The Relationship Between Special International Capital Flows and Financial Development: The Example of Turkic Republics

Öz

International capital movements including foreign direct investment and portfolio investments continue to be an important source of foreign capital for developing countries. This study aims to examine the relationship between foreign direct investment and portfolio investments of the Turkish Republics, which are the member countries of the Turkish State Organization, and their financial development. The structure of the variables necessitated the use of the ARDL Bounds test, Johansen-Juselius Cointegration test, and Toda-Yamamoto Causality tests from time series analysis as the analysis method. It was observed that there were positive significant relationships between foreign direct investment and/or portfolio investments and the domestic financial development of these countries in the long term after the applied analysis. It was determined that short-term deviations reached equilibrium in the long term. In addition, it can be stated that there is a unidirectional causality relationship from financial development to foreign direct investment and/or portfolio investments, therefore, it can be stated that financial development affects international capital movements positively. It is thought that the study will benefit both investors and policymakers.

Anahtar Kelimeler

• Foreign Direct Capital Investments
• Portfolio Investments
• Financial Development

Özel Nitelikli Uluslararası Sermaye Hareketleri ile Finansal Gelişmişlik Arasındaki İlişki: Türki Cumhuriyetler İncelemesi

Öz

Doğrudan yabancı sermaye yatırımları ve portföy yatırımlarını içeren uluslararası sermaye hareketleri, gelişmekte olan ülkeler için önemli bir yabancı sermaye kaynağı olmaya devam etmektedir. Bu çalışma, Türki Cumhuriyetlerden Türk Devlet Teşkilatı üye ülkelerinin doğrudan yabancı sermaye yatırımları ile portföy yatırımlarının finansal gelişmişilikleri ile ilişkisinin incelenmesini amaçlamaktadır. Değişkenlerin yapısı analiz yöntemi olarak zaman serisi analizlerinden ARDL Sınır testi, Johansen-Juselius Eşbütünleşme testi, Toda-Yamamoto Nedensellik testlerini kullanmayı gerekli kılmıştır. Uygulanan analizler sonrasında bu ülkelerin genelinde doğrudan yabancı sermaye yatırımları ve/veya portföy yatırımları ile ülkelerin yerli finansal gelişmişlikleri arasında uzun dönemde pozitif anlamlı ilişkiler olduğu gözlenmiştir. Kısa dönemli sapmaların ise uzun dönemde dengeye ulaştığı belirlenmiştir. Ayrıca finansal gelişmişlikten doğrudan yabancı sermaye yatırımları ve/veya portföy yatırımlarına doğru tek yönlü nedensellik ilişkisi olduğu dolayısıyla da finansal gelişmişliğin uluslararası sermaye hareketlerini olumlu yönde etkilediği ifade edilebilmektedir. Çalışmanın hem yatırımcılar hem de politika yapıcılara fayda sağlayabileceği düşünülmektedir.

Anahtar Kelimeler

• Doğrudan Yabancı Sermaye Yatırımları
• Portföy Yatırımları
• Finansal Gelişmişlik

Kaynakça

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