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Yabanci Yatirimci Payinin Uzun Donem Borclanma Faiz Orani Uzerindeki Etkileri

Author

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  • Erdal Yilmaz
  • Canan Yuksel Yucel

Abstract

[TR] 2008 yilinda yasanan kuresel finansal krizin ardindan Turkiye’nin de icinde bulundugu gelismekte olan ulkelere hizli sermaye girisleri yasanmistir. Bu girislerle birlikte merkezi yonetim ic borc stoku icindeki yurt disi yerlesiklerin payi, 2006-2009 doneminde ortalama yuzde 11,6 iken; Mayis 2016 itibariyla yuzde 18,8’e ulasmistir. Yabanci yatirimcilarin ic borc stoku icindeki payi, ekonomi acisindan onemli bir degisken olan uzun donemli borclanma faizinin seviyesi ve oynakligini etkilemektedir. Yatirim ve tuketim davranislari uzerinde belirleyici olmasinin yani sira para politikasi aktarimini ve mali alani etkiledigi icin uzun donemli faizler uzerinde yabanci yatirimci payinin etkilerinin anlasilmasi onem tasimaktadir. Bu calisma Turkiye’de yabanci payindaki degisimlerin uzun donemli faizlerin seviye ve oynakligi uzerindeki etkisini incelemektedir. Bulgular yabanci payindaki degisimlerin uzun donemli faizlerin seviyesi ile ters yonlu; oynakligiyla ise pozitif yonlu bir iliskisi oldugunu gostermektedir. [EN] Following the global financial crisis in 2008, there was a huge capital inflow into emerging market countries, including Turkey. With these inflows, the share of foreign investors in local currency government bonds market in Turkey, which was 11.6 percent in 2006-2009, increased to 18.8 percent by May 2016. The share of foreign investors affects the level and volatility of long-term borrowing rate, which is a crucial indicator for the economy. Therefore, it is of great importance to document the effects of foreign share on long-term interest rate as it affects investment and consumption decisions and the transmission of monetary policy and fiscal space. This study aims to determine the effects of change in foreign holdings on the level and volatility of long-term interest rates in Turkey. The results indicate that change in foreign investors’ share is positively linked to long-term interest rates and negatively to interest rate volatility.

Suggested Citation

  • Erdal Yilmaz & Canan Yuksel Yucel, 2016. "Yabanci Yatirimci Payinin Uzun Donem Borclanma Faiz Orani Uzerindeki Etkileri," CBT Research Notes in Economics 1632, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
    • Handle: RePEc:tcb:econot:1632
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