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ULUSLARARASI SERMAYE HAREKETLERİNİN ETKİNLİĞİ: TÜRKİYE ÜZERİNE GÖZLEMLER

Efficiency of International Capital Flows: Some Observations on Turkey

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Abstract (2. Language): 
It is well known that a country’s economic growth derives from two ingredients: accumulation of physical capital and more efficient use of reources. In a closed economy, domestic savings are the only source of investment and physical capital accumulation. In an open economy, however, domestic investment can be financed by foreign capital. Theories on foreign direct investment (FDI) often claim that foreign investment help bring a more efficient allocation of capital across contries. Do developing countries derive benefits from foreign finacial investment (FFI) in the same way as they do from FDI? This paper attempts to analyse the effects of FDI and FFI on the Turkish economy.
Abstract (Original Language): 
Az gelişmiş ülkelerin ekonomik kalkınma çabalarında karşı karşıya oldukları önemli engellerden birisi; bu ülkelerde sermaye faktörünün az bulunmasıdır. Düşük gelire bağlı olarak ortaya çıkan düşük tasarruf ve düşük yatırım döngüsü, azgelişmiş ülkeleri dış tasarruflara yönlendirmektedir. Özellikle 1990’lı yıllarda yoğunlaşmak üzere, az gelişmiş ülkeler, finansal serbestleşme programları uygulayarak dış tasarruflardan faydalanma yoluna gitmişlerdir. Ancak uluslararası sermaye akımlarının az gelişmiş ülkelere beklenen faydayı sağladığı kuşkuludur. Bu araştırma da dolaysız yabancı sermaye yatırımları ile finansal yabancı sermaye yatırımlarının Türkiye ekonomisindeki kaynak dağılımı ve üretim etkinliği üzerindeki etkileri analiz edilmiştir. Ayrıca Türkiye ile benzer ülkeler arasında karşılaştırmalara da yer verilmiştir.
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