Institutions and Foreign Direct Investments: A Panel Data Analysis for the Middle East and North Africa Region

Öz

The Middle East and North Africa (MENA) are rich in natural resources and active labor. However, after 90's, it does not get enough share from global foreign direct investment (FDI) flows, which emerged as the most important external source in the financing of development and which is important in terms of technology and management information transfer. In this study, the determinants effects of institutions on FDI in the MENA region were analyzed by panel data method. The results of analysis show that voice and accountability (%1, negative), regulatory quality (%1, positive), government effectiveness (%5, positive) and rule of law (%10, positive) have significant effect on FDI; but political stabilitynonviolence and control of corruption have no significant effect on FDI. On the other hand, about the explanotary indicators, the results demonstrated that GDP and infrastructure have no significiant; total natural resources rents (%1, negative) and expenditure of education (%10, positive) effect on FDI.

Anahtar Kelimeler

• Foreign Direct Investments, Institutions, The Middle East and North Africa, Panel Data

Kurumlar ve Doğrudan Yabancı Sermaye Yatırımları: Ortadoğu ve Kuzey Afrika Bölgesi İçin Panel Veri Araştırması

Öz

Ortadoğu ve Kuzey Afrika (ODKA) doğal kaynaklar ve aktif işgücü miktarı bakımından oldukça zengin bir bölgedir. Ancak 90’lı yıllardan sonra kalkınmanın finansmanında en önemli dış kaynak olarak ortaya çıkan ve hem teknoloji hem de yönetim bilgisi transferi açısından önem arz eden küresel doğrudan yabancı sermaye yatırımı akımlarından yeteri kadar pay alamamaktadır. Bu çalışmada, ODKA bölgesinde kurumların doğrudan yabancı sermaye yatırımları üzerindeki belirleyici etkileri panel veri analizi yöntemi ile incelenmiştir. Analiz sonuçları; doğrudan yabancı sermaye yatırımları üzerinde ifade özgürlüğü ve hesap verilebilirliğin %1 düzeyinde anlamlı ve ters yönlü, düzenlemelerin kalitesinin %1 düzeyinde anlamlı ve aynı yönlü, yönetimin etkinliğinin %5 düzeyinde ve aynı yönlü, hukukun üstünlüğünün %10 düzeyinde anlamlı ve aynı yönlü etkisinin bulunduğunu; siyasal istikrar ve şiddetsizlik ile yolsuzluğun kontrolü göstergelerinin ise anlamlı bir etkisinin bulunmadığını göstermektedir. Diğer taraftan, modele katılan açıklayıcı değişkenlerden GSYİH ve altyapı yeteneğinin doğrudan yabancı sermaye yatırımları üzerinde anlamlı bir etkisinin bulunmadığı; toplam doğal kaynak rant gelirlerinin %1 düzeyinde anlamlı ve ters yönlü, eğitim harcamalarının ise %10 düzeyinde anlamlı ve aynı yönlü etkisinin bulunduğu saptanmıştır.

Anahtar Kelimeler

• Doğrudan Yabancı Sermaye Yatırımları, Kurumlar, Ortadoğu ve Kuzey Afrika, Panel Veri

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