Policy regime change and structural break in the velocity of money: the Turkish evidence

Date

2002-09-01

Author

Cakan, E
Ozmen, E

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The integration properties of Turkish velocity series are investigated by employing recently developed procedures (Zivot and Andrews (1992) and Perron (Journal of Econometrics, 80, 355-85, 1997)) which allows stationarity around an endogenously estimated structural break point under the alternative hypothesis. The evidence suggests that real currency balances and currency velocity are stationary around a broken trend. The estimated break point coincides with a major policy regime change in Turkey. Broad money velocity and real broad money balances are found to be nonstationary even after allowance for a broken mean and trend.

Subject Keywords

Trend Functions, Unit-Root, Time-Series, Long-Run Behavior

URI

https://hdl.handle.net/11511/65799

Journal

APPLIED ECONOMICS LETTERS

DOI

https://doi.org/10.1080/13504850210128794

Collections

Department of Economics, Article

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Citation Formats

E. Cakan and E. Ozmen, “Policy regime change and structural break in the velocity of money: the Turkish evidence,” APPLIED ECONOMICS LETTERS, pp. 759–762, 2002, Accessed: 00, 2020. [Online]. Available: https://hdl.handle.net/11511/65799.