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Dolarizasyon Endeksleri : Turkiye’deki Dolarizasyon Surecine Iliskin Gostergeler

  • Ozge Akinci
  • Yasemin Barlas Ozer
  • Bulent Usta

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.

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Paper provided by Research and Monetary Policy Department, Central Bank of the Republic of Turkey in its series Working Papers with number 0517.

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Date of creation: 2005
Date of revision:
Handle: RePEc:tcb:wpaper:0517
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  1. Carmen M. Reinhart & Kenneth S. Rogoff & Miguel A. Savastano, 2003. "Addicted to Dollars," CEMA Working Papers 594, China Economics and Management Academy, Central University of Finance and Economics.
  2. Arturo Galindo & Leonardo Leiderman, 2005. "Living with Dollarization and the Route to Dedollarization," Research Department Publications 4397, Inter-American Development Bank, Research Department.
  3. 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.
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