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Dokuz Eylül Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi

Yıl 2008 , Cilt 23 , Sayı 1

Makale özeti ve diğer detaylar.

Makale özeti
Başlık :

Modeling portfolio flows for the post floating turkish economy

Yazar kurumları :
İstanbul University1, Marmara University2
Görüntülenme :
262
DOI :
Özet Türkçe :

In this paper, a structurally identified vector autoregressive (SVAR) model is constructed to examine the determinants of the portfolio-based capital flows for the Turkish economy. Our estimation results using data from the post-floating period reveal that the "push" factors based on the external developments for the Turkish economy have a dominant role to explain the behavior of the portfolio flows.

Furthermore, the domestic real interest rates as a main "pull" factor are found in a negative dynamic relationship with the portfolio flows and such a finding is attributed to that the dynamic course of the portfolio flows should not be related to the excess return possibilities of the real interest structure, but rather they shold be related to the risk considerations of the economic agents, resulted from the negative fundamentals of the economy associated with high risk premiums.

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