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Corporate sector liability dollarization and exchange rate balance sheet effect in Turkey
Date
2011-01-01
Author
Kesriyeli, Mehtap
Özmen, Erdal
Yigit, Serkan
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In this study, we investigate the causes and balance sheet effect consequences of Liability Dollarization (LD) of nonfinancial sectors in Turkey. The dynamic panel data Generalized Method of Moments (GMM) results suggest that both sector specific and macroeconomic variables are significant in explaining the corporate sector LD. Industries appear to partially match the currency composition of their debt with their income streams. Devaluations are found to be contractionary, in terms of investments and profits, for sectors with higher LD. Macroeconomic instability affects the performance of the industries negatively. Our results also stress the importance of strong macroeconomic policy stance for an endogenous dedollarization process.
Subject Keywords
Economics and Econometrics
URI
https://hdl.handle.net/11511/41792
Journal
APPLIED ECONOMICS
DOI
https://doi.org/10.1080/00036846.2010.498353
Collections
Department of Economics, Article
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M. Kesriyeli, E. Özmen, and S. Yigit, “Corporate sector liability dollarization and exchange rate balance sheet effect in Turkey,”
APPLIED ECONOMICS
, pp. 4741–4747, 2011, Accessed: 00, 2020. [Online]. Available: https://hdl.handle.net/11511/41792.