Öz
The relationship between exchange rates and firm-level investments of the companies operating in the manufacturing sector listed on Borsa İstanbul (BIST) was investigated over a period of 2008 to 2021 using panel data analysis. A total of 81 companies from 7 industries within the manufacturing sector were examined. Exchange rate and firm-level relationships were identified using the Euro-USD basket standard deviation and real exchange rates index. The findings indicated a negative relationship between firm-level investments and exchange rate volatility for all industries, but a positive relationship between firm-level investments and real exchange rates for most industries. Furthermore, it is found that the effects of exchange rate volatility and real exchange rates on investments are realized with a delay for most industries. Overall, the results suggest that firms are reluctant to invest in times of high exchange rate volatility, but are more willing to invest when the value of Turkish Lira appreciates in real terms.
Anahtar Kelimeler
Investments Exchange Rate Uncertainty Exchange Rate Volatility
Kaynakça
- Abel, A.B. (1983) “Optimal Investment Under Uncertainty”, American Economic Review, 73: 228-233.
- Atella, V., Atzeni, G.E. and Belvisi, P.L. (2003) “Investment and Exchange Rate Uncertainty”, Journal of Policy Modeling, 25: 811–824
- Avdjiev, S., Bruno, V., Koch, C. and Shin, H.S. (2019) “The Dollar Exchange Rate as A Global Risk Factor: Evidence from Investment”, IMF Economic Review, 67:151-173.
- Aydın, A. (2021) “Türkiye Ekonomisinde İthal Girdi Bağımlılığının Analizi”, Akademik Yaklaşımlar Dergisi, 12(2): 223-249.
- Azimli, A. (2022) “The Impact of Policy, Political and Economic Uncertainty on Corporate Capital Investment in the Emerging Markets of Eastern Europe and Turkey”, Economic Systems, 46(2), 100974.
- Bahmani-Oskooee, M. and Hajilee, M. (2013) “Exchange Rate Volatility and Its Impact on Domestic Investment”, Research in Economics, 67: 1–12.
- Bampia, E. R. and Colombo, J.A. (2021) “Heterogeneous Effects of Foreign Exchange Appreciation on Industrial Output: Evidence from Disaggregated Manufacturing Data”, The Quarterly Review of Economics and Finance, 80: 431–451. doi.org/10.1016/j.qref.2021.02.013
- Banerjee, R., Hofmann, R. and Mehrotra, A. (2020) “Corporate Investment and The Exchange Rate: The Financial Channel”, BOFIT Discussion Papers 6/2020.
- Bernanke, B. (1983) “Irreversibility, Uncertainty and Cyclical Investment”, Quarterly Journal of Economics, 98(1):85-106.
- Brito, S., Magud, N. E. and Sosa, S. (2018) “Real Exchange Rates, Economic Complexity, and Investment”, IMF Working Paper, WP/18/107.
- Byrne, J. and Davis, E.P. (2005a) “Investment and Uncertainty in the G7”, Review of World Economics, 141(1): 1-32
- Byrne, J. and Davıs, E.P. (2005b) “The Impact of Short and Long-run Exchange Rate Uncertainty on Investment: A Panel Study of Industrial Countries”, Oxford Bulletin of Economics and Statistics, 67(3):307-3029.
- Campaa, J. and Goldbergb, L.S. (1995) “Investment in Manufacturing, Exchange Rates and External Exposure”, Journal of International Economics, 38: 297-320.
- Carranzaa, L.J., Cayoa, J.M. and Galdo´n-Sa´nchez, J.E. (2003) “Exchange Rate Volatility and Economic Performance in Peru: A Firm Level Analysis”, Emerging Markets Review, 4: 472–496
Öz
Kaynakça
- Abel, A.B. (1983) “Optimal Investment Under Uncertainty”, American Economic Review, 73: 228-233.
- Atella, V., Atzeni, G.E. and Belvisi, P.L. (2003) “Investment and Exchange Rate Uncertainty”, Journal of Policy Modeling, 25: 811–824
- Avdjiev, S., Bruno, V., Koch, C. and Shin, H.S. (2019) “The Dollar Exchange Rate as A Global Risk Factor: Evidence from Investment”, IMF Economic Review, 67:151-173.
- Aydın, A. (2021) “Türkiye Ekonomisinde İthal Girdi Bağımlılığının Analizi”, Akademik Yaklaşımlar Dergisi, 12(2): 223-249.
- Azimli, A. (2022) “The Impact of Policy, Political and Economic Uncertainty on Corporate Capital Investment in the Emerging Markets of Eastern Europe and Turkey”, Economic Systems, 46(2), 100974.
- Bahmani-Oskooee, M. and Hajilee, M. (2013) “Exchange Rate Volatility and Its Impact on Domestic Investment”, Research in Economics, 67: 1–12.
- Bampia, E. R. and Colombo, J.A. (2021) “Heterogeneous Effects of Foreign Exchange Appreciation on Industrial Output: Evidence from Disaggregated Manufacturing Data”, The Quarterly Review of Economics and Finance, 80: 431–451. doi.org/10.1016/j.qref.2021.02.013
- Banerjee, R., Hofmann, R. and Mehrotra, A. (2020) “Corporate Investment and The Exchange Rate: The Financial Channel”, BOFIT Discussion Papers 6/2020.
- Bernanke, B. (1983) “Irreversibility, Uncertainty and Cyclical Investment”, Quarterly Journal of Economics, 98(1):85-106.
- Brito, S., Magud, N. E. and Sosa, S. (2018) “Real Exchange Rates, Economic Complexity, and Investment”, IMF Working Paper, WP/18/107.
- Byrne, J. and Davis, E.P. (2005a) “Investment and Uncertainty in the G7”, Review of World Economics, 141(1): 1-32
- Byrne, J. and Davıs, E.P. (2005b) “The Impact of Short and Long-run Exchange Rate Uncertainty on Investment: A Panel Study of Industrial Countries”, Oxford Bulletin of Economics and Statistics, 67(3):307-3029.
- Campaa, J. and Goldbergb, L.S. (1995) “Investment in Manufacturing, Exchange Rates and External Exposure”, Journal of International Economics, 38: 297-320.
- Carranzaa, L.J., Cayoa, J.M. and Galdo´n-Sa´nchez, J.E. (2003) “Exchange Rate Volatility and Economic Performance in Peru: A Firm Level Analysis”, Emerging Markets Review, 4: 472–496
Ayrıntılar
| Birincil Dil | İngilizce |
|---|---|
| Konular | Finans |
| Bölüm | Makaleler |
| Yazarlar | |
| Erken Görünüm Tarihi | 25 Aralık 2023 |
| Yayımlanma Tarihi | 1 Ocak 2024 |
| Yayımlandığı Sayı | Yıl 2023 Cilt: 21 Sayı: 4 |