Corporate Sector Debt Composition and Exchange Rate Balance Sheet Effect in Turkey

Autor :Mehtap Kesriyeli, Erdal Özmen, Serkan Yigit
Herausgeber :
Central Bank Of Turkey, Research Department
Herkunft :Sondersammelgebiet Vorderer Orient einschl. Nordafrika
Datum :01.01.2005
Dokumente :
Dataobject from HALCoRe_document_00013023
Typ :Forschungsarbeit
Format :Text
Kurzfassung :This paper investigates the causes and balance sheet effect consequences of the liability dollarisation of non-financial sectors in Turkey using the Company Accounts database
compiled by the Central Bank of Turkey. The results from the panel EGLS and GMM procedures suggest that both sector-specific (tangibility, leverage ratio, export share) and
macroeconomic condition variables (inflation, real exchange rate change, budget deficits and confidence) are significant in explaining the corporate sector liability dollarisation.
Firms are found to match only partially the currency composition of their debt with their income streams making them potentially vulnerable to negative balance sheet affects of real exchange rate depreciation shocks. Consistent with this argument, real exchange rate depreciations are found to be contractionary, in terms of investments and profits, for sectors with higher liability dollarisation. Macroeconomic instability, as proxied by budget deficits and inflation, appears to have a significant negative affect on the performance of the firms in the non-financial sectors, in terms of their investments, sales and profits. Our results also stress the importance of strong macroeconomic policy stance and price stability for an endogenous dedollarisation process along with regulatory measures to limit vulnerabilities caused by dollarisation.
Schlagwörter :Türkei
Quelle :http://www.tcmb.gov.tr/research/discus/WP0516ENG.pdf
Rechte :Autor
Anmerkungen :http://www.econturk.org/
Erstellt am :14.03.2012 - 18:56:01
Letzte Änderung :14.03.2012 - 18:56:25
MyCoRe ID :HALCoRe_document_00013023
Statische URL :http://edoc.bibliothek.uni-halle.de/servlets/DocumentServlet?id=13023