Merkezi ve Doğu Avrupa Geçiş ekonomilerinde enflasyonun parasal belirleyicileri: Dinamik panel veri analizi

Abstract

Abstract: Inflation which indicates a quick and continous increase in the aggregate price level has emerged in economies as a priority problem to be solved. Inflation can stem from demand or cost origin based on the conditions of the economies. Understanding the causes of this problem, which is fundamental for an effective and a permanent solution, is vitally important in terms of policy decision-makers to carry out policies and selecting policy tools. The present study aims at investigating the monetary determinants of inflation in Central and Eastern European (MDA) transition economies. In this regard, the study tested the effects of variables such as the real interest rate, deposit rate, lending rate, wage growth rate, money supply and exchange rate on inflation in the transitional economies of Bulgaria, Slovenia, Estonia, Lithuania, Latvia, Poland, Czech Republic, Hungary and Romania in the 1995:01-2012:12 period by using dynamic panel data analysis. It was concluded in study that lending rate and money supply played a decisive role on inflation rate in most of the MDA economies.