FAİZ ORANI PARİTESİ YAKLAŞIMI ÜZERİNE BİR DEĞERLENDİRME

Yıl 2017, Cilt: 9 Sayı: 16, 35 - 48, 23.05.2017

Ahmet Güney , Halil Tunalı

https://doi.org/10.20990/kilisiibfakademik.304359

Cited By: 2

Öz

Bu
çalışmada, gerek uluslararası finans gerekse de açık-ekonomi makroekonomik
modellerin inşasında sıklıkla kullanılan kapsanmış ve kapsanmamış faiz oranı paritesi
yaklaşımları üzerine yapılan ampirik çalışmalar incelenmektedir. Ekonometrik
yöntem, ülke ve dönem temelli ele alınan çalışmalar genel bir değerlendirmeye
tabi tutulduğunda üç önemli bulguya rastlanılmaktadır. İlk olarak, her iki
hipotezin de geçerli olduğu çalışmalara oldukça az rastlanılmıştır. İkinci
olarak, daha güncel ekonometrik yöntemlerin kullanıldığı çalışmalarda ise
hipotezleri destekler sonuçların daha fazla olduğu görülmüştür. Son olarak ise,
aralarındaki sermaye kontrollerinin minimize edildiği, birbirlerine daha fazla
entegre olmuş, işlem maliyetlerinin düşük, finansman riskinin az ve istikrarlı
finans piyasalarında hipotezlerin geçerlilik olasılıkları yükselmektedir.
Bulguların, konuyla ilgilenen araştırmacılara faydalı olabileceği düşünülmektedir.

Anahtar Kelimeler

Kapsanmış Faiz Oranı Paritesi, Kapsanmamış Faiz Oranı Paritesi, Etkin Piyasalar

AN ASSESMENT ON INTEREST RATE PARITY APPROACH

Öz

In this study, empirical studies on covered interest
rate parity and uncovered interest rate parity which are frequently used in the
construction of both international finance and open-economy macroeconomic
models were surveyed. When studies that based on econometric model, country and
period evaluated in general three important findings are attained. First of
all, it is rare to find studies that both hypotheses are valid. Secondly, in
studies that more current econometric methods were used more supporting
findings for hypotheses were observed. Lastly, validity likelihood of hypotheses
rises in financial markets that are more stable and more integrated to each
other, transaction costs and financial risks are low and capital controls are
minimized in between. Findings are expected to be beneficial to researchers
that interests in the subject. 

Anahtar Kelimeler

Covered Interest Rate Parity, Uncovered Interest Rate Parity, Efficiency Markets

Kaynakça

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