A comparative analysis on globalization, foreign direct investment and income distribution

Yıl 2019, Sayı: 53, 1 - 22, 30.06.2019

Derya Yücel , Halil Altıntaş

https://doi.org/10.18070/erciyesiibd.412702

Cited By: 1

Öz

Foreign direct investment plays an important role as one of the most important tools of globalization in the process of globalization, which has been taking place rapidly since the last 30-40 years. According to the classical economic theory, the positive effects of globalization and income distribution of foreign direct investments are mentioned. It has been seen in the literature that different results have emerged in studies conducted in this respect. While some studies show positive effects, some studies show negative effects. There are also studies that have reached the conclusion that globalization and foreign direct investment have no impact on income inequality.

The main objective of the study is to demonstrate whether globalization and foreign direct investment in 16 developing and 16 developed countries negatively affect income inequality using annual data between 1980 and 2014 by means of dynamic panel data analysis. The analysis results show that globalization increases income inequality. When analyzed with different models, it is seen that economic globalization and FDI reduces the income inequality and social and political globalization is the reason for increasing income inequality. According to these results, the economic policy to be applied by the countries in order to benefit from globalization and to protect them from adverse effects gains importance.

Anahtar Kelimeler

Globalization, Foreign Direct Investment, Income Inequality, Panel Cointegration

Küreselleşme, doğrudan yabancı yatırımlar ve gelir dağılımı üzerine karşılaştırmalı bir analiz

Öz

Son 30-40 yıl öncesinden itibaren büyük bir hızla gerçekleşmekte olan küreselleşme sürecinde, küreselleşmenin en önemli araçlarından biri olarak doğrudan yabancı yatırımlar önemli bir rol oynamaktadır. Klasik iktisat teorisine göre küreselleşme ve doğrudan yabancı yatırımların gelir dağılımı üzerinde olumlu etkileri söz konusudur. Literatürde bu konuda yapılan çalışmalarda farklı sonuçlar ortaya çıktığı görülmüştür. Bazı çalışmalarda olumlu etkiler ortaya çıkarken, bazı çalışmalarda olumsuz etkiler ortaya çıkmıştır. Bunun yanı sıra küreselleşme ve doğrudan yabancı yatırımların gelir eşitsizliği üzerinde etkisi olmadığı sonucuna ulaşan çalışmalar da mevcuttur.

Çalışmanın temel amacı, 1980-2014 yılları arası yıllık veriler kullanılarak 16 gelişmekte olan ve 16 gelişmiş ülkede küreselleşme ve doğrudan yabancı yatırımların gelir eşitsizliğini olumsuz etkileyip etkilemediğini dinamik panel veri analizleriyle ortaya koymaktır. Elde edilen analiz sonuçları, küreselleşmenin gelir eşitsizliğini artırdığını ortaya koymaktadır. Farklı modellerle analiz yapıldığında ekonomik küreselleşme ile doğrudan yabancı yatırımların gelir eşitsizliğini azalttığı, sosyal ve politik küreselleşmenin, gelir eşitsizliğinin artma sebebi olduğu görülmüştür. Bu sonuçlara göre ülkelerin küreselleşmeden yarar sağlamak ve olumsuz etkilerinden korunmak için uygulayacakları iktisat politikaları önem kazanmaktadır.

Anahtar Kelimeler

Küreselleşme, Doğrudan Yabancı Yatırımlar, Gelir Eşitsizliği, Panel Eşbütünleşme

Kaynakça

• KAYNAKÇA
• AÇIKGÖZ, Bernur, Recep KÖK ve Serdar İSPİR; (2008), “Küreselleşme Kurgusuna Yönelik Hipotez Testleri: Yoksulluk Olgusu Üzerine Seçilmiş Ülkeler Deneyimi (1997-2003)”, Süleyman Demirel Üniversitesi, İktisadi ve İdari Bilimler Dergisi, 13(1), ss.351-376.
• AITKEN, Brian, Ann HARRISON and Robert E. LIPSEY; (1996), “Wages and Foreign Ownership A Comparative Study of Mexico, Venezuela, and the United States”, Journal of International Economics, 40 (3–4), pp.345–371.
• ALİ, Abdel Gadir; (2003), “Globalization and Inequality in the Arab Region”, Arab Planning Institute Information Center Working Paper, 03/07, pp.1-37.APERGIS, Nicholas and James E. PAYNE; (2009), “Energy Consumption and Economic Growth: Evidence From the Commonwealth of Independent States”, Energy Economics, 31, pp.641-647.
• ARTAN, Seyfettin ve Cemalettin KALAYCI; (2014), “Gelişmiş ve Gelişmekte Olan Ülkelerde Dışa Açıklık, Demokrasi ve Gelir Dağılımı İlişkisi”, Sosyal Güvenlik Dergisi, 4(2), ss.69-88.
• ASTERIOU, Dimitrios, Sophia DIMELIS and Argiro MOUDATSOU; (2014), “Globalization and Income Inequality: A Panel Data Econometric Approach for the EU27 Countries”, Economic Modelling, 36, pp.592-599.
• BASU, Parantap and Alessandra GUARIGLIA; (2004), “FDI, Inequality and Growth”, University of Durham Economics and Finance Working Paper, 04/01, pp.1-36.BASU, P. and GUARIGLIA, Alessandra; (2007), “Foreign Direct Investment, Inequality and Growth”, Journal of Macroeconomics, 29, pp.824-839.
• BÉNASSY, Agnès and Quéré Véronique SALINS; (2005), “Impact de l’ouverture financière sur les inégalités internes dans les pays émergents”, CEPII Center, 11. Internet Address: http://www.cepii.fr/PDF_PUB/wp/2005/wp2005-11.pdf, Date of Access: 28.11.2017.
• BONASSI, Chiara, Giorgia GIOVANNETTI and Giorgio RICCHIUTI; (2006), “The Effects of FDI on Growth and Inequality”, Giovanni Andrea CORNIA(Ed.), Chapter Pro-Poor Macroeconomics Part of the series Social Policy in a Development Context, Palgrave Macmillan UK, pp 119-143.
• BUSSMANN, Margit, Indra de SOYSA and John R. ONEAL; (2002), “The Effect of Foreign Direct Investments on Economic Growth and Income Inequality”, ZEF Discussion Paper, Development Policy, 53, pp.1-41.
• CHINTRAKARN, Pandej , Dierk HERZER and Peter NUNNENKAMP; (2010), “FDI and Income Inequality: Evidence from a Panel of US States”, Kiel Institute for the World Economy, Working Paper, 1579, pp.1-30.
• DEĞER, M. Kemal; (2006), “Ticari Liberalizasyon ve Gelir Dağılımı: Gelişmekte Olan Ülkeler Üzerine Bir Analiz”, Ankara Üniversitesi Siyasal Bilimler Fakültesi Dergisi, 61(2), ss.63-87.
• DOĞAN, Ebül Muhsin, Ali SHAHINPOUR ve Khadijeh AGHAPOUR; (2013), “İran’da Gelir Dağılımı Üzerine Doğrudan Yabancı Yatırımın Etkisi”, Atatürk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 17(3), ss.377-388.
• DREHER, Axel and Noel GASTON; (2008), “Has Globalization Increased Inequality?”, Review of International Economics, 16(3), pp.516-536.EZCURRA, Robert and Andres Rodriguez POSE; (2013), “Does Economic Globalization Affect Regional Inequality? A Cross-Counrtry Analysis”, World Development, 52, pp.92-103.
• FIGINI, Paolo and Holger GÖRG; (2006), “Does Foreign Direct Investment Affect Wage Inequality? An Empirical Investigation”, IZA Discussion Paper, 2336, pp.1-20.
• FRANCO, C Chiara and Elisa GERUSSI; (2013), “Trade, Foreign Direct Investment (FDI) and Income Inequality: Empirical Evidence from Transition Countries”, The Journal of International Trade&Economic Development, 22 (8), pp.1131-1160.
• GOPINATH, Munisamy and W Weiyan CHEN; (2003), “Foreign Direct Investment and Wages: a Cross-country Analysis”, The Journal of International Trade & Economic Development, 12(3), pp.285-309.
• HAMEED, Abid and Anila NAZIR; (2009), Economic Globalization and Its Impact on Poverty and Inequality: Evidence from Pakistan. Internet Address: http://ecosecretariat.org/ftproot/Publications/Journal/1/Article_TDB.pdf, Date of Access: 13.10.2016.
• HAYALOĞLU Pınar, Cemalettin KALAYCI ve Seyfettin ARTAN; (2005), “Küreselleşmenin Ekonomik Büyümeye Etkileri: Panel Veri Analizi”, International Conference on Economics, 18-20 Ekim, Antalya.
• BALKIR, Z. Gönül; (2005), “İşverenin Yönetim Hakkının Kullanılmasında Etik Sınırlar”, 2. Siyasette ve Yönetimde Etik Sempozyumu, 18–19 Kasım, Sakarya: Sakarya Üniversitesi, ss. 197–209, İnternet Adresi: http://www.etiksempozyumu.sakarya.edu.tr/etik/2.2/Balkir.pdf, Erişim Tarihi: 25.10.2007.
• BATMAZ, Nihal ve Halil TUNCA; (2005), Doğrudan Yabancı Sermaye Yatırımları ve Türkiye (1923-2003), İstanbul: Beta Yayınları.
• HERZER, Dierk and Peter NUNNENKAMP; (2011), “FDI and Income Inequality: Evidence from Europe”, Kiel Institute fort he World Economy Working Paper, 1675, pp.1-21.
• HERZER, Dierk, Philipp HÜHNE and Peter NUNNENKAMP; (2014), “FDI and Income Inequality—Evidence from Latin American Economies”, Review of Development Economics, 18(4), pp.778-793.
• IM, Kyung So, M. Hasem PESARAN and Yongcheol SHIN; (2003), “Testing for Unit Roots in Heterogeneous Panels”, Journal of econometrics, 115(1), pp.53-74.
• JENSEN, Nathan M. and Guillermo ROSAS; (2007), “Foreign Direct Investment and Income Inequality in Mexico,1990-2000”, International Organization, 61(3), p.1-37.
• KARABIYIK, Can ve İlkay DİLBER; (2016), “Gelir Eşitsizliği ve Doğrudan Yabancı Sermaye Yatırımları İlişkisi: Panel Veri Analizi”, Journal of Yaşar University, 11(44), ss.316-325.
• KOF, Swiss Economic Institute; (2014), “2014 KOF Index of Globalization”, Internet Adress: http://globalization.kof.ethz.ch/media/filer_public/2014/04/15/method_2014.pdf, Date of Access: 10.03.2014.
• KOF, Swiss Federal Institute of Technology; (2007a), “Business Cycle Research Unit”, retrieved on August 24, 2007, Internet Adress: http://globalization.kof.ethz.ch/, Date of Access: 10.10.2016.
• KOF, Swiss Federal Institute of Technology; (2007b), “Business Cycle Research Unit”, retrieved on January 12, 2008, Internet Adress: http://globalization.kof.ethz.ch/static/pdf/method_2007.pdf, Date of Access: 10.10.2016.
• KOF, Swiss Economic Institute; (2018), Internet Adress: https://www.ethz.ch/content/dam/ethz/special-interest/dual/kof-dam/documents/Globalization/2018/Method_2018.pdf, Date of Access: 23.01. 2018.
• LESSMAN, Christian; (2013), “Foreign Direct Investment and Regional Inequality: A Panel Data Analysis”, China Economic Review, 24, pp.129-149.
• LEVIN, Andrew, Chien Fu LIN and Chia Shang CHU; (2002), “Unit Root Tests in Panel Data: Asymptotic and Finite-Sample Properties”, Journal of Econometrics, 108(1), pp.1-24.
• LIN, Shu-Chin, Dong-Hyeon KIM and Yi-Chen WU; (2013), “Foreign Direct Investment and Income Inequality: Human Capital Matters”, Journal of Regional Science, 53 (5), pp.874-896.
• MADDALA, Gangadharrao Soundalyarao and Shaowen WU; (1999), “A Comparative Study of Unit Root Tests with Panel Data and A New Simple Test”, Oxford Bulletin of Economics and Statistics, 61(S1), pp.631-652.
• MARK Nelson C. and Donggyu SUL; (2003), “Cointegration and Vector Estimation by Panel DOLS and Long-Run Money Demand”, Oxford Bulletin of Economics and Statistics, 65, pp.655-680.
• MAH, Jai S; (2002), “The Impact of Globalization on Income Distribution: The Korean Experience”. Applied Economics Letters, 9(15), pp.1007–1009.
• MATTHEW C. Mahutga, Nina BANDELJ; (2008), “Foreign Investment and Income Inequality: The Natural Experiment of Central and Eastern Europe”. International Journal of Comparative Sociology, 49(6), pp.429-454.
• MILANOVIC, Branko; (2002), “Income Convergence During The Disintegration Of The World Economy 1919-39”, World Bank Policy Research Working Paper, 2941, pp.1-40.
• MILANOVIC, Branko; (2003), “Can We Discern the Effect of Globalization on Income Distribution? Evidence from Household Surveys”, World Bank Policy Research Working Paper, 2876, pp.1-35.
• NAZLIOĞLU, Şaban; (2010), “Makro İktisat Politikalarının Tarım Sektörü Üzerindeki Etkileri: Gelişmiş ve Gelişmekte Olan Ülkeler İçin Bir Karşılaştırma”, Erciyes Üniversitesi Sosyal Bilimler Enstitüsü İktisat Anabilim Dalı. Yayımlanmamış Doktora Tezi. Kayseri.
• ÖRNEK, İbrahim and Adem Yavuz ELVEREN; (2010), “Trade Liberalization and Income Inequality in Turkey: An Empirical Analysis”, Çukurova Üniversitesi Sosyal Bilimler Dergisi, 19(2), pp.62-70.
• PEDRONI, Peter; (1999), “Critical values for cointegration tests in heterogeneous panels with multiple regressors”, Oxford Bulletin of Economics and Statistics, 61(1), pp.653-670.
• PEDRONI, Peter; (2000), “Fully Modified OLS for Heterogeneous Cointegrated Panels”, Advances in Econometrics, 15, pp.93-130.
• PEDRONI, Peter; (2001), “Purchasing Power Parity Tests in Cointegrated Panels”. Review of Economics and Statistics, 83, pp.727-731.
• PEDRONI, Peter; (2004), “Panel Cointegration: Asymptotic and Finite Sample Properties of Pooled Time Series Tests with An Application to the PPP Hypothesis”, Econometric Theory, 20(03), pp.597-625.
• SUN, Haishun and Ashok PARIKH; (2001), “Exports, Inward Foreign Direct Investment (FDI) and Regional Economic Growth in China”, Regional Studies, 35 (3), pp.187-196.
• SUN, Feng; (2007), “Foreign Direct Investment, Economic Growth and Income Inequality”. Paper presented at the annual meeting of the Midwest Political Science Association, Palmer House Hotel, Chicago, IL, April,12, Internet Address: http://citation.allacademic.com/meta/p_mla_apa_research_citation/1/9/8/9/5/pages198955/p198955-1.php, Date of Access: 16.10.2016.
• SYLVESTER, Kevin; (2005), “Foreign Direct Investment, Growth and Income Inequality in Less Developed Countries”, International Review of Applied Economics, 19 (3), pp.289–300.
• ŞENSES, Fikret; (2004), “Neoliberal Küreselleşme Kalkınma için Bir Fırsat mı, Engel mi?”, ERC Working Paper in Economic, 04/09.
• TSAI, Pan-Long; (1995), “Foreign Direct Investment and Income Inequality: Further Evidence”, World Development, 23 (3), pp.469–483.
• UCAL, Meltem, Mehmet Hüseyin BİLGİN and Alfred A. HAUG; (2014), “Income Inequality and FDI: Evidence with Turkish Data”, University of Otago Economics Discussion Papers,1407, pp.1-28.
• UTIP, University of Texas Inequality Project; (2016), Internet Address: http://utip.gov.utexas.edu/, Date of Access: 16.10.2016.
• UNCTAD, United Nations Conference on Trade And Development; (2018), Internet Adress: http://unctadstat.unctad.org/wds/TableViewer/tableView.aspx Date of Access: 23.10.2018.
• VELDE, D. Willem te and Oliver MORRISSEY; (2002), “Foreign Direct Investment, Skills and Wage Inequality in East Asia”, DESG Conference, Nottingham, April. Internet Address: http://www.waipa.org/wp-content/uploads/2016/07/ODI_Foreign-Direct-Investment-Skills-and-Wage-Inequality-in-East-Asia.pdf, Date of Access: 16.10.2016.
• VELDE, D. Williem te; (2003), “Foreign Direct Investment and Income Inequality in. Latin America”, Overseas Development Institute, London, Internet Address: https://www.odi.org/sites/odi.org.uk/files/odi-assets/publications-opinion-files/1928.pdf, Date of Access: 16.10.2016.
• YU, Kang, Xian, XIN, Ping, GUO and Xiaoyun, LIU; (2011), “Foreign Direct Investment and China's Regional Income Inequality”, Economic Modelling, 28, pp.1348-1353.
• World Bank; (2016), Internet Address: http://worldbank.org/, Date of Access: 16.11.2016.
• WU, Jyun-Yi and Chih-Chiang, HSU; (2012), “Foreign Direct Investment and Income Inequality: Does The Relationship Vary With Absorptive Capacity”, Economic Modelling, 29, pp.2183-2189.
• WAHIBA, Nasfi Fkili; (2013), “Trade Openness and Inequality, Journal of Knowledge Management”, Economics and Information Technology, 3(6), December, pp.1-12.