In this work, behavior of money multipliers for a developing country, Turkey is examined and is calculated by estimating the values of the model constructed for the purpose for the period of 1952-1972. However, model lends itself for applications covering any other period. Study includes three sections. First, basic money multipliers model is presented. Then, model is modified and developed considering Turkey’s special conditions. In the final section, the improved model is tested against actual data. Interestingly, although tentative, the results are different from the limited number of studies about money multipliers in Turkey. Nevertheless, the necessity for a more detailed model to test actual data is imperative.

1. MONEY MULTIPLIERS’ BEHAVIOR IN DEVELOPING ECONOMIES
Dr Haluk F GURSEL
In this work, behavior of money multipliers for a developing country, Turkey is
examined and is calculated by estimating the values of the model constructed for the
purpose for the period of 1952-1972. However, model lends itself for applications
covering any other period.
Study includes three sections. First, basic money multipliers model is presented. Then,
model is modified and developed considering Turkey’s special conditions. In the final
section, the improved model is tested against actual data.
Interestingly, although tentative, the results are different from the limited number of
studies about money multipliers in Turkey. Nevertheless, the necessity for a more
detailed model to test actual data is imperative.
KEYWORDS: Haluk F Gursel, Central Bank, Money Multiplier, Monetary Base, Monetary
Control, Money Supply, Developing Countries Monetary Model, Monetary Model,
Monetary Control Model, Monetary Control in Developing Countries