TY  - JOUR
T1  - Dijital Varlıkların Geleneksel Finansal Araçlarla İlişkisi: TVP-VAR Yaklaşımı ile Araştırılması
TT  - The Relationship of Digital Assets with Traditional Financial Instruments: Investigation with TVP-VAR Approach
AU  - Aydoğdu, Aslan
PY  - 2025
DA  - November
Y2  - 2025
JF  - Selçuk Üniversitesi Sosyal Bilimler Meslek Yüksekokulu Dergisi
PB  - Selcuk University
WT  - DergiPark
SN  - 2564-7458
SP  - 380
EP  - 401
VL  - 28
IS  - 2
LA  - tr
AB  - Blockchain piyasalarındaki yüksek volatilite, yatırımcıların ve piyasa katılımcılarının NFT’ler, DeFi token’ları ve kripto paralar aracılığıyla çeşitlendirme fırsatlarına odaklanmasına neden olmuştur. Bu çalışma da NFT’ler, DeFi varlıkları ve kripto paraların geleneksel finansal varlıklarla olan ilişkilerini incelemektir. Araştırma, 02.02.2018-06.01.2025 tarihleri arasında elde edilen veri setiyle, Zamanla Değişen Parametreli Vektör Otoregresif (TVP-VAR) yaklaşımı ve çeşitli portföy stratejileri kullanılarak gerçekleştirilmiştir. Bulgular, sürdürülebilir yatırım stratejileri geliştirmek için bilgiler sunmaktadır. Bu bağlamda, NFT’ler ve DeFi varlıklarının geleneksel finansal varlık sınıflarından ve Bitcoin’den hâlâ bağımsız hareket ettiği ortaya koyulmuştur. Buna ek olarak, bu dijital varlıkların özellikle COVID-19 ve 2021 kripto balonu dönemlerinde diğer varlıklarla daha yüksek dinamik ilişkilere sahip olduğu tespit edilmiştir. Portföy analizi, NFT’lerin ve DeFi varlıklarının altın, petrol ve pay senetlerinden oluşan portföylerde çeşitlendirme avantajları sağlayabileceğini göstermiştir. Çalışmanın sonuçları, yatırımcılara ve politika yapıcılara sürdürülebilir portföy stratejileri oluşturma ve risk yönetimini iyileştirme konusunda öneriler sunmaktadır. Özellikle minimum varyans ve minimum bağlantılılık yaklaşımlarının, portföy riskini optimize etmek için önemli araçlar olduğu vurgulanmıştır. Bu analiz, dijital ve geleneksel finansal varlıklar arasındaki ilişkilere dair literatüre katkı sağlamaktadır. Ayrıca, tüm piyasalar için zamanla değişen aktarım-algılama modelleri göz önüne alındığında, yatırımcılar ve politika yapıcıların portföy edinme ve düzenleme kararlarını iyileştirmek için yayılma analizinden yararlanmaları önerilmektedir.
KW  - NFT’ler
KW  - DeFi varlıklar
KW  - Portföy Çeşitlendirme
KW  - TVP-VAR yaklaşımı
KW  - Volatilite yayılımı
KW  - Kripto Para
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UR  - https://dergipark.org.tr/en/pub/selcuksbmyd/issue//1628752
L1  - https://dergipark.org.tr/en/download/article-file/4560008
ER  -