Alper Veli ÇAM, Emine KAYA, Abdulkadir BARUT

TÜRKİYE İÇİN HİSSE SENEDİ PİYASASI VE FİNANSAL DIŞA AÇIKLIK İLİŞKİSİNİN VAR MODELİ İLE ANALİZİ (1998:Q1-2013Q1)

1980'li yıllarda başlayan finansal serbestleşme ile sermaye piyasası kısıtlamaları kaldırılmış ve finansal serbestleşme sonucunda finansal dışa açılma başlamıştır. Bu çalışmanın amacı, finansal dışa açıklık oranı ve hisse senedi piyasası arasındaki ilişkiyi Türkiye için tespit etmektir. 1998:Q1-2013Q1 dönemini kapsayan çalışmada, VAR modeli kurulmuş ve Granger nedensellik analizi yapılmıştır. Granger nedensellik analizi sonucunda, hisse senedi piyasasından finansal dışa açıklık oranına doğru tek taraflı nedensellik olduğu tespit edilmiştir. Bu sonuç sermaye piyasalarında meydana gelen değişimlerin finansal dışa açıklığı etkilediğine işaret etmektedir

THE ANALYSIS OF RELATION BETWEEN CAPITAL MARKETAND FINANCIAL OPENNESS WITH VAR MODEL FOR TURKEY(1998:Q1-2013:Q1)

With financial liberation beginning in 1980, capital market restrictions were removed and, as result of financial liberation, financial openness started. The purpose of this study is to determine the relation between financial openness rate and capital market for Turkey. In the study, covering 1998: Q1-2013: Q1 periods, VAR model were set up and Granger causality test was applied. As a result of Granger causality analysis, it was determined that there is unilateral causality from capital market to financial openness. This consequence shows that changes occured in capital markets affect financial openness

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