Döviz Cinsi Krediler Bir “Döviz Riski” Azaltma Araci Mıdır? 2003-2018 Türkiye Analizi
Are Foreign Exchange Loans Means Of Hedging Against "Foreign Exchange Risk?”: An Analysis For Turkey, 2003-2018
Author(s): Sertaç Hopoğlu, Hakan EryüzlüSubject(s): Economic history, Economic policy, Transformation Period (1990 - 2010), Present Times (2010 - today), Financial Markets
Published by: Celal Bayar Üniversitesi Sosyal Bilimler Enstitüsü
Keywords: Foreign Exchange Loans; Foreign Exchange Risk; ARDL Cointegration; Toda-Yamamoto Causality;
Summary/Abstract: Exchange rates are important macro variables for developing economies. Fluctuations in exchange rates, especially upward trending movements, creates a foreign exchange risk for both debtors and firms that use imported inputs in their operations. In consideration of this, investors take on various actions to avoid possible foreign exchange risks. Thus, this study investigates whether investors borrowing foreign exchange loans from commercial banks use such credits as a means of hedging against foreign exchange risk. In this respect, ARDL cointegration and Toda-Yamamoto (1995) causality analyses are employed to study the relationship between ratio of foreign exchange loans to the total loans granted by commercial banks and real effective exchange rate in turkey for the period 2003:1-2018:6. The results of the analysis indicate that foreign exchange loans can be taken out as a means of hedging against foreign exchange risk.
Journal: Celal Bayar Üniversitesi Sosyal Bilimler Dergisi
- Issue Year: 18/2020
- Issue No: Sp. Issue
- Page Range: 45-55
- Page Count: 11
- Language: Turkish