The effective dimensionality of excitons can be drastically changed by applying an alternating electric field. On the basis of a full three-dimensional description of both coherent and incoherent phenomena in anisotropic structures it is found that appropriate applied oscillating fields change the exciton wave function from anisotropic three dimensional to basically two dimensional. This effective-dimension change is caused by dynamic localization which leads to an increase of the exciton binding energy and of the corresponding oscillator strength