DOĞRUDAN YABANCI YATIRIMLAR VE PORTFÖY YATIRIMLARI VOLATİLİTESİ ARASINDA NEDENSELLİK İLİŞKİSİ

Mustafa EMİR, Melih KUTLU
2.909 641

Öz


Ülkeler açısından en az riskli olarak görülen doğrudan yabancı yatırımlar finansal desteğin yanı sıra teknolojik yenilikler ve işletmecilik bilgisi de sağlamaktadır. Portföy yatırımları ise riskli yatırımlar olarak değerlendirildiğinden finansal liberalizasyon, vergi politikaları ve özelleştirme gibi uygulamalar ile doğrudan yabancı yatırımlara dönüştürülmeye çalışılmaktadır. Bu çalışmada portföy yatırım büyüklüğü açısından ilk üç sırada bulunan Britanya, Yunanistan ve Almanya ile birlikte Türkiye üzerinden portföy yatırımları volatilitesi ve doğrudan yabancı yatırımlar arasındaki ilişki Granger Nedensellik Analizi ile test edilmiştir. Portföy yatırımlarında ki volatilite’nin karşılıklı veya tek taraflı olarak doğrudan yabancı yatırımlardan etkilendiği görülmüştür.

Anahtar Kelimeler: Doğrudan Yabancı Yatırımlar, Portföy Yatırımlarının Volatilitesi, Granger Nedensellik Analizi

JELSınıflandırması:F21, F32, C32

 

CAUSALITY BETWEEN FOREIGN DIRECT INVESTMENT AND PORTFOLIO INVESTMENT VOLATILITY

 

Abstract

As the least risky in terms of direct foreign investment as well as financial support for technological innovation and also provides management information about countries. Portfolio investment that is is considered as risky investments are attempting foreign direct investment to convert with financial liberalization, privatization and tax policies. In this study, the size of portfolio investments that is the first three terms of the British, Greece and Germany  with Turkey, together with volatility of portfolio investments on the relationship between foreign direct investment and Granger causality analysis were tested. The volatility of portfolio investments in mutual or unilateral foreign direct investment has been effected.

Keywords: Foreign Direct Investment, Portfolio InvestmentVolatility, GrangerCausality Analysis

JEL Classification:F21, F32, C32


Anahtar kelimeler


Doğrudan Yabancı Yatırımlar, Portföy Yatırımlarının Volatilitesi, Granger Nedensellik Analizi

Tam metin:

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DOI: http://dx.doi.org/10.18092/ijeas.13876

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