İstanbul Menkul Kıymetler Borsası'na yapılan yabancı portföy yatırımları ve temel makroekonomik değişkenler arasındaki ilişki

This thesis analyzes the the relationship between foreign portfolio investment to Istanbul Stock Exchange and main macroeconomic variables in the period from 2006:12 to 2011:12. The factors that are examined are Budget Balance, Current Account Balance, Istanbul Stock Exchange National 100 Price Index, Nominal Exchange Rate Between TL and USD, Consumer Price Index, Average Monthly Interest Rate Between Banks and Industrial Production Index. Autocorrelation, ADF and PP Tests, Var Granger Causality Tests, Impulse Responses, Variance Decomposition are used for the purpose of examining the impacts of these variables on the level of portfolio investments to Turkey. Results of all tests are consistent with eachother and say that foreign portfolio investment affects ISE positively and affects exchange rates negatively. But FPI is not affected by all factors.Keywords: Portfolio investment, ISE, Turkey, Capital flows, Financial flows