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BRICS-T ÜLKELERİNE YÖNELİK PORTFÖY YATIRIMLARININ CARI AÇIK ÜZERİNDEKİ ETKİSİ: DİNAMİK PANEL VERİ ANALİZİ

THE EFFECTS OF PORTFOLIO INVESTMENT THROUGH BRICS-T ON CURRENT ACCOUNT DEFICIT: THE DYNAMIC PANEL DATA ANALYSIS

Journal Name:

  • Niğde Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi

Publication Year:

  • 2014

Key Words:

Keywords (Original Language):

Author NameUniversity of AuthorFaculty of Author
Abstract (2. Language): 
Net portfolio investments through emerging market and developing economies surged from 20.3 billion dollar (2002-2004, average) to 224.5 billion dollar (2010). For the same period, current account surplus rised from 144.5 billion dollar to 334.9 billion dollar. Financial crises triggered in emerging economies showed that capital inflows intensified with financial liberalization may lead current account deficit. In this study, using panel data test, the portfolio inflows-current account relations of BRICS (Brazil, Russia, India, China, South Africa) and Turkey are investigated for the period 1994-2009. The empirical literature suggest that capital account causes current account deficit. The results are consistent with empirical literature revealing that portfolio inflows Granger cause current account deficit of countries in the sample. Thus, macroeconomic policies aiming at maintaining the foreign balance should be consistent with international capital flows management.
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Abstract (Original Language): 
Yükselen piyasa ve gelişmekte olan ekonomilere yönelik net portföy yatırımları, 2002-2004 döneminde ortalama 20.3 milyar dolardan 2010'da 224.5 milyar dolara yükselmiştir. Aynı dönemde, cari işlemler fazlası 144.5 milyar dolardan 334.9 milyar dolara ulaşmıştır. Yükselen piyasa ekonomilerinde meydana gelen finansal krizler, finansal serbestleşmeyle birlikte hızla artan sermaye girişlerinin cari açığa yol açabildiğim göstermektedir. Bu çalışmada, BRICS (Brezilya, Rusya, Hindistan, Çin, Güney Afrika) ve Türkiye'de portföy girişleri-cari açık ilişkisi 1994-2009 dönemi için panel veri seti kullanılarak incelenmektir. Literatürde, finans hesabının cari açığa neden olduğu görüşü hakimdir. Çalışmadan elde edilen bulgular, literatürü desteklemekte ve ele alınan ülkelerde portföy girişlerinin cari açığın Granger nedeni olduğunu ortaya koymaktadır. Dolayısıyla, dış dengeyi sağlamak amacıyla uygulanan makroekonomik politikalar, aynı zamanda uluslararası sermaye akımlarının yönetimiyle doğrudan ilişkilendirilmelidir.
FULL TEXT (PDF): 
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  • 1
67
75
  • Turkish

JEL Codes:

REFERENCES

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