RELATIVE EFFECTIVENESS OF MONETARY AND FINANCE POLICIES: AN APPLICATION FOR TURKEY

Abstract

Author(s): Canan SANCAR

In this study, whether monetary policy or finance policy was effective was studied for Turkey in the period between 1990- 2014 using ARDL model. GDP - representing economic activity level -, M2 money supply – representing monetary policy -, and variables of short term interest rates were used in the study. On the other hand, public expenditure and public revenue were used as representatives of finance policy. According to the empirical findings of the study, monetary policy is not effective in the long term and finance policy is effective both in the long and in short term, yet this effect is negative. According to these results, finance policy is relatively more effective when compared to monetary policy in adjusting the economic performance in Turkey in parallel to Keynesian view.

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