You are here

YÜKÜMLÜLÜK DOLARİZASYONU VE BİLANÇO ETKİSİ: TÜRKİYE ÜZERINE BİR ANALİZ

Liability Dollar ization and Exchange RateBalanceSheet Effect On Turkey

Journal Name:

Publication Year:

Abstract (2. Language): 
Financial crises occurring in emerging markets during the late 1990’s caused significant changes in literature. Financial crises used to be explained in terms of macroeconomic variables until the late 1990s. Recent studies, however, consider the role of microeconomic variables in the formation of financ ial crisis. In the case of real depreciation, currency mismatch that affects the balance sheet of firms negatively may lead a decrease in investments. In this study, the results of balance sheet effect of liability dollarization in manufacturing sector for 1998-2007 were investigated by Dynamic Panel Data (DPD) model.
Abstract (Original Language): 
1990’li yillarin sonunda yeni gelisen ülkelerde yasanan finansal krizler literatürde önemli görüs degis iklerine neden olmustur. Bu krizlere kadar, literatürde finansal krizlerin sebeplerine makro ekonomik degiskenlere dayali açiklamalar getirilmekteydi. Ancak bu krizlerle birlikte mikro ekonomik degiskenlerin finansal kriz olusumundaki rolleri literatürde tartisma alani bulmustur. Para birimi uyumsuzlugu, ulusal para deger kaybettiginde firma bilançolarinda önemli bir risk unsuru olusturabilmekte ve yatirimlari olumsuz etkileyebilmektedir. Çalismamizda, 1998-2007 dönemi iç in imalat sanayi sektöründeki yükümlülük dolarizasyonunun bilanço etkis i sonuçlari, dinamik panel veri (DPD) modeliyle arastirilmistir.
177-204

REFERENCES

References: 

Aghion P., Bacchetta P., and Banerjee A. (2000), “A Simple Model of
Monetary Policy and Currency Crises”, , Vol.
44, No:4-6, pp.728-738.
Aghion P., Bacchetta P., and Banerjee A. (2001), “Currency Crises and
Monetary Policy in an Economy with credit Constraints”,
, Vo.45, no.7, pp.1121-1150.
Aghion P., Baccetta A., and Banerjee A. (2004), “A Corporate Balance
Sheet Approach to Currency Crises”, , Vol.
119, No: 1, pp. 6-30.
Aguiar M. (2005), “Investment, Devaluation, and Foreign Currency
Exposure: The Case of Mexico”, ,
Vol.78, no:1 pp. 95-113.
Arellano, M. and Bond S. (1991), “Some Tests of Specification for Panel
Data: Monte Carlo Evidence and an Application to Employment
Equations”, 58, 277-297.
Bacchetta P. (2000), “Monetary Policy with Foreign Currency Debt”,
WP 00,03 pp.1-38.
Balino T., Bennett A., and Borensztein E. (1999), “Monetary Policy in
Dollarized Economies”, , No.171.
Bergman M. and Hassan S. (2008), “Currency Crises and Monetary Policy
in an Economy with Credit Constraints: The No Interest Parity Case”,
, No.2008-1, pp.1-21.
Bernanke B. and Gertler M. (1989), “Agency Costs Net Worth and
Business Fluctuations”, , Vol:79, No.1, pp.14-
31.
Bernake B., Gertler M., and Gilchrist S. (1999), “The Financial Accelerator
in a Quantitative Business Cycle Framework”, in Taylor J, Woodford M
(ed)., Vol:1, Amsterdam, pp. 1341-1393.
Burnside C., Eichenbaum M., and Rebelo S., (2001), “Hedging and
Financial Fragility in Fixed Exchange Rate Regimes”,
, Vol. 45, No:7, pp. 1151-1193.
Bird G. and Rajan R. (1999), “Banks, Financial Liberalization and
Financial Crises in Emerging Markets”, , No, 99-16,
pp. 1-36.
Bleakley H. and Cowan K. (2002), “Corporate Dollar Debt and
Depreciations: Much Ado About Nothing?”
Broda C. and Levy-Yeyati E. (2003), “Endogenous Deposit Dollarization”,
, No.160.
Bonomo M., Martins B., and Pinto R. (2003), “Debt Composition and
Exchange Rate Balance Sheet Effect in Brasil: A Firm Level Analysis”,
, Vol:4, No:4, pp. 368-396.
Calvo, G. (2005), “Crisis in Emerging Market Economies, A Global
Perspective”, pp.1-41.
Calvo G. and Rodriguez C. A. (1977), “A Model of Exchange Rate
determination Under Rational Expectations”, ,
Vol.85, No.3, pp.617-625.
Calvo G. and Vegh C. (1992), “Currency Substitution in Developing
Countries: An Introduction”,
Calvo G. and Reinhart C. (1999), “Capital Flow Reversals the Exchange
Rate Debate and Dollarization”, , Vol,36, No:3, 1999,
pp.13-15.
Calvo G. and Reinhart C. (2002), “Fear of Floating”,
, Vol. 117, No:2, pp. 379-408.
Calvo G. and Mishkin F. (2003), “The Mirage of Exchange Rate Regimes
for Emerging Market Countries”, ,
Vol.14, No.4, pp.99-118.
Calvo G., Izguierdo A., and Talvi E. (2003), “Sudden Stops, the Real
Exchange Rate and Fiscal Sustainability : Argentina’s Lessons”,
, pp.1-50.
·
·
·
·
·
·
·
·
·
·
·
·
·
·
·
·
·
Swiss
National Bank,
IMF Occasional Papers
EPRU Working Paper Series
American Economic Review
Handbook of Macroeconomics
European Economic
Review
CESDiscussion Paper
The Review of Economics and
Statistics, Vol. 90, No.4, pp.612-626.
Federal ReserveBank of New York Staff Reports
Emerging MarketsReview
NBERWP. No. 11305,
Journal of Political Economy
IMF Working Papers, No: 92/40.
FinanceDevelopment
Quarterly Journal of
Economics
The Journal of Economic Perspectives
NBER
WP, No. 9828
Calvo G., Izguierdo A., and Mejia L. F. (2004) “On the Empirics of Sudden
Stops : The Relevance of Balance Sheet Effects”, , pp.
1-51.
Calvo G., Izguierdo A., and Mejia L. F. (2008), “Systemic Sudden Stops:
The Relevance of Balance Sheet Effects and Financial Integration”,
pp.1-47.
Carranza L. J., Cayo J. M., and Sanchez-Galdon J. E. (2003) “Exchange
Rate Volatility and Economic Performance in Peru: A Firm Level
Analysis”, , Vol:4, No.4, pp.472-496.
Cowan K. and Do O. T. (2003). “Financial Dollarization and Central Bank
Credibility”, , pp.1-40.
Cowan K. Hansen E., and Herrera O. (2005), “Currency Mismatches
Balance Sheet Effects and Hedging in Chilean Non- Financial
Corporations”, , No:346, pp.1-44.
Chamon M. and Hausmann R. (2005) Why Do Countries Borrow the
Way They Borrow?” in
,(ed)., Eichengreen B,
Hausmann R, Chigago: Chigago Uni Press, pp 218-233.
De Nicolo G., Honohan P., and Ize A. (2003), “Dollarization of the
Banking System: Good or Bad?”,
, No: 3116, pp. 1-52.
De la Torre A., Levy-Yeyati E., and Schmukler S. (2003), “Living and
Dying with Hard Pegs : The Rise and Fall of Argentina’s Currency Board”
, No. 2980, pp. 1-60.
Domaç, I. and Bahmani-Oskooee M. (2002), “On the Link Between
Dolarization and Inflation: Evidence from Turkey”, Centeral Bank of
Republic Turkey Discussion Papers, 207, 1-26.
Eichengreen B. and Hausmann R. (1999), “Exchange Rates and Financial
Fragility”, No.7418.
Eichengreen B., Hausmann R., and Panizza U. (2003a), “The Mystery of
Original Sin http://.www.berkeley.edu./-eicheng
Eichengreen B., Hausmann R., and Panizza U. (2003b), “Currency
Mismatches, Debt Intolerance and Original Sin: Why They Are Not the
Same and Why it Matters”, . 10036, pp.1-64.
Eichengreen B., Hausmann R., and Panizza U. (2005), “The Pain of
Original Sin”, in
,(ed)., Eichengreen B, Hausmann
R, Chigago: Chigago Uni Press, pp. 13-48.
Flood, R. P. and Rose A. K. (2001), “Uncovered Interest Parity in Crisis:
The Interest Rate Defencein the 1990s”, , 2943.
Frankel J. (2005), “Mundell- Flemming Lecture: Contractionary Currency
Crashes in Developing Countries”, , Vol:52, No:2, pp. 149
Galindo A., Panizza U, Schiantarelli F (2003), “Debt Composition and
Balance Sheet Effects of Currency Depreciation: A Summary of the Micro
Evidence”, , Vol.4, No.4, pp.330-339.
·Gertler M. (1992), “Financial Capacity and Output Fluctuations in an
Economy with Multi-period Financial Relationships”,
Gertler M., Gilchrist F., and Natalucci F. (2003), “External Constraints on
Monetary Policy and the Financial Accelerator”, ,
No. 10128.
Gertler M. and Gilchrist S. (1994), “Monetary Policy Business Cycles and
the Behaviour of Small Manufacturing Firms”,
, Vol:109, No:2, pp.309-340.
Goldstein M. and Turner P. (2004),
, Peterson Institute.
Frankel J. and Rose A. (1997), “Currency Crashes in Emerging Markets”,
Vol,41, No.3-4, pp. 351-366.
Furman J. and Stiglitz J. (1998), “Economic Crises: Evidence and Insights
from East Asia”, 2, pp.1-114.
Hahm J. H. and Mishkin F. S. (2000) “The Korean Financial Crisis: An
Asymetric Information Perspective”, , Vol. 1,
No.1, pp. 21-52.
Hansen, L. P. (1982) , “Large Sample Properties of Generalised Method of
Moments Estimators”, 50, 1029-1054.
Hausmann R., Panizza U., and Stein E. (2001), “Why Do Countries Float
the Way They Float?”, , Vol:66, No.2,
pp. 387-414.
Honig A. (2005), “Fear of Floating and Domestic Liability Dollarization”,
Vol: 6,No:3, pp. 289-307.
Hubbard G. (1998), “Capital Market Imperfections and Investment”,
, Vol, 36, No:1 pp.193-225.
Inter-American Development Bank (IADB) (2004),
, Washington D.C. pp.49-66.
Ize A. and Levy-Yeyati E. (1998), “Dollarization of Financial
Intermediation: Causes and Policy Implications”, ,
98/28.
Ize A. and Levy-Yeyati E. (2003), “Financial Dollarization”,
, Vol:59, No.2, pp. 323-347.
Ize A. and Parrado E. (2002), “Dollarization, Monetary Policy and the Pass
Through”, IMF No.188
Jeanne O. (2003), “Why Do Emerging Market Economies Borrow in
Foreign Currency”, IMF , 03/177.
Kamil H. (2006), “Does Moving to a Flexible Exchange Rate Regime
Reduce Currency Mismatches in Firms Balance Sheets?”, IMF
, pp.1-42.
Kesriyeli M., Özmen E. ve Yigit S. (2006) “Corporate Sector Debt
Composition and Exchange rate Balance Sheet Effect in Turkey”,
, 24-28 August, Viena, pp. 1-27.
Krugman P. (1999), “Balance Sheets, the Transfer Problem and Financial
Crises”, , Vol:6, No:4, pp. 459-472.
Levy-Yeyati E. (2006), “Financial Dollarization”, ,
Vol.21, No.45, pp.61-118.
Magud N. (2004), “Currency Mismatch, Openness and Exchange Rate
Regime Choice”, , No.2004-09-01.
Martínez L. and Werner A. (2002), “The Exchange Rate Regime and the
Currency Composition of Corporate Debt: The Mexican Experience”
, Vol. 69, No.2, pp. 315-334.
McKinnon R. (2001), “The East Asian Dollar Standart, Life After Death”,
, Vol.29, No.1, pp.31-82.
Miles M. (1978), “Currency Substitution, Flexible Exchange Rates and
Monetary Independence”, , Vol. 68, No.3,
pp.428-36.
Mishkin F. (1996), Understanding Financial Crises: A Developing Country
Perspective, http://www.columbia. edu. /mishkin.
Mizen P. and Pentecost E. (1996),
Cheltenham: Edward Elgar. Pbl.
Modigliani F. and Miller M. (1958), “The Cost of Capital, Corporation
Finance and Theory of Investment”, , Vol:48,
No:3, pp. 261-297.
Neanidis C. K. and Savva C. S. (2006), “The Effects of Uncertainty on
Currency Substitution and Inflation: Evidence from Emerging Economies,
, No:06/09, pp.1-25.
Obsfeld M. (1998), “The Global Capital Market: Benefactor or Menace?”
, Vol.12, No.4, pp. 9-30.
Ortiz G. (1983), “Currency Substitution in Mexico, The Dollarization
Problem”, Vol:15, No:2, pp.174-
185.
Radelet S. and Sachs J. (1998), “The Onset of the East Asian Financial
Crisis”, , pp.1-81.
Rajan R. (2004), “Dollar Shortages and Crises”, ,
No. 10845, pp.1-44.
Reinhart C., Rogoff K., and Savastano M. A. (2003a), “Addicted to
Dollars”, NBER WP No. 10015.
Reinhart C., Rogoff K., and Savastano M. A. (2003b), “Debt Intolerance”,
1, pp.1-74.
Rodrik D. and Velasco A. (1999), “Short Term Capital Flows”,
, No. 7364.
Rosenberg C., Halikias I., House B., Keller C., Nystedt J., Pitt A., and
Setser B. (2005), “Debt-Related Vulnerabilities and Financial Crises. An
Application of the Balance Sheet Approach to Emerging Market
Countries” , No. 240.
Rojas-Suarez L. (1992), “Currecy Substitution and Inflation in Peru”,
, No. 92/33.
Sahay R. and Vegh C. (1996), “Dollarization in Transition Economies:
Evidence and Policy Implications”, in
Edward Elgar Pbl,
ed., Mizen P, Pentecost E, pp. 193-223.
Sargan, J. D. (1958), “The Estimation of Economic Relationships Using
Instrumental Variables”, 26, 393-415.
Savastano M., (1996), “Dollarization in Latin America: Recent Evidence
and Some Policy Issues”, , No. 96/4.
Schneider M. and Tornell A. (2000), “Balance Sheet Effects, Bailout
Guarantees, and Financial Crises”, , No. 8060, pp.
1-31.

Thank you for copying data from http://www.arastirmax.com