Gelişmiş ve Gelişmekte Olan Ülkelerde Yabancı Portföy Yatırımlarının Belirleyicileri

Yıl 2021, , 1715 - 1724, 30.07.2021

Erkan Ustaoğlu

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

Cited By: 2

Öz

 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.

Anahtar Kelimeler

Yabancı Portföy Yatırımları, Yabancı Sermaye Girişleri, Sistem-GMM

Determinants of Foreign Portfolio Investments in Developed and Developing Countries

Öz

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.

Anahtar Kelimeler

Foreign Portfolio Investment, Foreign Capital Inflows, System-GMM

Kaynakça

• Agarwal, R. N. (1997). Foreign portfolio investment in some developing countries: A study of determinants and macroeconomic impact. Indian Economic Review, 32(2), 217–229. Erişim adresi: https://www.jstor.org/stable/29794138?
• Ahmad, F., Draz, M. U. and Yang, S. (2015). Determinants of foreign portfolio inflows: Analysis and implications for China. Asian Journal of Finance & Accounting, 7(2), 66-77. doi:10.5296/ajfa.v7i2.8165
• Al-Smadi, M. O. (2018). Determinants of foreign portfolio investment: The case of Jordan. Investment Management and Financial Innovations, 15(1), 328-336. doi:10.21511/imfi.15(1).2018.27
• Ang, J. B. (2008). Determinants of foreign direct investment in Malaysia. Journal of Policy Modeling, 30(1), 185–189. doi:10.1016/j.jpolmod.2007.06.014
• Baltagi, B. H. (2005). Econometric analysis of panel data (3. Edition). Chichester, West Sussex: John Wiley & Sons.
• Blundell, R., Bond, S. and Windmeijer, F. (2000). Estimation in dynamic panel data models: improving on the performance of the standard gmm estimator. IFS Working Papers, No: WP00/12.
• De Santis, R. A. and Lührmann, M. (2009). On the determinants of net international portfolio flows: A global perspective. Journal of International Money and Finance, 28(5), 880–901. doi:10.1016/j.jimonfin.2008.09.002
• Egly, P. V., Johnk, D. W. and Liston, D. P. (2010). Foreign portfolio investment inflows to the United States: The impact of risk aversion and us stock market performance. North American Journal of Finance and Banking Research, 4(4), 25–41. Erişim adresi: https://www.researchgate.net/profile/Daniel_Perez_Liston/publication/228629255
• Ekeocha, P. C., Ekeocha, C. S., Malaolu, V. and Oduh, M. O. (2012). Modelling the long run determinants of foreign portfolio investment in Nigeria. Journal of Economic and Sustainable Development, 8(13), 194–205. Erişim adresi: https://www.academia.edu/download/31237049/2321.pdf
• Erataş, F. ve Öztekin, D. (2010). “Kısa vadeli sermaye akımlarının belirleyicileri: Türkiye örneği.” Ekonomi Bilimleri Dergisi, 2(2), 57–64. Erişim adresi: https://www.researchgate.net/profile/Filiz_Eratas_Soenmez/publication/317105938
• Erdoğan, A. (2016). Gelişmekte olan ülkelerde doğrudan yabancı sermaye yatırımları ve Türkiye örneği (2.Baskı). Ankara: Nobel Yayıncılık.
• Feldstein, M. (2000). Aspects of global economic integration: Outlook for the future. NBER Working Paper, No:7899.
• Forbes, K. J. (2010). Why do foreigners invest in the United States?. Journal of International Economics, 80(1), 3–21. doi:10.1016/j.jinteco.2009.09.001
• Garg, R. and Dua, P. (2014). Foreign portfolio investment flows to India: Determinants and analysis. World Development, 59, 16–28. doi:10.1016/j.worlddev.2014.01.030
• Gujarati, D. N. (2004). Basic Econometrics (4. Edition). New York: Tata McGraw Hill.
• Gwenhamo, F. and Fedderke, J. W. (2013). The composition of foreign capital stocks in South Africa: The role of institutions, domestic risk and neighbourhood effects. Economic Modelling, 35, 763–770. doi:10.1016/j.econmod.2013.09.001
• Haider, M. A., Khan, A. M. and Abdulahi, E. (2016). Determinants of foreign portfolio investment and its effects on China. International Journal of Economics and Finance, 8(12), 143-150. doi:10.5539/ijef.v8n12p143
• Monetary Fund (IMF) (2009). Balance of paymetns and international investment position manual (6. Edition), Washington D.C. Erişim adresi: https://www.imf.org/external/pubs/ft/bop/2007/pdf/bpm6.pdf, (01.07.2020)
• Lo Duca, M. (2012). Modelling the time varying determinants of portfolio flows to emerging markets. ECB Working Paper, No: 1468.
• Moreno, R. (2000). What explains capital flows?. FRBSF Economic Letter, July. Erişim adresi: https://www.frbsf.org/economic-research/publications/economic-letter/2000/july/what-explains-capital-flows/ (01.07.2020).
• Organisation for Economic Co-operation and Development (OECD) (2001). Yabancı portföy yatırımlarının tanımı. Erişim adresi: https://stats.oecd.org/glossary/detail.asp?ID=2092, (21.06.2019).
• Pal, P. (2010). Foreign portfolio investment, stock market and economic development: A case study in India. Capital Without Borders: Challenges to Development, 121–146. https://doi.org/10.7135/UPO9780857289575.007
• Roodman, D. (2009a). A note on the theme of too many instruments. Oxford Bulletin of Economics and Statistics, 71(1), 135–158. doi:10.1111/j.1468-0084.2008.00542.x
• Roodman, D. (2009b). How to do xtabond2: An introduction to difference and system gmm in stata. Stata Journal, 9(1), 86–136. doi:10.1177/1536867x0900900106
• Seyidoğlu, H. (2015). Uluslararası iktisat teori politika ve uygulama (20. Baskı). İstanbul: Güzel Çay Yayınları.
• Shanab, S. A. (2017). The effect of foreign portfolio investment (fpi) on capital market indices (evidence from Amman stock exchange). International Review of Management and Business Research, 6(4), 1469-1477.
• Singhania, M. and Saini, N. (2017). Determinants of fpi in development and developing countries. Global Business Review, 19(1), 187–213. doi:10.1177/0972150917713280
• Tatoğlu, Y. F. (2018). İleri panel veri analizi (3. Baskı). İstanbul: Beta Basım Yayım Dağıtım.
• Verma, R. and Prakash, A. (2011). Sensitivity of capital flows to interest rate differentials: An empirical assessment for India. RBI Working Paper, No:7.
• World Bank (2019a). World Bank financial development and structure. Erişim adresi: https://www.worldbank.org/en/publication/gfdr/data/financial-structure-database, (11.09.2019).
• World Bank (2019b). World Bank development indicators. Erişim adresi: https://databank.worldbank.org/source/world-development-indicators, (11.10.2019).
• Yang, H., Xiong, Y. and Ze, Y. (2013). A comparative study of determinants of international capital flows to Asian and Latin American emerging countries. Procedia Computer Science, 17, 1258-1265. doi:10.1016/j.procs.2013.05.160