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TÜRKİYE’DE YABANCI PORTFÖY YATIRIMLARI İLE CARİ İŞLEMLER DENGESİ ARASINDAKİ İLİŞKİ: 2003-2013

Yıl 2015, Cilt: 5 Sayı: 6, 59 - 64, 08.02.2016

Fikret Çöldemli

Öz

Globalleşen dünya ile beraber, yabancı sermaye hareketleri hızla artmıştır. Sınırların ve engellerin kalktığı bu yeni durum, her ülkeyi, bu bağlamda Türkiye’yi de ciddi bir şekilde etkilemiştir. 1989 yılından itibaren serbestleşme yolunda hızla ilerleyen Türkiye, sermaye akımlarının gideceği hedef ülkelerden bir tanesi haline gelmiştir. Türkiye gibi, büyüme yolunda, tasarruf açığı olan bir ülke, bu akımlardan fazlası ile faydalanmıştır.

Bu çalışmada, yabancı portföy yatırımları ile cari işlemler dengesi arasındaki ilişki, nedensellik analizi yardımıyla incelenmiştir. 2003-2013 dönemi kapsayan aylık veriler kullanılarak yapılan çalışmada, yabancı portföy yatırımlarının, cari işlemler dengesi üzerindeki değişimlerde etkisi olduğu sonucuna ulaşılmıştır.

Kaynakça

  • Agarwal, R. N. (1997). Foreign Portfolio Investment In Some Developing Countries: A Study of Determinants and Macroeconomic Impact. Indian Economic Review, New Series, Vol. 32, No. 2 (July- December), pp. 217-229.
  • Ahlquist, John S. (2006). Economic Policy, Institutions, and Capital Flows: Portfolio and Direct Investment Flows in Developing Countries. International Studies Quarterly, Vol. 50, No. 3, pp. 681-704.
  • Angelopoulou, A., Liargovas, P.anagiotis(2014). Foreign Direct Investment and Growth : EU, EMU and Transition Economies. Journal of Economic Integration, Vol. 29, No. 3. pp. 470-495
  • Arazmuradov, A,.(2015). The Impact Of Foreign Capital On Macroeconomic Performance In Central Asia. Annals of Public and Cooperative Economics pp.1-31
  • Bekaert, G., Harvey, C. R. (1998). Capital flows and the behavior of emerging market equity returns. National Bureau of Economic Research. Working Paper No. 6669.
  • Bekaert, G., ve Harvey, C. R. (2000). Foreign Speculators And Emerging Equity Markets. The Journal of Finance, c.55, sy.2, ss.565-613.
  • Calvo, G. A., Leiderman, L., Reinhart, C. M. (1993). Capital Inflows And Real Exchange Rate Appreciation In Latin America: The Role Of External Factors. International Monetary Fund,- Staff Papers- c. 40, sy.1, pp.108-151
  • Durham, J.Benson Durham (2004). Absorptive Capacity And The Effects Of Foreign Direct Investment And Equity Foreign Portfolio Investment On Economic Growth , European Economic Review 48 pp. 285 – 306
  • Ersoy, I,. The Role Of Private Capital Inflows And The Exchange Market Pressure On Real Exchange Rate Appreciation: The Case Of Turkey(2013). South African Journal of Economics Vol. 81:1 pp.35-51.
  • Gian, Maria M., Ferret, Assaf Razin(1996) Current Account Sustainability Selected East Asian And Latin American Experiences, National Bureu of Economic Research
  • Gruben, W. C., McLeod, D. (1998). Capital Flows, Savings And Growth In The 1990s. The Quarterly Reviev of Economics and Finance. c.38, sy.3, pp.287-301
  • İnandım, Ş. (2005). Kısa Vadeli Sermaye Hareketleri ile Reel Döviz Kuru Etkileşimi: Türkiye Örneği, TCMB Uzmanlık Yeterlilik Tezi. Ankara
  • Kemme, David M,. Nikolsko-Rzhevskyy, Alex., Mukherjee, D.,(2014). Foreign Capital, Spillovers and Export Performance in Emerging Economies: Evidence from Indian IT Firms. Review of Development Economics, 18(4), pp.681–692
  • Keskin, N. (2008). Finansal Serbestleşme Sürecinde Uluslararası Sermaye Hareketleri ve Makroekonomik Etkileri: Türkiye Örneği, Finans Politik ve Ekonomik Yorumlar Cilt: 45 Sayı:526
  • MacDonald, M.,(2015). Patterns Of International Capital Flows And Productivity Growth: New Evidence. Review of International Economics, 23(5), pp.846–872
  • Sylesman, LY., Baharumshah, A. Zubaidi., Wohar, E. Mark(2015). Capital Inflows And Economic Growth: Does The Role Of Institutions Matter? International Journal of Finance & Economics. pp.253-275
  • Waheed, A. (2004). Foreign Capital Inflows And Economic Growth Of Developing Countries: A Critical Survey Of Selected Empirical Studies. Journal of Economic Cooperation, c.25, sy.1, pp.1-36
  • TCMB, Elektronik Veri Dağıtım Sistemi, http://evds.tcmb.gov.tr/cbt.html adresinden 04.01.2015 tarihinde alınmıştır.

Yıl 2015, Cilt: 5 Sayı: 6, 59 - 64, 08.02.2016

Fikret Çöldemli

Öz

Kaynakça

  • Agarwal, R. N. (1997). Foreign Portfolio Investment In Some Developing Countries: A Study of Determinants and Macroeconomic Impact. Indian Economic Review, New Series, Vol. 32, No. 2 (July- December), pp. 217-229.
  • Ahlquist, John S. (2006). Economic Policy, Institutions, and Capital Flows: Portfolio and Direct Investment Flows in Developing Countries. International Studies Quarterly, Vol. 50, No. 3, pp. 681-704.
  • Angelopoulou, A., Liargovas, P.anagiotis(2014). Foreign Direct Investment and Growth : EU, EMU and Transition Economies. Journal of Economic Integration, Vol. 29, No. 3. pp. 470-495
  • Arazmuradov, A,.(2015). The Impact Of Foreign Capital On Macroeconomic Performance In Central Asia. Annals of Public and Cooperative Economics pp.1-31
  • Bekaert, G., Harvey, C. R. (1998). Capital flows and the behavior of emerging market equity returns. National Bureau of Economic Research. Working Paper No. 6669.
  • Bekaert, G., ve Harvey, C. R. (2000). Foreign Speculators And Emerging Equity Markets. The Journal of Finance, c.55, sy.2, ss.565-613.
  • Calvo, G. A., Leiderman, L., Reinhart, C. M. (1993). Capital Inflows And Real Exchange Rate Appreciation In Latin America: The Role Of External Factors. International Monetary Fund,- Staff Papers- c. 40, sy.1, pp.108-151
  • Durham, J.Benson Durham (2004). Absorptive Capacity And The Effects Of Foreign Direct Investment And Equity Foreign Portfolio Investment On Economic Growth , European Economic Review 48 pp. 285 – 306
  • Ersoy, I,. The Role Of Private Capital Inflows And The Exchange Market Pressure On Real Exchange Rate Appreciation: The Case Of Turkey(2013). South African Journal of Economics Vol. 81:1 pp.35-51.
  • Gian, Maria M., Ferret, Assaf Razin(1996) Current Account Sustainability Selected East Asian And Latin American Experiences, National Bureu of Economic Research
  • Gruben, W. C., McLeod, D. (1998). Capital Flows, Savings And Growth In The 1990s. The Quarterly Reviev of Economics and Finance. c.38, sy.3, pp.287-301
  • İnandım, Ş. (2005). Kısa Vadeli Sermaye Hareketleri ile Reel Döviz Kuru Etkileşimi: Türkiye Örneği, TCMB Uzmanlık Yeterlilik Tezi. Ankara
  • Kemme, David M,. Nikolsko-Rzhevskyy, Alex., Mukherjee, D.,(2014). Foreign Capital, Spillovers and Export Performance in Emerging Economies: Evidence from Indian IT Firms. Review of Development Economics, 18(4), pp.681–692
  • Keskin, N. (2008). Finansal Serbestleşme Sürecinde Uluslararası Sermaye Hareketleri ve Makroekonomik Etkileri: Türkiye Örneği, Finans Politik ve Ekonomik Yorumlar Cilt: 45 Sayı:526
  • MacDonald, M.,(2015). Patterns Of International Capital Flows And Productivity Growth: New Evidence. Review of International Economics, 23(5), pp.846–872
  • Sylesman, LY., Baharumshah, A. Zubaidi., Wohar, E. Mark(2015). Capital Inflows And Economic Growth: Does The Role Of Institutions Matter? International Journal of Finance & Economics. pp.253-275
  • Waheed, A. (2004). Foreign Capital Inflows And Economic Growth Of Developing Countries: A Critical Survey Of Selected Empirical Studies. Journal of Economic Cooperation, c.25, sy.1, pp.1-36
  • TCMB, Elektronik Veri Dağıtım Sistemi, http://evds.tcmb.gov.tr/cbt.html adresinden 04.01.2015 tarihinde alınmıştır.
Toplam 18 adet kaynakça vardır.

Ayrıntılar

Bölüm Makaleler
Yazarlar

Fikret Çöldemli Bu kişi benim

Yayımlanma Tarihi 8 Şubat 2016
Gönderilme Tarihi 8 Şubat 2016
Yayımlandığı Sayı Yıl 2015 Cilt: 5 Sayı: 6

Kaynak Göster

APA Çöldemli, F. (2016). TÜRKİYE’DE YABANCI PORTFÖY YATIRIMLARI İLE CARİ İŞLEMLER DENGESİ ARASINDAKİ İLİŞKİ: 2003-2013. Ejovoc (Electronic Journal of Vocational Colleges), 5(6), 59-64.
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