DYY ve Ticari Açıklık Ekonomik Büyümeyi Ülkelerin Gelir Gruplarına Göre Farklı mı Etkiliyor? Asya Ülkeleri Üzerine Uygulamalar

Year 2024, Volume: 27 Issue: 1, 308 - 320, 30.04.2024

İbrahim Halil Sugözü İraima Dorbonova

https://doi.org/10.29249/selcuksbmyd.1446206

Abstract

Bu çalışma, doğrudan yabancı yatırım (DYY), ticari açıklık (TRO) ve ekonomik büyüme arasındaki ilişkiyi, 2000-2021 dönemi için bir model çerçevesinde seçilmiş 11 yüksek gelirli ve 22 orta ve düşük gelirli Asya ülkesi için güncel bir panel veri seti kullanarak incelemektedir. Bu çalışmada, özellikle odaklandığımız DYY ve ekonomik büyüme arasında uzun dönemli bir karşılıklı ilişki olup olmadığını gösteren eşbütünleşme testi uygulanmış ve ardından Driscoll ve Kraay tarafından geliştirilen kovaryans matrisi tahmincileri kullanılmıştır. Bulgularımız, yüksek gelirli ülkeler için DYY ve TRO ile ekonomik büyüme arasında pozitif bir ilişki olduğunu, orta ve düşük gelirli ülkeler için ise DYY ve ekonomik büyüme arasındaki ilişkinin negatif olduğunu göstermektedir. Bu çalışma, gelişmekte olan ülkelerdeki hükümetlerin ve politika yapıcıların neden sadece DYY'nin çekiciliğini ve ithalat odaklı ticari serbestleşmenin vazgeçilmezliğini vurgulamak yerine sürdürülebilir ekonomik büyüme için yerli yatırım ve üretim stratejilerine öncelik vermeye odaklanmaları gerektiği konusunda fikir vermektedir.

Keywords

Doğrudan Yabancı Yatırım, Ticari Açıklık, Ekonomik Büyüme, Asya Ülkeleri, Panel Veri Analizi

Do FDI And Trade Openness Affect Economic Growth Differently Across Income Groups? Case Studies From Asian Countries

Abstract

This study examines the nexus between foreign direct investment (FDI), trade openness (TRO) and economic growth for selected 11 high-income and 22 middle- and low-income Asian countries within a model using a more recent panel dataset over the period 2000–2021. The cointegration test has been applied in this study, which shows that whether there is a long-term interrelationship between FDI and economic growth, which we focus on in particular, and then the covariance matrix estimators that are developed by Driscoll and Kraay are used. Our findings indicate that there is a positive relationship between FDI and TRO, and economic growth for high-income countries, whereas the relationship between FDI and economic growth is negative for middle- and low-income countries. This study provides insights on why governments and policy makers in developing countries should focus on prioritizing domestic investment and production strategies for sustainable economic growth rather than simply emphasizing the attractiveness of FDI and the indispensability of import-oriented trade liberalization.

Keywords

Foreign Direct Investment, Trade Openness, Economic Growth, Asian countries, Panel Data Analysis

References

• Adam, M. H. M. (2022). Nexus among foreign direct investment, financial development, and sustainable economic growth: Empirical aspects from Sudan. Quantitative Finance and Economics, 6(4), 640-657.
• Akadiri, A. C., Gungor, H., Akadiri, S. S., & Bamidele‐Sadiq, M. (2019). Is the causal relation between foreign direct investment, trade, and economic growth complement or substitute? The case of African countries. Journal of Public Affairs, 20(2), e2023. https://doi.org/10.1002/pa.2023
• Alam, K. J., & Sumon, K. K. (2020). Causal relationship between trade openness and economic growth: A panel data analysis of Asian countries. International Journal of Economics and Financial Issues, 10(1), 118.
• Ali, N., & Hussain, H. (2017). Impact of foreign direct investment on the economic growth of Pakistan. American Journal of Economics, 7(4), 163-170.
• Ali, N., & Mingque, Y. (2018). Does foreign direct investment lead to economic growth? Evidences from Asian developing countries. International Journal of Economics and Finance, 10(3), 109-119.
• Arellano, M., Bond, S. (1991). Some tests of specification for panel data: Monte carlo evidence and an application to employment equations. Review of Economic Studies, 58, 277-297.
• Arellano, M., Bover, O. (1995). Another look at the instrumental variable estimation of error-components models. Journal of Econometrics, 68, 29-51.
• Arndt, S. W. (1999). Globalization and economic development. Journal of International Trade & Economic Development, 8(3), 309-318.
• Baltagi, B., & Liu, L. (2014). Random Effects, Fixed Effects and Hausman’s Test for the Generalized Mixed Regressive Spatial Autoregressive Panel.
• Baltagi, B., & Wu, P. X. (1999). Unequally spaced panel data regressions with AR(1) disturbances. Econometric Theory, 15, 814-823.
• Baniak, A., Cukrowski, J., Herczynski, J. (2005). On the Determinants of Foreign Direct Investment in Transition Economies. Probl. Econ. Transit., 48, 6–28.
• Bengoa, M., & Sanchez-Robles, B. (2003). Foreign direct investment, economic freedom and growth: new evidence from Latin America. European journal of political economy, 19(3), 529-545.
• Bhargava, A., Franzini L., & Narendranathan, W. (1982). Serial correlation and the fixed effects model. Review of Economic Studies, 49, 533-549.
• Borensztein, E., De Gregorio, J., & Lee, J. W. (1998). How does foreign direct investment affect economic growth?. Journal of international Economics, 45(1), 115-135.
• Carkovic, M., & Levine, R. (2005). Does foreign direct investment accelerate economic growth. Does foreign direct investment promote development, Eds: T.H. Moran, E.M. Graham, M. Blomström, Washington DC.: Institute for International Economics Center for Global Development, 195-220
• Chakraborty, C., & Basu, P. (2002). Foreign direct investment and growth in India: A cointegration approach. Applied economics, 34(9).
• Dickey, D.A. and Fuller, W.A. (1979) Distribution of the Estimators for Autoregressive Time Series with a Unit Root. Journal of the American Statistical Association, 47, 427-431
• Driscoll, J. C., & Kraay, A. C. (1998). Consistent covariance matrix estimation with spatially dependent panel data. Review of Economics and Statistics, 80(4), 549-560.
• Gunby, P., Jin, Y., & Reed, W. R. (2017). Did FDI really cause Chinese economic growth? A meta-analysis. World Development, 90, 242-255.
• Har, W. M., Teo, K. L., & Yee, K. M. (2008). FDI and economic growth relationship: An empirical study on Malaysia. International Business Research, 1(2), 11-18.
• Hossain, M. K., & Hossain, M. S. (2023). Causal Interaction between Foreign Direct Investment Inflows and China’s Economic Growth. Sustainability, 15(10), 7994.
• Hussain, M. E., & Haque, M. (2016). Foreign direct investment, trade, and economic growth: An empirical analysis of Bangladesh. Economies, 4(2), 7.
• Jaiblai, P., & Shenai, V. (2019). The determinants of FDI in sub-Saharan economies: A study of data from 1990– 2017. International Journal of Financial Studies, 7(3), 43.
• Kueh, J., & Yong, S. W. (2018). FDI Led Growth in Malaysia: Autoregressive Distributed Lag (ARDL) Bounds Testing Approach. International Business Research, 11(11), 46-54.
• Kumari, R., Shabbir, M. S., Saleem, S., Yahya Khan, G., Abbasi, B. A., & Lopez, L. B. (2023). An empirical analysis among foreign direct investment, trade openness and economic growth: evidence from the Indian economy. South Asian Journal of Business Studies, 12(1), 127-149.
• Middleton, A. (2007). Globalization, free trade, and the social impact of the decline of informal production: The case of artisans in Quito, Ecuador. World Development, 35(11), 1904-1928.
• Sghaier, I. M. (2023). Trade openness, financial development and economic growth in North African countries. International Journal of Finance & Economics, 28(2), 1729-1740.
• Mustafa, A. M. M. (2019). Contribution of tourism and foreign direct investment to gross domestic product: Econometric analysis in the case of Sri Lanka. Restaurant Business 118(8), 476-481
• Mustafa, G. (2023). The dynamic relationship between financial development, economic growth, foreign direct investment and trade openness: Evidence from South Asian countries. Millennial Asia, 09763996221138465.
• Nguyen, H. H. (2020). Impact of foreign direct investment and international trade on economic growth: Empirical study in Vietnam. The Journal of Asian Finance, Economics and Business, 7(3), 323-331.
• Okoh, J. O. (2024). Institutional Quality, Foreign Direct Investment and Sustainable Economic Growth in Emerging African Economies. International Journal of Developing and Emerging Economies, 12(11), 41-66.
• Pesaran, M. H. (2007). A simple panel unit root test in the presence of cross-section dependence. Journal of Applied Econometrics, 22(2), 265–312.
• Sarker, B., & Khan, F. (2020). Nexus between foreign direct investment and economic growth in Bangladesh: an augmented autoregressive distributed lag bounds testing approach. Financial Innovation, 6, 1-18.
• Sokang, K. (2018). The impact of foreign direct investment on the economic growth in Cambodia: Empirical evidence. International Journal of Innovation and Economic Development, 4(5), 31-38.
• Suehrer, J. (2019). The Future of FDI: Achieving the Sustainable Development Goals 2030 through Impact Investment. Glob. Policy, 10, 413–415.
• Tarai, S. K., Sahu, K. K., & Patra, S. (2023). Dynamics between FDI, Trade Openness and Economic Growth: Evidence from India. Research Journal of Berhampur University, 64.
• Tugcu, C. T. (2018). Panel data analysis in the energy-growth nexus (EGN). In The economics and econometrics of the energy-growth nexus (pp. 255-271). Academic Press.
• Udeagha, M. C., & Ngepah, N. (2021). The asymmetric effect of trade openness on economic growth in South Africa: a nonlinear ARDL approach. Economic Change and Restructuring, 54(2), 491-540.
• Udemba, E. N. (2023). Cushioning environmental damage with institutions and FDI: Study of sustainable development goals (SDGs). Environment, Development and Sustainability, 25(9), 10217-10237.
• UNCTAD (2023), World Investment Report, Geneva 2023
• Westerlund, J., & Edgerton, D. L. (2007). A panel bootstrap cointegration test. Economics Letters, 97(3), 185–190.
• Wooldridge, J. M. (2010). Econometric analysis of cross section and panel data. MIT press.
• Yalçınkaya, Ö., & Aydin, H. İ. (2017). Doğrudan Yabancı Sermaye Yatırımlarının Ekonomik Büyüme Üzerindeki Etkileri: Seçili Yükselen Piyasa Ekonomileri Örneği (1992-2015) [The Effects of Foreign Direct Investments on Economic Growth: The Example of Selected Emerging Market Economies (1992-2015)]. Ağrı İbrahim Çeçen Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 3(1), 39-64.
• Ying, L., Riming, C. (2008). Function simulation of FDI, foreign trade and regional GDP in China. J. Chin. Econ. Foreign Trade Stud.,1, 232–243.