Özet:

The dollarization problem, which was overcome in Turkey in the years after the 2001 financial crisis, has started to reappear in recent years. This study aims to identify the main economic factors that cause dollarization in the period 2006:01-2020:12. Firstly, the stationarity of the variables is analyzed by using the fractional frequency Fourier ADF Unit root test. It has been determined that dollarization, inflation and real interest rates are I(1), while the exchange rate is I(0). Then, the fractional frequency Fourier Toda-Yamamoto causality test is used to investigate the causal relationship between the variables. The findings show that the inflation rate is the only determinant of dollarization. Exchange rate and real interest rate affect dollarization only indirectly through inflation. Thereby, it is possible to state that anti-inflationary policies are the most important tool in the fight against dollarization. 

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