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      Money and productive efficiency: evidence from a high-inflation country

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      Author(s)
      Başçı, E.
      Mahmud, S. F.
      Yucel, E. M.
      Date
      2007
      Source Title
      Emerging Markets Finance and Trade
      Print ISSN
      1540-496X
      Electronic ISSN
      1558-0938
      Publisher
      Routledge
      Volume
      43
      Issue
      1
      Pages
      64 - 73
      Language
      English
      Type
      Article
      Item Usage Stats
      181
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      198
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      Abstract
      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. © 2007 M.E. Sharpe, Inc. All rights reserved.
      Keywords
      High inflation
      Inventories
      Manufacturing
      Money demand by firms
      Stochastic frontier estimation
      Turkey
      Permalink
      http://hdl.handle.net/11693/23586
      Published Version (Please cite this version)
      https://doi.org/10.2753/REE1540-496X430103
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      • Department of Economics 724
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