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Bu çalışmanın amacı, Türkiye ile gelişen ve gelişmekte olan ülkeler arasındaki ekonomik etkileşimi incelemektir. Türkiye başta olmak üzere 10 adet gelişmekte olan ülke ve sekiz adet gelişmiş ülke borsası analize dahil edilmiştir. Veri seti Ocak 2010 - Aralık 2017 aylık borsa endeks değerlerinden oluşmaktadır. Sonuç olarak, Türkiye’nin hem gelişmiş hem de gelişmekte olan seçilmiş ülkelerin borsaları ile eşbütünleşik olduğu, bununla birlikte gelişmekte olan seçilmiş ülke grubunun kendi aralarında eşbütünleşik, ancak seçilmiş gelişmiş ülke grubunun kendi aralarında eşbütünleşik olmadığı tespit edilmiştir. Dolayısıyla, eşbütünleşik yapıları nedeniyle, gelişmekte olan ülke borsalarının modern portföy teorisi çerçevesinde birbirlerinin alternatifi olamayacağı bulgusuna ulaşılmıştır. Bu sonuca göre, uzun vadede gelişmekte olan ülke borsaları arasında risk dağıtımı yapmak mümkün değildir. Gelişmiş ülke borsaları ise, grup içerisinde entegre olmamaları nedeniyle, yatırım alternatifi olarak birbirlerinin ikamesi konumundadır.
The aim of this study is to study the economic interaction between Turkey and developing and developing countries. Turkey mainly included 10 developing countries and eight developed countries in the stock exchange analysis. The data set consists of the monthly stock exchange index values from January 2010 to December 2017. As a result, it has been found that Turkey is harmonised with the exchanges of both developed and developing selected countries, but the selected group of developing countries is harmonised among themselves, but the selected group of developed countries is not harmonised among themselves. Thus, due to their integrated structures, it has been found that developing country exchanges cannot be an alternative to each other within the framework of modern portfolio theory. According to this conclusion, it is not possible to make a risk distribution between long-term developing country exchanges. Developing countries’ exchanges, because they are not integrated within the group, are in the position of each other’s residence as an alternative investment.
The aim of this study is to examine the economic interaction between developed and developing countries with Turkey. The analysis consists of ten developing countries, notably Turkey, and eight developed countries’ stock exchanges. The dataset consists of monthly stock market index values between January 2010 and December 2017. According to the results, it is determined that, Turkey is cointegrated with selected developed and developing countries exchanges, moreover selected developing countries group cointegrated between themselves, however selected developed countries group was not cointegrated between themselves. Therefore, due to co-integrated structures of stock exchanges, it has been found that developing country exchanges cannot be an alternative to each other within the framework of modern portfolio theory. According to this result, it is not possible to diversify risks among the developing countries stock exchanges in the long term. Developed countries stock exchanges are not co-integrated within the group and a substitute for each other as an alternative investment tool.
Field : Sosyal, Beşeri ve İdari Bilimler
Journal Type : Ulusal
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