Foreign direct investments and economic growth: Panel threshold analysis for the OECD countries

Year 2019, Issue: 54, 89 - 113, 31.12.2019

Özgür Koçbulut Halil Altıntaş

https://doi.org/10.18070/erciyesiibd.496315

Abstract

This paper aims at
determining whether the relationship between FDI and economic growth is linear
or not in OECD countries. By employing the panel threshold analysis proposed by
Hansen (1999) we find evidence in favor of the nonlinear relationship between
FDI and economic growth with a single threshold value for FDI. It is
empirically shown that FDI positively impact economic growth when FDI inflows
exceed the threshold value of 1,657, while the reversed effects are observed
for FDI inflows less than 1,657. Therefore, policy makers in host countries
should seek to improve conditions such as free trade zones, trade regimes, tax
incentives, human capital base, financial market regulations, financial system
and infrastructure quality to attract more FDI. 

Keywords

Foreign Direct Investment, Economic Growth, Panel Threshold Regression Analysis

Doğrudan yabancı yatırımlar ve ekonomik büyüme: OECD ülkeleri için panel eşik değer analizi

Abstract

Bu çalışmada Hansen (1999)
tarafından geliştirilen panel eşik değer analizi kullanılarak 27 OECD ülkesinde
DYY ile ekonomik büyüme arasındaki ilişkinin doğrusal olup olmadığının tespit
edilmesi amaçlanmıştır. Elde edilen bulgular, DYY ile ekonomik büyüme arasında
doğrusal bir ilişki olmadığına ve DYY için tek eşik değer bulunduğuna dair
güçlü kanıtlar sunmaktadır. Bu sonuç, DYY’nin ev sahibi ülkeye giriş düzeyine
bağlı olarak ekonomik büyümeyi farklı şekillerde etkileyebileceğini
göstermektedir. Analizde incelenen ülke grubu için DYY girişleri, 1,657 eşik
değer seviyesinin üzerine çıktığında DYY’ler ekonomik büyümeyi olumlu
etkilemekte bu seviyenin altında ise bu etki tersine dönmektedir. Bu yüzden ev
sahibi ülkelerde politika yapıcılar, DYY çekmek için serbest ticaret bölgeleri,
ticaret rejimi, vergi teşvikleri, beşeri sermaye tabanı, finansal piyasa
düzenlemeleri, finansal sistem ve altyapı kalitesi gibi koşulları iyileştirmeyi
amaçlamalıdırlar.

Keywords

: Doğrudan Yabancı Yatırımlar, Ekonomik Büyüme, Panel Eşik Regresyon Analizi

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