Journal of Yaşar University
Yazarlar: Cüneyt DİRİCAN
Konular:-
Anahtar Kelimeler:Clearing,Payment Systems,Foreign Trade,Barter,Correspondent Banking
Özet: In 2008, after the secondary market’s mortgage asset-backed securities transactions collapse in the US, which led to the global financial crisis, central banks that applied interest rates at zero and minus levels and their monetary expansion policies accelerating after 2000 and especially after 2008, caused to discuss the foreign exchange rate wars. Custom-controlled foreign trades and protectionism practices, particularly after the US 2016 presidential elections and with Brexit, trade wars have come to the fore. The countries that have deficit issue in their foreign trade operations and experienced deficit problems in their current account or suffered by embargoes accelerated the search for new solutions and measures within the scope of FED's interest rate hike and balance sheet narrowing actions as they had difficulty in receiving foreign capital investments and current account financing. Following 2008, like Chinese Yuan, IMF SDR, the search for new reserve money as well as the national currency usage in foreign trade payments are some of them. Following the May 2013 Chairman Bernanke's signal on interest rate rise and reducing asset purchases by the Fed, Turkey has experienced rapid upward acceleration in exchange rates. The increase in foreign exchange costs in industries based on imports and the signs of stagnation in macro data have brought public incentives, particularly in construction and SMEs, into the agenda. Usage of domestic (national) currency in foreign trade payments, as well as the reduction of the dollarization effect, have been important topics. With this study, the topics such as the (correspondent) banking requirements, tax, accounting, clearing, exchange rate risk are discussed; solutions, suggestions, and issues to be considered are examined. The lack of similar studies in the academic literature highlights the importance of this conceptual study as a road map. There are many angles that needs attention on behalf of different parties such as public, household, firm and country in order to successfully implement local currencies usage in foreign trade. Consequently, foreign trade payments and its clearing with national currencies are an important issue that requires evaluation and work on many different dimensions.