Çalışmanın temel amacı Türkiye ekonomisinde sanayi ve hizmet sektörleri açısından doğrudan yabancı yatırımları belirleyen faktörlerin ampirik olarak araştırılmasıdır. Etkisi araştırılan değişkenler gelir, dışa açıklık oranı, enflasyon, reel döviz kuru ve dünya büyüme oranıdır. Analiz 2005:1-2017:2 dönemini kapsamakta ve çeyrek dönemlik veriler kullanılmaktadır. Çalışmada sınır testi ve ARDL yaklaşımı kullanılmaktadır. Analiz sonuçlarına göre, uzun dönemde sanayi sektörüne yönelik doğrudan yabancı yatırım üzerinde dışa açıklık oranı ve dünya ekonomik büyüme oranının pozitif, enflasyon ve reel döviz kurunun negatif etkisi vardır. Uzun dönemde hizmet sektörüne yönelik doğrudan yabancı yatırım üzerinde ise gelir, reel döviz kuru ve dünya ekonomik büyüme oranı pozitif etki ortaya çıkarmaktadır. Bununla birlikte, dışa açıklık oranının hizmet sektörüne yönelik doğrudan yabancı yatırımı üzerinde herhangi bir etkisi bulunamamıştır.
Europe attracts attention in terms of geography where immigrant movements are intense. The region received international migrant heavily because of World War II, the fall of the Berlin Wall, and its connections with Africa and Latin America. After the 2000s, the war, civil conflict and political instability in especially Afghanistan, the Middle East and Africa increased the migration movements. Migration movements have important social and political consequences as well as economic consequences. The most essential of these is the fluctuations in the labour market. The study aims to empirically investigate the effect of international migration on unemployment rates in European countries. Panel regression analysis is preferred as a method. The analysis performed for 27 European countries and between 2000-2017 years. Empirical analysis results show that international migration does not have a statistically significant effect on unemployment. In addition, increases in GDP, public expenditures, education expenditures and wage rises reduce unemployment rates.
There has been a significant increase in foreign direct investments as the world has become a single global village with globalization. In this process, foreign direct investments has increasingly become an important source of economic growth for developing economies. In fact, foreign direct investments leads to significant changes in the production structure through the diffusion of information and technology, as well as increasing employment and production in developing countries. Therefore, developing countries have made great efforts to attract foreign direct investments to their countries. Parallel to the increasing importance of foreign direct investments for developing economies, the factors affecting foreign direct investment inflows have begun to be studied extensively in the economics literature. This study will focus on the financial factors that affect foreign direct investments inflows to Turkey. Accordingly, the effect of global interest rate, stock market index and exchange rate on foreign direct investments inflows in the 2008Q4-2019Q4 period, which includes the period from the beginning of the global crisis to the pandemic, was analyzed by ARDL method. Econometric results show that increases in the global stock market index within the framework of Tobin's Q Theory are an important variable that affects capital inflows to Turkey. On the other hand, changes in the exchange rate affect foreign direct capital inflows positively in the short term and negatively in the long term. In general, no significant relationship was found between developments in global interest rates and foreign direct capital inflows. Thus, empirical findings highlight the changes in the global stock market index among financial indicators as the most important factor affecting foreign direct inflows to Turkey. This fact has revealed the importance of policy options to be designed within the framework of Tobin's Q theory to encourage foreign direct investment inflows to Turkey.
The main purpose of this study is to investigate the factors that the impact of macroeconomic variables, which is effective on money demand and the stability of the money demand function in Turkey. The analysis covers the period after the 2008 financial crisis, where there was powerful monetary easing in developed countries (2008)(2009)(2010)(2011)(2012)(2013)(2014)(2015)(2016)(2017)(2018). In the study, the M2 money supply is preferred as monetary aggregates. Variables that are investigated the effect are real income, interest rate and exchange rate. ARDL approach and CUSUM-CUSUMSQ test are used as methods. The analysis is performed with quarterly data. According to the results of the analysis, real income and exchange rate have a positive effect and the interest rate has a negative effect on money demand in the long term. In the short term, while the effect of real income and exchange rate on money demand continue, the effect of interest rate is disappeared.
The 2008 financial crisis had important consequences first in the US economy and then in the global economy. This has caused a significant change especially in the monetary policy practices of developing country central banks. The American Central Bank was the first monetary authority to apply for these practices. With these applications called as non-traditional monetary policy, an extraordinary amount of government bonds and mortgage-backed securities were made. As a result, the global liquidity level increased. Thus, foreign financial institutions having access to liquidity facilities and foreign capital inflows into the country has increased in Turkey. In 2010, as a necessity of the current developments, policy tools that monitor both price stability and financial stability were designed. These policy tools aimed to prevent the risks that might occur in asset and credit markets as a result of fluctuations in foreign capital movements. The asymmetric interest rate corridor is one of the policy tools that has been implied in this period. Therefore, this policy tool is important for the financial stability target of the Central Bank. With this policy tool, the CBRT has the opportunity to influence loan and deposit transactions without changing the policy interest rate. Thus, it is aimed to have an impact on both speculative capital inflows and credit markets at the same time. Accordingly, this study aims to investigate the effect of the asymmetric interest rate corridor, which is implied between 2010:5-2018:5, on financial markets. The upper limit of the corridor, the lower limit of the corridor, BIST100, the overnight repo rate, and the dollar / TL exchange rate are the variables considered in the empirical analyses. VAR is preferred as the analysis method and the analysis is carried out with data at monthly frequency. According to empirical results, the lower corridor positively affects the overnight repo rate and it affects the BIST100 index negatively. In addition, it is seen that the upper limit of the corridor has no effect on the variables used in the study.
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