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FACTORS CAUSING CHANGE IN FOREIGN EXCHANGE DEPOSITS IN AN EMERGING ECONOMY: TURKEY CASE
(2019) Sönmezer, Sıtkı; Çelik, Ismail Erkan
Financial dollarization has increased substantially in emerging markets in recent years. A material increasein financial dollarization may concern policy makers but it also serves as a cushion for banks and the states. Increase in foreign Exchange deposits may arise from the need to preserve purchasing power, speculation or liquidity concerns. This paper aims to shed light to the relation between foreign exchange deposits and factorssuch as sight FX deposits, USD/TRY parity, CPI, confidence ındex, VIX, TL deposits, dollar index via a VECMmodel. Sight FX deposits are found to be a positive and a statistically significant influencing factor on FX deposits; whereas, confidence index and CPI have a negative but a significant relation with FX deposits. Factorsthat have an influence on the increase in foreign Exchange deposits shall be closely monitored to mitigate theadverse effects of it.