DOĞRUDAN YABANCI YATIRIMLAR VE PORTFÖY YATIRIMLARI EKONOMİK BÜYÜMEYİ TEŞVİK EDER Mİ? GELİŞMEKTE OLAN ÜLKELERDEN KANITLAR

Yıl 2018, Cilt: 5 Sayı: 4, 331 - 338, 30.12.2018

Serpil Kuzucu

https://doi.org/10.17261/Pressacademia.2018.1000

Öz

Amaç – Çalışmanın amacı, doğrudan yabancı yatırımların ve portföy yatırımlarının seçilmiş gelişmekte olan ülkelerin ekonomik büyümesine

etkilerini değerlendirmektir. 2008 küresel finansal krizin gelişmekte olan ülkelerin ekonomik büyümelerine etkisi ve ekonomik büyümenin

sürekliliği de araştırılmıştır.

Yöntem – Doğrudan yabancı yatırımların ve portföy yatırımlarının gelişmekte olan ülkelerdeki ekonomik büyümesine etkileri statik ve

dinamik panel veri analizleri ile incelenmiştir.

Bulgular- Uygulanan statik ve dinamik panel veri modellerine göre doğrudan yabancı yatırımlar ile ekonomik büyüme arasında anlamlı ve

pozitif yönlü bir ilişki bulunmaktadır. Portföy yatırımların ekonomik büyümeye etkisi istatistiki olarak anlamlı değildir. Ekonomik büyümeyi

etkileyen diğer değişkenler döviz kuru ve işsizliktir. Dinamik model sonuçlarına göre ekonomik büyüme süreklilik göstermektedir.

Sonuç- Doğrudan yabancı yatırımlar gelişmekte olan ülkelerde ekonomik büyümeyi arttırmaktadır. Bu sonuç gelişmekte olan ülkelerin

doğrudan yabancı yatırımları arttırmak ve teşvik etmek amaçlı politikalarını desteklemektedir. Gelişmekte olan ülkelere yönelen portföy

yatırımlarının ise ekonomik büyümeyle ilişkisi bulunmamıştır. Ayrıca, 2008 küresel finansal krizin gelişmekte olan ülkelerin ekonomik

büyümesini negatif olarak etkilediği sonucuna ulaşılmıştır.

Anahtar Kelimeler

Gelişmekte olan ülkeler, ekonomik büyüme, doğrudan yabancı yatırımlar, portföy yatırımları

DO FOREIGN DIRECT INVESTMENT AND PORTFOLIO INVESTMENT STIMULATE ECONOMIC GROWTH? EVIDENCE FROM DEVELOPING COUNTRIES

Öz

Purpose - The purpose of this paper is to assess the effects of foreign direct investment and portfolio investment on economic growth in

selected developing countries. The effect of 2008 global financial crisis on economic growth in developing countries and persistence of

economic growth are also investigated.

Methodology - The effects of foreign direct investment and portfolio investment on economic growth in selected developing countries are

evaluated by static and dynamic panel data analyses.

Findings - According to the results of static and dynamic panel data analyses, foreign direct investment is positively associated with

economic growth. The effect of portfolio investment on economic growth is statistically insignificant. The other variables that affect

economic growth are foreign exchange rate and unemployment. Economic growth is persistent according to dynamic models.

Conclusion - Foreign direct investment stimulates economic growth in developing countries. This result supports the incentive policies of

developing countries to increase foreign direct investment. Portfolio investment is not associated with economic growth. In addition, 2008

global financial crisis has negative effect on economic growth in developing countries.

Anahtar Kelimeler

Developing countries, economic growth, foreign direct investment, portfolio investment

Kaynakça

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