Yıl 2020, Cilt 18 , Sayı Özel Sayı, Sayfalar 45 - 55 2020-04-28

Döviz Cinsi Krediler Bir “Döviz Riski” Azaltma Araci Mıdır? 2003-2018 Türkiye Analizi
Are Foreign Exchange Loans Means Of Hedging Against "Foreign Exchange Risk?”: An Analysis For Turkey, 2003-2018

Hakan ERYÜZLÜ [1] , Sertaç HOPOĞLU [2]


Döviz kuru gelişmekte olan ekonomiler için önemli bir makro değişken olma özelliğini korumaktadır. Döviz kurunda meydana gelen dalgalanmalar özellikle yükselme yönünde olduğunda, gerek ülkedeki döviz borçluları gerekse ithal girdi ile çalışan firmalar için döviz riski yaratmaktadır. Döviz riskinin bilincinde olan yatırımcılar olası döviz riski için çeşitli aksiyonlar almaktadır. Çalışmada, ticari bankalar tarafından verilen krediler içerisinde yer alan döviz cinsi kredileri kullanan yatırımcıların, döviz riskinden korunmak için mi kredi çektikleri araştırılmıştır. Bu amaçla, Türkiye için 2003:1-2018:6 dönemi, ARDL eşbütünleşme ve Todo-Yamamoto (1995) nedensellik analizleri ile test edilmiştir. Test amacıyla ilgili dönemde aylık olarak ticari bankaların kredi kullanımları içerisinde döviz cinsi kredi oranları ve döviz kurunu temsilen de reel efektif döviz kuru kullanılmıştır. Sonuçlar, döviz kredisi kullanımının döviz riskinden korunma yolu olarak gerçekleşebileceğini göstermiştir.

Exchange rates are important macro variables for developing economies. Fluctuations in exchange rates, especially upward trending movements, creates a foreign exchange risk for both debtors and firms that use imported inputs in their operations. In consideration of this, investors take on various actions to avoid possible foreign exchange risks. Thus, this study investigates whether investors borrowing foreign exchange loans from commercial banks use such credits as a means of hedging against foreign exchange risk. In this respect, ARDL cointegration and Toda-Yamamoto (1995) causality analyses are employed to study the relationship between ratio of foreign exchange loans to the total loans granted by commercial banks and real effective exchange rate in turkey for the period 2003:1-2018:6. The results of the analysis indicate that foreign exchange loans can be taken out as a means of hedging against foreign exchange risk.

Döviz Cinsi Krediler, Döviz Riski, ARDL Eşbütünleşme
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Orcid: 0000-0003-3715-0021
Yazar: Hakan ERYÜZLÜ
Kurum: İskenderun Teknik Üniversitesi, işletme ve Yönetim Bilimleri Fakültesi
Ülke: Turkey


Yazar: Sertaç HOPOĞLU
Kurum: İSKENDERUN TEKNİK ÜNİVERSİTESİ
Ülke: Turkey


Tarihler

Yayımlanma Tarihi : 28 Nisan 2020

APA ERYÜZLÜ, H , HOPOĞLU, S . (2020). Döviz Cinsi Krediler Bir “Döviz Riski” Azaltma Araci Mıdır? 2003-2018 Türkiye Analizi. Celal Bayar Üniversitesi Sosyal Bilimler Dergisi , 18 (Özel Sayı) , 45-55 . DOI: 10.18026/cbayarsos.491511