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Son yüzyılda, doğrudan yabancı yatırımlar birçok ülke tarafından sermaye yaratma kaynağı olarak teşvik edilmiştir. Aynı zamanda, yabancı yatırımcıların birçok küçük ekonomide piyasaları ele geçirdiği ve hatta finansal sistemleri kontrol eden ve ülke ekonomisini şekillendiren baskın güçler olduğu yönündeki eleştiriler süregelmiştir. Bu çalışma, doğrudan yabancı yatırımlar ile finansal göstergeler arasında nedensellik ilişkisinin olup olmadığını ortaya koymak ve doğrudan yabancı yatırımların finansal piyasalardaki hakimiyetine yönelik eleştirilere ışık tutmak amacıyla yapılmıştır. Ayrıca, güçlü tavsiyeler sunmak için doğrudan yabancı yatırımlara ilişkin literatür kapsamlı bir şekilde ele alınmıştır. Çalışmada, Türkiye'ye doğrudan yabancı yatırım (DYY) girişleri ve finansal gösterge değişkenleri arasındaki nedensellik ilişkisini belirlemek için 2005/09-2018/10 dönemine ait aylık veriler ve Genişletilmiş Dickey Fuller ve Philips-Perron Durağanlık ve Birim Kök Testleri, Lumsdaine-Papell Yapısal Kırılma Testi, VAR modeli ve Toda-Yamamoto Nedensellik Testi kullanılmıştır. Bulgular, DYY'ler ile BİST100 endeksi arasında iki yönlü, doğrudan yabancı yatırımlardan döviz alış kuru, ticari kredi faizine doğru tek yönlü bir ilişki olduğunu ortaya koymuştur. DYY'den ticari kredi faizine tek yönlü bir ilişkinin olduğu bulgusu, DYY'nin ticari kredi faizini etkileyen faktörlerden biri olarak literatüre eklenmesi gereğini ortaya koymaktadır. Öte yandan, doğrudan yabancı yatırımlar ile gösterge faiz oranı, mevduat faiz oranı ve bankaların kullandırdığı yurt içi krediler arasında nedensellik ilişkisi bulunamamıştır. Literatür taraması ve araştırma bulguları doğrultusunda politika yapıcılara ve konuyla ilgili diğer araştırmacılara önerilerde bulunulmuştur.
In the last century, foreign direct investments have been encouraged by many countries as a source of capital creation. At the same time, foreign investors have continued to criticize that many small economies are dominating the markets and even dominating the financial systems and shaping the country’s economy. This study was aimed at revealing whether there is a causal relationship between foreign investments and financial indicators, and to highlight the criticism of the dominance of foreign investments on the financial markets. In addition, literature on foreign direct investments has been thoroughly addressed to provide strong advice. The study used monthly data from the 2005/09-2018/10 period to determine the causality relationship between foreign investment (DYY) input to Turkey and financial indicator variables and Extended Dickey Fuller and Philips-Perron Standards and Unit Root Tests, Lumsdaine-Papell Structural Breakdown Test, VAR model and Toda-Yamamoto Causal Test. The findings showed that between the DYYs and the BIST100 index there is a two-way one-way relationship from foreign direct investment to the exchange rate, the trade credit interest. The findings from DYY that there is a one-way relationship with the interest rate of commercial loans show that DYY must be added to literature as one of the factors affecting the interest rate of commercial loans. On the other hand, there was no causal relationship between foreign direct investments and the indicative interest rate, the deposit interest rate and the domestic loans used by banks. In accordance with the scan of literature and research findings, recommendations were given to policy makers and other researchers related to the subject.
In the last century, foreign direct investments have been encouraged by many countries as a source of capital creation. At the same time, criticisms continued those foreign investors were taking over the markets in many small-economies and even as dominant powers controlling financial systems and shaping the country's economy. This study was conducted to reveal whether there is a causal relationship between foreign direct investments and financial indicators, and to shed light on the criticisms of the dominance of foreign direct investments in financial markets. In addition, the literature on foreign direct investments has been extensively discussed in order to offer strong recommendations. In the study, to determine the causality relationship of foreign direct investment (FDI) inflows to Turkey and financial indicator variables were used monthly data for the period 2005/09-2018/10 and Lumsdaine-Papell Structural Break Test, VAR model and Toda-Yamamoto Causality Test. Findings revealed that there is a two-way relationship between FDI and BIST100 index, and a one-way relationship with foreign exchange buying rate and commercial loan interest from foreign direct investments. The finding that there is a one-way relationship from FDI to commercial loan interest reveals that FDI should be added to the literature as one of the factors affecting the commercial loan interest rate. On the other hand, no causal relationship was found between foreign direct investments and benchmark interest rate, deposit interest rate and domestic loans extended by banks. In line with the literature review and research findings, suggestions were made to policy makers and other researchers on the subject.
Field : Eğitim Bilimleri
Journal Type : Uluslararası
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