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This study investigates the linkage between portfolio investment and economic growth in 18 developed and 27 developing countries. Furthermore, it compares and analyzes interest-bearing and non-interest-bearing assets and the economic development level. The results of our analysis show that long-term portfolio investment is positively associated with economic growth in developing countries. Long-term portfolio investment through non-interest-bearing assets contribute more to economic growth in developing countries. However, stocks and long-term bond portfolio investment are unrelated to economi ...More
In the study, panel data analysis was conducted on 32 OECD countries covering the period 1990-2018. To analyse the effect of energy consumption on economic growth, first, a cross-section de-pendence test of the variables was carried out, then CADF Test, which is the most suitable unit root test based on the obtained results results, was applied. According to the findings of the Hausman, autocor-relation, and heteroscedasticity tests, it has been decided to use the Driscoll-Kraay test for the model's forecast. The forecast results demonstrate that energy consumption positively affects economic ...More
The 2008 global crisis, initiated in the USA, a developed country, is significant as it's the last global crisis caused by capital flows. This study investigates the link between capital account liberalization and economic growth during the 2008 global crisis in 105 countries, including moral hazard. Furthermore, it considers portfolio equity and debt flows as asset characteristics and tests two moral hazard channels (i.e., sudden stop and credit booms) employing the OLS estimation technique. The findings show that capital inflows promote growth, with portfolio equity flows having more contrib ...More
The relationship between the interest rate and inflation is one of the most discussed issues in macroeconomic studies, especially within the scope of the Fisher and Neo-Fisher effect. In this study, panel causality analyzes are applied by using a quarterly dataset between 2001 and 2019 in 32 OECD countries, and the form and power of this relationship are tried to be explained by a regression analysis. With the existence of cross-section dependence, the Hausman test, autocorrelation and heteroscedasticity tests are performed, and the stationarity of the variables are analyzed by the CADF test. ...More