Ahmet Güney, Halil Tunalı

215146

FAİZ ORANI PARİTESİ YAKLAŞIMI ÜZERİNE BİR DEĞERLENDİRME

Bu çalışmada, gerek uluslararası finans gerekse de açık-ekonomi makroekonomik modellerin inşasında sıklıkla kullanılan kapsanmış ve kapsanmamış faiz oranı paritesi yaklaşımları üzerine yapılan ampirik çalışmalar incelenmektedir. Ekonometrik yöntem, ülke ve dönem temelli ele alınan çalışmalar genel bir değerlendirmeye tabi tutulduğunda üç önemli bulguya rastlanılmaktadır. İlk olarak, her iki hipotezin de geçerli olduğu çalışmalara oldukça az rastlanılmıştır. İkinci olarak, daha güncel ekonometrik yöntemlerin kullanıldığı çalışmalarda ise hipotezleri destekler sonuçların daha fazla olduğu görülmüştür. Son olarak ise, aralarındaki sermaye kontrollerinin minimize edildiği, birbirlerine daha fazla entegre olmuş, işlem maliyetlerinin düşük, finansman riskinin az ve istikrarlı finans piyasalarında hipotezlerin geçerlilik olasılıkları yükselmektedir. Bulguların, konuyla ilgilenen araştırmacılara faydalı olabileceği düşünülmektedir.
Anahtar Kelimeler:

Kapsanmış Faiz Oranı Paritesi, Kapsanmamış Faiz Oranı Paritesi, Etkin Piyasalar

AN ASSESMENT ON INTEREST RATE PARITY APPROACH

In this study, empirical studies on covered interest rate parity and uncovered interest rate parity which are frequently used in the construction of both international finance and open-economy macroeconomic models were surveyed. When studies that based on econometric model, country and period evaluated in general three important findings are attained. First of all, it is rare to find studies that both hypotheses are valid. Secondly, in studies that more current econometric methods were used more supporting findings for hypotheses were observed. Lastly, validity likelihood of hypotheses rises in financial markets that are more stable and more integrated to each other, transaction costs and financial risks are low and capital controls are minimized in between. Findings are expected to be beneficial to researchers that interests in the subject. 
Keywords:

Covered Interest Rate Parity, Uncovered Interest Rate Parity, Efficiency Markets,

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Akademik Araştırmalar ve Çalışmalar Dergisi (AKAD)-Cover
  • ISSN: 1309-3762
  • Yayın Aralığı: Yılda 2 Sayı
  • Başlangıç: 2009
  • Yayıncı: Kilis 7 Aralık Üniversitesi
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