THE RELATIONSHIP OF INTERNATIONAL CAPITAL FLOWS WITH MACROECONOMIC INDICATORS - ULUSLARARASI SERMAYE AKIMLARININ MAKROEKONOM？K G？STERGELER ？LE ？L？？K？S？

In today’s economies, the influence of international capital flows on the economy of the countries are investigated. Specially (particularly) after the liberalization of capital flows, foreign direct investments are shifting from developed countries to developing countries. Developing countries which started to follow open economy policies, to attract international capital flows to their own countries and to encourage foreign investors, followed policies. Foreign investment in developing countries has had both positive and negative effects on the countries’ economy. After gaining independence, like other developing countries Turkmenistan, Azerbaijan, Kyrgyzstan, Uzbekistan and Kazakhstan Republics, for the steady growth of the country’s economy began to follow open economy and export promotion policies. Economic policies that aim to encourage foreign direct investments are implemented. In this study it is aimed to reveal, the effect and results of foreign direct flows as a result of the policies to this countries’ economies econometrically, after their independence. Data were analyzed by using the panel data econometrics analysis between 1996-2016. According to the results obtained in the study, foreign direct investments have a direct relationship with exports and have an inverse relationship with inflation. Contrary to expectations, the most significant result of the study is that the estimation coefficient of GDP is negative and statistically insignificant