Araştırma Makalesi
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YABANCI PORTFÖY YATIRIMLARI, BORSA VE MAKROEKONOMİK DEĞİŞKENLER ARASI İLİŞKİLERİN VAR YÖNTEMİYLE ANALİZİ: TÜRKİYE ÖRNEĞİ

Yıl 2018, Sayı: 21, 1 - 20, 14.02.2018
https://doi.org/10.18092/ulikidince.358108

Öz

Gelişmekte olan
ekonomiler için yabancı sermaye yatırımlarının çok önemli olduğu bilinen bir
konudur. Ülkelere sağlanan sermaye akımlarının ülkelerin kalkınması, cari
açıklarının azalması, yatırımlarının artırılması ve buna bağlı olarak
istihdamlarının azaltılması gibi konularda pozitif katkılarının olduğu
görülmektedir. Bu çalışmanın amacı, yabancı portföy yatırımı girişi ile borsa
ve makro ekonomik faktörler arasındaki ilişkinin analiz edilmesidir. Bu
çalışmada, 2006:Q1 – 2016:Q4 yıllarını kapsayan çeyrek dönemlik veriler ile  Otoregresif model (VAR) kullanılmıştır. Bu
çalışmada elde edilen sonuçlara göre, yabancı portföy yatırımlarından (DYPYG);
Borsa İstanbul (DBIST), faiz oranı (DFAIZ) ve döviz kuruna (DKUR) doğru tepkiler
görülmüştür. Diğer taraftan döviz kurundan da (DKUR) yabancı portföy yatırımlarına
(DYPYG) yönelik tepkinin varlığı tespit edilmiştir. Varyans ayrıştırmasında
ise, yabancı portföy yatırımlarında meydana gelen değişimlerin döviz kuru,
borsa ve faiz oranı tarafından açıklandığı belirlenmiştir.

Kaynakça

  • Agarwal, R. N. (1997). Foreign Portfolio Investment In Some Developing Countries: A Study of Determinants and Macroeconomic Impact. Indian Economic Review. 32(2), 217-229.
  • Adler, M. ve Dumas, B. (1983). International Portfolio Choice and Corporation Finance: A Synthesis, The Journal of Finance, 38(3), 925–984.
  • Akbulut, R. (2010). Son Yaşanan Küresel Finansal Kriz ve Türk Finans Sektörü Üzerindeki Etkileri, Akademik Araştırmalar ve Çalışmalar Dergisi, 2(2), 45-68.
  • Alexander, G., Eun, C. S., ve Janakiramanan, S. (1987). International Listing and Stock Returns: Some Empirical Evidence, Journal of Financial and Quantitative Analysis, 23, 135–152.
  • Arouri, M. E. H. ve Foulquier, P. (2012). Financial Market Integration: Theory and Empirical Results, Economic Modeling, 29, 382–394.
  • Barlas, Y. ve Kaya, N. (2013). Parasal Genişleme Politikalarının Gelişmekte Olan Ülke Portföy Akımları Kompozisyonuna Etkisi, TCMB Ekonomi Notları, Sayı: 2013-01, 1-10
  • Bekaert, G. (1995). Market Integration and Investment Barriers in Emerging Equity Markets, World Bank Economic Review, 9, 75–107.
  • Bekaert, G. ve Harvey, C. R. (2000). Foreign Speculators and Emerging Equity Markets, Journal of Finance, 55, 565–614.
  • Bekaert, G. ve Harvey, C. R. (2003). Emerging Markets Finance, Journal of Empirical Finance, 10, 3–55.
  • Bekaert, G., ve Harvey, C. R. (2002). Research in Emerging Market Finance: Looking to the Future, Emerging Markets Review, 3(4), 429–448.
  • Black, F. (1974). International Capital Market Equilibrium with Investment Barriers, Journal of Financial Economics, 1, 337–352.
  • Bohn, H. ve Tesar, L. (1996). US Equity Investment in Foreign Markets: Portfolio Rebalancing or Return Chasing?, The American Economic Review, 86(2), 77–81.
  • Byrne, J. P. ve Fiess, N. (2011). International Capital Flows to Emerging and Developing Countries : National and Global Determinants. Working Papers 2011_01. Business School – Economics, University of Glasgow.
  • Calvo, G. A., Leiderman, L. ve Reinhart, C. M. (1993). Capital İnflows and Real Exchange Rate Appreciation in Latin America: The Role Of External Factors, IMF Staff Papers, 40(1), 108–151.
  • Calvo, G. A., Leiderman, L. ve Reinhart, C. M. (1996). Inflows of Capital to Developing Countries in the 1990s, Journal of Economic Perspectives, 10(2), 123–139.
  • Carrieri, F., Errunza, V. ve Hogan, K. (2007). Characterizing World Market Integration Overtime, Journal of Financial and Quantitative Analysis, 42, 915–940.
  • Cengiz V. ve Karacan, R. (2015). Gelişmekte Olan Ülkelere Yönelik Sermaye Hareketleri ve Ekonomik Sonuçları, Uluslararası İktisadi ve İdari İncelemeler Dergisi, 8(15), 327-345.
  • Chuhan, P., Claessens, C. A. ve Mamingi, N. (1993). Equity and Bond Flows to Asia and Latin America: The Role of Global and Country Factors, Policy Research Working Paper Series 1160. The World Bank.
  • Cooper, I., ve Kaplanis, E. (2000). Partially Segmented International Capital market Integration Budgeting, Journal of International Money and Finance, 43, 287–307. Çil Yavuz, N. (2014). Finansal Ekonometri. İstanbul: Der Yayınları.
  • De Santis, G., ve Gerard, B. (1997). International Asset Pricing and Portfolio Diversification With Time-Varying Risk, Journal of Finance, 52, 1881–1912.
  • De Santis, R. ve Lührmann, M. (2009). On The Determinants of Net International Portfolio Flows: A Global Pesrpective, Journal of International Money and Finance, (28), 880 - 901. www.elsevier.com/locate/jimf Erişim: 28.02.2016
  • De Vita, G., ve Kyaw, K. S. (2007). Growth Effects of FDI and Portfolio Investment Flows to Developing Countries: A Disaggregated Analysis by Income Levels, Applied Economics Letters, 16(3), 277–283.
  • Dell’Ariccia, G., di Giovanni, J., Faria, A., Kose, A., Mauro, P. ve Ostry, J. D. (2008). Reaping the Benefits of Financial Globalization, IMF Occasional Paper No. 264.
  • Egly, P. V., Johnk, D. W. ve Liston, D. P. (2010). Foreign Portfolio Investment Inflows to the United States: The Impact of Investor Risk Aversion and US Stock Market Performance. Norh American Journal of Finance and Banking Research. 4(4), 25-41.
  • Errunza, V. ve Losq, E. (1985). International Asset Pricing Under Mild Segmentation: Theory and Test, Journal of Finance, 40, 105–124.
  • Errunza, V. ve Losq, E. (1989). Capital Flow Controls, International Asset Pricing, and Investors’ Welfare: A Multi-Country Framework, Journal of Finance, 44, 1025–1037.
  • Errunza, V., Losq, E. ve Padmanabhan, P. (1992). Tests of Integration, Mild Segmentation and Segmentation Hypotheses, Journal of Banking and Finance, 16, 949–972.
  • Eun, C., ve Janakiraman, S. (1986). A Model of International Asset Pricing With a Constraint on the Foreign Equity Ownership, Journal of Finance, 41, 897–914.
  • Fabozzi, F. J., Focardi, S. M., Rachev, S. T. ve Arshanapallı, B. G. (2014). The Basics of Financial Econometrics: Tools, Concepts, and Asset Management Applications. USA: John Wiley & Sons. New Jersey.
  • Felices, G., ve Orskaug, B. (2008), Estimating the Determinants of Capital Flows to Emerging Market Economies: A Maximum Likelihood Disequilibrium Approach, Working Paper No. 354. Bank of England.
  • Fernaindez-Arias, E. (1996). The New Wave of Private Capital Inflows: Push or Pull?, Journal of Development Economics, 48(2), 389–418.
  • Garg, R ve Dua, P. (2014). Foreign Portfolio Investment Flows to India: Determinants and Analysis, World Development. 59, 16–28.
  • Grauer, R. R., ve Hakansson, N. H. (1987). Gains From International Diversification: 1968–1985 Returns on Portfolios of Stocks and Bonds, Journal of Finance, 42, 721–741.
  • Grubel, H. G. (1968). Internationally Diversified Portfolios. American Economic Review, 58, 1295–1314.
  • Gujarati, D. N. (2011). Temel Ekonometri. Çev. Ümit Şeneses ve Gülay Günlük Şeneses, İstanbul: Literatür Yayıncılık.
  • Harvey, C. R. (1991). The World Price of Covariance Risk. Journal of Finance, 46(1), 111–157.
  • Hietala, P. T. (1989). Asset Pricing in Partially Segmented Markets Evidence From the Finnish Market, Journal of Finance, 44, 697–718.
  • Hsu, C.-P., ve Huang, C.-W. (2010). How Foreign Portfolio Investment Affects Stock Markets in the Host Country: An Empirical Study of Taiwan. Norteast Business & Economics Association. 298-302.
  • Kim, Y. (2000). Causes of Capital Flows in Developing Countries, Journal of International Money and Finance, 19(2), 235–253.
  • Kinda, T. (2012). On the Driver of FDI and Portfolio Investment: A Simultaneous Equations Approach. International Economic Journal. 26(1), 1-22.
  • Kodongo, O. ve Ojah, K. (2012). The Dynamic Relation Between Foreign Exchange Rates and International Portfolio Flows: Evidence from Africa's capital Markets. International Review of Economics and Finance. Sayı 24. www.elsevier.com/locate/iref Erişim: 28.02.2016
  • Korap, L. (2010). Identification of "Pull" & "Push" factors for The Portfolio Flows: Svar Evidence from The Turkish Economy, Doğuş Üniversitesi Dergisi, 11(2), 223-232.
  • Kurt Gümüş, G. ve Güngör, B. (2013). The Relationship Between Foreign Portfolio Investment and Macroeconoik Variables. European Scientific Journal. 9(34), 209-226.
  • İskenderoğlu, Ö. ve Karadeniz, E. (2011). İMKB 100 Endeksi Getirisi ile yabancı Portföy Yatırımları Arasındaki İlişkinin Analizi. Çağ Üniversitesi Sosyal Bilimler Dergisi. 8(1), 123-133.
  • Levy, H. ve Sarnat, M. (1970). International Diversification of Investment Portfolios, American Economic Review, 60, 668–675.
  • Lewis, K. (1999). Trying to Explain Home Bias in Equities and Consumption, Journal of Economic Literature, 37(2), 571–608.
  • Liljeblom, E. ve Löflund, A. (2005). Determinats of International Portfolio Investment Flows to A Small Market: Empirical Evidence. Journal of Multinational Financial Management, (15), 211 - 233.
  • Manufacturing Sector 1977 – 1995 (Selangor, Faculty of Economics and Management, University).
  • Mody, A., Taylor, M. P., ve Kim, J. Y. (2001). Modeling Economic Fundamentals for Forecasting Capital Flows to Emerging Markets, International Journal of Finance and Economics, 6(3), 201–216.
  • Montiel, P., ve Reinhart, C. M. (1999). Do Capital Controls and Macroeconomic Policies Influence the Volume and Composition of Capital Flows? Evidence From the 1990s. Journal of International Money and Finance, 18(4), 619–635.
  • Obstfeld, M. (2009). International Finance and Growth in Developing Countries: What Have We Learned? IMF Staff Papers, 56(1).
  • Pala, A. ve Orhan Orgun, B. (2015). The Effect of Macro Economic Variables on Foreign Portfolio Investment: An Implication for Turkey, Journal of Business, Economics & Finance, 4(1), 108-126.
  • Pazarlıoğlu, M. V. ve Gülay, E. (2007). Net Portföy Yatırımları ile Reel Faiz Arasındaki İlişki: Türkiye Örneği- 1992:I - 2005:IV. Dokuz Eylül Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 9(2), 201-221.
  • Sevüktekin, M. ve Çınar, M. (2014). Ekonometrik Zaman Serileri Analizi: Eviews Uygulamalı. Genişletilmiş 4. Baskı. Bursa: Dora Yayıncılık.
  • Solnik, B. H. (1974a). Why Not Diversify Internationally Rather than Domestically?. Financial Analyst Journal, 30, 48–54.
  • Solnik, B. H. (1974b). An Equilibrium Model of the International Capital Market. Journal of Economic Theory, 8(4), 500–524.
  • Stulz, R. (1999). International Portfolio Flows and Security Markets, In M. Feldstein (Ed.), International Capital Flows, University of Chicago Press.
  • Stulz, R. M. (1981a). A Model of International Asset Pricing. Journal of Financial Economics, 9, 383–406.
  • Stulz, R. M. (1981b). On the Effects of Barriers to International Investment, Journal of Finance, 36, 923–934.
  • Tarı, R. (2008). Ekonometri. (Gözden Geçirilmiş 5. Baskı). İzmit: Kocaeli Üniversitesi Yayın No 172.
  • Taylor, M. P., ve Sarno, L. (1997). Capital Flows to Developing Countries: Long- and Short-term Determinants, World Bank Economic Review, 11(3), 451–470.
  • The World Bank (1997). Private Capital Flows to Developing Countries: The Road to Financial Integration. World Bank Policy Research Report, USA: Oxford University Press.
  • Yıldız, A. (2012). Yabancı Portföy Yatırımlarını Etkileyen Faktörlerin Belirlenmesi. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi. 26(1), 23-37.

ANALYSIS WITH VAR METHOD RELATIONSHİP BETWEEN FOREIGN PORTFOLIO INVESTMENTS, STOCK EXCHANGE AND MACROECONOMIC FACTORS: CASE OF TURKEY

Yıl 2018, Sayı: 21, 1 - 20, 14.02.2018
https://doi.org/10.18092/ulikidince.358108

Öz



It is a well-known fact that foreign
investment is very important for emerging economies. It is known that the
capital flows provided to the countries have a positive contribution to the
development countries, the decrease of the current account deficits, the
increase of investments and accordingly the decrease of their employment. The
purpose of this study is to analyze the relationship between foreign portfolio
investment inflows and stock market and macroeconomic factors. In this study,
the autoregressive model (VAR) was used with quarterly data covering 2006: Q1 -
2016: Q4 years. According to the results of this study, it was seen that the
reaction from foreign portfolio investments (DFPI) to Istanbul Stock Exchange
(DSTE), interest rate (DINT) and foreign exchange rate (DEXC). On the other
hand, the existence of a response to foreign portfolio investments (DFPI) has
also been determined from the exchange rate (DEXC). In the variance analysis,
it is determined that the changes in foreign portfolio investments (DFPI) are
explained by exchange rate (DEXC), Istanbul Stock Exchange (BSTE) and interest
rate (DINT). 



Kaynakça

  • Agarwal, R. N. (1997). Foreign Portfolio Investment In Some Developing Countries: A Study of Determinants and Macroeconomic Impact. Indian Economic Review. 32(2), 217-229.
  • Adler, M. ve Dumas, B. (1983). International Portfolio Choice and Corporation Finance: A Synthesis, The Journal of Finance, 38(3), 925–984.
  • Akbulut, R. (2010). Son Yaşanan Küresel Finansal Kriz ve Türk Finans Sektörü Üzerindeki Etkileri, Akademik Araştırmalar ve Çalışmalar Dergisi, 2(2), 45-68.
  • Alexander, G., Eun, C. S., ve Janakiramanan, S. (1987). International Listing and Stock Returns: Some Empirical Evidence, Journal of Financial and Quantitative Analysis, 23, 135–152.
  • Arouri, M. E. H. ve Foulquier, P. (2012). Financial Market Integration: Theory and Empirical Results, Economic Modeling, 29, 382–394.
  • Barlas, Y. ve Kaya, N. (2013). Parasal Genişleme Politikalarının Gelişmekte Olan Ülke Portföy Akımları Kompozisyonuna Etkisi, TCMB Ekonomi Notları, Sayı: 2013-01, 1-10
  • Bekaert, G. (1995). Market Integration and Investment Barriers in Emerging Equity Markets, World Bank Economic Review, 9, 75–107.
  • Bekaert, G. ve Harvey, C. R. (2000). Foreign Speculators and Emerging Equity Markets, Journal of Finance, 55, 565–614.
  • Bekaert, G. ve Harvey, C. R. (2003). Emerging Markets Finance, Journal of Empirical Finance, 10, 3–55.
  • Bekaert, G., ve Harvey, C. R. (2002). Research in Emerging Market Finance: Looking to the Future, Emerging Markets Review, 3(4), 429–448.
  • Black, F. (1974). International Capital Market Equilibrium with Investment Barriers, Journal of Financial Economics, 1, 337–352.
  • Bohn, H. ve Tesar, L. (1996). US Equity Investment in Foreign Markets: Portfolio Rebalancing or Return Chasing?, The American Economic Review, 86(2), 77–81.
  • Byrne, J. P. ve Fiess, N. (2011). International Capital Flows to Emerging and Developing Countries : National and Global Determinants. Working Papers 2011_01. Business School – Economics, University of Glasgow.
  • Calvo, G. A., Leiderman, L. ve Reinhart, C. M. (1993). Capital İnflows and Real Exchange Rate Appreciation in Latin America: The Role Of External Factors, IMF Staff Papers, 40(1), 108–151.
  • Calvo, G. A., Leiderman, L. ve Reinhart, C. M. (1996). Inflows of Capital to Developing Countries in the 1990s, Journal of Economic Perspectives, 10(2), 123–139.
  • Carrieri, F., Errunza, V. ve Hogan, K. (2007). Characterizing World Market Integration Overtime, Journal of Financial and Quantitative Analysis, 42, 915–940.
  • Cengiz V. ve Karacan, R. (2015). Gelişmekte Olan Ülkelere Yönelik Sermaye Hareketleri ve Ekonomik Sonuçları, Uluslararası İktisadi ve İdari İncelemeler Dergisi, 8(15), 327-345.
  • Chuhan, P., Claessens, C. A. ve Mamingi, N. (1993). Equity and Bond Flows to Asia and Latin America: The Role of Global and Country Factors, Policy Research Working Paper Series 1160. The World Bank.
  • Cooper, I., ve Kaplanis, E. (2000). Partially Segmented International Capital market Integration Budgeting, Journal of International Money and Finance, 43, 287–307. Çil Yavuz, N. (2014). Finansal Ekonometri. İstanbul: Der Yayınları.
  • De Santis, G., ve Gerard, B. (1997). International Asset Pricing and Portfolio Diversification With Time-Varying Risk, Journal of Finance, 52, 1881–1912.
  • De Santis, R. ve Lührmann, M. (2009). On The Determinants of Net International Portfolio Flows: A Global Pesrpective, Journal of International Money and Finance, (28), 880 - 901. www.elsevier.com/locate/jimf Erişim: 28.02.2016
  • De Vita, G., ve Kyaw, K. S. (2007). Growth Effects of FDI and Portfolio Investment Flows to Developing Countries: A Disaggregated Analysis by Income Levels, Applied Economics Letters, 16(3), 277–283.
  • Dell’Ariccia, G., di Giovanni, J., Faria, A., Kose, A., Mauro, P. ve Ostry, J. D. (2008). Reaping the Benefits of Financial Globalization, IMF Occasional Paper No. 264.
  • Egly, P. V., Johnk, D. W. ve Liston, D. P. (2010). Foreign Portfolio Investment Inflows to the United States: The Impact of Investor Risk Aversion and US Stock Market Performance. Norh American Journal of Finance and Banking Research. 4(4), 25-41.
  • Errunza, V. ve Losq, E. (1985). International Asset Pricing Under Mild Segmentation: Theory and Test, Journal of Finance, 40, 105–124.
  • Errunza, V. ve Losq, E. (1989). Capital Flow Controls, International Asset Pricing, and Investors’ Welfare: A Multi-Country Framework, Journal of Finance, 44, 1025–1037.
  • Errunza, V., Losq, E. ve Padmanabhan, P. (1992). Tests of Integration, Mild Segmentation and Segmentation Hypotheses, Journal of Banking and Finance, 16, 949–972.
  • Eun, C., ve Janakiraman, S. (1986). A Model of International Asset Pricing With a Constraint on the Foreign Equity Ownership, Journal of Finance, 41, 897–914.
  • Fabozzi, F. J., Focardi, S. M., Rachev, S. T. ve Arshanapallı, B. G. (2014). The Basics of Financial Econometrics: Tools, Concepts, and Asset Management Applications. USA: John Wiley & Sons. New Jersey.
  • Felices, G., ve Orskaug, B. (2008), Estimating the Determinants of Capital Flows to Emerging Market Economies: A Maximum Likelihood Disequilibrium Approach, Working Paper No. 354. Bank of England.
  • Fernaindez-Arias, E. (1996). The New Wave of Private Capital Inflows: Push or Pull?, Journal of Development Economics, 48(2), 389–418.
  • Garg, R ve Dua, P. (2014). Foreign Portfolio Investment Flows to India: Determinants and Analysis, World Development. 59, 16–28.
  • Grauer, R. R., ve Hakansson, N. H. (1987). Gains From International Diversification: 1968–1985 Returns on Portfolios of Stocks and Bonds, Journal of Finance, 42, 721–741.
  • Grubel, H. G. (1968). Internationally Diversified Portfolios. American Economic Review, 58, 1295–1314.
  • Gujarati, D. N. (2011). Temel Ekonometri. Çev. Ümit Şeneses ve Gülay Günlük Şeneses, İstanbul: Literatür Yayıncılık.
  • Harvey, C. R. (1991). The World Price of Covariance Risk. Journal of Finance, 46(1), 111–157.
  • Hietala, P. T. (1989). Asset Pricing in Partially Segmented Markets Evidence From the Finnish Market, Journal of Finance, 44, 697–718.
  • Hsu, C.-P., ve Huang, C.-W. (2010). How Foreign Portfolio Investment Affects Stock Markets in the Host Country: An Empirical Study of Taiwan. Norteast Business & Economics Association. 298-302.
  • Kim, Y. (2000). Causes of Capital Flows in Developing Countries, Journal of International Money and Finance, 19(2), 235–253.
  • Kinda, T. (2012). On the Driver of FDI and Portfolio Investment: A Simultaneous Equations Approach. International Economic Journal. 26(1), 1-22.
  • Kodongo, O. ve Ojah, K. (2012). The Dynamic Relation Between Foreign Exchange Rates and International Portfolio Flows: Evidence from Africa's capital Markets. International Review of Economics and Finance. Sayı 24. www.elsevier.com/locate/iref Erişim: 28.02.2016
  • Korap, L. (2010). Identification of "Pull" & "Push" factors for The Portfolio Flows: Svar Evidence from The Turkish Economy, Doğuş Üniversitesi Dergisi, 11(2), 223-232.
  • Kurt Gümüş, G. ve Güngör, B. (2013). The Relationship Between Foreign Portfolio Investment and Macroeconoik Variables. European Scientific Journal. 9(34), 209-226.
  • İskenderoğlu, Ö. ve Karadeniz, E. (2011). İMKB 100 Endeksi Getirisi ile yabancı Portföy Yatırımları Arasındaki İlişkinin Analizi. Çağ Üniversitesi Sosyal Bilimler Dergisi. 8(1), 123-133.
  • Levy, H. ve Sarnat, M. (1970). International Diversification of Investment Portfolios, American Economic Review, 60, 668–675.
  • Lewis, K. (1999). Trying to Explain Home Bias in Equities and Consumption, Journal of Economic Literature, 37(2), 571–608.
  • Liljeblom, E. ve Löflund, A. (2005). Determinats of International Portfolio Investment Flows to A Small Market: Empirical Evidence. Journal of Multinational Financial Management, (15), 211 - 233.
  • Manufacturing Sector 1977 – 1995 (Selangor, Faculty of Economics and Management, University).
  • Mody, A., Taylor, M. P., ve Kim, J. Y. (2001). Modeling Economic Fundamentals for Forecasting Capital Flows to Emerging Markets, International Journal of Finance and Economics, 6(3), 201–216.
  • Montiel, P., ve Reinhart, C. M. (1999). Do Capital Controls and Macroeconomic Policies Influence the Volume and Composition of Capital Flows? Evidence From the 1990s. Journal of International Money and Finance, 18(4), 619–635.
  • Obstfeld, M. (2009). International Finance and Growth in Developing Countries: What Have We Learned? IMF Staff Papers, 56(1).
  • Pala, A. ve Orhan Orgun, B. (2015). The Effect of Macro Economic Variables on Foreign Portfolio Investment: An Implication for Turkey, Journal of Business, Economics & Finance, 4(1), 108-126.
  • Pazarlıoğlu, M. V. ve Gülay, E. (2007). Net Portföy Yatırımları ile Reel Faiz Arasındaki İlişki: Türkiye Örneği- 1992:I - 2005:IV. Dokuz Eylül Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 9(2), 201-221.
  • Sevüktekin, M. ve Çınar, M. (2014). Ekonometrik Zaman Serileri Analizi: Eviews Uygulamalı. Genişletilmiş 4. Baskı. Bursa: Dora Yayıncılık.
  • Solnik, B. H. (1974a). Why Not Diversify Internationally Rather than Domestically?. Financial Analyst Journal, 30, 48–54.
  • Solnik, B. H. (1974b). An Equilibrium Model of the International Capital Market. Journal of Economic Theory, 8(4), 500–524.
  • Stulz, R. (1999). International Portfolio Flows and Security Markets, In M. Feldstein (Ed.), International Capital Flows, University of Chicago Press.
  • Stulz, R. M. (1981a). A Model of International Asset Pricing. Journal of Financial Economics, 9, 383–406.
  • Stulz, R. M. (1981b). On the Effects of Barriers to International Investment, Journal of Finance, 36, 923–934.
  • Tarı, R. (2008). Ekonometri. (Gözden Geçirilmiş 5. Baskı). İzmit: Kocaeli Üniversitesi Yayın No 172.
  • Taylor, M. P., ve Sarno, L. (1997). Capital Flows to Developing Countries: Long- and Short-term Determinants, World Bank Economic Review, 11(3), 451–470.
  • The World Bank (1997). Private Capital Flows to Developing Countries: The Road to Financial Integration. World Bank Policy Research Report, USA: Oxford University Press.
  • Yıldız, A. (2012). Yabancı Portföy Yatırımlarını Etkileyen Faktörlerin Belirlenmesi. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi. 26(1), 23-37.
Toplam 63 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm MAKALELER
Yazarlar

Zekai Şenol

Selahattin Koç

Yayımlanma Tarihi 14 Şubat 2018
Yayımlandığı Sayı Yıl 2018 Sayı: 21

Kaynak Göster

APA Şenol, Z., & Koç, S. (2018). YABANCI PORTFÖY YATIRIMLARI, BORSA VE MAKROEKONOMİK DEĞİŞKENLER ARASI İLİŞKİLERİN VAR YÖNTEMİYLE ANALİZİ: TÜRKİYE ÖRNEĞİ. Uluslararası İktisadi Ve İdari İncelemeler Dergisi(21), 1-20. https://doi.org/10.18092/ulikidince.358108


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