The Determinants of Foreign Direct Investment in Real Estate Market of Turkey: Evidence from a Cointegrated VAR

Barış GÖK, (Ege Üniversitesi, İktisat Bölümü, İzmir, Türkiye)
Utku AKSEKİ (Ege Üniversitesi, İktisat Bölümü, İzmir, Türkiye)
TESAM AKADEMİ
4 0
Yıl: 2020 Cilt: 7 Sayı: 2 Sayfa Aralığı: 277 - 299 Metin Dili: İngilizce DOI: 10.30626/ tesamakademi.788701 İndeks Tarihi: 11-06-2021

The Determinants of Foreign Direct Investment in Real Estate Market of Turkey: Evidence from a Cointegrated VAR

Öz:
The aim of the study is to analyze the macroeconomic determinants of foreign direct investment in real estate sector (FDIRE) covering the period from 2003:01-2016:12 for Turkey. To this aim, Johansen cointegration test and VECM (cointegrated VAR) have been employed and also impulse response functions and forecasted error variance decompositions have been analyzed to shed light on the issue of the nexus between selected macroeconomic indicators and FDIRE. Empirical findings suggest that thenumberofone-yearlaggedtouristarrivalsandreal house rent is the most important and statistically significant determinants of foreign direct investment in Turkish real estate sector. The findings imply that real house rent shocks also have a positive and significant impact on real house price.
Anahtar Kelime:

Türkiye’nin Gayrimenkul Piyasasına Doğrudan Yabancı Yatırımın Belirleyicileri: Bir Eşbütünleşik VAR’dan Kanıtlar

Öz:
Bu çalışmanın amacı Türkiye’de 2003:01-2016:12 dönemi için gayrimenkul sektörüne gelen doğrudan yabancı yatırımın (FDIRE) makro ekonomik belirleyicilerini analiz etmektir. Bu amaçla Johansen eşbütünleşme testi ve vektör hata düzletme modeli (eşbütünleşik VAR) kullanılmış ve ayrıca seçilen makro ekonomik büyüklükler ile FDIRE arasındaki ilişkiye ışık tutmak için etki tepki fonksiyonları ve hata varyans ayrıştırmaları analiz edilmiştir. Ampirik bulgulara göre, Türk emlak sektörüne gelen doğrudan yabancı yatırımın en önemli ve istatistiksel olarak anlamlı belirleyicileri gelen turist sayısının bir yıl gecikmeli değeri ile reel ev kiralarıdır. Sonuçlar reel ev kirası şoklarının reel ev fiyatları üzerinde de pozitif ve anlamlı bir etkisi olduğunu ortaya koymaktadır.
Anahtar Kelime:

Belge Türü: Makale Makale Türü: Araştırma Makalesi Erişim Türü: Erişime Açık
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APA Gök B, Akseki U (2020). The Determinants of Foreign Direct Investment in Real Estate Market of Turkey: Evidence from a Cointegrated VAR. , 277 - 299. 10.30626/ tesamakademi.788701
Chicago Gök Barış,Akseki Utku The Determinants of Foreign Direct Investment in Real Estate Market of Turkey: Evidence from a Cointegrated VAR. (2020): 277 - 299. 10.30626/ tesamakademi.788701
MLA Gök Barış,Akseki Utku The Determinants of Foreign Direct Investment in Real Estate Market of Turkey: Evidence from a Cointegrated VAR. , 2020, ss.277 - 299. 10.30626/ tesamakademi.788701
AMA Gök B,Akseki U The Determinants of Foreign Direct Investment in Real Estate Market of Turkey: Evidence from a Cointegrated VAR. . 2020; 277 - 299. 10.30626/ tesamakademi.788701
Vancouver Gök B,Akseki U The Determinants of Foreign Direct Investment in Real Estate Market of Turkey: Evidence from a Cointegrated VAR. . 2020; 277 - 299. 10.30626/ tesamakademi.788701
IEEE Gök B,Akseki U "The Determinants of Foreign Direct Investment in Real Estate Market of Turkey: Evidence from a Cointegrated VAR." , ss.277 - 299, 2020. 10.30626/ tesamakademi.788701
ISNAD Gök, Barış - Akseki, Utku. "The Determinants of Foreign Direct Investment in Real Estate Market of Turkey: Evidence from a Cointegrated VAR". (2020), 277-299. https://doi.org/10.30626/ tesamakademi.788701
APA Gök B, Akseki U (2020). The Determinants of Foreign Direct Investment in Real Estate Market of Turkey: Evidence from a Cointegrated VAR. TESAM AKADEMİ, 7(2), 277 - 299. 10.30626/ tesamakademi.788701
Chicago Gök Barış,Akseki Utku The Determinants of Foreign Direct Investment in Real Estate Market of Turkey: Evidence from a Cointegrated VAR. TESAM AKADEMİ 7, no.2 (2020): 277 - 299. 10.30626/ tesamakademi.788701
MLA Gök Barış,Akseki Utku The Determinants of Foreign Direct Investment in Real Estate Market of Turkey: Evidence from a Cointegrated VAR. TESAM AKADEMİ, vol.7, no.2, 2020, ss.277 - 299. 10.30626/ tesamakademi.788701
AMA Gök B,Akseki U The Determinants of Foreign Direct Investment in Real Estate Market of Turkey: Evidence from a Cointegrated VAR. TESAM AKADEMİ. 2020; 7(2): 277 - 299. 10.30626/ tesamakademi.788701
Vancouver Gök B,Akseki U The Determinants of Foreign Direct Investment in Real Estate Market of Turkey: Evidence from a Cointegrated VAR. TESAM AKADEMİ. 2020; 7(2): 277 - 299. 10.30626/ tesamakademi.788701
IEEE Gök B,Akseki U "The Determinants of Foreign Direct Investment in Real Estate Market of Turkey: Evidence from a Cointegrated VAR." TESAM AKADEMİ, 7, ss.277 - 299, 2020. 10.30626/ tesamakademi.788701
ISNAD Gök, Barış - Akseki, Utku. "The Determinants of Foreign Direct Investment in Real Estate Market of Turkey: Evidence from a Cointegrated VAR". TESAM AKADEMİ 7/2 (2020), 277-299. https://doi.org/10.30626/ tesamakademi.788701
Sayfa Oluşturulma Tarihi
23-04-2024 18:14

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