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International Journal of Economics and Financial Issues |
This paper aims at examining the causal relationships between financial conditions and inflation in Turkey by employing quarterly data from 2005:Q1 to 2015:Q3. To this end, the paper, first, constructs a financial conditions index (FCI) in Turkey and observes that the FCI can considerably capture the developments in Turkey and in the world. Then, the paper follows unit root tests. Finally, the paper conducts the asymmetric causality test. The asymmetric causality test explores that the FCI andfatcat:t6xfcfjk55etdgdjzwlzoxyhcm