Küresel finansal riskler karşısında Türkiye’de reel sektörün finansal yapısı ve borç dolarizasyonu

Özmen, Erdal; Yalçın, Cihan

doi:10.3848/iif.2007.258.2780

Cited by 6 publications

(2 citation statements)

References 17 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…On the other hand, sudden and high exchange rates, will adversely affect the financial situation, production and investment of the sectors (and the entire economy with links to financial fragility) that owe unhedged a high level of foreign currency, can result in economic contraction and financial instability (Özmen and Yalçın, 2007). According to Minsky (1992), in a capitalist economy, it is inevitable that trustworthy financial structures will eventually turn into fragile financial structures and he stated that the methods employed by economic units to provide financing had an impact on financial vulnerability.…”

Section: Introductionmentioning

confidence: 99%

Volatility Spillover Effects From Global and National Variables to Sovereign CDS Spreads: Evidence From Turkey

Cihangir

2020

Süleyman Demirel Üniversitesi Vizyoner Dergisi

View full text Add to dashboard Cite

In this study global and national variables that affect the sovereign Credit Default Swaps (CDS) spreads for Turkey are examined. The study utilises monthly time-series data, spanning from August of 2009 to September 2018. Empirical analysis is done in two steps: In the first step, the causality relationships between related variables are investigated by the Granger causality test. In the second step, the effect of symmetric and asymmetric spillover effects on sovereign CDS spread is determined. The findings show that both national and global shocks are relevant for Turkey' sovereign CDS spreads volatility, but national variables tend to have a greater impact. Furthermore, there exist mean asymmetric effects for external fragility, domestic interest rate and the VIX variables. It is tested that sovereign CDS spreads react more sharply to domestic interest rates and VIX bad news than a positive shock of equal size. Generally, both uncertainties in global conditions and the relatively high need for external borrowing of Turkey necessitates a multi-faceted policy-making and management process.

show abstract

Section: Introductionmentioning

confidence: 99%

Volatility Spillover Effects From Global and National Variables to Sovereign CDS Spreads: Evidence From Turkey

Cihangir

2020

Süleyman Demirel Üniversitesi Vizyoner Dergisi

View full text Add to dashboard Cite

show abstract

“…According to Calvo and Reinhart (2002), the floating exchange rate regime may have a shock-generating feature in the event that firms with mainly domestic currency income have unsecured foreign currency debts. Increases in the real exchange rate affect general financial situation and foreign currency debt sustainability of firms with high foreign currency debt and having income predominantly in domestic currency (Özmen and Yalçın, 2007). In the event that the foreign currency rate on the liability side of the firms' balance sheets is higher than that of the asset side, the firms lose their wealth when the value of domestic currency decreases (Aklan and Nargeleçekenler, 2010).…”

Section: Introductionmentioning

confidence: 99%

The effects of liability dollarization on manufacturing competitiveness

Uslu¹,

Kapkara²

2020

Pressacademia

View full text Add to dashboard Cite

Purpose-This study aims to investigate the effect of liability dollarization on competitiveness of sub-sectors operating in Turkish manufacturing industry. Within the scope of the NACE Rev-2 classification, the study used annual data covering the 2008-2016 period for the sub-sectors of the manufacturing industry. Methodology-A group of econometric tests; fixed effects and random effects approaches have been estimated from panel data methods. Findings-Variables affecting the manufacturing industry competitiveness were found to be liability dollarization, economic globalization index, energy prices, economic crisis, trade openness, and basket exchange rate. The variable to be used as the "measure of competitiveness" to represent the dependent variable is the ratio of net exports to foreign trade volume. The estimation results show that increase in liability dollarization rate, presence of the economic crisis, and change in energy prices negatively affect competitiveness of sectors, whereas economic globalization index and trade openness have a positive effect on the competitiveness. There is no statistical significant impact of basket exchange rate on competitiveness. Conclusion-The results of this study indicate that to increase sectoral competitiveness of Turkish manufacturing sector should be increased openness effect and decreased debt dollarization ratio. While sectors increase openness, they can reach new markets and so they can increase their trade activities. But, to increase sectoral economic activity strongly, their fund problems should be solved.

show abstract

Türki̇ye Ekonomi̇si̇: Özel Sektörün Diş Borç Yükü Ve Si̇yasal İkti̇darin Tutumu Üzeri̇ne Bi̇r Değerlendi̇rme

Aydın

2020

Yönetim Ekonomi Edebiyat İslami Ve Politik Bilimler Dergisi

View full text Add to dashboard Cite

2001 Krizi’nin ardından Türkiye’de özel sektörün dışarıdan borçlanma eğilimi sürekli artmıştır. Hükümet, kamunun dış borç yükünün hafifliyor olmasının getirdiği rahatlıkla, bir bütün olarak ekonominin döviz üretme potansiyelinin düşük olduğunu dikkate almaksızın, özel sektörün bu eğilimini desteklemiştir. Zira özel sektörün getirdiği dış finansman tüketim talebini uyarıp büyümeyi hızlandırmaktadır. Ne var ki, 2008 Finans Krizi sonrasında küresel konjonktürün kötüleşmesi bir taraftan dış finansman kullanmanın maliyetini artırırken bir taraftan da para ikamesini yeniden gündeme getirmiştir. Sonuç olarak, dış borç yükünün oluşturduğu kırılganlık, iktisadi yapıyı tehdit edici bir içerik kazanmıştır. Hükümetin uzunca bir süre faiz artırımına direnmesi ve muhalif yaklaşımlara karşı sert bir tutum izlemesi, bu tehdidi büyütmüştür. Bütün bileşenleri ile siyasi irade durumun vahametini 2018 Ağustosunda maruz kalınan spekülatif saldırıdan sonra fark ederek tedbirler almaya çalışmıştır. Ne var ki 2020 Şubatından itibaren tüm dünyayı etkisi altına alan pandemi, siyasi iradenin manevra alanını daraltmaktadır. Artan dış borç yüküne rağmen devam eden durgunluk ibaresi ile tanımlayabileceğimiz bir kısır döngü yaşanmaktadır.

show abstract

Küresel finansal riskler karşısında Türkiye’de reel sektörün finansal yapısı ve borç dolarizasyonu

Cited by 6 publications

References 17 publications

Volatility Spillover Effects From Global and National Variables to Sovereign CDS Spreads: Evidence From Turkey

Volatility Spillover Effects From Global and National Variables to Sovereign CDS Spreads: Evidence From Turkey

The effects of liability dollarization on manufacturing competitiveness

Türki̇ye Ekonomi̇si̇: Özel Sektörün Diş Borç Yükü Ve Si̇yasal İkti̇darin Tutumu Üzeri̇ne Bi̇r Değerlendi̇rme

Contact Info

Product

Resources

About