Gelişmekte olan ekonomilerde global risk algılamasının çeşitlendirme etkisi

Abstract

As financial systems become more integrated, investors have started to diversify more to reduce the portfolio risk. In the literature, it is argued that fluctuations in global risk perceptions have an impact on contagion of crises. In this article, we investigate the effect of global risk perceptions on credit default spreads of emerging markets. Although the results of the study partially support the claim that changes in global risk perception have an impact on contagion of crises across emerging markets in the short run, it is also shown that investors with a long term concern can benefit from international diversification.