IDEAS home Printed from https://ideas.repec.org/p/tcb/econot/1301.html
   My bibliography  Save this paper

Parasal Genisleme Politikalarinin Gelismekte Olan Ulke Portfoy Akimlari Kompozisyonuna Etkisi

Author

Listed:
  • Yasemin Barlas
  • Neslihan Kaya

Abstract

[TR] Bu notta, kuresel finansal kriz sonrasinda gelismis ulkelerce yurutulen genisletici para politikalarinin gelismekte olan ulkelere sermaye akimlarini portfoy tercihi ayriminda nasil etkiledigi incelenmekte ve portfoy akimlarini belirleyen faktorler arastirilmaktadir. Soz konusu politikalar neticesinde olusan likidite fazlasinin yaninda, duraganlasan buyume gorunumu ve belirsizlik ortaminin yol actigi yuksek getirili ve kisa vadeli yatirim arayisinin, son donemde yatirimcilarin gelismekte olan ulke borclanma senedi piyasalarina girislerini belirgin bicimde artirdigi gorulmektedir. Ote yandan, gelismis ulkelere kiyasla daha az sekteye ugrayan gelismekte olan ulkelerdeki ekonomik faaliyet, bu donemde gelismekte olan ulke hisse senedi piyasalarina olagandan daha fazla yatirim cekmede yetersiz kalmistir. Bulgular, bu surecte bollasan kuresel likiditenin borclanma senedi akimlarinda anlamli bir yapisal kirilmaya neden oldugunu, ancak benzer bir degisimin hisse senedi akimlari icin gecerli olmadigini ortaya koymaktadir. [EN] In the aftermath of the global financial crisis, when cutting interest rates proved not to be enough to stimulate their shattered economies, advanced countries have adopted unconventional tools to ease their monetary policies, that led to excess liquidity on a global scale. This note analyses how capital flows to emerging markets are affected from these recent monetary policy actions of advanced countries and investigates the determinants of capital flows under a portfolio investment breakdown. Both the ample liquidity conditions, and the search for high yielding low maturity assets, due to deteriorating global economic outlook and increased uncertainty, have significantly increased flows to emerging market bond funds. On the other hand, relatively better economic activity in emerging markets compared to their advanced counterparts was not sufficient to attract capital to equity markets above normal levels. The findings suggest that ample liquidity in the aftermath of the crisis led to a significant structural shift in emerging market bond funds, while a similar change was not observed in emerging market equity funds.

Suggested Citation

  • Yasemin Barlas & Neslihan Kaya, 2013. "Parasal Genisleme Politikalarinin Gelismekte Olan Ulke Portfoy Akimlari Kompozisyonuna Etkisi," CBT Research Notes in Economics 1301, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
  • Handle: RePEc:tcb:econot:1301
    as

    Download full text from publisher

    File URL: https://www.tcmb.gov.tr/wps/wcm/connect/eae99fe6-f786-47ba-8909-ec80582b26cb/EN1301eng.pdf?MOD=AJPERES&CACHEID=ROOTWORKSPACE-eae99fe6-f786-47ba-8909-ec80582b26cb-m3fw5c3
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Fratzscher, Marcel, 2012. "Capital flows, push versus pull factors and the global financial crisis," Journal of International Economics, Elsevier, vol. 88(2), pages 341-356.
    2. Ms. Malika Pant & Yanliang Miao, 2012. "Coincident Indicators of Capital Flows," IMF Working Papers 2012/055, International Monetary Fund.
    3. Jonathan D. Ostry, 2012. "Managing Capital Flows: What Tools to Use?," Asian Development Review (ADR), World Scientific Publishing Co. Pte. Ltd., vol. 29(01), pages 82-88, June.
    4. Lo Duca, Marco, 2012. "Modelling the time varying determinants of portfolio flows to emerging markets," Working Paper Series 1468, European Central Bank.
    5. Mr. Karl F Habermeier & Annamaria Kokenyne & Chikako Baba, 2011. "The Effectiveness of Capital Controls and Prudential Policies in Managing Large Inflows," IMF Staff Discussion Notes 2011/014, International Monetary Fund.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Forbes, Kristin & Fratzscher, Marcel & Kostka, Thomas & Straub, Roland, 2016. "Bubble thy neighbour: Portfolio effects and externalities from capital controls," Journal of International Economics, Elsevier, vol. 99(C), pages 85-104.
    2. Marcel Fratzscher & Marco Lo Duca & Roland Straub, 2018. "On the International Spillovers of US Quantitative Easing," Economic Journal, Royal Economic Society, vol. 128(608), pages 330-377, February.
    3. Marcel Fratzscher, 2014. "Capital Flow Policies, Monetary Policy and Coordination," RBA Annual Conference Volume (Discontinued), in: Alexandra Heath & Matthew Read (ed.),Financial Flows and Infrastructure Financing, Reserve Bank of Australia.
    4. Peter Montiel, 2014. "Capital Flows: Issues and Policies," Open Economies Review, Springer, vol. 25(3), pages 595-633, July.
    5. Fratzscher, Marcel & Straub, Roland & Lo Duca, Marco, 2012. "A global monetary tsunami? On the spillovers of US Quantitative Easing," CEPR Discussion Papers 9195, C.E.P.R. Discussion Papers.
    6. Tim A Kroencke & Maik Schmeling & Andreas Schrimpf, 2015. "Global Asset Allocation Shifts," BIS Working Papers 497, Bank for International Settlements.
    7. Cenedese, Gino & Elard, Ilaf, 2021. "Unconventional monetary policy and the portfolio choice of international mutual funds," Journal of International Money and Finance, Elsevier, vol. 115(C).
    8. Haakon Kavli & Nicola Viegi, 2017. "Are Determinants of Portfolio Flows Always the Same? - South African Results from a Time Varying Parameter Var Model," South African Journal of Economics, Economic Society of South Africa, vol. 85(1), pages 3-27, March.
    9. Koepke, Robin, 2018. "Fed policy expectations and portfolio flows to emerging markets," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 55(C), pages 170-194.
    10. Yasemin Erduman & Neslihan Kaya, 2014. "Determinants of Bond Flows to Emerging Markets: How Do They Change Over Time?," Working Papers 1428, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
    11. Gao, Xiang & Hu, Yichuan & Wang, Huanhuan & Wang, Xiaohu, 2022. "Brexit and global equity fund capital reallocation," Journal of International Money and Finance, Elsevier, vol. 125(C).
    12. ITO Hiroyuki & Phuong TRAN, 2019. "Managing the Yield Curve in a Financially Globalized World," Discussion papers 19012, Research Institute of Economy, Trade and Industry (RIETI).
    13. Yung Chul Park & Shinji Takagi, 2012. "Managing Capital Flows in an Economic Community: The Case of ASEAN Capital Account Liberalization," Public Policy Review, Policy Research Institute, Ministry of Finance Japan, vol. 8(3), pages 299-320, August.
    14. Marcel Fratzscher, 2014. "Capital Controls and Foreign Exchange Policy," Central Banking, Analysis, and Economic Policies Book Series, in: Miguel Fuentes D. & Claudio E. Raddatz & Carmen M. Reinhart (ed.),Capital Mobility and Monetary Policy, edition 1, volume 18, chapter 7, pages 205-253, Central Bank of Chile.
    15. Christoph Kaufmann, 2023. "Investment Funds, Monetary Policy, and the Global Financial Cycle," Journal of the European Economic Association, European Economic Association, vol. 21(2), pages 593-636.
    16. Pasricha, Gurnain Kaur & Falagiarda, Matteo & Bijsterbosch, Martin & Aizenman, Joshua, 2018. "Domestic and multilateral effects of capital controls in emerging markets," Journal of International Economics, Elsevier, vol. 115(C), pages 48-58.
    17. Fraiberger, Samuel P. & Lee, Do & Puy, Damien & Ranciere, Romain, 2021. "Media sentiment and international asset prices," Journal of International Economics, Elsevier, vol. 133(C).
    18. Förster, Marcel & Jorra, Markus & Tillmann, Peter, 2014. "The dynamics of international capital flows: Results from a dynamic hierarchical factor model," Journal of International Money and Finance, Elsevier, vol. 48(PA), pages 101-124.
    19. Christian Friedrich & Pierre Guérin & Danilo Leiva-Leon, 2020. "Monetary Policy Independence and the Strength of the Global Financial Cycle," Staff Working Papers 20-25, Bank of Canada.
    20. McCully, Tuuli, 2023. "Drivers of portfolio flows into Chinese debt securities amidst China's bond market development," BOFIT Discussion Papers 8/2023, Bank of Finland Institute for Emerging Economies (BOFIT).

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:tcb:econot:1301. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: the person in charge or the person in charge (email available below). General contact details of provider: https://edirc.repec.org/data/tcmgvtr.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.