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An Examination of Portfolio Investments to Turkey

Different factors have been claimed to influence the foreign flows to a country. According to the push view, it is the international interest rates and the condition of the global economy that determines the capital flows to a country. On the other hand, the pull view states that domestic economic indicators such as domestic interest rates, real exchange rate, capital account balance, budget balance, real exchange rate and stock price index are the main determinants of the capital flows. A third view on the matter argues that both push and pull factors are influential on the capital flows. This study examines those factors for Foreign Portfolio Investments to Turkey by employing VAR Methodology. Findings show that the domestic interest rate, US interest rate, ISE price index, exchange rate, and capital account balance have influence on the portfolio investments to Turkey.