Gelişmekte Olan Ülkelerde Borsa Getirileri, Net Yabancı Alımları ve Döviz Kurları Arasındaki İlişki

Yıl 2020, Cilt: 4 Sayı: 9, 23 - 43, 28.06.2020

Fevzi Çevik Serkan Çankaya

Öz

Çalışmada, gelişmekte olan altı ülkenin borsa getirileri, döviz kurları ve net yabancı alımları arasındaki ilişkiler, 2008-2019 dönemi haftalık verileriyle, Sınır Testi ve ARDL yöntemiyle incelenmiştir. Uzun dönemde; Hindistan ve G. Afrika’da “uncovered equity parity”’nin geçerli olduğu, Türkiye’de borsa ile döviz kuru arasında pozitif ilişki bulunurken, Brezilya’da yabancıların “portföy yeniden dengeleme” stratejisini takip ettikleri görülmüştür. Kısa dönemdeyse; tüm borsalarda getiriler arttığında net yabancı alımları da artmaktadır. Yani yabancılar tüm ülkelerde “getiri peşinde olma” stratejisini izlemektedir. Elde edilen bulgulara göre; portföy yöneticilerinin, gelişmekte olan ülkeleri tek bir sepet olarak görmeyip, yönettikleri portföylerde her ülke için farklı stratejiler geliştirmelerinin, portföy performanslarına olumlu katkı sağlayacağı düşünülmektedir.

Anahtar Kelimeler

Borsa Getirisi, Net Yabancı Alımları, Döviz Kuru

Destekleyen Kurum

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Proje Numarası

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Teşekkür

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Kaynakça

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