TY  - JOUR
AU  - Genc, Ismail H. 
AU  - Sahin, Hasan 
AU  - Erol, Turan 
PY  - 2005
TI  - Currency Substitution in Turkey
JF  - American Journal of Applied Sciences
VL  - 2
IS  - 5
DO  - 10.3844/ajassp.2005.920.925
UR  - https://thescipub.com/abstract/ajassp.2005.920.925
AB  - We investigated whether the recent depreciations in the Turkish currency (Lira) resulted in the currency substitution away from Lira by using quarterly data over the period from 1987:1 to 2000: 2 with M1 and M2 monetary aggregates and income, interest rate and exchange rate. Other than the variety of monetary aggregates, we tried different ways of including the interest rate into the models to ensure the robustness of our results. Our analysis shows that the currency substitution in fact happened with Lira.