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Balance Sheet Effects of Exchange Rate Changes and Debt Dollarisation: An Econometric Analysis on the Turkish Real Sector

Year 2024, Volume: 32 Issue: 60, 427 - 444, 28.04.2024

Mücahid Samet Yılmaz Mustafa Acar

https://doi.org/10.17233/sosyoekonomi.2024.02.20

Abstract

The impact of exchange rate changes on the real sector is not limited to an expansionary competitive effect caused by domestic currency depreciation. The balance sheet effect may be a significant source of risk, especially for companies with high levels of debt in foreign currency, i.e., experiencing liability dollarisation. Exchange rate increases may raise risks by increasing the value of debts in domestic currency. The Turkish real sector faces significant balance sheet risks due to high debt dollarisation and domestic currency depreciation. This study analyses the impact of liability dollarisation and exchange rate changes on investments as the best indicator of sectoral performance through “balance sheet effect” and “competitive effect” channels with the GMM estimator using data for 76 sectors in Türkiye for 2009-2022. Our findings indicate that, while the corporate sector is exposed to a significant negative balance sheet effect due to short-run liability dollarisation, there are no significant effects of long-run liability dollarisation on investments. Also, there are no significant findings regarding the competitiveness effect channel. Therefore, the fragilities in the balance sheet of the Turkish real sector make it necessary for political decision-makers to avoid unexpected depreciation in the value of the Turkish lira.

Keywords

Liability Dollarisation Balance Sheet Effect Competitiveness Effect GMM Estimator

References

  • Acar, M. (2000), “Devaluation in Developing Countries: Expansionary or Contractionary?”, Journal of Economic and Social Research, 2(1), 59-83.
  • Adanur-Aklan, N. & M. Nargeleçekenler (2010), “Yükümlülük Dolarizasyonu ve Bilanço Etkisi: Türkiye Üzerine Bir Analiz”, İ.Ü. Siyasal Bilgiler Fakültesi Dergisi, 43, 177-204.
  • Adler, M. & B. Dumas (1984), “Exposure to Currency Risk: Definition and Measurement”, Financial Management, 13(2), 41-50.
  • Aggarwal, R. & J.T. Harper (2010), “Foreign Exchange Exposure of “Domestic” Corporations”, Journal of International Money and Finance, 29, 1619-1636.
  • Aghion, P. et al. (2000), “A Simple Model of Monetary Policy and Currency Crises”, European Economic Review, 44, 728-738.
  • Akay, G.H. & A. Çifter (2014), “Exchange Rate Exposure at the Firm and Industry Levels: Evidence from Turkey”, Economic Modelling, 43, 426-434.
  • Arellano, M. & O. Bover (1995), “Another Look at the Instrumental Variable Estimation of Error-Components Models”, Journal of Econometrics, 68(1), 29-51.
  • Arellano, M. & S. Bond (1991), “Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations”, The Review of Economic Studies, 58(2), 277-297.
  • Aydın, Ü. vd. (2017), “Türkiye’deki Reel Sektörün Finansal Yapısı: Kur Değişimlerinin ve Politik İstikrarsızlığın İmalat Sanayi Üzerine Etkisi”, 3rd SCF International Conference on “Economic and Social Impacts of Globalization”, 5-14.
  • Balassa, B. (1978), “Exports and Economic Growth: Further Evidence”, Journal of Development Economics, 5(2), 181-189.
  • Benavente, J.M. et al. (2003), “Debt Composition and Balance Sheet Effects of Exchange Rate Depreciations: A Firm-Level Analysis for Chile”, Emerging Markets Review, 4(4), 397-416.
  • Berman, N. & A. Berthou (2009), “Financial Market Imperfections and the Impact of Exchange Rate Movements on Exports”, Review of International Economics, 17(1), 103-120.
  • Bernanke, B.S. & M. Gertler (1995), “Inside the Black Box: The Credit Channel of Monetary Policy Transmission”, Journal of Economic Perspectives, 9(4), 27-48.
  • Blundell, R. & S. Bond (1998), “Initial Conditions and Moment Restrictions in Dynamic Panel Data Models”, Journal of Econometrics, 87, 115-143.
  • Bond, S. (2002), “Dynamic Panel Data Models: A Guide to Micro Data Methods and Practice”, Portuguese Economic Journal, 1, 141-162.
  • Bonomo, M. et al. (2003), “Debt Composition and Exchange Rate Balance Sheet Effect in Brazil: A Firm Level Analysis”, Emerging Markets Review, 4(4), 368-396.
  • Boughton, J.M. (2003), “On the Origins of the Fleming-Mundell Model”, IMF Staff Papers, 50(1), 1-9.
  • Burgaz, N. (2020), “Borç Dolarizasyonunun İmalat Sanayi Firmaları Üzerindeki Bilanço Etkisi”, Türkiye Sosyal Araştırmalar Dergisi, 24(3), 511-522.
  • Carranza, J.J. et al. (2003), “Exchange Rate Volatility and Economic Performance in Peru: A Firm Level Analysis”, Emerging Markets Review, 4(4), 472-496.
  • Cespedes, L.F. et al. (2004), “Balance Sheets and Exchange Rate Policy”, American Economic Review, 94(4), 1183-1193.
  • Demirhan, D. & A.G. Atış (2013), “A Research on the Exchange Rate Exposure of Firms Listed in Borsa Istanbul”, Business and Economics Research Journal, 4(4), 25-35.
  • Demirkılıç, S. (2021), “Balance Sheet Effects of Foreign Currency Debt and Real Exchange Rate on Corporate Investment: Evidence from Turkey”, Emerging Markets Review, 47, 100796.
  • Dixon, R. & A.P. Thirlwall (1975), “A Model of Regional Growth-Rate Differences on Kaldorian Lines”, Oxford Economic Papers, 27(2), 201-214.
  • Eichengreen, B. & R. Hausmann (1999), “Exchange Rates and Financial Fragility”, NBER Working Paper.
  • Eichengreen, B. et al. (2007), Currency Mismatches, Debt Intolerance, and the Original Sin: Why They Are Not the Same and Why It Matters, University of Chicago Press.
  • Erdoğan, M. (2016), “Foreign Exchange Exposure and Hedging of Turkish Companies: Panel Data Evidence”, International Business Research, 9(6), 44-52.
  • Feder, G. (1982), “On Exports and Economic Growth”, Journal of Development Economics, 12, 59-73.
  • Fleming, J.M. (1962), “Domestic Financial Policies under Fixed and under Floating Exchange Rates”, IMF Staff Papers, 9(3), 369-380.
  • Forbes, K.J. (2002), “How Do Large Depreciations Affect Firm Performance?”, IMF Staff Papers, 49, 214-238.
  • Gönenç, H. vd. (2003), “Balance Sheet Exchange Rate Exposure, Investment and Firm Value: Evidence from Turkish Firms”, Central Bank Review, 3(2), 1-25.
  • İncekara, A. vd. (2017), “Borç Dolarizasyonunun Türk İmalat Sanayii Sektörü Büyümesi Üzerine Etkisi”, İktisat Politikası Araştırmaları Dergisi, 4(1), 16-38.
  • Jorion, P. (1990), “The Exchange-Rate Exposure of U.S. Multinationals”, The Journal of Business, 63(3), 331-345.
  • Kaldor, N. (1978), “The Effect of Devaluation on Trade in Manufacturers”, Future Essays in Applied Economics, 99-116.
  • Kesriyeli, M. et al. (2011), “Corporate Sector Liability Dollarization and Exchange Rate Balance Sheet Effect in Turkey”, Applied Economics, 43(30), 4741-4747.
  • Kıymaz, H. (2003), “Estimation of Foreign Exchange Exposure: An Emerging Market Application”, Journal of Multinational Financial Management, 13, 71-84.
  • Krugman, P. (1999), “Balance Sheets, the Transfer Problem, and Financial Crises”, International Tax and Public Finance, 6, 459-472.
  • Mishkin, F.S. (1995), “Symposium on the Monetary Transmission Mechanism”, Journal of Economic Perspectives, 9(4), 3-10.
  • Mishkin, F.S. (1996), “Understanding Financial Crises: A Developing Country Perspective”, NBER Working Paper, 1-49.
  • Mundell, R.A. (1960), “The Monetary Dynamics of International Adjustment under Fixed and Flexible Exchange Rates”, The Quarterly Journal of Economics, 74(2), 227-257.
  • Mutluay, A.H. & T.T. Turaboğlu (2013), “Döviz Kuru Değişimlerinin Firma Performansına Etkileri: Türkiye Örneği”, BDDK Bankacılık ve Finansal Piyasalar Dergisi, 7(1), 59-78.
  • Pratap, S. et al. (2003), “Debt Composition and Balance Sheet Effects of Exchange Rate Volatility in Mexico: A Firm Level Analysis”, Emerging Markets Review, 4(4), 450-471.
  • Roodman, D. (2009a), “A Note on the Theme of Too Many Instruments”, Oxford Bulletin of Economics and Statistics, 71(1), 135-158.
  • Roodman, D. (2009b), “How to Do xtabond2: An Introduction to Difference and System GMM in Stata”, The Stata Journal, 9(1), 86-136.
  • Rossini, R. & M. Vega (2008), “The Monetary Policy Transmission Mechanism Under Financial Dollarisation: The Case of Peru 1996-2006”, BIS Papers.
  • Taşseven, Ö. & S. Çınar (2015), “Türkiye’de Borç Dolarizasyonunun Belirleyicileri ve Makroekonomik Göstergeler Üzerindeki Etkileri”, Social Sciences Research Journal, 4(2), 121-141.
  • Taylor, J.B. (1995), “The Monetary Transmission Mechanism: An Empirical Framework”, Journal of Economic Perspectives, 9(4), 11-26.
  • Tkalec, M. & M. Verbic (2013), “A New Look into the Prevalence of Balance Sheet or Competitiveness Effect of Exchange Rate Depreciation in a Highly Euroised Economy”, Post-Communist Economies, 25(2), 225-240.
  • Williamson, J. (1985), “On the System in Bretton Woods”, American Economic Association, 75(2), 74-79.
  • Yerdelen-Tatoğlu, F. (2020), İleri Panel Veri Analizi: Stata Uygulamalı, İstanbul: Beta Yayıncılık.
  • Yıldız, B. & T. Yılmaz (2022), “Yabancı Para Pozisyonunun Firma Kârlılığına Etkisi: Borsa İstanbul Örneği”, ODÜ Sosyal Bilimler Araştırmaları Dergisi, 12(2), 1399-1418.

Döviz Kuru Değişimlerinin Bilanço Etkisi ve Borç Dolarizasyonu: Türk Reel Sektörü Üzerine Ekonometrik Bir Analiz

Year 2024, Volume: 32 Issue: 60, 427 - 444, 28.04.2024

Mücahid Samet Yılmaz Mustafa Acar

https://doi.org/10.17233/sosyoekonomi.2024.02.20

Abstract

Döviz kuru değişimlerinin reel sektör üzerindeki etkisi sadece ulusal para değer kayıplarının neden olduğu genişletici bir rekabetçi etki ile sınırlı değildir. Özellikle yüksek düzeyde döviz cinsinden borcu olan, yani borç dolarizasyonu yaşayan şirketler için bilanço etkisi büyük bir risk kaynağıdır. Döviz kuru artışları, borçların ulusal para cinsinden değerini artırarak riskleri artırabilir. Türk reel sektörü de yüksek borç dolarizasyonu ve ulusal para değer kayıpları nedeniyle önemli bilanço kaynaklı risklerle karşı karşıyadır. Bu çalışmada borç dolarizasyonu ve döviz kuru değişimlerinin sektörel performansın en temel göstergesi olan yatırımlar üzerindeki etkisi araştırılmakta, Türkiye için 2009-2022 dönemine ilişkin 76 alt sektör verisinden yararlanılarak “bilanço etkisi” ve “rekabetçi etki” kanalları GMM tahmincisi ile analiz edilmektedir. Elde edilen bulgulara göre, kısa vadeli döviz cinsi borçlardan kaynaklı olarak reel sektör anlamlı bir negatif bilanço etkisine maruz kalırken, uzun vadeli döviz cinsi borçların yatırımlar üzerinde anlamlı etkileri bulunamamıştır. Rekabetçi etki kanalına ilişkin de anlamlı bulgular söz konusu değildir. Dolayısıyla Türk reel sektörünün bilançosundaki kırılganlıklar, politik karar alıcılar açısından Türk lirasının değerindeki beklenmedik kayıplardan kaçınmayı gerekli kılmaktadır.

Keywords

Borç Dolarizasyonu Bilanço Etkisi Rekabetçi Etki GMM Tahmincisi

References

  • Acar, M. (2000), “Devaluation in Developing Countries: Expansionary or Contractionary?”, Journal of Economic and Social Research, 2(1), 59-83.
  • Adanur-Aklan, N. & M. Nargeleçekenler (2010), “Yükümlülük Dolarizasyonu ve Bilanço Etkisi: Türkiye Üzerine Bir Analiz”, İ.Ü. Siyasal Bilgiler Fakültesi Dergisi, 43, 177-204.
  • Adler, M. & B. Dumas (1984), “Exposure to Currency Risk: Definition and Measurement”, Financial Management, 13(2), 41-50.
  • Aggarwal, R. & J.T. Harper (2010), “Foreign Exchange Exposure of “Domestic” Corporations”, Journal of International Money and Finance, 29, 1619-1636.
  • Aghion, P. et al. (2000), “A Simple Model of Monetary Policy and Currency Crises”, European Economic Review, 44, 728-738.
  • Akay, G.H. & A. Çifter (2014), “Exchange Rate Exposure at the Firm and Industry Levels: Evidence from Turkey”, Economic Modelling, 43, 426-434.
  • Arellano, M. & O. Bover (1995), “Another Look at the Instrumental Variable Estimation of Error-Components Models”, Journal of Econometrics, 68(1), 29-51.
  • Arellano, M. & S. Bond (1991), “Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations”, The Review of Economic Studies, 58(2), 277-297.
  • Aydın, Ü. vd. (2017), “Türkiye’deki Reel Sektörün Finansal Yapısı: Kur Değişimlerinin ve Politik İstikrarsızlığın İmalat Sanayi Üzerine Etkisi”, 3rd SCF International Conference on “Economic and Social Impacts of Globalization”, 5-14.
  • Balassa, B. (1978), “Exports and Economic Growth: Further Evidence”, Journal of Development Economics, 5(2), 181-189.
  • Benavente, J.M. et al. (2003), “Debt Composition and Balance Sheet Effects of Exchange Rate Depreciations: A Firm-Level Analysis for Chile”, Emerging Markets Review, 4(4), 397-416.
  • Berman, N. & A. Berthou (2009), “Financial Market Imperfections and the Impact of Exchange Rate Movements on Exports”, Review of International Economics, 17(1), 103-120.
  • Bernanke, B.S. & M. Gertler (1995), “Inside the Black Box: The Credit Channel of Monetary Policy Transmission”, Journal of Economic Perspectives, 9(4), 27-48.
  • Blundell, R. & S. Bond (1998), “Initial Conditions and Moment Restrictions in Dynamic Panel Data Models”, Journal of Econometrics, 87, 115-143.
  • Bond, S. (2002), “Dynamic Panel Data Models: A Guide to Micro Data Methods and Practice”, Portuguese Economic Journal, 1, 141-162.
  • Bonomo, M. et al. (2003), “Debt Composition and Exchange Rate Balance Sheet Effect in Brazil: A Firm Level Analysis”, Emerging Markets Review, 4(4), 368-396.
  • Boughton, J.M. (2003), “On the Origins of the Fleming-Mundell Model”, IMF Staff Papers, 50(1), 1-9.
  • Burgaz, N. (2020), “Borç Dolarizasyonunun İmalat Sanayi Firmaları Üzerindeki Bilanço Etkisi”, Türkiye Sosyal Araştırmalar Dergisi, 24(3), 511-522.
  • Carranza, J.J. et al. (2003), “Exchange Rate Volatility and Economic Performance in Peru: A Firm Level Analysis”, Emerging Markets Review, 4(4), 472-496.
  • Cespedes, L.F. et al. (2004), “Balance Sheets and Exchange Rate Policy”, American Economic Review, 94(4), 1183-1193.
  • Demirhan, D. & A.G. Atış (2013), “A Research on the Exchange Rate Exposure of Firms Listed in Borsa Istanbul”, Business and Economics Research Journal, 4(4), 25-35.
  • Demirkılıç, S. (2021), “Balance Sheet Effects of Foreign Currency Debt and Real Exchange Rate on Corporate Investment: Evidence from Turkey”, Emerging Markets Review, 47, 100796.
  • Dixon, R. & A.P. Thirlwall (1975), “A Model of Regional Growth-Rate Differences on Kaldorian Lines”, Oxford Economic Papers, 27(2), 201-214.
  • Eichengreen, B. & R. Hausmann (1999), “Exchange Rates and Financial Fragility”, NBER Working Paper.
  • Eichengreen, B. et al. (2007), Currency Mismatches, Debt Intolerance, and the Original Sin: Why They Are Not the Same and Why It Matters, University of Chicago Press.
  • Erdoğan, M. (2016), “Foreign Exchange Exposure and Hedging of Turkish Companies: Panel Data Evidence”, International Business Research, 9(6), 44-52.
  • Feder, G. (1982), “On Exports and Economic Growth”, Journal of Development Economics, 12, 59-73.
  • Fleming, J.M. (1962), “Domestic Financial Policies under Fixed and under Floating Exchange Rates”, IMF Staff Papers, 9(3), 369-380.
  • Forbes, K.J. (2002), “How Do Large Depreciations Affect Firm Performance?”, IMF Staff Papers, 49, 214-238.
  • Gönenç, H. vd. (2003), “Balance Sheet Exchange Rate Exposure, Investment and Firm Value: Evidence from Turkish Firms”, Central Bank Review, 3(2), 1-25.
  • İncekara, A. vd. (2017), “Borç Dolarizasyonunun Türk İmalat Sanayii Sektörü Büyümesi Üzerine Etkisi”, İktisat Politikası Araştırmaları Dergisi, 4(1), 16-38.
  • Jorion, P. (1990), “The Exchange-Rate Exposure of U.S. Multinationals”, The Journal of Business, 63(3), 331-345.
  • Kaldor, N. (1978), “The Effect of Devaluation on Trade in Manufacturers”, Future Essays in Applied Economics, 99-116.
  • Kesriyeli, M. et al. (2011), “Corporate Sector Liability Dollarization and Exchange Rate Balance Sheet Effect in Turkey”, Applied Economics, 43(30), 4741-4747.
  • Kıymaz, H. (2003), “Estimation of Foreign Exchange Exposure: An Emerging Market Application”, Journal of Multinational Financial Management, 13, 71-84.
  • Krugman, P. (1999), “Balance Sheets, the Transfer Problem, and Financial Crises”, International Tax and Public Finance, 6, 459-472.
  • Mishkin, F.S. (1995), “Symposium on the Monetary Transmission Mechanism”, Journal of Economic Perspectives, 9(4), 3-10.
  • Mishkin, F.S. (1996), “Understanding Financial Crises: A Developing Country Perspective”, NBER Working Paper, 1-49.
  • Mundell, R.A. (1960), “The Monetary Dynamics of International Adjustment under Fixed and Flexible Exchange Rates”, The Quarterly Journal of Economics, 74(2), 227-257.
  • Mutluay, A.H. & T.T. Turaboğlu (2013), “Döviz Kuru Değişimlerinin Firma Performansına Etkileri: Türkiye Örneği”, BDDK Bankacılık ve Finansal Piyasalar Dergisi, 7(1), 59-78.
  • Pratap, S. et al. (2003), “Debt Composition and Balance Sheet Effects of Exchange Rate Volatility in Mexico: A Firm Level Analysis”, Emerging Markets Review, 4(4), 450-471.
  • Roodman, D. (2009a), “A Note on the Theme of Too Many Instruments”, Oxford Bulletin of Economics and Statistics, 71(1), 135-158.
  • Roodman, D. (2009b), “How to Do xtabond2: An Introduction to Difference and System GMM in Stata”, The Stata Journal, 9(1), 86-136.
  • Rossini, R. & M. Vega (2008), “The Monetary Policy Transmission Mechanism Under Financial Dollarisation: The Case of Peru 1996-2006”, BIS Papers.
  • Taşseven, Ö. & S. Çınar (2015), “Türkiye’de Borç Dolarizasyonunun Belirleyicileri ve Makroekonomik Göstergeler Üzerindeki Etkileri”, Social Sciences Research Journal, 4(2), 121-141.
  • Taylor, J.B. (1995), “The Monetary Transmission Mechanism: An Empirical Framework”, Journal of Economic Perspectives, 9(4), 11-26.
  • Tkalec, M. & M. Verbic (2013), “A New Look into the Prevalence of Balance Sheet or Competitiveness Effect of Exchange Rate Depreciation in a Highly Euroised Economy”, Post-Communist Economies, 25(2), 225-240.
  • Williamson, J. (1985), “On the System in Bretton Woods”, American Economic Association, 75(2), 74-79.
  • Yerdelen-Tatoğlu, F. (2020), İleri Panel Veri Analizi: Stata Uygulamalı, İstanbul: Beta Yayıncılık.
  • Yıldız, B. & T. Yılmaz (2022), “Yabancı Para Pozisyonunun Firma Kârlılığına Etkisi: Borsa İstanbul Örneği”, ODÜ Sosyal Bilimler Araştırmaları Dergisi, 12(2), 1399-1418.
There are 50 citations in total.

Details

Primary Language Turkish
Subjects Monetary Policy, Applied Economics (Other)
Journal Section Articles
Authors

Mücahid Samet Yılmaz 0000-0002-6161-9646

Mustafa Acar 0000-0002-7426-6747

Early Pub Date April 28, 2024
Publication Date April 28, 2024
Submission Date September 20, 2023
Published in Issue Year 2024 Volume: 32 Issue: 60

Cite

APA Yılmaz, M. S., & Acar, M. (2024). Döviz Kuru Değişimlerinin Bilanço Etkisi ve Borç Dolarizasyonu: Türk Reel Sektörü Üzerine Ekonometrik Bir Analiz. Sosyoekonomi, 32(60), 427-444. https://doi.org/10.17233/sosyoekonomi.2024.02.20
AMA Yılmaz MS, Acar M. Döviz Kuru Değişimlerinin Bilanço Etkisi ve Borç Dolarizasyonu: Türk Reel Sektörü Üzerine Ekonometrik Bir Analiz. Sosyoekonomi. April 2024;32(60):427-444. doi:10.17233/sosyoekonomi.2024.02.20
Chicago Yılmaz, Mücahid Samet, and Mustafa Acar. “Döviz Kuru Değişimlerinin Bilanço Etkisi Ve Borç Dolarizasyonu: Türk Reel Sektörü Üzerine Ekonometrik Bir Analiz”. Sosyoekonomi 32, no. 60 (April 2024): 427-44. https://doi.org/10.17233/sosyoekonomi.2024.02.20.
EndNote Yılmaz MS, Acar M (April 1, 2024) Döviz Kuru Değişimlerinin Bilanço Etkisi ve Borç Dolarizasyonu: Türk Reel Sektörü Üzerine Ekonometrik Bir Analiz. Sosyoekonomi 32 60 427–444.
IEEE M. S. Yılmaz and M. Acar, “Döviz Kuru Değişimlerinin Bilanço Etkisi ve Borç Dolarizasyonu: Türk Reel Sektörü Üzerine Ekonometrik Bir Analiz”, Sosyoekonomi, vol. 32, no. 60, pp. 427–444, 2024, doi: 10.17233/sosyoekonomi.2024.02.20.
ISNAD Yılmaz, Mücahid Samet - Acar, Mustafa. “Döviz Kuru Değişimlerinin Bilanço Etkisi Ve Borç Dolarizasyonu: Türk Reel Sektörü Üzerine Ekonometrik Bir Analiz”. Sosyoekonomi 32/60 (April 2024), 427-444. https://doi.org/10.17233/sosyoekonomi.2024.02.20.
JAMA Yılmaz MS, Acar M. Döviz Kuru Değişimlerinin Bilanço Etkisi ve Borç Dolarizasyonu: Türk Reel Sektörü Üzerine Ekonometrik Bir Analiz. Sosyoekonomi. 2024;32:427–444.
MLA Yılmaz, Mücahid Samet and Mustafa Acar. “Döviz Kuru Değişimlerinin Bilanço Etkisi Ve Borç Dolarizasyonu: Türk Reel Sektörü Üzerine Ekonometrik Bir Analiz”. Sosyoekonomi, vol. 32, no. 60, 2024, pp. 427-44, doi:10.17233/sosyoekonomi.2024.02.20.
Vancouver Yılmaz MS, Acar M. Döviz Kuru Değişimlerinin Bilanço Etkisi ve Borç Dolarizasyonu: Türk Reel Sektörü Üzerine Ekonometrik Bir Analiz. Sosyoekonomi. 2024;32(60):427-44.
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