Özet:

Savings and investments are closely related to economic growth, which is one of the core issues of the economy. The growth rate depends on the amount of investments and the increase in the efficiency of these investments. Investments require funds in the form of savings. The problem at this point is how much investments are funded by national savings. On the other hand, the fact that capital can enter and exit the country without any restrictions indicates that capital movements are free. This also recognizes the possibility of taking advantage of foreign savings in the event that domestic savings remain insufficient. Therefore, both domestic and foreign savings are critical for capital accumulation and economic development. Feldstein-Horioka (1980), assumes that the stronger the correlation between savings and investments, the less international capital will be moving. This, which is contrary to theoretical expectations, is called a puzzle in the economy. In this study, the Feldstein-Horioka puzzle was investigated by addressing the period 1983-2019 for the Turkish economy. Following the traditional unit root tests and the stagnation examination with the Fourier ADF test, the Fourier Shin integration test results have shown that there is a long-term relationship between investment and savings. The estimates show that the savings in Turkey in the relevant period accounted for 53% of domestic investments. The Feldstein-Horioka Hypothesis in Turkey.