Author :
Abstract
Ulusal Varlık Fonları, ülke hükümetleri tarafından kurulan ve kamu yararını gözeterek faaliyette bulunmayı amaçlayan yatırım kurumlarıdır. Dış ticaret fazlaları, özelleştirme gelirleri, doğal kaynak ve emtia satışları sonucunda elde edilen gelir fazlalıkları söz konusu fonların kaynağını oluşturmaktadır. Ulusal Varlık Fonları, sahip oldukları geniş sermaye yapıları ve geliştirdikleri yatırım stratejileri ile özellikle konjonktürel dalgalanmaların yaşandığı dönemlerde ekonominin daralmasını önleyici stabilizatör görevi üstlenmektedirler.
Ülkelerdeki iktisadi faaliyetlere yön veren temel faktörün kurumsal yapı olduğunu öne süren kurumsal iktisadi düşünce son yıllarda geniş bir yelpazede çalışma alanı bulmuştur. Bu çalışmada kurumsal iktisadi düşünceden hareketle, son yıllarda sayıları giderek artan varlık fonlarının kurumsal belirleyicileri Ulusal Varlık Fonuna sahip 5 ülke (Avustralya, Güney Kore, Singapur, Şili ve Yeni Zelanda) örneklemi için araştırılmıştır. 2006-2015 dönemini kapsayan çalışmada dinamik panel veri analiz tekniği kullanılmıştır. Kurumsal yapının göstergesi olarak iki farklı değişkenin kullanıldığı çalışmada elde edilen bulgular, kurumsal yapı ve ülkelerin varlık fonu büyüklüğü arasında anlamlı bir ilişki olduğunu ortaya koymaktadır. Bu kapsamda ülkelerdeki düzenleyici kalite ve demokratik sorumluluk göstergesindeki bir iyileşme varlık fonu miktarını olumlu etkilemektedir.
Keywords
Abstract
Sovereign Wealth Funds are investment institutions established by the governments of the country and aiming to operate in the public interest. Foreign trade surplus, privatization revenues, income surpluses resulting from natural resource and commodity sales constitute the source of such funds. Sovereign Wealth Funds act as stabilizers to prevent the economy from shrinking, especially in periods of cyclical fluctuations, due to the large capital structures they have and the investment strategies they have developed.
Institutional economic thought, which suggests that the main factor driving the economic activities in the countries is the institutional structure, has found a wide field of work in the last years. In this study, institutional determinants of increasing sovereign wealth funds, which have moved in recent years to institutional economic considerations, have been searched for 5 countries with Sovereign Wealth Fund (Australia, South Korea, Singapore, Chile and New Zealand). In the study dynamic panel data analysis technique was used covering the period of 2006-2015. In the study where two different variables were used as indicators of institutional structure support that there is a meaningful relationship between institutional structure and the size of sovereign wealth funds of countries. In this context, an improvement in regulatory quality and democratic accountability in countries affects the amount of wealth funds positively.
Keywords
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