Gelişmiş ve Gelişmekte Olan Ülkelerde Yabancı Portföy Yatırımlarının Belirleyicileri

Year 2021, Volume: 10 Issue: 3, 1715 - 1724, 30.07.2021

Erkan Ustaoğlu

https://doi.org/10.33206/mjss.855463

Cited By: 1

Abstract

 Gelişmiş ve gelişmekte olan ülkelerde yabancı portföy yatırımlarının ülkeye giriş nedenleri, farklı ekonomik ve politik yapılar nedeniyle değişkenlik göstermesi beklenebilir. Bu noktadan hareketle çalışmada, gelişmiş ve gelişmekte olan ülkelerin, yabancı portföy yatırımlarının belirleyicileri arasındaki olası farklılıkların tespit edilmesi ve bu sayede yabancı portföy yatırımlarını ülkelerine çekmek için uygulayacakları politikalara ışık tutmak amaçlanmaktadır. Bu bağlamda çalışmada 11 gelişmiş ve 17 gelişmekte olan ülkenin 2000-2017 dönemine ait yıllık verileri kullanılarak yabancı portföy yatırımlarının belirleyicileri Sistem-GMM tahmincisi yardımıyla araştırılmıştır. Çalışmada elde edilen sonuçlara göre, ülkelerin gelişme duruma göre yabancı portföy yatırımlarının belirleyicilerinde farklılık olduğu saptanmıştır. Gelişmiş ülkelerde yabancı portföy yatırımlarının belirleyicileri ekonomik büyüme ve ekonomik özgürlük seviyeleridir. Gelişmekte olan ülkelerde ise yüksek faiz oranı, borsa kapitalizasyonu ve reel efektif döviz kuru yabancı portföy yatırımlarının belirleyicileridir.

Keywords

Yabancı Portföy Yatırımları, Yabancı Sermaye Girişleri, Sistem-GMM

Determinants of Foreign Portfolio Investments in Developed and Developing Countries

Abstract

In developed and developing countries, foreign portfolio investments can be expected to vary due to different economic and political structures In the study, it is aimed to identify possible differences between the determinants of foreign portfolio investments by developed and developing countries and thus to guide the policies to be implemented to attract foreign portfolio investments to their countries. In this context, the determinants of foreign portfolio investments were investigated with the System-GMM estimator by using annual data from 11 developed and 17 developing countries for the period 2000-2017. In the study, it was determined that there is a difference in the determinants of foreign portfolio investments according to the development situation of the countries. Economic growth and economic freedom levels are the determinants of foreign portfolio investments in developed countries. In developing countries, high interest rate, stock market capitalization and real effective exchange rate are the determinants of foreign portfolio investments.

Keywords

Foreign Portfolio Investment, Foreign Capital Inflows, System-GMM

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