Globalization process has brought about huge changes in the structure of capital flows In this period on the one hand the total amount of the capital has flown among the developed countries and the emerging markets and on the other the ratio of short run capital flows to the total capital flows significantly increased over the years This is because the short run movements search for high yielding opportunities around the world With the liberalization of capital accounts volatility in the real exchange rate become very important since it is one of the fundamental political instruments of macroeconomic stabilization and growth Therefore the aim of this paper is to empirically investigate the relationship between real exchange rate and short run capital flows for Turkey for the period 1991:Q4 – 2007:Q2 Empirical results indicated that short run capital flow is the weak determinant of reel exchange rate Keywords: Real Exchange Rate Short Run Capital Flows Turkey VAR Cointegration
📌 3 Key Takeaways
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Objective & Hypothesis:Globalization process has brought about huge changes in the structure of capital flows In this period on the one hand the total amount of the capital has flown among the developed countries and the emerging markets and on the other the ratio of short run capital flows to the total capital flows significantly increased over the years This is because the short run movements search for high yielding opportunities around the world With the liberalization of capital accounts volatility in the real exchange rate become very important since it is one of the fundamental political instruments of macroeconomic stabilization and growth Therefore the aim of this paper is to empirically investigate the relationship between real exchange rate and short run capital flows for Turkey for the period 1991:Q4 – 2007:Q2 Empirical results indicated that short run capital flow is the weak determinant of reel exchange rate Keywords: Real Exchange Rate Short Run Capital Flows Turkey VAR Cointegration
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Key Findings & Data:Globalization process has brought about huge changes in the structure of capital flows In this period on the one hand the total amount of the capital has flown among the developed countries and the emerging markets and on the other the ratio of short run capital flows to the total capital flows significantly increased over the years This is because the short run movements search for high yielding opportunities around the world With the liberalization of capital accounts volatility in the real exchange rate become very important since it is one of the fundamental political instruments of macroeconomic stabilization and growth Therefore the aim of this paper is to empirically investigate the relationship between real exchange rate and short run capital flows for Turkey for the period 1991:Q4 – 2007:Q2 Empirical results indicated that short run capital flow is the weak determinant of reel exchange rate Keywords: Real Exchange Rate Short Run Capital Flows Turkey VAR Cointegration
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Conclusion & Impact:Globalization process has brought about huge changes in the structure of capital flows In this period on the one hand the total amount of the capital has flown among the developed countries and the emerging markets and on the other the ratio of short run capital flows to the total capital flows significantly increased over the years This is because the short run movements search for high yielding opportunities around the world With the liberalization of capital accounts volatility in the real exchange rate become very important since it is one of the fundamental political instruments of macroeconomic stabilization and growth Therefore the aim of this paper is to empirically investigate the relationship between real exchange rate and short run capital flows for Turkey for the period 1991:Q4 – 2007:Q2 Empirical results indicated that short run capital flow is the weak determinant of reel exchange rate Keywords: Real Exchange Rate Short Run Capital Flows Turkey VAR Cointegration
🔬Design:Research Article
📍Scope:2007 Verileri
⚙️Variables:Anahtar Kelimeler Reel Döviz Kuru · Kısa Vadeli Sermaye Hareketleri · Türkiye
Abstract
Globalization process has brought about huge changes in the structure of capital flows In this period on the one hand the total amount of the capital has flown among the developed countries and the emerging markets and on the other the ratio of short run capital flows to the total capital flows significantly increased over the years This is because the short run movements search for high yielding opportunities around the world With the liberalization of capital accounts volatility in the real exchange rate become very important since it is one of the fundamental political instruments of macroeconomic stabilization and growth Therefore the aim of this paper is to empirically investigate the relationship between real exchange rate and short run capital flows for Turkey for the period 1991:Q4 – 2007:Q2 Empirical results indicated that short run capital flow is the weak determinant of reel exchange rate Keywords: Real Exchange Rate Short Run Capital Flows Turkey VAR Cointegration
Özet
Küreselleşme hareketleri sermaye akımlarının yapılarında önemli değişikliklere yol açmıştır Bu değişim sürecinde bir taraftan sermaye akımlarının toplam miktarı gelişmiş ve gelişmekte olan ülkeler arasında artarken diğer taraftan bu sermaye akımları içinde bir ülkeden diğerine kolaylıkla kayabilen spekülatif amaçlı kısa vadeli sermaye hareketlerinin ağırlığı da giderek artmıştır Sermaye hareketlerinin serbestleşmesi ile birlikte makroekonomik istikrar ve büyümenin temel politika araçlarından biri olan reel döviz kurlarında ciddi oynaklıklar meydana gelmiştir Bu çalışmada küreselleşme sürecinde önem kazanan kısa vadeli sermaye akımları ile reel döviz kurları arasındaki etkileşim ampirik olarak Türkiye örneği üzerinde 1991:Q4 2007:Q2 dönemi için ele alınmıştır Analiz sonuçları kısa vadeli sermaye hareketlerinin reel döviz kurunun zayıf bir belirleyicisi olduğu yönündedir Anahtar Kelimeler: Reel Döviz Kuru Kısa Vadeli Sermaye Hareketleri Türkiye VAR Eşbütünleşme
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