AYRIŞTIRILMIŞ SERMAYE AKIMLARI VE VARLIK FİYATLARI: TÜRKİYE’DEN BULGULAR
- 31 March 2021
- journal article
- Published by Yonetim ve Ekonomi Arastirmalari Dergisi - Journal of Management and Economics Research in Yönetim ve Ekonomi Araştırmaları Dergisi
- Vol. 19 (1), 185-201
- https://doi.org/10.11611/yead.822199
Abstract
This paper considers the behavior of capital inflows (sum of debt-and equity-based inflows) in the push-pull framework and their effects on asset prices. First, we investigate the responses of disaggregated capital inflows to global push factor and country specific pull factor by estimating a VAR model for Turkey over the period between 2009:M1 and 2020:M4. Second, by using the same estimation technique, we test whether different forms of capital inflows have different impact on asset prices. We find that the total capital and debt inflows present similar responses to shocks to push and pull factors. An increase in both factors is followed by a decrease in capital inflows. Moreover, there is an immediate increase in asset prices when there is a shock to capital inflows. However, these significant responses become negative in the following period when there is a shock to capital inflows except for the equity inflows.Keywords
This publication has 10 references indexed in Scilit:
- Are all types of capital flows driven by the same factors? Evidence from MexicoEmpirical Economics, 2019
- An Assessment of the Turkish Economy in the AKP EraResearch and Policy on Turkey, 2015
- The macroeconomic effects of debt- and equity-based capital inflowsJournal of Macroeconomics, 2015
- Dilemma not Trilemma: The Global Financial Cycle and Monetary Policy IndependencePublished by National Bureau of Economic Research ,2015
- The effects of capital inflows on Turkish macroeconomic performanceEmpirica, 2015
- Capital flows, push versus pull factors and the global financial crisisJournal of International Economics, 2012
- Capital flow waves: Surges, stops, flight, and retrenchmentJournal of International Economics, 2012
- The external wealth of nations mark II: Revised and extended estimates of foreign assets and liabilities, 1970–2004Journal of International Economics, 2007
- The new wave of private capital inflows: Push or pull?Journal of Development Economics, 1996
- Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External FactorsStaff Papers, 1993