Krediye Erişim ve Toplam Tüketim Fonksiyonu

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Yildirim Z.

EGE ACADEMIC REVIEW, vol.15, no.2, pp.239, 2015 (Peer-Reviewed Journal)

  • Publication Type: Article / Article
  • Volume: 15 Issue: 2
  • Publication Date: 2015
  • Doi Number: 10.21121/eab.2015217989
  • Journal Indexes: TR DİZİN (ULAKBİM)
  • Page Numbers: pp.239
  • Anadolu University Affiliated: Yes


This paper examines the aggregate consumption function for Tur- key considering changes in credit regimes. The findings suggest that changes in access to domestic credit substantially affect both short- and long-run dynamics between aggregate consumption and macroeconomic variables. They show that the financial vari- ables have a relatively strong effect on aggregate consumption, and the effect of income on aggregate consumption decreases in the recent period [2003-2013] which is characterized by the loose-credit regime. Furthermore, the results suggest that fluc- tuations in the aggregate consumption are primarily driven by the financial shocks rather than the income shocks during this pe- riod. Overall, with greater access to domestic credit, in the recent decade, the link between aggregate consumption and financial variables strengthens, and thereby the excess sensitivity of ag- gregate consumption to income declines in Turkey. This implies that policy makers should mainly focus on the financial variables to curb the rapid domestic consumption growth.