TY  - JOUR
TT  - Abstact (Macro and Micro Contradiction of Overvaluation of Turkish Lira)
AU  - Ertuna, Özer
PY  - 2005
DA  - January
JF  - Muhasebe ve Finansman Dergisi
PB  - Muhasebe ve Finansman Öğretim Üyeleri Bilim ve Araştırma Derneği
WT  - DergiPark
SN  - 2146-3042
SP  - 6
EP  - 17
IS  - 25
KW  - Döviz kurları
KW  - kur politikaları
KW  - Türkiye
N2  - (Macro and Micro Contradiction of Overvaluation of Turkish Lira)  The overvaluation of Turkish currency has increased the foreign trade deficit and current account deficit of Turkey to critical levels. The resuls have been the increase in the, alrady high foreign debts of Turkey limiting İts economic, social and political policy choices. On the other hand, inspite of the enormous macro economic costs incurred, firm in micro level have been able to increase the shareholder profitabiliry. The macro-micro inconsistency requires a closer look. İn fact, firms were able to increase their shareholders profitability vvhile retun on assets were decreasind. This was accomplished by the significant reduction in debt burden of the companies due to decreases in the costs of borrovving in foreign currency as TL appreciates. That is, firms were able to increase their shareholder profitability by taking huge devaluation or crisis risks. But, on the other hand the short foreign currency position of the firms in Turkey reduces Turkey's options in taking measures to adjust the value of its currency.
UR  - https://dergipark.org.tr/en/pub/mufad/article/395228
L1  - https://dergipark.org.tr/en/download/article-file/425797
ER  -