TY  - JOUR
T1  - Yüksek Enflasyonda Farklı Varlık Sınıflarının Performansı ve Etkin Portföy Yönetimi
TT  - PERFORMANCE OF DIFFERENT ASSET CLASSES AND EFFECTIVE PORTFOLIO MANAGEMENT DURING HIGH INFLATION
AU  - Yerli, Çiğdem
PY  - 2025
DA  - June
Y2  - 2025
DO  - 10.17130/ijmeb.1563207
JF  - Uluslararası Yönetim İktisat ve İşletme Dergisi
JO  - ijmeb
PB  - Zonguldak Bulent Ecevit University
WT  - DergiPark
SN  - 2147-9208
SP  - 625
EP  - 648
VL  - 21
IS  - 2
LA  - tr
AB  - Son yıllarda Türkiye'de yaşanan yüksek enflasyon, yatırımcıların reel değerini koruyabilen yatırım araçlarına olan ihtiyacını artırmıştır. Bu nedenle, enflasyona göre ayarlanmış portföylerin oluşturulması önem kazanmıştır. Bu çalışma, Mayıs 2013 ile Ağustos 2024 dönemini kapsayan bir veri seti kullanarak—enflasyon, BIST100, USD/TRY döviz kuru, altın fiyatları ve Türkiye Konut Fiyat Endeksi—bu ihtiyacı yanıtlamayı amaçlamıştır. Özellikle USDTRY, enflasyona karşı koruma aracı olarak literatürde sınırlı sayıda incelenmiş olup, bu çalışmaya dahil edilerek önemli bir katkı sağlanmıştır. Varlık getirilerinin enflasyon ile ilişkisi Fisher denklemiyle incelenmiştir. Regresyon sonuçları, dövizin ve altının enflasyona karşı koruma potansiyeline sahip olduğunu, ancak konut getirilerinin en güçlü korumayı sağladığını ortaya koymuştur. BIST100'ün enflasyona karşı anlamlı bir koruma sağlamadığı gözlenmiştir. Daha sonra, klasik ortalama-varyans modeli yerine enflasyona göre ayarlanmış ortalama-varyans optimizasyonu kullanılarak portföy oluşturulmuştur; böylece reel getiriye göre optimizasyon hedeflenmiştir. Enflasyonun portföy getiri ve risk hesaplamalarına doğrudan dahil edilmesini sağlamak önemli bir katkı sunmaktadır. Böylece, yatırımcıların enflasyon etkisini minimize eden ve reel getiriyi maksimize eden daha etkili bir portföy stratejisi geliştirilmiştir. Portföyün kümülatif getirisi enflasyonu önemli ölçüde aşmış ve yatırımcılara reel getiri sunmuştur. Özellikle 2023 yılından itibaren portföy getirilerinin enflasyonu aşması, yatırımcılar için enflasyonist baskılar karşısında etkin bir koruma sağlamıştır. Bu çalışma, enflasyon riskini azaltmaya yönelik etkili stratejiler geliştirilmesine katkıda bulunmaktadır.
KW  - Enflasyon Koruma
KW  - Portföy Optimizasyonu
KW  - BIST100
KW  - Altın
KW  - Gayrimenkul
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UR  - https://doi.org/10.17130/ijmeb.1563207
L1  - https://dergipark.org.tr/en/download/article-file/4271311
ER  -