SERMAYE GİRİŞLERİNDEKİ AŞIRI ARTIŞLARIN BELİRLEYİCİLERİ: TÜRKİYE ÖRNEĞİ
DETERMINANTS OF THE SURGES IN CAPITAL INFLOWS: THE CASE OF TURKEY
Author(s): Cemil VARLIKSubject(s): National Economy, Business Economy / Management, Economic history, Economic policy, International relations/trade, Transformation Period (1990 - 2010), Present Times (2010 - today)
Published by: Kafkas Üniversitesi Sağlık, Kültür ve Spor Daire Başkanlığı Dijital Baskı Merkezi
Keywords: Gross capital inflows; capital inflow surges; pull and push factors;
Summary/Abstract: This article examines the determinants of the surges in gross and net capital inflows and in their components using Turkish monthly data over the period 1997:12-2019:12. Probit model estimates suggest that both domestic and global factors are important for portfolio and other investment inflow surges, while domestic variables have higher explanatory power for total and foreign direct investment inflow surges. According to the findings, gross capital inflows data provide more significant results than net inflows data. In addition, increases in domestic industrial production, real exchange rate, global growth and global liquidity raise the probability of surges in the components of capital inflows excluding foreign direct investment. The responses of surges in foreign direct investment inflows to the certain domestic and global variables are quite different from those of the other components. Additionally, surges in gross portfolio inflows are more susceptible to financial fragility, while surges in gross foreign direct investment and gross other investment inflows are more responsive to macroeconomic instability
Journal: Kafkas Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi
- Issue Year: 11/2020
- Issue No: 22
- Page Range: 1048-1074
- Page Count: 27
- Language: Turkish