Foreign portfolio investment – economic growth nexus: Directed acyclic graphs analysis

Year 2019, , 59 - 72, 30.06.2019

Muhammed Benli

https://doi.org/10.18070/erciyesiibd.459337

Cited By: 3

Abstract

In this paper, inductive causal inference patterns among foreign portfolio investment, economic growth, and several other economic, social and institutional factors are constructed. In doing so, we attempt to shed light on both the direct and indirect causation between these variables, and also distinguish between different causal patterns for developed and developing countries. To do so, using the data from the calendar year 2016, cross section of 33 developing and 23 developed countries is examined. Resulting Directed Acyclic Graphs (DAGs) reveal that economic growth follows foreign portfolio investment in developed countries, whereas there is an ambiguous relationship between economic growth and foreign portfolio investment through financial development in developing economies.

Keywords

Portfolio Investment, Economic Growth, Directed Acyclic Graphs

Yabancı portföy yatırımı-iktisadi büyüme ilişkisi: Yönlendirilmiş döngüsüz graflar analizi

Abstract

Bu çalışmada yabancı portföy yatırımı, iktisadi büyüme ve diğer kurumsal, ekonomik ve sosyal değişkenler arasında tümevarımlı nedensel çıkarım şablonları oluşturulmuştur. Böylece bu değişkenler arasındaki dolaylı ve dolaysız nedensellikler ve bu nedensel ilişkilerin gelişmiş ve gelişmekte olan ülkelerde nasıl farklılık gösterdiği araştırılmıştır. Bu amaçla, 2016 yılı için 33 gelişmekte olan ve 23 gelişmiş ülkeyi kapsayan kesitler-arası veri kullanılmıştır. Sonuç olarak, elde edilen yönlendirilmiş döngüsüz graf şablonları gelişmekte olan ülkelerde yabancı portföy yatırımlarının ekonomik büyümeyi takip ettiğini, gelişmiş ülkelerde ise ekonomik büyümenin dolaylı olarak yabancı portföy yatırımının bir sonucu olduğunu ortaya koymaktadır.

Keywords

Portföy Yatırımları, Ekonomik Büyüme, Yönlendirilmiş Döngüsüz Graflar

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