AYRIŞTIRILMIŞ SERMAYE AKIMLARI VE VARLIK FİYATLARI: TÜRKİYE’DEN BULGULAR

Abstract

This paper considers the behavior of capital inflows (sum of debt-and equity-based inflows) in the push-pull framework and their effects on asset prices. First, we investigate the responses of disaggregated capital inflows to global push factor and country specific pull factor by estimating a VAR model for Turkey over the period between 2009:M1 and 2020:M4. Second, by using the same estimation technique, we test whether different forms of capital inflows have different impact on asset prices. We find that the total capital and debt inflows present similar responses to shocks to push and pull factors. An increase in both factors is followed by a decrease in capital inflows. Moreover, there is an immediate increase in asset prices when there is a shock to capital inflows. However, these significant responses become negative in the following period when there is a shock to capital inflows except for the equity inflows.