Gelişmiş ve Gelişmekte Olan Ülkelerin Finansal Piyasa Entegrasyonlarının Düzeyine İlişkin Bir İnceleme

Yıl 2023, Cilt: 24 Sayı: 2, 499 - 517, 10.08.2023

Sinem Atıcı Ustalar

https://doi.org/10.17494/ogusbd.1309475

Öz

Ülkelerin finansal piyasalarının entegrasyonu, uluslararası finansal varlık yatırımlarında yatırımcıların küresel mi yoksa yerel risk faktörlerine mi maruz kalacaklarını göstermektedir. Bu bağlamda çalışmanın amacı, gelişmiş ve gelişmekte olan ülkelerin küresel piyasalar ile finansal entegrasyonlarının düzeyinin değerlendirilmesidir. Çalışmada 65 ülkenin finansal piyasa entegrasyonu korelasyon yaklaşımı ve Uluslararası Sermaye Varlıkları Fiyatlama Modeli temelli yaklaşım ile hesaplanmıştır. Bu yaklaşımlara göre, gelişmiş ve gelişmekte olan ülkelerin küresel piyasalar ile entegrasyonun tam olmadığını göstermektedir. Bu nedenle analize konu olan ülkelere yapılan yatırımlarda, yatırımcılar hem küresel hem de yerel risk faktörlerini dikkate almak durumundadır.

Anahtar Kelimeler

Finansal Entegrasyon, Gelişmiş ve Gelişmekte Olan Ülkeler, Uluslararası Finansal Varlık Ticareti

A Study on the Level of Financial Market Integration in Developed and Developing Countries

Öz

The integration of countries' financial markets shows whether investors will be exposed to global or local risk factors in international financial asset investments. In this context, the aim of the study is to evaluate the level of financial integration of developed and developing countries with global markets. In the study, the financial market integration of 65 countries was calculated using the correlation approach and the International Capital Asset Pricing Model-based approach. According to these approaches, it shows that the integration of developed and developing countries with global markets is not complete. For this reason, investors have to consider both global and local risk factors in investments made in the countries that are the subject of the analysis.

Anahtar Kelimeler

Financial Integration, Developed and Developing Countries, International Financial Asset Trade

Kaynakça

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