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Identification of ‘pull’ & ‘push’ factors for the portfolio flows: SVAR evidence from the Turkish economy

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  • Korap, Levent

Abstract

In this paper, the determinants of the portfolio based capital flows are examined for the Turkish economy. Following the structural vector autoregression methodology, the estimation results reveal that the ‘push’ factors based on the external developments for the Turkish economy have a dominant role in explaining the behavior of the portfolio flows. Further, the domestic real interest rate as one of the main ‘pull’ factors has been found in a negative dynamic relationship with the portfolio flows. This result is attributed to that the dynamic course of the portfolio flows should not be related to the excess return possibilities of the real interest structure of the Turkish economy.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 24275.

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Date of creation: 2010
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Publication status: Published in Doğuş University Journal 11.2(2010): pp. 223-232
Handle: RePEc:pra:mprapa:24275

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Keywords: Portfolio Flows; SVAR Analysis; Turkish Economy;

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  1. Yung-Hsiang Ying & Yoonbai Kim, 2001. "An Empirical Analysis on Capital Flows: The Case of Korea and Mexico," Southern Economic Journal, Southern Economic Association, Southern Economic Association, vol. 67(4), pages 954-968, April.
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  6. Dasgupta, Dipak & Ratha, Dilip, 2000. "What factors appear to drive private capital flows to developing countries? and how does official lending respond?," Policy Research Working Paper Series, The World Bank 2392, The World Bank.
  7. C. Emre Alper & Ismail Saglam, 2001. "The Transmission of a Sudden Capital Outflow: Evidence from Turkey," Working Papers, Bogazici University, Department of Economics 2001/09, Bogazici University, Department of Economics.
  8. Kim, Yoonbai, 2000. "Causes of capital flows in developing countries," Journal of International Money and Finance, Elsevier, Elsevier, vol. 19(2), pages 235-253, April.
  9. Fernandez-Arias, Eduardo, 1996. "The new wave of private capital inflows: Push or pull?," Journal of Development Economics, Elsevier, Elsevier, vol. 48(2), pages 389-418, March.
  10. Sims, Christopher A, 1980. "Macroeconomics and Reality," Econometrica, Econometric Society, Econometric Society, vol. 48(1), pages 1-48, January.
  11. Hakan Berument & N. Nergiz Dincer, 2004. "Do Capital Flows Improve Macroeconomic Performance in Emerging Markets? : The Turkish Experience," Emerging Markets Finance and Trade, M.E. Sharpe, Inc., M.E. Sharpe, Inc., vol. 40(4), pages 20-32, July.
  12. Agenor, Pierre-Richard & McDermott, C. John & Ucer, Murat, 1997. "Fiscal imbalances, capital inflows, and the real exchange rate: The case of Turkey," European Economic Review, Elsevier, Elsevier, vol. 41(3-5), pages 819-825, April.
  13. Chuhan, Punam & Claessens,Constantijn A. & Mamingi, Nlandu, 1993. "Equity and bond flows to Asia and Latin America : the role of global and country factors," Policy Research Working Paper Series, The World Bank 1160, The World Bank.
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