Finansal Stres İndeksi İle Doğrudan Yabancı Yatırımlar, Portföy Yatırımları ve Dış Borç Stoku Arasındaki İlişki: ARDL Sınır Testi / Relatıonshıp Between Fınancıal Stress Index and Dırect Foreıgn Investments, Portfolıo Investments and External Debt Stock: ARDL Bound Test

Abstract

This study examines the long-term and short-term relationship between financial stress index and foreign direct investments , portfolio investments and foreign debt stock and. Data on financial stress index Federal Reserve Bank of St. Louis, data on external debt stock T.C. Data on portfolio investments were obtained from the Ministry of Treasury and Finance, World Bank and data on foreign direct investments were obtained from the Central Bank of the Republic of Turkey. The data period of the study covers 1994-2018. ARDL bound test approach was used in the study. According to the results of the study, an increase in the financial stress index decreased the portfolio investments of the country and increased the foreign debt stock. On the other hand, there is no significant relationship between the financial stress index and foreign direct investments. This indicates that foreign direct investments are not affected by the financial stress environment. This study contains important results for policy practitioners and interested parties.