Preliminary communication
RELATIONSHIP BETWEEN MONETARY POLICY AND MACROECONOMIC VARIABLES FOR EMERGING COUNTRIES
Sevilay Konya
; Selçuk University Department of Management and Organization Taşkent Vocational School, Turkey
Mücahide Küçüksucu
; Necmettin Erbakan University Institute of Social Sciences, Turkey
Zeynep Karaçor
; Selçuk University Faculty of Economics and AdministrativeSciences Department of Economics, Turkey
Abstract
Monetary policy determinants determine economic and monetary policies by taking some variables as reference. In this regard, fourteen developing countries with similar characteristics with Turkish economy and the relationships between macroeconomic variables and monetary policy shall be described. In this study, relationships between monetary policy and macroeconomic variables are investigated for emerging countries. We used 2010M1-2018M12 period and analyzed the relationship between panel data analysis methods, money supply, inflation, interest rate, exchange rate, export, import and oil prices. A cointegration analysis was used to investigate the long-term relationship between variables. According to the results of the panel data analysis, long term relationship was found between the variables. Inflation, interest rate and oil prices had a decreasing effect on money supply, while exchange rate and exports had a positive effect on money supply.
Keywords
Monetary Policy; Macroeconomic Variables; Emerging Countries
Hrčak ID:
236759
URI
Publication date:
10.4.2020.
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