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Bank Regulation in Dollarized Economies: The Case of Turkey

  • Erick W. Rengifo

    ()

    (Center for International Policy Studies, Economics Department, Fordham University, 441 E. Fordham Rd., Bronx, NY 10458, USA)

  • Emre Ozsoz

    ()

    (Social Studies Department, School of Liberal Arts, SUNY-FIT, 227 W 27th Street, NY 10001, USA)

  • Mustapha A. Akinkunmi

    ()

    (Brickfield Road Associates, 8 Onikoyi Street, Parkview Estate, Ikoyi, Lagos 101233 , Nigeria)

  • Eduardo Court

    ()

    (Centrum Cat´olica, Daniel Aloma Robles 125, Los Alamos de Monterrico Surco, Lima 33, Peru)

Regulators in emerging markets are increasingly curtailing the practice of foreigncurrency lending. In such a move Turkish regulatory authorities banned foreign currencylending to households in 2009. This paper examines the evolution of financial dollarization inTurkey in the 2002–2009 period by looking the currency composition of loans and deposits inthe banking system and the macroeconomic developments. We find that the Turkish bankingsystem was unhedged against currency fluctuations and the regulators acted preemptively inbanning the practice.

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Article provided by MDPI, Open Access Journal in its journal International Journal of Financial Studies.

Volume (Year): 1 (2013)
Issue (Month): 4 (November)
Pages: 137-153

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Handle: RePEc:gam:jijfss:v:1:y:2013:i:4:p:137-153:d:30412
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  1. Honig, Adam, 2009. "Dollarization, exchange rate regimes and government quality," Journal of International Money and Finance, Elsevier, vol. 28(2), pages 198-214, March.
  2. Kyriakos C. Neanidis & Christos S. Savva, 2009. "Financial Dollarization: Short-Run Determinants in Transition Economies," Centre for Growth and Business Cycle Research Discussion Paper Series 113, Economics, The Univeristy of Manchester.
  3. Ize, Alain & Yeyati, Eduardo Levy, 2003. "Financial dollarization," Journal of International Economics, Elsevier, vol. 59(2), pages 323-347, March.
  4. Nicolo, Gianni De & Honohan, Patrick & Ize, Alain, 2005. "Dollarization of bank deposits: Causes and consequences," Journal of Banking & Finance, Elsevier, vol. 29(7), pages 1697-1727, July.
  5. Guillermo A. Calvo, 2002. "On dollarization," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 10(2), pages 393-403, July.
  6. Luca, Alina & Petrova, Iva, 2008. "What drives credit dollarization in transition economies?," Journal of Banking & Finance, Elsevier, vol. 32(5), pages 858-869, May.
  7. Basso, Henrique S. & Calvo-Gonzalez, Oscar & Jurgilas, Marius, 2011. "Financial dollarization: The role of foreign-owned banks and interest rates," Journal of Banking & Finance, Elsevier, vol. 35(4), pages 794-806, April.
  8. Kutan, Ali M. & Ozsoz, Emre & Rengifo, Erick W., 2012. "Cross-sectional determinants of bank performance under deposit dollarization in emerging markets," Emerging Markets Review, Elsevier, vol. 13(4), pages 478-492.
  9. Emre Ozsoz, 2009. "Evaluating the Effects of Deposit Dollarization in Financial Intermediation in Transition Economies," Eastern European Economics, M.E. Sharpe, Inc., vol. 47(4), pages 5-24, July.
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