Türkiye'de finansal liberalleşmenin doğrudan yabancı yatırımlara etkisi: 1974-2015 dönemi

The main aim of the study is to investigate the effect of financial liberalization policies on foreign direct investment (FDI) in Turkey. Three indicators which are financial globalization index, capital account openness index (Chinn-Ito index) and trade volume are used in the study to represent financial liberalization. The data are annual and cover period of 1974-2015. In empirical analysis, unit root tests, co-integration tests, VAR model, VECM model and Granger causality test are used. The econometric results prove that there is long term relationship between financial liberalization indicators and FDI in Turkey in between 1974-2015. Whereas financial globalization index and capital account index are Granger cause of FDI, there is not Granger causality between trade volume and FDI.