Chapter 10: Cross-currency swaps and local credit money creation in the Turkish banking system
Engin Yılmaz
Category:
Monograph Chapter
Published:
05 Dec 2019
Page Range:
176–194
Collection:
Economics 2019
DOI:
https://doi.org/10.4337/9781789903850.00019
Restricted access

This chapter investigates the factors behind the maladroit expansion of lending in the Turkish economy. Unwarranted loan growth is seen as the product of banking sector policies which came to be excessively reliant on cross-currency swaps. The effect of this is the dollarization of the Turkish banking system and a move away from deposit taking. The nature of cross-country swaps is discussed at length, highlighting the mechanisms and the role of this type of financial instrument in shaping the contemporary Turkish economy. These trends are especially pertinent given the context of indebtedness in the Turkish economy and its manifestation in levels of household and firm debt.

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Cover Geofinance between Political and Financial Geographies
Geofinance between Political and Financial Geographies
Edited by
Silvia Grandi
,
Christian Sellar
, and
Juvaria Jafri
Monograph Book
Published:
05 Dec 2019
Print ISBN:
9781789903843
eISBN:
9781789903850
DOI:
https://doi.org/10.4337/9781789903850
Pages:
c 264
Collection:
Economics 2019
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