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Dolarizasyon Endeksleri : Turkiye’deki Dolarizasyon Surecine Iliskin Gostergeler

Author

Listed:
  • Ozge Akinci
  • Yasemin Barlas Ozer
  • Bulent Usta

Abstract

Dollarization, which can be considered as a wide-spread characteristic of the emerging market economies, is caused by economic units’ holding assets in foreign currency to prevent the value of their financial assets from the risk of devaluation of the national currency and to diversify their portfolio when the asset side of the balance sheets is considered. On the other hand, when the liability side of the balance sheets are considered, firms’, households’ and the government’s borrowing in foreign currency both from domestic and foreign sources causes dollarization. This paper constructs asset, liability and composite dollarization indices as indicators of the lasting dollarization process in Turkey, proposing measures for the degree of dollarization of the Turkish economy. All indices justify the success of the stabilization program that has been conducted since 2002, in reversing the dollarization trend.

Suggested Citation

  • Ozge Akinci & Yasemin Barlas Ozer & Bulent Usta, 2005. "Dolarizasyon Endeksleri : Turkiye’deki Dolarizasyon Surecine Iliskin Gostergeler," Working Papers 0517, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
  • Handle: RePEc:tcb:wpaper:0517
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    File URL: http://www.tcmb.gov.tr/wps/wcm/connect/EN/TCMB+EN/Main+Menu/Publications/Research/Working+Paperss/2005/05-17
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    References listed on IDEAS

    as
    1. Arturo Galindo & Leonardo Leiderman, 2005. "Living with Dollarization and the Route to Dedollarization," Research Department Publications 4397, Inter-American Development Bank, Research Department.
    2. Aghion, Philippe & Bacchetta, Philippe & Banerjee, Abhijit, 2000. "A simple model of monetary policy and currency crises," European Economic Review, Elsevier, vol. 44(4-6), pages 728-738, May.
    3. Carmen M. Reinhart & Kenneth S. Rogoff & Miguel A. Savastano, 2014. "Addicted to Dollars," Annals of Economics and Finance, Society for AEF, vol. 15(1), pages 1-50, May.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Cafer Kaplan & Erdal Ozmen & Cihan Yalcin, 2006. "The Determinants and Implications of Financial Asset Holdings of Non-Financial Firms in Turkey : An Emprical Investigation," Working Papers 0606, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
    2. Halil Ibrahim Aydin & Cafer Kaplan & Mehtap Kesriyeli & Erdal Ozmen & Cihan Yalcin & Serkan Yigit, 2006. "Corporate Sector Financial Structure in Turkey : A Descriptive Analysis," Working Papers 0607, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
    3. Harun Alp & Yusuf Soner Baskaya & Mustafa Kilinc & Canan Yuksel, 2012. "Stylized Facts for Business Cycles in Turkey," Working Papers 1202, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.

    More about this item

    Keywords

    composite dollarization index; asset dollarization; liability dollarization;

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • C43 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Index Numbers and Aggregation

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