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1980’li yıllardan sonra dünya genelinde artan küreselleşme hareketleri, finansal liberalizasyon politikalarının uygulanmasını gündeme getirmiş ve pek çok ülke finansal piyasalarını, yabancı yatırımcılara açmaya karar vermiştir. Finansal liberalizasyon politikaları kredi ve mevduat faizlerine ilişkin kontrollerin ve kredi kontrollerinin kaldırılması, bankacılık sektöründe özel mülkiyetin yaygınlaştırılması, bankacılık sektörüne girişin kolaylaştırılması, hisse senedi piyasalarının yabancı yatırımcılara açılması ve sermaye hareketlerinin serbestleşmesi gibi uygulamaları içine almaktadır. Söz konusu uygulamalar, bir ülkenin ekonomisini yatırımlarını, para ve sermaye piyasalarını olumlu veya olumsuz etkileyebilmekte ve hisse senedi piyasalarında dalgalanmalar yaratabilmektedir. Bu çalışmada hisse senedi piyasasına ilişkin finansal liberalizasyon hareketlerinin hisse senedi getiri volatilitesi üzerinde yarattığı etkilerin Türkiye açısından incelenmesi amaçlanmıştır. 07.02.1986 – 07.10.2016 dönemi için çeşitli ARCH-GARCH modellerinin kullanıldığı çalışma sonucunda, hisse senedi piyasa liberalizasyonunun hisse senedi getiri volatilitesini önemli ölçüde etkilemediği yönünde bulgular elde edilmiştir.
after 1980s, increasing globalization movements brought the implementation of financial liberalization policies in the world and many countries decided to open their financial markets to foreign investors financial liberalization policies on credit and deposits interest, and the removal of credit controls and credit controls in the banking sector, the facilitation of entry into the banking sector, opening the foreign investors of stock markets and liberating capital movements, such applications are able to positively or negatively influence the investment of a country’s economy and capital markets, and the elimination of the market fluctuations in terms of the market fluctuations in terms of 07021, as a result of the implementation of the implementation of a variety of the market in terms of the implementation of the market distribution, which the market is being used in terms of a variety of the implementation in terms of a variety of the implementation in terms of the implementation in terms of a variety of the implementation in terms of the implementation of the implementation of the implementation in terms of the implementation of the implementation of the implementation of the market distribution in terms of the implementation of the implementation in terms of the implementation of the implementation of the implementation of the implementation of the market distribution in terms of the implementation of the market development of the market growth in terms of the implementation of the implementation of
After 1980s years, increasing globalization movements around the world brought up to apply financial liberalization policies and many countries decided to open financial markets to foreign investors. Financial liberalization policies include removing controls related to deposit and loan interest rates and credits, dissemination of private ownership in banking sector, easing entry in banking sector, opening stock market to foreign investors and liberalization of capital movements. Aforementioned applications could effect economy, investments, money and capital markets of the country positive or negative and create fluctations in stock markets. In this study, it is aimed to examinate the effects of financial liberalization movements on stock return volatility from the point of Turkey. As a result of study which was used ARCH-GARCH models for 07.02.1986 – 07.10.2016 period it was obtained some findings that there is no significant effect of stock market liberalization on stock return volatility.
Field : Eğitim Bilimleri; Filoloji; Güzel Sanatlar; Hukuk; İlahiyat; Sosyal, Beşeri ve İdari Bilimler; Spor Bilimleri
Journal Type : Uluslararası
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