YABANCI PORTFÖY YATIRIMI – İKTİSADİ BÜYÜME İLİŞKİSİ: YÖNLENDİRİLMİŞ DÖNGÜSÜZ GRAFLAR ANALİZİ

Bu çalışmada yabancı portföy yatırımı, iktisadi büyüme ve diğer kurumsal, ekonomik vesosyal değişkenler arasında tümevarımlı nedensel çıkarım şablonları oluşturulmuştur. Böylece budeğişkenler arasındaki dolaylı ve dolaysız nedensellikler ve bu nedensel ilişkilerin gelişmiş vegelişmekte olan ülkelerde nasıl farklılık gösterdiği araştırılmıştır. Bu amaçla, 2016 yılı için 33gelişmekte olan ve 23 gelişmiş ülkeyi kapsayan kesitler-arası veri kullanılmıştır. Sonuç olarak, eldeedilen yönlendirilmiş döngüsüz graf şablonları gelişmekte olan ülkelerde yabancı portföyyatırımlarının ekonomik büyümeyi takip ettiğini, gelişmiş ülkelerde ise ekonomik büyümenin dolaylıolarak yabancı portföy yatırımının bir sonucu olduğunu ortaya koymaktadır.

FOREIGN PORTFOLIO INVESTMENT – ECONOMIC GROWTH NEXUS: DIRECTED ACYCLIC GRAPHS ANALYSIS

In this paper, inductive causal inference patterns among foreign portfolio investment, economic growth, and several other economic, social and institutional factors are constructed. In doing so, we attempt to shed light on both the direct and indirect causation between these variables, and also distinguish between different causal patterns for developed and developing countries. To do so, using the data from the calendar year 2016, cross section of 33 developing and 23 developed countries is examined. Resulting Directed Acyclic Graphs (DAGs) reveal that economic growth follows foreign portfolio investment in developed countries, whereas there is an ambiguous relationship between economic growth and foreign portfolio investment through financial development in developing economies.

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