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Bu çalışmanın amacı, D-8 ülkeleri (Türkiye, Mısır, İran, Malezya, Pakistan, Endonezya, Bangladeş, Nijerya) için nominal faiz oranı ile enflasyon ilişkisini Fisher etkisi kapsamında incelemektir. Bu amaçla ülkelerin 2003Q1-2019Q4 dönemi üçer aylık tüketici fiyat endeksi ve mevduat faiz oranları verileri kullanılarak ikinci nesil panel veri analizi yöntemlerinden CADF-CIPS birim kök testi, Westerlund ve Edgerton (2007) LM Bootstrap eşbütünleşme testi ve katsayıların tahmini için de CCE testi uygulanmıştır. Elde edilen bulgularda Nijerya ve Malezya’da Fisher etkisinin geçerli olmadığı İran’da zayıf Fisher etkisinin geçerli olduğu, Endonezya, Mısır, Bangladeş, Pakistan ve Türkiye’de ise tam Fisher etkisinin geçerli olduğu sonucuna ulaşılmaktadır.
The aim of this study is to examine the inflation relationship with the nominal interest rate for the D-8 countries (Turkey, Egypt, Iran, Malaysia, Pakistan, Indonesia, Bangladesh, Nigeria) under the Fisher effect. For this purpose, the countries of 2003Q1-2019Q4 period, using the three-month consumer price index and deposit interest rates data, the second-generation panel data analysis methods of the CADF-CIPS unit root test, Westerlund and Edgerton (2007) LM Bootstrap integration test and the CCE test for the forecast of the ratings were also applied. The findings conclude that the effect of Fisher is not valid in Nigeria and Malaysia; that the effect of Fisher is weak in Iran, and that the effect of Fisher is valid in Indonesia, Egypt, Bangladesh, Pakistan and Turkey.
The aim of this study is to examine the relationship of the nominal interest rate and inflation in the context of the Fisher effect for the D-8 country (Turkey, Egypt, Iran, Malaysia, Pakistan, Indonesia, Bangladesh, Nigeria). For this purpose, using the second generation panel data analysis methods of the countries using the quarterly deposit interest rates and consumer price indices data of the 2003Q1-2019Q4 period. CADF-CIPS unit root test, Westerlund and Edgerton (2007) LM Bootstrap cointegration test and CCE test were used to estimate the coefficients. In the findings, the Fisher effect was not valid in Nigeria and Malaysia; Weak Fisher effect is valid in Iran; Indonesia, Egypt, Bangladesh, Pakistan and Turkey is concluded that the effect applies to full-Fisher.
Field : Sosyal, Beşeri ve İdari Bilimler
Journal Type : Uluslararası
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