TÜRKİYE'DE PARASAL TABANIN BÜYÜME ÜZERİNDEKİ UZUN DÖNEM ETKİSİ.

In this study, the monetary base growth rate in Turkey is questioning whether a relationship between economic growth. In the study, "Wide money supply (M3)" and "Growth" variables for the period 1969-2017 were subjected to an empirical analysis. ARDL test was applied to investigate the presence of co-integration between the "Growth" series and the "Large Money Supply (M3)" series. Results show that there is a co-integration (long-term) relationship between "monetary base growth" and "economic growth" in Turkey. Then, with the ARDL model, it is seen that financial development has a long-term enhancing effect on growth. As a result of the Granger causality test with the Toda Yamamoto approach applied to determine the causality relationship between the series, it was observed that there was no causality between the two series. Referring to Turkey's economy is that there is a significant impact on the growth of the money supply. Because an advanced financial system is needed in order to target sustainable growth requirements. For this reason, economic growth should be supported by developing the right policies without ignoring the money supply or the monetary base. [ABSTRACT FROM AUTHOR]