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The relationship between foreign direct ınvestment and current account deficit: an empirical analysis for Turkey

Year 2013, Volume: 24 Issue: 87, 57 - 78, 01.04.2013

Abstract

In this study the effect of foreign direct investment (FDI) on current account deficit was investigated by using the quarterly data of 1991:Q4-2013:Q1 periods for Turkish economy. Economic growth variable which is an important determinative of the current account deficit was also included in the analysis. The analysis was carried out with the bounds testing approach developed by Pesaran, Shin and Smith (2001) and besides the constant model, constant and trend model was also used unlike the literature. According to the empirical findings from the study, it was determined that there was a cointegration between the variables. According to this, the effect of FDI on the current account deficit in long term analysis was found negative and statistically significant in accordance with our theoretical expectations. Furthermore, in short term analysis coefficient of error correction term was negative and statistically significant. So the deviations occurring between the variables converge to the long term balance level. However, in Toda-Yamamoto and Vector Error Correction Model (VECM) short term causality analysis a one-way relationship was determined from the FDI to the growth and the current account deficit. Additionally, in Vector Error Correction Model (VECM) long term causality analysis a two-way relationship was determined among the variables.

References

  • Açıkalın, S., Gül, E. ve Yaşar, E. (2006). Ücretler ve Büyüme ile Doğrudan Yabancı Yatırımlar Arasındaki İlişkinin Ekonometrik Analizi, Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, 16, 271- 282
  • Alagöz, M., Erdoğan, S. ve Topallı, N. (2008). Doğrudan Yabancı Sermaye Yatırımları ve Ekonomik Büyüme: Türkiye Deneyimi 1992-2007, Gaziantep Üniversitesi Sosyal Bilimler Dergisi, 7(1), 79-89
  • Altıntaş, H. (2009). Türkiye’de Doğrudan Yabancı Sermaye Girişi ve Dış Ticaret Arasındaki İlişkinin Ekonometrik Analizi: 1996-2007, Ankara Üniversitesi Siyasal Bilgiler Fakültesi, 64(2), (Nisan- Haziran) 1-30
  • Altunç, Ö. F. (2008). Türkiye’de Finansal ve İktisadi Büyüme arasındaki Nedenselliğin Ampirik Bir Analizi, EOGÜ, İİBF Dergisi, 3(2), 113-127
  • Bhattacharya, B. ve Mukharjee, J. (2002). “Causal Relationship between Stock Market and Exchange Rate, Foreign Exchange Reserves and Value of Trade Balance: A Case Study for India”, 01 Haziran 2013 tarihinde www.igidr.ac.in adresinden erişildi
  • Brown, R.L., Durbin, J. ve Evans, J.M. (1975). “Techniques for Testing the Constancy of Regression Relationships Over Time”, Journal of the Royal Statistical Society. Series B (Methodological), 37(2):149-192
  • Carrion-i-Silvestre, J. Ll. and Sansó, A. (2006). Testing The Null Of Cointegration With Structural Breaks, Oxford Bulletin of Economics and Statistics, 68, 623-646. GAUSS Codes
  • Carrion-i-Silvestre, J. L., Kim, D ve Perron, P. (2009). GLS-Based Unit Root Tests with Multiple Structural Breaks Under Both the Null and the Alternative Hypotheses, Econometric Theory. 25, 1754-1792
  • Charemza, W.W. and Deadman, D.F. (1997). New Directions in Econometric Practice: General to Specific Modelling, Cointegration and Vector Autoregression, Second Edition, Edward Elgar Publishing, Chelthenham, UK
  • Değer, M. Kemal ve Ö. Selçuk Emsen (2006). Geçiş Ekonomilerinde Doğrudan Yabancı Sermaye Yatırımları ve Ekonomik Büyüme İlişkileri: Panel Veri Analizleri (1990-2002), C.Ü. İktisadi ve İdari Bilimler Dergisi, 7(2)
  • Dickey, D. and Fuller, W. A. (1979). Distribution of the Estimates for Autoregressive Time Series with a Unit Root Journal of the American Statistical Association, 74, 427-431
  • Enders, W. (1995). Applied Econometric Time Series. 1 rd edition, Wiley, New York
  • Enders, W. (1996). Rats Handbook for Econometric Time Series. John Willey and Song Inc
  • Engle, R. and Granger, C. W. J. (1987). Co-Integration and Error Correction: Represention, Estimation and Testing, Econometrica, 55(2), 251-276
  • Ericsson, J. and Irandoust, M. (2001). On The Causality Between Foreign Direct Investment And Output: A Comparative Study, The International Trade Journal,15, 1-26
  • Ersoy, İ. (2011). The Causal Relationship between the Financial Account and the Current Account: The Case of Turkey, International Research Journal of Finance and Economics, 75, 187-193
  • Göçer, İ., Bulut, Ş. ve Dam, M.M. (2012). Doğrudan Yabancı Yatırımların Türkiye’nin İhracat Performansına Etkileri: Ekonometrik Bir Analiz, Business and Economics Research Journal. 3(2), 21-40
  • Göçer İ. (2013). Ekonomik Büyümenin Belirleyicileri: Sınır Testi Yaklaşımı Siyaset, Ekonomi ve Yönetim Araştırmaları Dergisi,1(2) ,75-91
  • Granger, C.W.J. (1969). Investigating Causal Relation by Econometric and Cross-Sectional Method, Econometrica, 37, 424-438
  • Granger, C. W. J. and Newbold, P. (1974). Spurious Regressions in Econometrics. Journal of Econometrics, 2 (2), 111-120
  • Granger, C.W.J. (1988). Some Recent Developments in a Concept of Causality, Journal of Econometrics, 39, 199–211
  • Gregory, A. W. ve Hansen, B. E. (1996). Residual-Based Tests for Cointegration in Models With Regime Shifts, Journal of Econometrics. 70(1), 99-126
  • Gujarati, D. N. (1999). Temel Ekonometri, (Çev. Ü. Şenesen ve G. G. Şenesen) İstanbul: Literatür Yayınları
  • Hatemi-J, A. (2008). Tests For Cointegration With Two Unknown Regime Shifts With an Application to Financial Market Integration, Empirical Economics, 35, 497-505
  • Hossain, M. A. (2011). “Impact of Foreign Direct Investment on Bangladesh’s Balance of Payments: Some Policy Implications: Bangladesh”, 04 Nisan 2013 tarihinde http://notunprojonmo.com/wp- content/uploads/2011/07/E18-pn0805.pdf adresinden erişildi
  • Jansen, K. (1995). The Macroeconomic Effects of Direct Foreign Investment: The Case of Thailand, World Development, 23(2), 193–210
  • Johansen, S. and Juselıus, K. (1990). Maximum Likelihood Estimation and Inference on Cointegration with Application to the Demand for Money, Oxford Bulletin of Economic and Statistics, (52), 169- 210
  • Johansen, S. (1988). Statistical Analysis of Cointegration Vectors, Journal of Economic Dynamic and Control, (12), 231-254
  • Johnston, J. and Dinardo, J. (1997). Econometric Methods. Newyork: 4th Edition McGraw -Hill
  • Kamas, L., and Joyce, J. P. (1993). Money, Income and Prices Under Fixed Exchange Rates: Evidence From Causality Tests And VARs. Journal of Macroeconomics, 15(4), 747-768
  • Katırcıoglu, Salih (2009). Foreign Direct Investment And Economic Growth In Turkey: an Empirical Investigation By The Bounds Test For Co-Integration And Causality Tests, Izvorni Znanstveni Rad,UDK 339.727.22:338.1(560)
  • Lee, J. ve Strazicich, M.C. (2003). Minimum Lagrange Multiplier Unit Root TestWith Two Structural Breaks, The Review of Economics and Statistics, 85(4), 1082-1089
  • Leichenko, R. M. and Erickson, R.A. (1997). Foreign Direct Investment and State Export Performance, Journal of Regional Science, 37/2, 307-329
  • Liu, X., Chang S. ve Sinclair, P. (2009). Trade, Foreign Direct Investment and Economic Growth in Asian Economies, Applied Economics, 41, 1603–1612
  • Maki, D. (2012). Tests For Cointegration Allowing For an Unknown Number of Breaks, Economic Modelling. 29(5), 2011-2015
  • Meyer, Klaus W. (2003) Foreign Direct Investment in Emerging Markets: A Literature Review and New Perspectives, DRC Working paper #15, Centre for New and Emerging Markets, London Business School
  • Mucuk, M. ve M. T. Demirsel (2009). Türkiye’de Doğrudan Yabancı Yatırımlar ve Ekonomik Performans, Selçuk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 21,365-373
  • Narayan, P. K. and Narayan, S. (2004). Estimating Income and Price Elasticities of Imports for Fiji in a Cointegration Framework. Economic Modelling, 22, 423-438
  • Narayan, P. K. (2005). The Saving and Investment Nexus for China: Evidence From Cointegration Tests, Applied Economics, 37(17), 1979-1990
  • Narayan, P. K. and Smyth, R. (2006). What Determines Migration Flows from Low-Income to High Income Countries? An Empirical Investigation of Fiji-U.S. Migration 1972-2001. Contemporary Economic Policy, 24(2), 332-342
  • Onwuka, K., and Zoral, K.Y. (2009). Foreign Direct Investment and Imports Growth in Turkey, Journal of Yasar University, 4 (15), 2357-2380 Örnek, İ. (2008). Yabancı Sermaye Akımlarının Yurtiçi Tasarruf ve Ekonomik Büyüme Üzerine Etkisi: Türkiye Örneği, Ankara Üniversitesi Siyasal Bilgiler Fakültesi Dergisi, 63(2), 19-217
  • Pesaran, M., Shin, Y. and Smith, R. J. (2001). Bounds Testing Approaches to the Analysis of Level Relationships. Journal of Applied Econometrics, 16, 289-326
  • Pfaffermayr, M. (1996). Foreign Outward Direct Investment and Exports in Austrian Manufacturing: Substitutes or Complements? Weltwirtschaftliches Archiv, 132/3, 501-552
  • Phillips, P.C. B. and P. Perron (1988). Testing for a Unit Root in Time Series Regression, Biometrika, 75, 335–346
  • Seabra, F. ve Flach, L. (2005). Foreign Direct Investment and Profit Outflows: A Causality Analysis For the Brazilian Economy, Economics Bulletin, 6(1), 1-15
  • Suzuki, Yui (2012). Binding Constraint on Economic Growth Under Exportoriented Industrialization and Globalization, Applied Economics, 44, 2569–2576 Şimşek, Mevlüdiye ve Behdioğlu, Sema (2006), “Türkiye’de Dolaysız Yabancı Sermaye Yatırımlarının Ekonomik Büyüme Üzerindeki Etkisi: Uygulamalı Bir Çalışma”, Atatürk Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 20, 47-65
  • Tadesse, B. ve M. Ryan (2008). Host Market Characteristics, FDI, and the FDI Trade Relationship, The Journal of International Trade & Economic Development, 13(2), 199-229
  • Tarı, R. (2008). Ekonometri, 8. Baskı, Avcı Ofset, İstanbul
  • Toda, H.Y. ve Yamamoto, T. (1995). Statistical Inference in Vector Autoregressions with Possibly Integrated Processes, Journal of Econometrics, 66(1-2), 225-250
  • Westerlund J. and Edgerton, D. (2006). New Improved Tests for Cointegration with Structural Breaks, Journal of Time Series Analysis, Wiley Blackwell, 28(2), 188-224, 03
  • Xuan, N. T and Xing, Y. (2008). Foreign Direct İnvestment and Exports, Economics of Transition, 16(2), 183–197
  • Zafir, C. Z. ve Sezgin, F. H. (2012). Analysis of the Effects of Foreign Direct Investment on the Financing of Current Account Deficits in Turkey, International Journal of Business and Social Science, 3(10), 68-78
  • Zhang, K. H. (2001). How Does Foreign Direct Investment affect Economic Growth in China? Economics of Transition, 9, 679-693

Doğrudan yabancı yatırımlar-cari işlemler açığı ilişkisi: Türkiye için ampirik bir analiz

Year 2013, Volume: 24 Issue: 87, 57 - 78, 01.04.2013

Abstract

Bu çalışmada, doğrudan yabancı yatırımların cari işlemler açığı üzerindeki etkisi 1991:Q4- 2013:Q1 dönemi üç aylık verileri kullanılarak Türkiye ekonomisi için araştırılmıştır. Cari açığın önemli belirleyicisi olan ekonomik büyüme değişkeni de analize dahil edilmiştir. Analiz, Pesaran, Shin ve Smith (2001) tarafından geliştirilen Sınır Testi yaklaşımıyla yapılmış ve literatürden farklı olarak sabitli modelin yanı sıra ve sabitli ve trendli model de kullanılmıştır. Çalışmadan elde edilen ampirik kanıtlara göre, değişkenler arasında eşbütünleşmenin olduğu tespit edilmiştir. Buna göre, uzun dönem analizinde doğrudan yabancı yatırımların cari işlemler açığı üzerindeki etkisi teorik beklentilerle uyumlu bir şekilde negatif ve istatistiki olarak anlamlı bulunmuştur. Kısa dönem analizinde ise hata düzeltme teriminin katsayısı istatistiki açıdan anlamlı ve negatiftir. Dolayısıyla değişkenler arasında ortaya çıkan sapmalar uzun dönem denge düzeyine yakınsamaktadır. Toda-Yamamoto ve Hata Düzeltme Modeli (VECM) kısa dönem nedensellik analizinde, doğrudan yabancı yatırımlardan büyüme ve cari açığa doğru tek yönlü ilişki tespit edilmiştir. Hata Düzeltme Modeli uzun dönem nedensellik analizinde ise tüm değişkenler arasında karşılıklı nedensellik ilişkisi olduğu görülmüştür.

References

  • Açıkalın, S., Gül, E. ve Yaşar, E. (2006). Ücretler ve Büyüme ile Doğrudan Yabancı Yatırımlar Arasındaki İlişkinin Ekonometrik Analizi, Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, 16, 271- 282
  • Alagöz, M., Erdoğan, S. ve Topallı, N. (2008). Doğrudan Yabancı Sermaye Yatırımları ve Ekonomik Büyüme: Türkiye Deneyimi 1992-2007, Gaziantep Üniversitesi Sosyal Bilimler Dergisi, 7(1), 79-89
  • Altıntaş, H. (2009). Türkiye’de Doğrudan Yabancı Sermaye Girişi ve Dış Ticaret Arasındaki İlişkinin Ekonometrik Analizi: 1996-2007, Ankara Üniversitesi Siyasal Bilgiler Fakültesi, 64(2), (Nisan- Haziran) 1-30
  • Altunç, Ö. F. (2008). Türkiye’de Finansal ve İktisadi Büyüme arasındaki Nedenselliğin Ampirik Bir Analizi, EOGÜ, İİBF Dergisi, 3(2), 113-127
  • Bhattacharya, B. ve Mukharjee, J. (2002). “Causal Relationship between Stock Market and Exchange Rate, Foreign Exchange Reserves and Value of Trade Balance: A Case Study for India”, 01 Haziran 2013 tarihinde www.igidr.ac.in adresinden erişildi
  • Brown, R.L., Durbin, J. ve Evans, J.M. (1975). “Techniques for Testing the Constancy of Regression Relationships Over Time”, Journal of the Royal Statistical Society. Series B (Methodological), 37(2):149-192
  • Carrion-i-Silvestre, J. Ll. and Sansó, A. (2006). Testing The Null Of Cointegration With Structural Breaks, Oxford Bulletin of Economics and Statistics, 68, 623-646. GAUSS Codes
  • Carrion-i-Silvestre, J. L., Kim, D ve Perron, P. (2009). GLS-Based Unit Root Tests with Multiple Structural Breaks Under Both the Null and the Alternative Hypotheses, Econometric Theory. 25, 1754-1792
  • Charemza, W.W. and Deadman, D.F. (1997). New Directions in Econometric Practice: General to Specific Modelling, Cointegration and Vector Autoregression, Second Edition, Edward Elgar Publishing, Chelthenham, UK
  • Değer, M. Kemal ve Ö. Selçuk Emsen (2006). Geçiş Ekonomilerinde Doğrudan Yabancı Sermaye Yatırımları ve Ekonomik Büyüme İlişkileri: Panel Veri Analizleri (1990-2002), C.Ü. İktisadi ve İdari Bilimler Dergisi, 7(2)
  • Dickey, D. and Fuller, W. A. (1979). Distribution of the Estimates for Autoregressive Time Series with a Unit Root Journal of the American Statistical Association, 74, 427-431
  • Enders, W. (1995). Applied Econometric Time Series. 1 rd edition, Wiley, New York
  • Enders, W. (1996). Rats Handbook for Econometric Time Series. John Willey and Song Inc
  • Engle, R. and Granger, C. W. J. (1987). Co-Integration and Error Correction: Represention, Estimation and Testing, Econometrica, 55(2), 251-276
  • Ericsson, J. and Irandoust, M. (2001). On The Causality Between Foreign Direct Investment And Output: A Comparative Study, The International Trade Journal,15, 1-26
  • Ersoy, İ. (2011). The Causal Relationship between the Financial Account and the Current Account: The Case of Turkey, International Research Journal of Finance and Economics, 75, 187-193
  • Göçer, İ., Bulut, Ş. ve Dam, M.M. (2012). Doğrudan Yabancı Yatırımların Türkiye’nin İhracat Performansına Etkileri: Ekonometrik Bir Analiz, Business and Economics Research Journal. 3(2), 21-40
  • Göçer İ. (2013). Ekonomik Büyümenin Belirleyicileri: Sınır Testi Yaklaşımı Siyaset, Ekonomi ve Yönetim Araştırmaları Dergisi,1(2) ,75-91
  • Granger, C.W.J. (1969). Investigating Causal Relation by Econometric and Cross-Sectional Method, Econometrica, 37, 424-438
  • Granger, C. W. J. and Newbold, P. (1974). Spurious Regressions in Econometrics. Journal of Econometrics, 2 (2), 111-120
  • Granger, C.W.J. (1988). Some Recent Developments in a Concept of Causality, Journal of Econometrics, 39, 199–211
  • Gregory, A. W. ve Hansen, B. E. (1996). Residual-Based Tests for Cointegration in Models With Regime Shifts, Journal of Econometrics. 70(1), 99-126
  • Gujarati, D. N. (1999). Temel Ekonometri, (Çev. Ü. Şenesen ve G. G. Şenesen) İstanbul: Literatür Yayınları
  • Hatemi-J, A. (2008). Tests For Cointegration With Two Unknown Regime Shifts With an Application to Financial Market Integration, Empirical Economics, 35, 497-505
  • Hossain, M. A. (2011). “Impact of Foreign Direct Investment on Bangladesh’s Balance of Payments: Some Policy Implications: Bangladesh”, 04 Nisan 2013 tarihinde http://notunprojonmo.com/wp- content/uploads/2011/07/E18-pn0805.pdf adresinden erişildi
  • Jansen, K. (1995). The Macroeconomic Effects of Direct Foreign Investment: The Case of Thailand, World Development, 23(2), 193–210
  • Johansen, S. and Juselıus, K. (1990). Maximum Likelihood Estimation and Inference on Cointegration with Application to the Demand for Money, Oxford Bulletin of Economic and Statistics, (52), 169- 210
  • Johansen, S. (1988). Statistical Analysis of Cointegration Vectors, Journal of Economic Dynamic and Control, (12), 231-254
  • Johnston, J. and Dinardo, J. (1997). Econometric Methods. Newyork: 4th Edition McGraw -Hill
  • Kamas, L., and Joyce, J. P. (1993). Money, Income and Prices Under Fixed Exchange Rates: Evidence From Causality Tests And VARs. Journal of Macroeconomics, 15(4), 747-768
  • Katırcıoglu, Salih (2009). Foreign Direct Investment And Economic Growth In Turkey: an Empirical Investigation By The Bounds Test For Co-Integration And Causality Tests, Izvorni Znanstveni Rad,UDK 339.727.22:338.1(560)
  • Lee, J. ve Strazicich, M.C. (2003). Minimum Lagrange Multiplier Unit Root TestWith Two Structural Breaks, The Review of Economics and Statistics, 85(4), 1082-1089
  • Leichenko, R. M. and Erickson, R.A. (1997). Foreign Direct Investment and State Export Performance, Journal of Regional Science, 37/2, 307-329
  • Liu, X., Chang S. ve Sinclair, P. (2009). Trade, Foreign Direct Investment and Economic Growth in Asian Economies, Applied Economics, 41, 1603–1612
  • Maki, D. (2012). Tests For Cointegration Allowing For an Unknown Number of Breaks, Economic Modelling. 29(5), 2011-2015
  • Meyer, Klaus W. (2003) Foreign Direct Investment in Emerging Markets: A Literature Review and New Perspectives, DRC Working paper #15, Centre for New and Emerging Markets, London Business School
  • Mucuk, M. ve M. T. Demirsel (2009). Türkiye’de Doğrudan Yabancı Yatırımlar ve Ekonomik Performans, Selçuk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 21,365-373
  • Narayan, P. K. and Narayan, S. (2004). Estimating Income and Price Elasticities of Imports for Fiji in a Cointegration Framework. Economic Modelling, 22, 423-438
  • Narayan, P. K. (2005). The Saving and Investment Nexus for China: Evidence From Cointegration Tests, Applied Economics, 37(17), 1979-1990
  • Narayan, P. K. and Smyth, R. (2006). What Determines Migration Flows from Low-Income to High Income Countries? An Empirical Investigation of Fiji-U.S. Migration 1972-2001. Contemporary Economic Policy, 24(2), 332-342
  • Onwuka, K., and Zoral, K.Y. (2009). Foreign Direct Investment and Imports Growth in Turkey, Journal of Yasar University, 4 (15), 2357-2380 Örnek, İ. (2008). Yabancı Sermaye Akımlarının Yurtiçi Tasarruf ve Ekonomik Büyüme Üzerine Etkisi: Türkiye Örneği, Ankara Üniversitesi Siyasal Bilgiler Fakültesi Dergisi, 63(2), 19-217
  • Pesaran, M., Shin, Y. and Smith, R. J. (2001). Bounds Testing Approaches to the Analysis of Level Relationships. Journal of Applied Econometrics, 16, 289-326
  • Pfaffermayr, M. (1996). Foreign Outward Direct Investment and Exports in Austrian Manufacturing: Substitutes or Complements? Weltwirtschaftliches Archiv, 132/3, 501-552
  • Phillips, P.C. B. and P. Perron (1988). Testing for a Unit Root in Time Series Regression, Biometrika, 75, 335–346
  • Seabra, F. ve Flach, L. (2005). Foreign Direct Investment and Profit Outflows: A Causality Analysis For the Brazilian Economy, Economics Bulletin, 6(1), 1-15
  • Suzuki, Yui (2012). Binding Constraint on Economic Growth Under Exportoriented Industrialization and Globalization, Applied Economics, 44, 2569–2576 Şimşek, Mevlüdiye ve Behdioğlu, Sema (2006), “Türkiye’de Dolaysız Yabancı Sermaye Yatırımlarının Ekonomik Büyüme Üzerindeki Etkisi: Uygulamalı Bir Çalışma”, Atatürk Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 20, 47-65
  • Tadesse, B. ve M. Ryan (2008). Host Market Characteristics, FDI, and the FDI Trade Relationship, The Journal of International Trade & Economic Development, 13(2), 199-229
  • Tarı, R. (2008). Ekonometri, 8. Baskı, Avcı Ofset, İstanbul
  • Toda, H.Y. ve Yamamoto, T. (1995). Statistical Inference in Vector Autoregressions with Possibly Integrated Processes, Journal of Econometrics, 66(1-2), 225-250
  • Westerlund J. and Edgerton, D. (2006). New Improved Tests for Cointegration with Structural Breaks, Journal of Time Series Analysis, Wiley Blackwell, 28(2), 188-224, 03
  • Xuan, N. T and Xing, Y. (2008). Foreign Direct İnvestment and Exports, Economics of Transition, 16(2), 183–197
  • Zafir, C. Z. ve Sezgin, F. H. (2012). Analysis of the Effects of Foreign Direct Investment on the Financing of Current Account Deficits in Turkey, International Journal of Business and Social Science, 3(10), 68-78
  • Zhang, K. H. (2001). How Does Foreign Direct Investment affect Economic Growth in China? Economics of Transition, 9, 679-693
There are 53 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Mehmet Mercan This is me

Ziya Çağlar Yurttançıkmaz This is me

Publication Date April 1, 2013
Published in Issue Year 2013 Volume: 24 Issue: 87

Cite

APA Mercan, M., & Yurttançıkmaz, Z. Ç. (2013). Doğrudan yabancı yatırımlar-cari işlemler açığı ilişkisi: Türkiye için ampirik bir analiz. Bankacılar, 24(87), 57-78.
AMA Mercan M, Yurttançıkmaz ZÇ. Doğrudan yabancı yatırımlar-cari işlemler açığı ilişkisi: Türkiye için ampirik bir analiz. Bankacılar. April 2013;24(87):57-78.
Chicago Mercan, Mehmet, and Ziya Çağlar Yurttançıkmaz. “Doğrudan Yabancı yatırımlar-Cari işlemler açığı ilişkisi: Türkiye için Ampirik Bir Analiz”. Bankacılar 24, no. 87 (April 2013): 57-78.
EndNote Mercan M, Yurttançıkmaz ZÇ (April 1, 2013) Doğrudan yabancı yatırımlar-cari işlemler açığı ilişkisi: Türkiye için ampirik bir analiz. Bankacılar 24 87 57–78.
IEEE M. Mercan and Z. Ç. Yurttançıkmaz, “Doğrudan yabancı yatırımlar-cari işlemler açığı ilişkisi: Türkiye için ampirik bir analiz”, Bankacılar, vol. 24, no. 87, pp. 57–78, 2013.
ISNAD Mercan, Mehmet - Yurttançıkmaz, Ziya Çağlar. “Doğrudan Yabancı yatırımlar-Cari işlemler açığı ilişkisi: Türkiye için Ampirik Bir Analiz”. Bankacılar 24/87 (April 2013), 57-78.
JAMA Mercan M, Yurttançıkmaz ZÇ. Doğrudan yabancı yatırımlar-cari işlemler açığı ilişkisi: Türkiye için ampirik bir analiz. Bankacılar. 2013;24:57–78.
MLA Mercan, Mehmet and Ziya Çağlar Yurttançıkmaz. “Doğrudan Yabancı yatırımlar-Cari işlemler açığı ilişkisi: Türkiye için Ampirik Bir Analiz”. Bankacılar, vol. 24, no. 87, 2013, pp. 57-78.
Vancouver Mercan M, Yurttançıkmaz ZÇ. Doğrudan yabancı yatırımlar-cari işlemler açığı ilişkisi: Türkiye için ampirik bir analiz. Bankacılar. 2013;24(87):57-78.