THE LONG TERM IMPACT OF DEPOSIT DOLLARIZATION ON STOCK MARKETS IN MIST ECONOMIES

Year 2023, Volume: 14 Issue: 28, 662 - 685, 29.12.2023

Ahmet Melik Sahabi , Sacit Sarı , Mesut Aslan

https://doi.org/10.36543/kauiibfd.2023.027

Abstract

Küreselleşme ve finansal liberalizasyon sürecinde mevduat dolarizasyonu, hanehalkları ve firmalar’a ait yabancı para mevduatların artması, son yıllarda birçok çevreler için dikkat çekici ve önemli bir konu haline gelmiştir. Bu çalışmada MIST ekonomilerinde 2003Q1 ile 2022Q2 dönemleri arasında finansal dolarizasyonun bir türü olan mevduat dolarizasyonu ile pay piyasaları arasındaki ilişki incelenmiştir. İkinci nesil panel ekonometrik yöntemlerin kullanıldığı çalışmada mevduat dolarizasyonun uzun dönemde pay piyasalarını negatif yönde etkilediği bulunmuştur. Bu etki üç farklı tahmin yöntemi ile doğrulanmıştır. Ayrıca Granger nedensellik testi sonuçları mevduat dolarizasyonundan pay piyasalarına doğru bir nedensellik ilişkisini ortaya çıkarmıştır.

Keywords

Mevduat dolarizasyonu, pay piyasaları, panel eş-bütünleşme

Ethical Statement

ÇALIŞMAMIZ İÇİN ETİK KURUL İZNİNE GEREK YOKTUR.

THE LONG TERM IMPACT OF DEPOSIT DOLLARIZATION ON STOCK MARKETS IN MIST ECONOMIES

Abstract

With the globalization and financial liberalization, deposit dollarization and increasing use of foreign currency deposits by households and firms have garnered significant attention and become an important subject in recent years. In this study, we tried to uncover the relationship between deposit dollarization, which is a form of financial dollarization, and stock market in MIST economies for the period between 2003Q1 and 2022Q2. With the help of second-generation methods of panel econometrics, we have identified a significant, adverse long-term influence of deposit dollarization on stock markets. This outcome has been substantiated through the utilization of three distinct estimation methodologies. Moreover, our Granger non-causality test demonstrates the presence of a causal relationship emanating from deposit dollarization to the stock market.

Keywords

Deposit dollarization, stock market, panel cointegration

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