Geofinance between Political and Financial Geographies
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Geofinance between Political and Financial Geographies

A Focus on the Semi-Periphery of the Global Financial System

Edited by Silvia Grandi, Christian Sellar and Juvaria Jafri

This edited collection explores the boundaries between political and financial geographies, focusing on the linkages between the changing strategies, policies and institutions of the state. It also investigates banks and other financial institutions affected by both state policies and a globalizing financial system, and the financial resources available to firms as well as households. In so doing, the book highlights how an empirical focus on the semi-periphery of the financial system may generate new perspectives on the entanglement between (geo) politics and finance.
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Chapter 10: Cross-currency swaps and local credit money creation in the Turkish banking system

Engin Yılmaz

Abstract

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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