BIST, FOREIGN CAPITAL AND EXCHANGE RATE RELATIONS: 1988-2015
BIST, FOREIGN CAPITAL AND EXCHANGE RATE RELATIONS: 1988-2015

Ömer Selçuk Emsen [1] , Ensar Ağırman [2]

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In this study, the Borsa Istanbul index, which reflects its reaction to short-term changes in the economy, has been transformed into real (RBIST) with the US dollar. RBIST with Real Exchange Rate (RER) as the short-run variables that either affect RBIST or affected by it, foreign direct investment (FDI) to GDP ratio (FDIY) and the ratio of portfolio investments to GDP (PIY) as both short and long-term indirect capital investments were taken into consideration in this study. This study which is on the relationship between these four variables covers the period from 1988 to 2015 and the data are taken on an annual basis. According to the results of the stationary survey, it was determined that while some of the series were stationary in the level and some of them were stationary in the first difference. According to the causality analysis with stationary series, one-way causal relations from RBIST to FDIY and RER to FDIY were obtained. According to this, it can be said that the real economy policies in Turkey have triggered direct foreign capital attraction and the stock market has attracted direct foreign capital as a leading indicator.

In this study, the Borsa Istanbul index, which reflects its reaction to short-term changes in the economy, has been transformed into real (RBIST) with the US dollar. RBIST with Real Exchange Rate (RER) as the short-run variables that either affect RBIST or affected by it, foreign direct investment (FDI) to GDP ratio (FDIY) and the ratio of portfolio investments to GDP (PIY) as both short and long-term indirect capital investments were taken into consideration in this study. This study which is on the relationship between these four variables covers the period from 1988 to 2015 and the data are taken on an annual basis. According to the results of the stationary survey, it was determined that while some of the series were stationary in the level and some of them were stationary in the first difference. According to the causality analysis with stationary series, one-way causal relations from RBIST to FDIY and RER to FDIY were obtained. According to this, it can be said that the real economy policies in Turkey have triggered direct foreign capital attraction and the stock market has attracted direct foreign capital as a leading indicator.

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Birincil Dil en
Konular Sosyal ve Beşeri Bilimler
Dergi Bölümü Makaleler
Yazarlar

Yazar: Ömer Selçuk Emsen
Ülke: Turkey


Yazar: Ensar Ağırman (Sorumlu Yazar)

Bibtex @araştırma makalesi { cumuiibf391094, journal = {Cumhuriyet Üniversitesi İktisadi ve İdari Bilimler Dergisi}, issn = {}, eissn = {1303-1279}, address = {Cumhuriyet Üniversitesi}, year = {}, volume = {19}, pages = {244 - 258}, doi = {}, title = {BIST, FOREIGN CAPITAL AND EXCHANGE RATE RELATIONS: 1988-2015}, key = {cite}, author = {Emsen, Ömer Selçuk and Ağırman, Ensar} }
APA Emsen, Ö , Ağırman, E . (). BIST, FOREIGN CAPITAL AND EXCHANGE RATE RELATIONS: 1988-2015. Cumhuriyet Üniversitesi İktisadi ve İdari Bilimler Dergisi, 19 (1), 244-258. Retrieved from http://dergipark.gov.tr/cumuiibf/issue/37183/391094
MLA Emsen, Ö , Ağırman, E . "BIST, FOREIGN CAPITAL AND EXCHANGE RATE RELATIONS: 1988-2015". Cumhuriyet Üniversitesi İktisadi ve İdari Bilimler Dergisi 19 (): 244-258 <http://dergipark.gov.tr/cumuiibf/issue/37183/391094>
Chicago Emsen, Ö , Ağırman, E . "BIST, FOREIGN CAPITAL AND EXCHANGE RATE RELATIONS: 1988-2015". Cumhuriyet Üniversitesi İktisadi ve İdari Bilimler Dergisi 19 (): 244-258
RIS TY - JOUR T1 - BIST, FOREIGN CAPITAL AND EXCHANGE RATE RELATIONS: 1988-2015 AU - Ömer Selçuk Emsen , Ensar Ağırman Y1 - 2018 PY - 2018 N1 - DO - T2 - Cumhuriyet Üniversitesi İktisadi ve İdari Bilimler Dergisi JF - Journal JO - JOR SP - 244 EP - 258 VL - 19 IS - 1 SN - -1303-1279 M3 - UR - Y2 - 2018 ER -
EndNote %0 Cumhuriyet Üniversitesi İktisadi ve İdari Bilimler Dergisi BIST, FOREIGN CAPITAL AND EXCHANGE RATE RELATIONS: 1988-2015 %A Ömer Selçuk Emsen , Ensar Ağırman %T BIST, FOREIGN CAPITAL AND EXCHANGE RATE RELATIONS: 1988-2015 %D 2018 %J Cumhuriyet Üniversitesi İktisadi ve İdari Bilimler Dergisi %P -1303-1279 %V 19 %N 1 %R %U
ISNAD Emsen, Ömer Selçuk , Ağırman, Ensar . "BIST, FOREIGN CAPITAL AND EXCHANGE RATE RELATIONS: 1988-2015". Cumhuriyet Üniversitesi İktisadi ve İdari Bilimler Dergisi 19 / 1 244-258.