期刊名称：The International Journal of Applied Economics and Finance
印刷版ISSN：1991-0886
电子版ISSN：2077-2149
出版年度：2014
卷号：8
期号：3
页码：62-81
DOI：10.3923/ijaef.2014.62.81
出版社：Asian Network for Scientific Information
摘要：Exchange rate effects manufacturing sector through investment and balance sheet channels. The second channel seems to be dominant for Turkey where an increase in exchange rate increases the costs of firms and may diminish their profits. A possible common explanation for this phenomenon is the high degree of liability dollarization, supply side. That is apparent from the real sector balance sheet items especially when the capital inflows are reversed and domestic currency depreciates. On the other hand, it is not a homogenous effect for importing and exporting sectors. It depends on the production and financial dependency structure of each sector. Taking into account the importance of negativities in micro basis may convert to a macro scale negativity in the long-run. This study provides sectoral liability dollarization ratios during the years 2009-2012 for the Turkish economy. The ratios are calculated for total companies, total manufacturing and 22 sub-sectors in manufacturing and they are compared according to their total, short-run and long-run liability structures. The scales of the companies are taken into account and possible diversifications among the sectors in manufacturing are discussed. Possible effects of the domestic currency depreciation on the liability dollarization of the sectors are evaluated.
