Finansal İstikrar ile Doğrudan Yabancı Sermaye Girişleri Arasındaki İlişkinin Analizi: Türkiye Ekonomisinde Bir Uygulama

Bu çalışmada finansal istikrar ile doğrudan yabancı sermaye girişleri arasındaki nedensellik ilişkisinin incelenmesi amaçlanmaktadır. Finansal istikrarın ölçülebilmesi için Türkiye ekonomisine yönelik 2007-Q2 ile 2015-Q4 dönemlerini kapsayan finansal gelişmişlik, finansal kırılganlık, finansal sağlamlık, finansal esneklik, makroekonomik esneklik ve küresel risk endeksleri altında otuz dört göstergeyi içeren bir kompozit finansal istikrar endeksi kullanılmıştır. Finansal istikrar endeksi ile doğrudan yabancı sermaye girişleri arasındaki ilişki Granger nedensellik testi ile test edilmiştir. Granger nedensellik testi sonucunda doğrudan yabancı sermaye girişlerinden finansal istikrara doğru bir nedensellik ilişkisi olduğu tespit edilmiştir.

Anahtar Kelimeler:

Finansal İstikrar, Doğrudan Yabancı Sermaye Girişleri, Kompozit Endeks

Anaylsis of the Relationship Between Financial Stability and Foreign Direct Inflows: An Analysis on the Economy of Turkey

This study investigates causality between financial stability and foreign direct investment inflows. Firstly, a composite financial stability index is constructed for the economy of Turkey between 2007-Q2 and 2015-Q4. The composite financial stability index is composed of thirty four indicators of financial development, financial vulnerability, financial soundness, financial elasticity, macroeconomic elasticity and global risk indexes. After composing an aggregate financial stability index, the relation between this index and foreign direct investment inflows is analysed by Granger Causality Test. Uni-directional causality from foreign direct investment inflows to financial stability is found.

Keywords:

Financial Stability, Foreign Direct Investment Inflows, Composite Index,

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