Foreign Direct Investments and Export Relations in Emerging Market Economies: Panel Data Cointegration Analyses (1996-2014)

Yıl 2017, Cilt: 7 Sayı: 2, 127 - 145, 30.12.2017

Mustafa Kemal Değer , Muharrem Akın Doğanay

Öz

The purpose of this study is
to deal with the relationship between foreign direct investment (FDI) and
export. In this paper, panel data co-integration analyses for 21 emerging
markets are driven by the 1996-2014 period. According to Westerlund panel co-integration
test results; there are long-term relationships between total merchandise
exports and manufacturing exports with FDI in emerging markets. However,
long-term and meaningful relationship is concerned only between FDI and
manufacturing exports by taking into account the cross-sectional dependence.
The obtained results can be interpreted that FDI’s may be the seeking of
resources such as raw materials and labour rather than being market-oriented in
the emerging markets.

Anahtar Kelimeler

Foreign Direct Investments, Export, Emerging Market Economies, Panel Data Analysis

Yükselen Piyasa Ekonomilerinde Doğrudan Yabancı Yatırımlar ve İhracat İlişkisi: Panel Veri Eşbütünleşme Analizleri (1996-2014)

Öz

Bu
çalışmanın amacı, doğrudan yabancı yatırım (DYY) ile ihracat arasındaki
ilişkileri ele almaktır. Çalışmada 1996-2014 dönemi dikkate alınarak, 21 yükselen
piyasa ekonomisi için panel veri eşbütünleşme analizleri gerçekleştirilmiştir.
Westerlund panel veri eşbütünleşme testleri sonuçlarına göre, yükselen piyasa
ekonomilerinde DYY’ler ile hem toplam mal ihracatı hem de imalat sanayi
ihracatı arasında uzun dönemli ilişkiler söz konusudur. Bununla birlikte, yatay
kesit bağımlılığı dikkate alan test sonuçlarına göre sadece imalat sanayi
ihracatı ile DYY’ler arasında uzun dönemli ve anlamlı ilişkiler mevcuttur. Elde
edilen bu sonuçlar, yükselen piyasa ekonomilerinde DYY’lerin, pazara yönelik
olmaktan ziyade hammadde ve işgücü gibi üretim kaynağı arama amaçlı olduklarına
yorumlanabilir.

Anahtar Kelimeler

Doğrudan Yabancı Yatırımlar, İhracat, Yükselen Piyasa Ekonomileri, Panel Veri Analizleri

Kaynakça

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