Money and productive efficiency - Evidence from a high-inflation country
EMERGING MARKETS FINANCE AND TRADE, cilt.43, sa.1, ss.64-73, 2007 (SSCI, Scopus)
- Yayın Türü: Makale / Tam Makale
- Cilt numarası: 43 Sayı: 1
- Basım Tarihi: 2007
- Doi Numarası: 10.2753/ree1540-496x430103
- Dergi Adı: EMERGING MARKETS FINANCE AND TRADE
- Derginin Tarandığı İndeksler: Social Sciences Citation Index (SSCI), Scopus
- Sayfa Sayıları: ss.64-73
- Anahtar Kelimeler: high inflation, inventories, manufacturing, money demand by firms, stochastic frontier estimation, Turkey, RELATIVE PRICE VARIABILITY, REAL CASH BALANCES, UNITED-STATES, FRONTIER, LIQUIDITY, ECONOMY, MODEL
- Açık Arşiv Koleksiyonu: AVESİS Açık Erişim Koleksiyonu
- TED Üniversitesi Adresli: Hayır
Özet
This paper examines how money balances held by manufacturing firms affect their efficiency in generating sales revenue in a high-inflation economy. The analysis employs data from Turkish firms to estimate a stochastic frontier model, finding a strong positive association between the firms' money holdings and their efficiency. However the role of money balances seems to diminish as firms hold higher raw material inventories.