Heterogenous Panel Modeling on Foreign Direct Investments in E7 Countries

Abstract

With the spread of free economy conditions, the increase in the international mobility of capital has led to an increase in the number of economies that want to attract capital and the opportunities it will provide. In addition to this, capital owners have started to use free movement opportunities in order to maximize their own benefits. In this context, the factors affecting foreign direct investments including long-term capital flows have been the subject of many empirical studies. In this study which is carried out within the scope of the annual data of E7 economies for the period of 1992-2021, it is aimed to reveal the relationships between net foreign direct investment inflows and unemployment, liberal democracy, public expenditures, foreign direct investment outflows and short-term borrowing. In the study, in which the heterogeneous panel data method based on seemingly unrelated regression analysis was used, it was determined that the realizations under the influence of the selected independent variables differed by countries, but it was found that all the variables included in the analysis had a decisive role on foreign direct investment inflows.

Keywords

• Foreign Direct Investment
• Unemployment
• Democracy

E7 ÜLKELERİNDE DOĞRUDAN YABANCI YATIRIM GİRİŞLERİ ÜZERİNE BİR HETEROJEN PANEL MODELLEMESİ

Abstract

Serbest ekonomi şartlarının yaygınlaşmasıyla birlikte sermayenin uluslararası hareketliliğinde yaşanan artışlar sermayeyi ve sağlayacağı imkanları ülkesine çekmek isteyen ekonomilerin artmasına sebep olmuştur. Bununla birlikte sermaye sahipleri de kendi faydalarını maksimize etmek amacıyla serbest dolaşım imkanlarını kullanmaya başlamışlardır. Bu çerçevede uzun vadeli sermaye akımını içeren doğrudan yabancı yatırımları etkileyen faktörler çok sayıda araştırmanın konusu olmuştur. E7 ekonomilerinin 1992-2021 dönemine ait yıllık verileri kapsamında gerçekleştirilen bu analizde net doğrudan yabancı yatırım girişleri ile işsizlik, liberal demokrasi, kamu harcamaları, doğrudan yabancı yatırım çıkışları ve kısa vadeli borçlanma arasındaki ilişkilerin ortaya konulması amaçlanmaktadır. Bu doğrultuda görünürde ilişkisiz regresyon analizine dayanan heterojen yapılı panel veri yönteminin kullanıldığı çalışmada söz konusu değişkenlerin etkisi altındaki gerçekleşmelerin ülkelere göre farklılık gösterdiği tespit edilmekle birlikte analize dahil edilen tüm değişkenlerin doğrudan yabancı yatırım girişleri üzerinde belirleyici bir role sahip olduğu bulgusuna ulaşılmıştır.

Keywords

• Doğrudan Yabancı Yatırım, İşsizlik, Demokrasi

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