EMTİA FİNANSALLAŞMASINA BORSA İSTANBUL VE PETROL BAĞINTISI AÇISINDAN BİR BAKIŞ

Beyza Mina ORDU-AKKAYA (Ankara Sosyal Bilimler Üniversitesi, Siyasal Bilgiler Fakültesi, Ankara, Türkiye)
Ankara Üniversitesi SBF Dergisi
6 1
Yıl: 2020 Cilt: 75 Sayı: 2 Sayfa Aralığı: 687 - 714 Metin Dili: Türkçe DOI: 10.33630/ausbf.694152 İndeks Tarihi: 16-10-2020

EMTİA FİNANSALLAŞMASINA BORSA İSTANBUL VE PETROL BAĞINTISI AÇISINDAN BİR BAKIŞ

Öz:
Kurumsal finansal yatırımcıların 2000’li yılların başı ile birlikte emtia piyasalarına yoğun biçimde yatırım yapması yeni bir olguyu doğurmuş ve bu olgu emtianın finansallaşması olarak adlandırılmıştır. Finansallaşma hipotezini savunanlar, aynı anda birçok piyasaya yatırım yapan kurumsal yatırımcıların, piyasalar arasındaki bağıntıyı kuvvetlendirdiğini iddia ederler. Öte yandan; bir diğer grup ise artan bağıntının konjonktürel olduğunu ve 2008 krizinden sonra küresel ekonomideki yavaşlık olduğunu ifade eder. Bu çalışmada Borsa İstanbul’a (BIST) gelen haftalık yabancı yatırım portföy yatırım tutarı kullanılarak, finansallaşma olgusu BIST ve petrol fiyatları özelinde incelenmiştir. Öncelikle, BIST100 endeksi ve WTI Cushing petrol fiyatları arasındaki asimetrik zamana bağlı koşullu korelasyon hesaplanmış, sonra bu korelasyonun yabancı portföy yatırımı ile mi yoksa konjonktürel olarak mı arttığı kantil regresyon kullanarak incelenmiştir. Sonuçlar, finansallaşmayı desteklememekle birlikte; aksine artan bağıntının konjonktürel olduğunu göstermektedir.
Anahtar Kelime:

Financialization of Commodities or Business Cycle? An Aspect from Borsa İstanbul and Oil Relationship

Öz:
Institutional financial investors started to invest in commodity markets intensively by the beginning of 2000’s, and this phenomenon is referred to as financialization of commodities. Financialization hypothesis proponents argue that, institutional investors who invest in multiple markets connect these markets more strongly. On the other hand, another group of researchers contend, business cycle is the underlying reason for increasing correlations. Financialization of oil hypothesis is tested from an emerging market perspective via employing foreign portfolio investment in Borsa Istanbul (BIST). The analysis has two stages; first we compute asymmetric dynamic conditional correlation between BIST and oil and then examine whether the increase in correlation is due to business cycle or institutional investment via employing quantile regression. Our results do not support financialization argument and show the increase in correlation is attributable to business cycle.
Anahtar Kelime:

Belge Türü: Makale Makale Türü: Araştırma Makalesi Erişim Türü: Erişime Açık
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APA Ordu-Akkaya B (2020). EMTİA FİNANSALLAŞMASINA BORSA İSTANBUL VE PETROL BAĞINTISI AÇISINDAN BİR BAKIŞ. , 687 - 714. 10.33630/ausbf.694152
Chicago Ordu-Akkaya Beyza Mina EMTİA FİNANSALLAŞMASINA BORSA İSTANBUL VE PETROL BAĞINTISI AÇISINDAN BİR BAKIŞ. (2020): 687 - 714. 10.33630/ausbf.694152
MLA Ordu-Akkaya Beyza Mina EMTİA FİNANSALLAŞMASINA BORSA İSTANBUL VE PETROL BAĞINTISI AÇISINDAN BİR BAKIŞ. , 2020, ss.687 - 714. 10.33630/ausbf.694152
AMA Ordu-Akkaya B EMTİA FİNANSALLAŞMASINA BORSA İSTANBUL VE PETROL BAĞINTISI AÇISINDAN BİR BAKIŞ. . 2020; 687 - 714. 10.33630/ausbf.694152
Vancouver Ordu-Akkaya B EMTİA FİNANSALLAŞMASINA BORSA İSTANBUL VE PETROL BAĞINTISI AÇISINDAN BİR BAKIŞ. . 2020; 687 - 714. 10.33630/ausbf.694152
IEEE Ordu-Akkaya B "EMTİA FİNANSALLAŞMASINA BORSA İSTANBUL VE PETROL BAĞINTISI AÇISINDAN BİR BAKIŞ." , ss.687 - 714, 2020. 10.33630/ausbf.694152
ISNAD Ordu-Akkaya, Beyza Mina. "EMTİA FİNANSALLAŞMASINA BORSA İSTANBUL VE PETROL BAĞINTISI AÇISINDAN BİR BAKIŞ". (2020), 687-714. https://doi.org/10.33630/ausbf.694152
APA Ordu-Akkaya B (2020). EMTİA FİNANSALLAŞMASINA BORSA İSTANBUL VE PETROL BAĞINTISI AÇISINDAN BİR BAKIŞ. Ankara Üniversitesi SBF Dergisi, 75(2), 687 - 714. 10.33630/ausbf.694152
Chicago Ordu-Akkaya Beyza Mina EMTİA FİNANSALLAŞMASINA BORSA İSTANBUL VE PETROL BAĞINTISI AÇISINDAN BİR BAKIŞ. Ankara Üniversitesi SBF Dergisi 75, no.2 (2020): 687 - 714. 10.33630/ausbf.694152
MLA Ordu-Akkaya Beyza Mina EMTİA FİNANSALLAŞMASINA BORSA İSTANBUL VE PETROL BAĞINTISI AÇISINDAN BİR BAKIŞ. Ankara Üniversitesi SBF Dergisi, vol.75, no.2, 2020, ss.687 - 714. 10.33630/ausbf.694152
AMA Ordu-Akkaya B EMTİA FİNANSALLAŞMASINA BORSA İSTANBUL VE PETROL BAĞINTISI AÇISINDAN BİR BAKIŞ. Ankara Üniversitesi SBF Dergisi. 2020; 75(2): 687 - 714. 10.33630/ausbf.694152
Vancouver Ordu-Akkaya B EMTİA FİNANSALLAŞMASINA BORSA İSTANBUL VE PETROL BAĞINTISI AÇISINDAN BİR BAKIŞ. Ankara Üniversitesi SBF Dergisi. 2020; 75(2): 687 - 714. 10.33630/ausbf.694152
IEEE Ordu-Akkaya B "EMTİA FİNANSALLAŞMASINA BORSA İSTANBUL VE PETROL BAĞINTISI AÇISINDAN BİR BAKIŞ." Ankara Üniversitesi SBF Dergisi, 75, ss.687 - 714, 2020. 10.33630/ausbf.694152
ISNAD Ordu-Akkaya, Beyza Mina. "EMTİA FİNANSALLAŞMASINA BORSA İSTANBUL VE PETROL BAĞINTISI AÇISINDAN BİR BAKIŞ". Ankara Üniversitesi SBF Dergisi 75/2 (2020), 687-714. https://doi.org/10.33630/ausbf.694152
Sayfa Oluşturulma Tarihi
23-04-2024 13:58

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