Türkiye’de Doğrudan Yabancı Yatırımlar ile CDS, VIX Endeksi ve Kredi Derecelendirmeleri İlişkisi (The Relationship of Foreign Direct Investments and CDS, VIX Index and Credit Ratings in Turkey)

Abstract

Global financial risk indicators and country-specific credit risk indicators cause different effects on foreign direct investments (FDI) coming to countries. Along with these risks, the credit ratings given to the countries by the credit rating agencies can also affect the international investment decisions and thus the foreign direct investments. From this point of view, in this study, it is aimed to investigate the effects of VIX index, CDS premiums and credit rating grades on FDI for Turkey during the period 2002:Q1-2021:Q4. ARDL bounds test approach was used as a methodology in the research. According to the ARDL boundary test result, it has been determined that there is a longterm relationship between FDI and VIX index, CDS premiums and credit rating grades in Turkey. According to the long-term coefficients estimated in the ARDL cointegration analysis, it was concluded that the effect of the VIX index and Moody's credit rating ratings on the FDI entering Turkey was negative and significant, and the credit ratings given by Fitch had a positive and significant effect.

Keywords

• foreign direct investments
• credit ratings
• vix
• cds premium