TY - JOUR T1 - How Does the Shadow Dollar Affect International Trade and Global Economies? Discussion from the Perspective of Turkey and other Countries TT - Gölge Dolar Uluslararası Ticareti ve Küresel Ekonomileri Nasıl Etkiler? Türkiye ve Diğer Ülkelerin Perspektifinden Tartışılması AU - Bardakçı, Hasan PY - 2025 DA - April Y2 - 2025 DO - 10.58724/assam.1593036 JF - ASSAM Uluslararası Hakemli Dergi JO - ASSAM-UHAD PB - Adaleti Savunanlar Stratejik Araştırmalar Merkezi Derneği WT - DergiPark SN - 2148-5879 SP - 29 EP - 35 IS - 26 LA - en AB - This paper provides an in-depth analysis of the effects of the “Shadow Dollar” on exchange rates and global trade. In particular, the paper compares the effects of the shadow dollar on Turkey and other economies. Structural challenges such as Turkey's external debt burden and trade deficit can exacerbate the economic effects of the shadow dollar. Moreover, in large economies such as China, a stronger dollar can often be beneficial for exporting sectors. While China may favor the dollar, the European Union and other advanced economies may be more resilient to exchange rate changes. The paper discusses the effects of these global dynamics on trade imbalances, foreign exchange markets and economic relations, and shows that each country responds differently depending on its economic structure. For countries like Turkey, exchange rate hikes create economic pressures, while large economies suffer less from such externalities. Finally, the study emphasizes that the effects of the shadow dollar on world trade and economic structure are an important factor shaping the future of global trade, as they differ according to countries' monetary policies and trade strategies KW - Shadow Dollar KW - Turkey KW - Exchange Rate KW - Economy KW - Monetary Policy N2 - Bu çalışma, “Gölge Dolar” kavramının döviz kurları ve küresel ticaret üzerindeki etkilerini derinlemesine incelemektedir. Makalede, gölge doların özellikle Türkiye ve diğer ekonomiler üzerindeki etkileri karşılaştırılmaktadır. Türkiye’nin dış borç yükü ve ticaret açığı gibi yapısal zorluklar, gölge doların ekonomik etkilerini daha da derinleştirebilmektedir. Dahası, Çin gibi büyük ekonomilerde, doların güçlenmesi genellikle ihracatçı sektörler için faydalı olabilmektedir. Çin, doları lehine çevirebilirken, Avrupa Birliği ve diğer gelişmiş ekonomiler, döviz kuru değişikliklerine karşı daha dirençli olabilmektedir. Çalışma, bu küresel dinamiklerin ticaret dengesizlikleri, döviz piyasaları ve ekonomik ilişkiler üzerindeki etkilerini tartışarak, her ülkenin ekonomik yapısına göre farklı tepkiler verdiğini ortaya koymaktadır. Türkiye gibi ülkeler için döviz kurlarındaki artışlar, ekonomik baskılar yaratırken, büyük ekonomiler bu tür dışsal etkilerden daha az zarar görmektedir. Son olarak çalışma, gölge doların dünya ticaretine ve ekonomik yapıya olan etkilerinin, ülkelerin para politikaları ve ticaret stratejileri doğrultusunda farklılık gösterdiği için küresel ticaretin geleceğini şekillendiren önemli bir faktör olduğunu vurgulamaktadır. CR - Akalin, G., & Prater, E. (2015). The Global Crisis of the Late 2000s and Currency Substitution: A Study of Three Eastern European Economies Russia, Turkey and Ukraine. Journal of Central Banking Theory and Practice, 4, 22 - 5. https://doi.org/10.1515/jcbtp-2015-0006. CR - Boadway, R. (1975). Benefit-Cost Shadow Pricing in Open Economies: An Alternative Approach. Journal of Political Economy, 83, 419 - 430. https://doi.org/10.1086/260331. CR - Caliskan, A., & Karimova, A. (2017). Global Liquidity, Current Account Deficit, and Exchange Rate Balance Sheet Effects in Turkey. Emerging Markets Finance and Trade, 53, 1619 - 1640. https://doi.org/10.1080/1540496X.2016.1216837 CR - Chao, C., & Yu, E. (1999). Shadow prices and trade restrictions in a monetary economy. Journal of Macroeconomics, 21, 755-764. https://doi.org/10.1016/S0164-0704(99)80005-6. CR - Coquid'e, C., Lages, J., & Shepelyansky, D. (2022). Dollar-Yuan Battle in the World Trade Network. Entropy, 25. https://doi.org/10.3390/e25020373. CR - Dafermos, Y., Gabor, D., & Michell, J. (2022). FX swaps, shadow banks and the global dollar footprint. Environment and Planning A: Economy and Space, 55, 949 - 968. https://doi.org/10.1177/0308518X221128302. CR - Gnangnon, S. (2022). Do Aid for Trade Flows Help Reduce the Shadow Economy in Recipient Countries?. Economies. https://doi.org/10.3390/economies10120310. CR - Köksal, C., Işık, M., & Katircioğlu, S. (2020). The role of shadow economies in ecological footprint quality: empirical evidence from Turkey. Environmental Science and Pollution Research, 27, 13457-13466. https://doi.org/10.1007/s11356-020-07956-5. CR - Ma, S., Schmidt-Eisenlohr, T., & Zhang, S. (2020). The Causal Effect of the Dollar on Trade. FEN: Other International Corporate Finance (Topic). https://doi.org/10.2139/ssrn.3741800. CR - Marmora, P. (2021). Currency substitution in the shadow economy: International panel evidence using local Bitcoin trade volume. Economics Letters, 205, 109926. https://doi.org/10.1016/J.ECONLET.2021.109926. CR - Özaydin, O. (2019). Turkey Foreign Trade Interaction with Cross Exchange Rates: Beneath the Currency Wars. Journal of International Trade, Logistics and Law, 5, 59-69. CR - Santanu, I., & Wardani, K. (2023). How the American dollar exchange effect on foreign direct investment and trade balance?. International journal of business, economics & management. https://doi.org/10.21744/ijbem.v6n1.2129. CR - Standaert, S. (1985). The foreign exchange constraint, suppression of the trade deficit and the shadow price of foreign exchange in a fix-price economy. Journal of Development Economics, 18, 37-50. https://doi.org/10.1016/0304-3878(85)90005-7. CR - Tokmakçıoğlu, K., Ozcelebi, O., & Ozdemir, A. (2019). The role of asymmetry in the interplay between internal and external factors: Empirical evidence from the US, Brazil, Canada and Mexico. Zbornik radova Ekonomskog fakulteta u Rijeci: časopis za ekonomsku teoriju i praksu/Proceedings of Rijeka Faculty of Economics: Journal of Economics and Business. https://doi.org/10.18045/ZBEFRI.2019.1.55. CR - Yıldırım, H., Akdağ, S., & Alola, A. (2022). Is there a price bubble in the exchange rates of the developing countries? The case of BRICS and Turkey. Journal of Economics, Finance and Administrative Science. https://doi.org/10.1108/jefas-04-2021-0025. UR - https://doi.org/10.58724/assam.1593036 L1 - https://dergipark.org.tr/en/download/article-file/4401746 ER -