Yamak, Rahmi; Korkmaz, Özge

The global crisis which has arisen from American ho- using market in 2007 and has affected the whole worldand Turkey has motivated to re-examine current eco- nomic policies and its implications. Hyman Minskyexplained the concept of instability that resulted fromthe deterioration of debt-income ratio as the FinancialInstability Hypothesis. According to Financial Instabi- lity Hypothesis, the cause of thefinancial crisis is thefact of excessive borrowing in the financial system. In the literature, although there have been many theoreti- cal studies on Financial Instability Hypothesis, recentlydiscussed with the global crisis, there have been fewstudies in which statistical dimension of the hypothesiswas examined. In this study, the relationships betweenand credit/income rate as financial fragility 6-quartermoving standard deviation of the real GDP as econo- mic stability or instability indicator in Turkey havebeen analyzed by using VAR approach for the periodafter 1980.

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