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Year 2022, , 2085 - 2102, 31.05.2022

Canberk Buluş

https://doi.org/10.29023/alanyaakademik.1008560

Abstract

The aim of this study is to examine the effects of foreign direct investment and trade openness on economic growth for 22 countries in the Central, Eastern and Southeastern Europe (CESEE) region. For this purpose, panel data methods were used with annual data covering the period of 1990-2019. The data of the research were derived from the World Bank website and Pooled Least Squares (POLS) method, Fixed Effects (FE) method and Generalized Moments Method (GMM) method were preferred in the study. According to empirical findings, foreign direct investments and trade openness in CESEE countries have a statistically significant and positive effect on economic growth. Accordingly, policy makers in CESEE countries should continue to implement incentives and subsidies that will increase the flows of foreign direct investments in order to support economic growth. In addition, policy makers in CESEE countries should implement policies to promote international trade and reduce trade barriers to accelerate economic growth.

Keywords

Economic Growth Foreign Direct Investment Trade Openness CESEE Countries

References

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Doğrudan Yabancı Yatırımların ve Ticari Açıklığın Ekonomik Büyüme Üzerindeki Etkileri: CESEE Ülkeleri Örneği

Year 2022, , 2085 - 2102, 31.05.2022

Canberk Buluş

https://doi.org/10.29023/alanyaakademik.1008560

Abstract

Bu çalışmanın amacı, Merkez, Doğu ve Güneydoğu Avrupa (CESEE) bölgesinde yer alan 22 ülke için doğrudan yabancı yatırımların ve ticari açıklığın ekonomik büyüme üzerindeki etkilerini incelemektir. Bu amaç doğrultusunda 1990-2019 dönemi için yıllık veriler kullanılmış ve panel veri yöntemlerinden yararlanılmıştır. Araştırmaya ait veriler Dünya Bankası sitesinden derlenmiş ve araştırmada Havuzlanmış En Küçük Kareler (POLS) yöntemi, Sabit Etkiler (FE) yöntemi ve Genelleştirilmiş Momentler Metodu (GMM) yöntemleri tercih edilmiştir. Ampirik bulgulara göre, CESEE ülkelerinde doğrudan yabancı yatırımlar ve ticari açıklık ekonomik büyümeyi istatistiki olarak anlamlı ve pozitif etkilemektedir. Buna göre, CESEE ülkelerinde politika yapıcılar ekonomik büyümeyi desteklemek amacıyla doğrudan yabancı yatırım girişlerini arttıracak teşvik ve sübvansiyon gibi politika uygulamalarına devam etmelidirler. Bunun yanı sıra, CESEE ülkelerinde politika yapıcılar ekonomik büyümeyi hızlandırmak için uluslararası ticareti teşvik edici politikalar uygulamalı ve ticaret engellerini gevşetmelidirler.

Keywords

Ekonomik Büyüme Doğrudan Yabancı Yatırım Ticari Açıklık CESEE Ülkeleri.

References

  • AHMAD, F., DRAZ, M.U., & YANG, S.C. (2018). “Causality of Nexus Exports, FDI and Economic Growth of the ASEAN5 Economies: Evidence from Panel Data Analysis”, The Journal of International Trade & Economic Development, 27(6): 685-700.
  • ANTON, S.G. (2016). “Foreign Direct Investment Flows and IMF Lending Programs. New Empirical Evidence from CESEE Countries”, Scientific Annals of Economics and Business, 63(3): 311-320.
  • ARELLANO, M. & BOND, S. (1991). “Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations”, The Review of Economic Studies, 58(2): 277-297.
  • ARELLANO, M. & BOVER, O. (1995). “Another Look at the Instrumental Variable Estimation of Error-Components Models”, Journal of Econometrics, 68(1): 29-51.
  • AREMO, A.G., & ARAMBADA O.D. (2021). “Effect of Trade Openness and Financial Openness on Economic Growth in Sub-Saharan African Countries”, African Journal of Economic Review, 9(1): 109-130.
  • AZMAN-SAINI, W.N.W., & LAW, S.H. (2010). “FDI and Economic Growth: New Evidence on the Role of Financial Markets”, Economics Letters, 107(2): 211-213.
  • BANDAY, U.J., MURUGAN, S., & MARYAM, J. (2021). “Foreign Direct Investment, Trade Openness and Economic Growth in BRICS Countries: Evidences from Panel Data”, Transnational Corporations Review, 13(2): 211-221.
  • BELLOUMI, M. (2014). “The Relationship between Trade, FDI and Economic Growth in Tunisia: An Application of the Autoregressive Distributed Lag Model”, Economic Systems, 38(2): 269-287.
  • BLUNDELL, R. & BOND, R.S. (1998). “Initial Conditions and Moment Restrictions in Dynamic Panel Data Models”, Journal of Econometrics, 87(1): 115-143.
  • BURANGE, L.G., RANADIVE, R.R., & KARNIK, N.N. (2019). “Trade Openness and Economic Growth Nexus: A Case Study of BRICS”, Foreign Trade Review, 54(1): 1-15.
  • CARSTENSEN, K., & TOUBAL, F. (2004). “Foreign Direct Investment in Central and Eastern European Countries: A Dynamic Panel Analysis”, Journal of Comparative Economics, 32(1): 3-22.
  • CIOBANU, A.M. (2021). “The Impact of FDI on Economic Growth in Case of Romania”, International Journal of Economics and Finance, 12(12): 1-81.
  • DEMEZ, S., & AKYOL, M. (2021). “Ticari ve Finansal Açıklık ile Ekonomik Büyüme İlişkisi: GMM Panel Veri Analizi”, Igdir University Journal of Social Sciences, 26: 226-253.
  • DEMİR, Y. (2021). “G7 Ülkelerinde Ticari Dışa Açıklık, Finansal Açıklık ve Ekonomik Büyüme İlişkisi”, Selçuk Üniversitesi Sosyal Bilimler Meslek Yüksekokulu Dergisi, 24(1): 274-287.
  • DKHILI, H., & DHIAB, L.B. (2018). “The Relationship between Economic Freedom and FDI Versus Economic Growth: Evidence from the GCC Countries”, Journal of Risk and Financial Management, 11(4): 81.
  • DÜNYA BANKASI. (2021). “Dünya Bankası Açık Veri”, https://data.worldbank.org/ Erişim Tarihi: 11.07.2021.
  • EKİNCİ, A. (2011). “Doğrudan Yabancı Yatırımların Ekonomik Büyüme ve İstihdama Etkisi: Türkiye uygulaması (1980-2010)”, Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 6(2): 71-96.
  • EASTERLY, W. (1993). “How Much Do Distortions Affect Growth?”, Journal of Monetary Economics, 32(2): 187-212.
  • FETAHİ-VEHAPI, M., SADIKU, L., & PETKOVSKI, M. (2015). “Empirical Analysis of the Effects of Trade Openness on Economic Growth: An Evidence for South East European Countries”, Procedia Economics and Finance, 19: 17-26.
  • FIDRMUC, J., & MARTIN, R. (2011). “FDI, Trade and Growth in CESEE Countries”, Focus on European Economic Integration, 1: 70-113.
  • GUNAYDIN, I., & TATOGLU, E. (2005). “Does Foreign Direct Investment Promote Economic Growth? Evidence from Turkey”, Multinational Business Review, 13(2): 89-106.
  • HANSEN, P.L. (1982). “Large Sample Properties of Generalized Method of Moments Estimators”, Econometrica, 50(4): 1029-1054.
  • 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.
  • HASSEN, S., ANIS, O., TAHA, Z., & YOSRA, S. (2013). “Trade Openness and Economic Growth: The Case of Tunisia”, International Journal of Advances in Management and Economics, 2(2): 24-32.
  • HUNYA, G. (2017). “Recent FDI Trends in Central, East and Southeast Europe (CESEE)” Schwerpunkt Außenwirtschaft. https://www.researchgate.net/profile/Ralf-Kronberger/publication/320490368_Schwerpunkt_Aussenwirtschaft_20162017_-_Direktinvestitionen_Trends_Erklarungsfaktoren_Barrieren/links/59e86fe4aca272bc423d6a5a/Schwerpunkt-Aussenwirtschaft-2016-2017-Direktinvestitionen-Trends-Erklaerungsfaktoren-Barrieren.pdf#page=177 Erişim Tarihi: 19.07.2021.
  • HYE, Q.M.A. (2012). “Long Term Effect of Trade Openness on Economic Growth in Case of Pakistan”, Quality & Quantity, 46(4): 1137-1149.
  • IDRIS, J., YUSOP, Z., & HABIBULLAH, M.S. (2016). “Trade Openness and Economic Growth: A Causality Test in Panel Perspective”, International Journal of Business and Society, 17(2): 281-290.
  • IWASAKI, I., & TOKUNAGA, M. (2014). “Macroeconomic Impacts of FDI in Transition Economies: A Meta-Analysis”, World Development, 61: 53-69.
  • KARIŞ, Ç., & TANDOĞAN, D. (2020). “Doğrudan Yabancı Yatırımlar ve Ekonomik Büyüme Arasındaki İlişki: Türkiye Örneği TODA-YAMAMOTO Nedensellik Yaklaşımı”, Economics, Business and Organization Research, 2(1): 6-20.
  • KEHO, Y. (2017). “The Impact of Trade Openness on Economic Growth: The Case of Cote D’Ivoire”, Cogent Economics & Finance, 5(1): 1-14.
  • KENNEDY, P. (2008). A Guide to Econometrics, Cambridge: MIT Press.
  • KHOBAI, H., KOLİSI, N., & MOYO, C. (2018). “The Relationship between Trade Openness and Economic Growth: The Case of Ghana and Nigeria”, International Journal of Economics and Financial Issues, 8(1): 77-82.
  • KONG, Q., PENG, D., NI, Y., JIANG, X., & WANG, Z. (2021). “Trade Openness and Economic Growth Quality of China: Empirical Analysis Using ARDL model”, Finance Research Letters, 38: 1-9.
  • KUŞÇUOĞLU, Ş.Y., & YILMAZ, Z. (2020). “Farklı Gelir Düzeyindeki Ülkelerde Ticari Açıklık, Finansal Gelişme ve Ekonomik Büyüme İlişkisi”, IBAD Sosyal Bilimler Dergisi, 1: 148-170.
  • LIANG, C., SHAH, S.A., & BIFEI, T. (2021). “The Role of FDI Inflow in Economic Growth: Evidence from Developing Countries”, Journal of Advanced Research in Economics and Administrative Sciences, 2(1): 68-80.
  • MALEFANE, M.R., & ODHIAMBO, N.M. (2019). “Trade Openness and Economic Growth: Empirical Evidence from Lesotho”, Global Business Review, 1: 1-17.
  • MAWILA, E., & NYAMBE, J.M. (2015). “Investigating the Impact of FDI on Economic Growth in Zambia: 1980-2012”, European Journal of Business, Economics and Accountancy, 3(3): 41-50.
  • MENYAH, K., NAZLIOGLU, S., & WOLDE-RUFAEL, Y. (2014). “Financial Development, Trade Openness and Economic Growth in African Countries: New Insights from A Panel Causality Approach”, Economic Modelling, 37: 386-394.
  • MIHAYLOVA, S. (2020). “Foreign Direct Investment Attractiveness of Central, Eastern, and Southeastern European Countries: The Importance of Policy-Related Location Advantages”, Croatian Economic Survey, 22(1): 65-101.
  • MITESKI, M., & STEFANOVA, D.J. (2017). “The Impact of Sectorial FDI on Economic Growth in Central, Eastern and Southeastern Europe (No. 1/2017)”, Working Paper, https://www.econstor.eu/bitstream/10419/173721/1/wp-nb-rm-2017-01.pdf Erişim Tarihi: 22.08.2021.
  • MEHIC, E., SILAJDZIC, S., & BABIC-HODOVIC, V. (2013). “The Impact of FDI on Economic Growth: Some Evidence from Southeast Europe”, Emerging Markets Finance and Trade, 49(1): 5-20.
  • NAVEED, A., & SHABBIR, G. (2006). “Trade Openness, FDI and Economic Growth: A Panel Study”, Pakistan Economic and Social Review, 1: 137-154.
  • NURSINI, N. (2017). “Effect of Fiscal Policy and Trade Openness on Economic Growth in Indonesia: 1990-2015”, International Journal of Economics and Financial Issues, 7(1): 358-364.
  • OBEID, R., & AWAD, B. (2018). “The Effect of Trade Openness on Economic Growth in Jordan: An Analytical Investigation (1992-2015)”, International Journal of Economics and Financial Issues, 8(2): 219-226.
  • PEGKAS, P. (2015). “The Impact of FDI on Economic Growth in Eurozone Countries”, The Journal of Economic Asymmetries, 12(2): 124-132.
  • RAGHUTLA, C. (2020). “The Effect of Trade Openness on Economic Growth: Some Empirical Evidence from Emerging Market Economies”, Journal of Public Affairs, 20(3): 1-8.
  • RAO, D.T., SETHI, N., DASH, D.P., & BHUJABAL, P. (2020). “Foreign Aid, FDI and Economic Growth in South-East Asia and South Asia”, Global Business Review, 1-17.
  • RAZA, S.A., SHAH, N., & ARIF, I. (2019). “Relationship between FDI and Economic Growth in the Presence of Good Governance System: Evidence from OECD Countries”, Global Business Review, 1-19.
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There are 67 citations in total.

Details

Primary Language Turkish
Subjects Economics
Journal Section Makaleler
Authors

Canberk Buluş 0000-0002-5313-6759

Publication Date May 31, 2022
Acceptance Date April 8, 2022
Published in Issue Year 2022

Cite

APA Buluş, C. (2022). Doğrudan Yabancı Yatırımların ve Ticari Açıklığın Ekonomik Büyüme Üzerindeki Etkileri: CESEE Ülkeleri Örneği. Alanya Akademik Bakış, 6(2), 2085-2102. https://doi.org/10.29023/alanyaakademik.1008560