikler ve Para Talebi. Maliye Dergisi, 160, 351-368.
- Radhika, K. P. vd. (2016). Financial Innovations: Empirical Evidence of Impact on Cash Demand in India. https://www.researchgate.net/publication/323166552 (Erişim: 17.11.2019).
Details
| Primary Language | Turkish |
|---|---|
| Subjects | Economics |
| Journal Section | Articles |
| Authors | |
| Publication Date | September 14, 2020 |
| Published in Issue | Year 2020 Volume: 1 Issue: 1 |
Trabzon