FINANCIAL INNOVATION AND MONEY DEMAND IN TURKEY: EMPIRICAL EVIDENCE

Abstract

Author(s): Isil Tellalbasi Menguc*

This study investigates the impact of financial innovations on the money demand in Turkey by means of using the autoregressive distributed lagged (ARDL) bounds testing model as proposed by Pesaran et al. (2001) and Toda-Yamamoto from the period 1986-2019. The conclusions of our estimates have revealed that the real production, inflation and nominal interest rates are the variables that determine the money demand and which shows that the financial innovations do influence the money demand in Turkey in the short term and in the long term. The results obtained indicate that the ARDL bound testing approach confirm the existence of a long-term and short-term association between the financial innovations and the money demand. According to empirical analysis, the financial innovations positively affected the money demand in the long-term as well as in short-term..

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