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FİNANSAL GLOBALLEŞME, KRİZLER VE EKONOMİK BÜYÜME: YÜKSELEN PİYASA EKONOMİLERİ ÖRNEĞİNDE BİR İNCELEME

Finansal Globalization, Crisis And Economic Growth: A Study In The Example Of Emerging Market Countries

Journal Name:

  • Akademik Araştırmalar ve Çalışmalar Dergisi

Publication Year:

  • 2010

Key Words:

Keywords (Original Language):

Author NameUniversity of AuthorFaculty of Author
Abstract (2. Language): 
In this study, using the datum in 1985–2008, foreign direct capital investments, portfolio investments and the effects of the crises to the economic growth process in the sample of Brazil, South Korea and Turkey are analyzed by means of co-integration and causality tests. According to the results of cointegration test, while portfolio investments and foreign direct capital investments influence the economic growth positively, economic crises in the examined countries influence the growth negatively. While Portfolio investments contribute to the growth in Turkey and Brazil, direct investments contribute to the growth in South Korea. According to Granger causality test, there is one way causation relation from foreign direct capital, portfolio investments and crises to the growth in Brazil. In Korea there are bidirectional causation relations between portfolio investments and economic crises. Moreover, there is unilateral causation from portfolio investments and variable crisis to economic growth, from variable crisis to foreign direct capital investments. While portfolio investments and crisis influence economic growth in unilateral, there is bidirectional interactions between foreign direct investments and economic growth. Keywords: Financial globalization, crisis, economic growth, foreign direct investments, portfolio investments
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Abstract (Original Language): 
Bu çalışmada 1985-2008 yılları arasındaki veriler kullanılarak Brezilya, Güney Kore ve Türkiye örneğinde doğrudan yabancı sermaye yatırımları, portföy yatırımları ve krizlerin ekonomik büyüme sürecine etkileri eş-bütünleşme ve nedensellik testleri yardımıyla analiz edilmiştir. Eşbütünleşme testi sonuçlarına göre incelenen ülkelerde ekonomik krizler büyümeyi olumsuz etkilerken, portföy yatırımları ve doğrudan yabancı sermaye yatırımları ekonomik büyümeyi olumlu etkilemektedir. Brezilya ve Türkiye için portföy yatırımları, Güney Kore için ise doğrudan yatırımlar büyümeye daha çok katkı sağlamaktadır. Granger nedensellik testine göre, Brezilya’da doğrudan yabancı sermaye, portföy yatırımları ve krizlerden büyümeye doğru tek yönlü nedensellik ilişkisi bulunmaktadır. Kore’de portföy yatırımları ile ekonomik krizler arasında çift yönlü nedensellik ilişkisine rastlanmıştır. Ayrıca portföy yatırımları ve kriz değişkeninden ekonomik büyümeye doğru, kriz değişkeninden de doğrudan yabancı sermaye yatırımlarına doğru tek yönlü nedensellik görülmektedir. Türkiye’de ise portföy yatırımları ve krizler ekonomik büyümeyi tek yönlü etkilerken, doğrudan yabancı yatırımlar ile ekonomik büyüme arasında iki yönlü etkileşim bulunmaktadır.
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