Portföy Yatirimlari İle CDS Arasindaki̇ İli̇şki̇: Türki̇ye Örneği̇

Abstract

This article was checked by iThenticate.  Bu çalışma 04-06 Nisan 2019 tarihinde İzmir (Çeşme)'de gerçekleştirilen 3. Uluslararası Uygulamalı Sosyal Bilimler Kongresinde özet olarak sunulan bildirinin tam metin olarak düzenlenmiş halidir.

The Relationship Between Foreign Direct Investments and CDS Premiums in Türkiye: Time-Varying Causality Test (2011-2023)

“…In order to confirm the Granger causality test, the variables were subjected to time-varying causality test and again no causality relationship was detected throughout the periods analysed. When the results of the study are compared with other studies in the literature, it is similar to the results of Öztürk et al (2018), while it differs from the results of Fei, Fuertes and Kalotychou (2017), Koy and Karaca (2018), Kahıloğulları (2018), Yıldırım and Sakızcı (2019), Sevil and Ünkaracalar (2020), İlter and Gök (2021), Şenol et al (2023). It is thought that the difference between the results of other studies in the literature and the principle is due to the date range used and different analysis methods.…”

“…In the study, a unidirectional causality was found between CDSs and foreign equity investments, that is, from CDS premiums to foreign equity investments. Fei, Fuertes and Kalotychou (2017), Koy and Karaca (2018), Kahıloğulları (2018), Yıldırım and Sakızcı (2019), Sevil and Ünkaracalar (2020), İlter and Gök (2021), Şenol et al (2023), there is a relationship between CDSs and foreign portfolio investments, either cointegration or causality, and in the estimates of the degree of the relationship in all studies except İlter and Gök (2021), there is a negative relationship between CDSs and foreign portfolio investments. Öztürk et al (2018) examined the relationship between foreign direct investments and economic growth in Türkiye with the help of time series analyses for the period between 1974 and 2016.…”

“…Studies on the relationship between FDI and CDS premiums are Fei, Fuertes and Kalotychou (2017), Koy and Karaca (2018), Kahıloğulları (2018), Yıldırım and Sakızcı (2019), Sevil and Ünkaracalar (2020), İlter and Gök (2021), Şenol, Gülcemal and Koç (2023). Except Fei et al (2017), all of these studies are related to Türkiye.…”

“…Kahıloğulları (2018) conducted a study on the Türkiye sample with data for the period January 2005 -December 2017 and found that there is a negative relationship between foreign portfolio investments and CDS premiums both in the short run and in the long run. Similarly, Yıldırım and Sakızcı (2019) investigated the relationship between CDS risk premiums and net portfolio investments with quarterly data for the period January 2010 -September 2018 and found that there is a negative relationship between CDS premiums and foreign portfolio investments in the short run and causality from CDS premiums to foreign portfolio investments. Koy and Karaca (2018) conducted a study on the factors affecting international portfolio investments in Türkiye during contraction and expansion periods with data for the period 2013-2016 and found a negative relationship between net portfolio investments and CDS premiums.…”

Ekonomi ve Finans Politikaları Üzerine Çalışmalar

“…Ancak çoğu ülke toplam sermaye gereksinimlerini iç kaynaklarla karşılayamadığından yabancı yatırımlara yönelmektedir. Hem gelişmiş hem de gelişmekte olan ülkeler, yatırımları teşvik etmek, ekonomik büyümeyi artırmak, üretimdeki (Seyidoğlu, 2017;UNCTAD, 1999;Yıldırım ve Sakızcı, 2019).…”