The Effect of Exchange Rate Protection Deposit Accounts on Foreign Exchange Rates: An Analysis with Unit Root Tests

Mustafa Zuhal; Serdar Göcen

Makale detayları

The Effect of Exchange Rate Protection Deposit Accounts on Foreign Exchange Rates: An Analysis with Unit Root Tests

Yazarlar:

Mustafa Zuhal | Serdar Göcen

Yayıncı:

Giresun University

Ana Başlıklar:

Ekonometrik ve İstatistiksel Yöntemler

Dergi:

Karadeniz Sosyal Bilimler Dergisi Vol.15 Issue 28, pp.298-317

Belge Tipi:

Makale

Yayın Tarihi:

6/2023

Belge Dili:

Türkçe

Document ID (Org No.):

2001294376

pISSN:

1309-081X

Anahtar kelimeler:

Özet:

 Ensuring financial stability is essential for achieving sustainable economic growth. However, developing countries often experience financial instability due to underdeveloped markets and lacking the necessary fiscal and financial depth. Turkey, a developing country, has been experiencing significant fluctuations in exchange rates since mid-2018. In order to eliminate the instability in exchange rates, the Currency Protected Deposit Account was introduced on December 21, 2021. This study aims to examine the effectiveness of the Currency Protected Deposit account on exchange rates, which was implemented to stabilize exchange rates due to the exchange rate volatility experienced by Turkey, especially since 2018. As a result of the analysis conducted with unit root tests, it is understood that the implementation of the currency-protected deposit account led to a significant break in the Euro and the US dollar as of the effective date of the implementation. At the same time, this implementation has effectively reduced the volatility of exchange rates.

 Ensuring financial stability is essential for achieving sustainable economic growth. However, developing countries often experience financial instability due to underdeveloped markets and lacking the necessary fiscal and financial depth. Turkey, a developing country, has been experiencing significant fluctuations in exchange rates since mid-2018. In order to eliminate the instability in exchange rates, the Currency Protected Deposit Account was introduced on December 21, 2021. This study aims to examine the effectiveness of the Currency Protected Deposit account on exchange rates, which was implemented to stabilize exchange rates due to the exchange rate volatility experienced by Turkey, especially since 2018. As a result of the analysis conducted with unit root tests, it is understood that the implementation of the currency-protected deposit account led to a significant break in the Euro and the US dollar as of the effective date of the implementation. At the same time, this implementation has effectively reduced the volatility of exchange rates.

 Ensuring financial stability is essential for achieving sustainable economic growth. However, developing countries often experience financial instability due to underdeveloped markets and lacking the necessary fiscal and financial depth. Turkey, a developing country, has been experiencing significant fluctuations in exchange rates since mid-2018. In order to eliminate the instability in exchange rates, the Currency Protected Deposit Account was introduced on December 21, 2021. This study aims to examine the effectiveness of the Currency Protected Deposit account on exchange rates, which was implemented to stabilize exchange rates due to the exchange rate volatility experienced by Turkey, especially since 2018. As a result of the analysis conducted with unit root tests, it is understood that the implementation of the currency-protected deposit account led to a significant break in the Euro and the US dollar as of the effective date of the implementation. At the same time, this implementation has effectively reduced the volatility of exchange rates.

 Sürdürülebilir ekonomik büyümenin gerçekleştirilmesinde finansal istikrarın sağlanması önem taşımaktadır. Ancak gelişmekte olan ülkelerde piyasaların yeterli düzeyde gelişmemiş olması ve gerekli mali ve finansal derinliğin oluşmamış olmasında dolayı sıklıkla finansal istikrarsızlıklar yaşanmaktadır. Gelişmekte olan ülke kategorisinde yer alan Türkiyede ise, 2018 yılının ortalarından itibaren döviz kurlarında önemli dalgalanmalar yaşanmaktadır. Döviz kurlarında yaşanan istikrarsızlıkların ortadan kaldırabilmesi açısından 21 Aralık 2021 tarihinde Kur Korumalı Mevduat Hesabı uygulamasına geçilmiştir. Bu çalışmada Türkiyenin özellikle 2018 yılından itibaren yaşamış olduğu döviz kurlarındaki hareketliliğine bağlı olarak döviz kurlarında istikrarın sağlanmasına yönelik uygulanan Kur korumalı mevduat hesabının kurlar üzerindeki etkinliğinin incelenmesi amaçlanmaktadır. Birim kök testleri ile yapılan analizler sonucunda kur korumalı mevduat hesabı uygulamasının Avro ve ABD doları üzerinde uygulamanın yürürlüğü girdiği tarih itibariyle önemli bir kırılmaya yol açtığı anlaşılmaktadır. Aynı zamanda bu uygulamasının döviz kurlarının volalitesinin azaltılmasında etkili olduğu anlaşılmaktadır.

Makale detayları

The Effect of Exchange Rate Protection Deposit Accounts on Foreign Exchange Rates: An Analysis with Unit Root Tests

Yazarlar:

Mustafa Zuhal | Serdar Göcen

Yayıncı:

Giresun University

Ana Başlıklar:

Ekonometrik ve İstatistiksel Yöntemler

Dergi:

Karadeniz Sosyal Bilimler Dergisi Vol.15 Issue 28, pp.298-317

Belge Tipi:

Makale

Yayın Tarihi:

6/2023

Belge Dili:

Türkçe

Document ID (Org No.):

2001294376

pISSN:

1309-081X

Financial Stability

Exchange Rate Stability

Currency Protected Deposit Account.Finansal İstikrar

Döviz Kuru İstikrarı

Kur Korumalı Mevduat Hesabı.

Sayı

Makale detayları

The Effect of Exchange Rate Protection Deposit Accounts on Foreign Exchange Rates: An Analysis with Unit Root Tests

Yazarlar: Mustafa Zuhal | Serdar Göcen

Yayıncı: Giresun University

Ana Başlıklar: Ekonometrik ve İstatistiksel Yöntemler

Dergi: Karadeniz Sosyal Bilimler Dergisi Vol.15 Issue 28, pp.298-317

Belge Tipi: Makale

Yayın Tarihi: 6/2023

Belge Dili: Türkçe

Document ID (Org No.): 2001294376

pISSN: 1309-081X

Financial Stability

Exchange Rate Stability

Currency Protected Deposit Account.Finansal İstikrar

Döviz Kuru İstikrarı

Kur Korumalı Mevduat Hesabı.

Sayı

Yazarlar:

Mustafa Zuhal | Serdar Göcen

Yayıncı:

Giresun University

Ana Başlıklar:

Ekonometrik ve İstatistiksel Yöntemler

Dergi:

Karadeniz Sosyal Bilimler Dergisi Vol.15 Issue 28, pp.298-317

Belge Tipi:

Makale

Yayın Tarihi:

6/2023

Belge Dili:

Türkçe

Document ID (Org No.):

2001294376

pISSN:

1309-081X