Relationship Between Investment Instruments and Inflation in Türkiye: A VAR Analysis (2015.12-2021.12)
Küçük Resim Yok
Tarih
2023
Yazarlar
Dergi Başlığı
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Cilt Başlığı
Yayıncı
Erişim Hakkı
info:eu-repo/semantics/openAccess
Özet
Investment instruments are important not only for companies but also for the financial stability of national economies. On the other side, inflation is also critical in terms of production costs, sales prices of companies and the economic stability of the countries. In addition, the size of the returns to be obtained from investment instruments is crucial to protect the purchasing power of individuals in inflationary environments as well. In this study, the relationship between the investment instruments of selected portfolio investors and inflation was examined. For this purpose, monthly data were used between the years 2015-2021 in Türkiye. In the analysis, the VAR model was used with the index returns of investment instruments and consumer price index (CPI) data. According to the results, the stability condition of the VAR model was met among all variables. It has been revealed that private pension funds, gold, and foreign exchange returns have been the one-way cause of inflation, on the other side gold and foreign exchange returns and inflation have been one-way causes of deposit returns. In addition, it has been determined that the return of the private pension system is effective on the change of all investment instruments. Besides, it has been found that foreign exchange returns are effective in explaining the changes in inflation and deposit returns. Finally, it has been concluded that inflation is effective on changes in deposit and foreign exchange returns.
Açıklama
Anahtar Kelimeler
Kaynak
Muhasebe ve Finansman Dergisi
WoS Q Değeri
Scopus Q Değeri
Cilt
Sayı
98
