COVID-19 KRİZİNİN ULUSLARARASI PORTFÖY YATIRIMLARI ÜZERİNDEKİ ETKİSİ

Yıl 2022, Cilt: 13 Sayı: 2, 429 - 446, 31.12.2022

Sinem Atıcı Ustalar

https://doi.org/10.54688/ayd.1109392

Cited By: 1

Öz

Uluslararası portföy yatırımlarının yapısı yatırımcıların riskten kaçınma güdülerine bağlıdır. COVID-19 küresel krizi küresel riskin dünya ekonomisinde daha önce görülmemiş seviyelerde yükselmesine ve yatırımcıların riskten kaçınma güdülerinin artmasına neden olmuştur. Yatırımcının riskten kaçınma güdüsü yatırım yapacağı finansal piyasa hakkındaki bilgisinden bağımsız değildir. Bu nedenle bilgi maliyetlerinin finansal varlık getirilerinin riski üzerindeki etkisi dikkate alındığında, COVID-19 krizinde ülkeler arasındaki portföy yatırımları üzerindeki etkisinin farklılaşacağı beklenebilir. Bu bağlamda çalışmanın amacı, COVID-19 krizinin bilgi maliyetleri kanalı aracılığıyla karşılıklı portföy yatırımları üzerindeki etkisini incelemektir. Analiz coğrafi ve kültürel yakınlık gibi bilgi maliyetlerinin etkisini kontrol eden finansal çekim modeli ile gerçekleştirilmiştir. Model 120 ülkenin karşılıklı portföy yatırımları için 2010-2020 yılları itibariyle EKK ve PPML tahmincileri ile sınanmıştır. Ampirik finansal çekim modeli sonuçları, coğrafi ve kültürel yakınlık ile temsil edilen bilgi maliyetlerinin etkilerinin uluslararası portföy yatırımları üzerindeki etkisinin COVID-19 krizi süresince de önemli olduğunu göstermektedir. Yatırımcılar COVID-19 krizi döneminde, bilgi maliyetleri düşük olsa bile kendilerine coğrafi ve kültürel olarak daha uzak olan ülkelerin finansal varlıklarını tercih etmektedir.

Anahtar Kelimeler

İkili Yabancı Portföy Yatırımları, Bilgi Maliyetleri, COVID-19 Krizi, Çekim Modeli

THE EFFECT OF THE COVID-19 CRISIS ON INTERNATIONAL PORTFOLIO INVESTMENTS

Öz

The structure of international portfolio investments depend on investors' risk aversion. The COVID-19 global crisis has caused the global risk to rise to unprecedented levels in the world economy and the risk aversion of investors to increase. The investor's risk aversion is not independent of his information of the financial market in which he will invest. Therefore, considering the impact of information costs on the risk of financial asset returns, it can be expected that the impact of the COVID-19 crisis on portfolio investments between countries will differ. In this context, the aim of the study is to examine the impact of the COVID-19 crisis on bilateral portfolio investments through the information costs channel. The analysis is carried out with a financial gravity model that controls the effect of information costs such as geographical and cultural proximity. The model has been tested with EKK and PPML estimators for the bilateral portfolio investments of 120 countries as of 2010-2020. The empirical financial gravity model results show that the effects of information costs represented by geographical and cultural proximity on international portfolio investments are also significant during the COVID-19 crisis. During the COVID-19 crisis period, investors preferred financial assets of countries that are geographically and culturally more distant from them, even though their information costs are low.

Anahtar Kelimeler

Bilateral Foreign Portfolio Investments, Information Asymmetry, the 2008 Crisis, Gravity Model

Kaynakça

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