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Yabancı Portföy Yatırımların Ülke Seçim Kararı ile Ekonomik Özgürlük Endeksi Arasındaki İlişki

Yıl 2023, Sayı: 120, 11 - 30, 16.10.2023

Cem Kartal Mürüvet Acar Karaboğa

https://doi.org/10.33203/mfy.1182652

Öz

Uluslararası yatırımcıların ülke seçim kararlarını etkileyen birçok faktör bulunmaktadır. Öncelikli olarak daha yüksek düzeyde ekonomik özgürlüğe sahip olan ülkeler, yabancı yatırımcılar için daha cazip olmaktadır. Bu çalışmada ekonomik özgürlük endeksini oluşturan 2019 ve 2020 yıllarına ait bileşenlerin ülkelere yapılan yabancı portföy yatırımı üzerindeki etkisini araştırmak amacıyla, 128 ülkeyi kapsayacak şekilde çoklu doğrusal regresyon modeli oluşturulmuş ve analiz edilmiştir. Çalışmada ele alınan faktörlerin yabancı portföy yatırımı için ülke seçim kararına etkisi araştırılmış ve
bulgular her bileşenin etki düzeyinin farklı olduğunu ortaya çıkarmıştır.

Anahtar Kelimeler

Ekonomik özgürlük endeksi Yabancı portföy yatırımları Açıklayıcı Faktör Analizi.

Teşekkür

Teşekkür ederim.

Kaynakça

  • Bengoa, M. & Robles, B. (2003). Foreign direct ınvestment, economic freedom and growth: new evidence from Latin America, European Journal of Political Economy, Volume 19, Issue 3, 529-545.
  • Blundell-Wignall, A. & Roulet, C. (2014). Capital controls on inflows, the global financial crisis and economic growth: evidence for emerging economies, OECD Journal: Financial Market Trends Volume 2013/2, 29-42.
  • Claessens, S. (1993). Equity Portfolio Investment In Developing Countries: A Literature Survey,World Bank Working Paper, WPS-1089, 1-19.
  • De Haan, J. & Sturm,J (2000). On the relationship between economic freedom and economic growth, European Journal of Political Economy, Volume 16, Issue 2, 215-241.
  • Errunza, V. (1993). Capital Markets, Foreign portfolio investments and economic development, UNCTAD Discussion Paper 93-54499, Geneva (1993).
  • Errunza,V., (2001). Foreign portfolio equity ınvestments, financial liberalization, and economic development, Review Of International Economics, 9(4), 703–726. Faerber, E. (2008), All About Stocks, Mc Graw Hill, Third Edition, Reno, NV, U.S.A.
  • Friedman, M., & Friedman.R. D. (1980). Free to choose: a personal statement. New York: Harcourt Brace Jovanovich. ISBN 0-15-133481-1.
  • Glaeser, E. L., La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (2004). Do institutions cause growth? Journal of economic Growth, 9(3), 271-303.
  • Gwartney,J. D., Lawson,R.A. & Holcombe, R.G. (1999). Economic freedom and the environment for economic growth. Journal of Institutional and Theoretical Economics (JITE), Vol. 155, No. 4, 643-663.
  • Gwartney,J., & Lawson, R. ( 2003 ). The concept and measurement of economic freedom, European Journal Of Political Economy, Vol. 19(3), 405 – 430.
  • Gujarati, D., & Porter, D. C. (2009). Basic econometrics. 5th edition, West Point: McGraw- Hill Education.
  • Haider,M.A., Khan M.A. & Abdulahi, E. (2016). Determinants of foreign portfolio investment and ıts effects on China, International Journal of Economics and Finance, Vol. 8, No. 12, ISSN 1916-971X, E-ISSN 1916-9728.
  • Hakeem,M. M., & Suzuki, K. I. (2017). Foreign portfolio investment and economy: the network perspective, ınternational journal of economics, Finance and Business Management Studies, 3(1), 15-26.
  • Hair, J. F., Black, W. C., Babin, B. J. & Anderson, R. E. (2014). Multivariate data analysis. 7th Edition, Pearson Education Limited, Harlow, England.
  • Haque, N., & Montiel,P.(1990).How mobile is capital in developing countries? Economic Letters, 33(4), 359–62.
  • Kılcı, E. N. (2019). Analysis of the relationship between economic freedom ındex and stock market indices; evidence from Turkey. Maliye ve Finans Yazıları, (111), 117-134 Lawson,A. R., Gwartney,J., & Hall, J. (2017. Economic freedom, economic freedom of the world: 2017 annual report, Fraser Institute, https://www.econlib.org/library/Enc/ EconomicFreedom.html, Erişim tarihi: [02.08.2022].
  • Levi, M.D. (2005). International Finance, Mc Graw Hill, Fourth Edition. Mangal, T. K., & Liu, D.Y. (2020). The impact of economic freedom on foreign portfolio ınvestments: the case of the Caricom single market and economy, Research in Business & Social Science IJRBS, 9/2, DOI: https://doi.org/10.20525/ijrbs.v9i2.658.
  • Miller,T., Kim,A.B (2010). Chapter 2: Defining Economic Freedom, The Heritage Foundation ttps://www.heritage.org/index/Index, Erişim tarihi: [15.07.2022]. Miller, T., & Kim, A. B. (2013). Defining economic freedom. Miller AT, Holmes KR, Feulner EJ (Eds), 87-94.
  • O’Driscoll Jr., G. P., Holmes, K. R., & Kirkpatrick, M. (2001). Index of economic freedom. heritage foundation, Washington, USA.
  • Özdamar, K. (2016). Ölçek ve test geliştirme yapısal eşitlik modellemesi, IBM SPSS, IBM AMOS ve MINITAB Uygulamalı. Eskişehir: Nisan Yayın Evi.
  • Rasiah, D., Ying, T. L., & SOLARIN, S. A. (2016). Economic freedom index and stock returns in Malaysia. Theoretical & Applied Economics, 23(1).
  • Singhania, M. & Saini, N. (2018). Determinants of FPI in developed and developing countries. Global Business Review, 19(1), 187–213. Doi.Org/10.1177/0972150917713280.
  • Tabachnick, B. G., & Fidell, L. S. (2013). Using Multivariate Statistics. California: Pearson Education. Seventh Edition.
  • Ullah, H., e Wahid, F., Mohmand, M. I. K., & Ali, A. (2019). Foreign portfolio investments and economic freedom: empirical investigation of the world countries grouping based on the level of income. Review of Economics and Development Studies, 5(4), 827-846. DOI:10.26710/reads.v5i4.899
  • UNCTAD (2022). Financial services and private sector: the future of export diversification in Africa, economic development in Africa report, 102-133, https://unctad.org/system/files/official-document/aldcafrica2022_en.pdf, Erişim tarihi: [20.07.2022].
  • Zingales, L. (2003). Financial markets and economic freedom, Proceedings, Federal Reserve Bank of Dallas, İssue Oct, 175-189.
  • İnternet kaynakları
  • https://www.heritage.org
  • https://data.imf.org
  • https://www.heritage.org/index

The Relationship Between the Country Selection Decision of Foreign Portfolio Investments and the Economic Freedom Index

Yıl 2023, Sayı: 120, 11 - 30, 16.10.2023

Cem Kartal Mürüvet Acar Karaboğa

https://doi.org/10.33203/mfy.1182652

Öz

First of all, countries with a higher level of economic freedom are more attractive to foreign investors. In this study, a multiple linear regression model covering 128 countries was created and analyzed in order to investigate the effects of 2019 and 2020 components that make up the economic freedom index on foreign portfolio investment in countries. The effect of the factors
discussed in the study on the country selection decision for foreign portfolio investment was investigated and the findings revealed that the effect level of each component is different.

Anahtar Kelimeler

Economic freedom index Foreign portfolio investments Variance inflation factor

Kaynakça

  • Bengoa, M. & Robles, B. (2003). Foreign direct ınvestment, economic freedom and growth: new evidence from Latin America, European Journal of Political Economy, Volume 19, Issue 3, 529-545.
  • Blundell-Wignall, A. & Roulet, C. (2014). Capital controls on inflows, the global financial crisis and economic growth: evidence for emerging economies, OECD Journal: Financial Market Trends Volume 2013/2, 29-42.
  • Claessens, S. (1993). Equity Portfolio Investment In Developing Countries: A Literature Survey,World Bank Working Paper, WPS-1089, 1-19.
  • De Haan, J. & Sturm,J (2000). On the relationship between economic freedom and economic growth, European Journal of Political Economy, Volume 16, Issue 2, 215-241.
  • Errunza, V. (1993). Capital Markets, Foreign portfolio investments and economic development, UNCTAD Discussion Paper 93-54499, Geneva (1993).
  • Errunza,V., (2001). Foreign portfolio equity ınvestments, financial liberalization, and economic development, Review Of International Economics, 9(4), 703–726. Faerber, E. (2008), All About Stocks, Mc Graw Hill, Third Edition, Reno, NV, U.S.A.
  • Friedman, M., & Friedman.R. D. (1980). Free to choose: a personal statement. New York: Harcourt Brace Jovanovich. ISBN 0-15-133481-1.
  • Glaeser, E. L., La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (2004). Do institutions cause growth? Journal of economic Growth, 9(3), 271-303.
  • Gwartney,J. D., Lawson,R.A. & Holcombe, R.G. (1999). Economic freedom and the environment for economic growth. Journal of Institutional and Theoretical Economics (JITE), Vol. 155, No. 4, 643-663.
  • Gwartney,J., & Lawson, R. ( 2003 ). The concept and measurement of economic freedom, European Journal Of Political Economy, Vol. 19(3), 405 – 430.
  • Gujarati, D., & Porter, D. C. (2009). Basic econometrics. 5th edition, West Point: McGraw- Hill Education.
  • Haider,M.A., Khan M.A. & Abdulahi, E. (2016). Determinants of foreign portfolio investment and ıts effects on China, International Journal of Economics and Finance, Vol. 8, No. 12, ISSN 1916-971X, E-ISSN 1916-9728.
  • Hakeem,M. M., & Suzuki, K. I. (2017). Foreign portfolio investment and economy: the network perspective, ınternational journal of economics, Finance and Business Management Studies, 3(1), 15-26.
  • Hair, J. F., Black, W. C., Babin, B. J. & Anderson, R. E. (2014). Multivariate data analysis. 7th Edition, Pearson Education Limited, Harlow, England.
  • Haque, N., & Montiel,P.(1990).How mobile is capital in developing countries? Economic Letters, 33(4), 359–62.
  • Kılcı, E. N. (2019). Analysis of the relationship between economic freedom ındex and stock market indices; evidence from Turkey. Maliye ve Finans Yazıları, (111), 117-134 Lawson,A. R., Gwartney,J., & Hall, J. (2017. Economic freedom, economic freedom of the world: 2017 annual report, Fraser Institute, https://www.econlib.org/library/Enc/ EconomicFreedom.html, Erişim tarihi: [02.08.2022].
  • Levi, M.D. (2005). International Finance, Mc Graw Hill, Fourth Edition. Mangal, T. K., & Liu, D.Y. (2020). The impact of economic freedom on foreign portfolio ınvestments: the case of the Caricom single market and economy, Research in Business & Social Science IJRBS, 9/2, DOI: https://doi.org/10.20525/ijrbs.v9i2.658.
  • Miller,T., Kim,A.B (2010). Chapter 2: Defining Economic Freedom, The Heritage Foundation ttps://www.heritage.org/index/Index, Erişim tarihi: [15.07.2022]. Miller, T., & Kim, A. B. (2013). Defining economic freedom. Miller AT, Holmes KR, Feulner EJ (Eds), 87-94.
  • O’Driscoll Jr., G. P., Holmes, K. R., & Kirkpatrick, M. (2001). Index of economic freedom. heritage foundation, Washington, USA.
  • Özdamar, K. (2016). Ölçek ve test geliştirme yapısal eşitlik modellemesi, IBM SPSS, IBM AMOS ve MINITAB Uygulamalı. Eskişehir: Nisan Yayın Evi.
  • Rasiah, D., Ying, T. L., & SOLARIN, S. A. (2016). Economic freedom index and stock returns in Malaysia. Theoretical & Applied Economics, 23(1).
  • Singhania, M. & Saini, N. (2018). Determinants of FPI in developed and developing countries. Global Business Review, 19(1), 187–213. Doi.Org/10.1177/0972150917713280.
  • Tabachnick, B. G., & Fidell, L. S. (2013). Using Multivariate Statistics. California: Pearson Education. Seventh Edition.
  • Ullah, H., e Wahid, F., Mohmand, M. I. K., & Ali, A. (2019). Foreign portfolio investments and economic freedom: empirical investigation of the world countries grouping based on the level of income. Review of Economics and Development Studies, 5(4), 827-846. DOI:10.26710/reads.v5i4.899
  • UNCTAD (2022). Financial services and private sector: the future of export diversification in Africa, economic development in Africa report, 102-133, https://unctad.org/system/files/official-document/aldcafrica2022_en.pdf, Erişim tarihi: [20.07.2022].
  • Zingales, L. (2003). Financial markets and economic freedom, Proceedings, Federal Reserve Bank of Dallas, İssue Oct, 175-189.
  • İnternet kaynakları
  • https://www.heritage.org
  • https://data.imf.org
  • https://www.heritage.org/index
Toplam 30 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular Finans
Bölüm Makaleler
Yazarlar

Cem Kartal 0000-0002-8453-3300

Mürüvet Acar Karaboğa Bu kişi benim 0000-0002-7944-7213

Erken Görünüm Tarihi 16 Ekim 2023
Yayımlanma Tarihi 16 Ekim 2023
Gönderilme Tarihi 30 Eylül 2022
Yayımlandığı Sayı Yıl 2023 Sayı: 120

Kaynak Göster

APA Kartal, C., & Acar Karaboğa, M. (2023). Yabancı Portföy Yatırımların Ülke Seçim Kararı ile Ekonomik Özgürlük Endeksi Arasındaki İlişki. Maliye Ve Finans Yazıları(120), 11-30. https://doi.org/10.33203/mfy.1182652
 Kapak Resmi İndir

Dergi özellikle maliye, finans ve bankacılık alanlarında faaliyet göstermektedir.