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DOĞRUDAN YABANCI YATIRIM ÇIKIŞLARININ DIŞ TİCARET ÜZERİNDEKİ ETKİSİ: PANEL VERİ ANALİZİ

Year 2021, Volume: 39 Issue: 1, 51 - 70, 29.03.2021
https://doi.org/10.17065/huniibf.721266

Abstract

Bu çalışmada doğrudan yabancı yatırım çıkışlarının, ana ülkenin dış ticareti üzerindeki etkisi gelişmiş (ABD, Almanya, Fransa, Hollanda, İngiltere, Japonya, Kanada) ve gelişmekte olan ülkeler (Brezilya, Çin, Güney Afrika, Hindistan, Meksika, Rusya, Türkiye) örneğinde araştırılmıştır. Bu kapsamda çalışma, 1993-2018 dönemi için yatay kesit bağımlılığını göz önünde bulunduran panel veri analiz yöntemleriyle gerçekleştirilmiştir. Analiz sonucunda; bu ülkelerde doğrudan yabancı yatırım çıkışlarındaki %10’luk bir artış ana ülkenin ihracatını %0.8, ithalatını ise %0.5 oranında artırmaktadır. Sonuç olarak gelişmiş ve gelişmekte olan ülkelerde doğrudan yabancı yatırım çıkışları ile ana ülkenin dış ticareti arasında tamamlayıcı bir ilişki vardır. Bu nedenle ülkeler, doğrudan yabancı yatırım çıkışlarını teşvik edici politikalar uygulayabilir.

References

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THE EFFECT OF OUTWARD FOREİGN DİRECT INVESMENT ON FOREİGN TRADE: PANEL DATA ANALYSİS

Year 2021, Volume: 39 Issue: 1, 51 - 70, 29.03.2021
https://doi.org/10.17065/huniibf.721266

Abstract

In this study, the effect of outward foreign direct investment on the foreign trade of the home country was investigated in the example of developed (USA, Germany, France, Netherlands, UK, Japan, Canada) and developing countries (Brazil, China, South Africa, India, Mexico, Russia, Turkey). In this context, the study was carried out using panel data analysis methods, which take into account the cross-sectional dependency for the period 1993-2018. As a result of the analysis, a 10% increase in outward foreign direct investment in these countries increases the home country's export by 0.8 and import by %0.5. As a result, there is a complementary relationship between outward foreign direct investment and the foreign trade of the home country in developed and developing countries. Therefore, countries can implement policies that encourage outward foreign direct investment.

References

  • Ahmad, F., Draz, M. U., Yang, S. C. (2016), “A Novel Study on OFDI and Home Country Exports: Implications for the ASEAN Region”, Journal of Chinese Economic and Foreign Trade Studies, 9(2), 131-45.
  • Albulescu, C. T., Goyeau, D. (2016), “The Interaction between Trade and FDI: the CEE Countries Experience”, Working Papers.
  • Alguacil, M. T., Orts, V. (2002), “A Multivariate Cointegrated Model Testing for Temporal Causality between Exports and Outward Foreign Investment: The Spanish Case”, Applied Economics, 34(1), 119-132.
  • Alkın, H., Türkcan, K. (2018), “Türkiye’den Çıkan Doğrudan Yabancı Sermaye Yatırımları ile İhracat Arasındaki İlişki”, Ege Akademik Bakış, 18(3), 457-468.
  • Alon, I., Molodtsova, T., Zhang, J. (2012), “Macroeconomic Prospects for China’s Outward FDI”, Transnational Corporations Review, 4(2), 16-40.
  • Aydın, N., Cömertler. N. (2017), “Doğrudan Yabancı Yatırımların Yatırımcı Ülke Ekonomisine Etkileri: Panel Veri Analizi”, Bankacılar Dergisi, 103, 34-56.
  • Aydın, N. (2018), “Türkiye’de Dışa Yabancı Doğrudan Yatırımlar ve İhracat İlişkisi”, Finans Politik & Ekonomik Yorumlar, 55(638), 59-77.
  • Bajo-Rubio, O., Montero-Muñoz, M. (2001), “Foreign Direct Investment and Trade: A Causality Analysis”, Open Economies Review, 12(3), 305-323.
  • Bano, S., Tabbada, J. (2015), “Foreign Direct Investment Outflows: Asian Developing Countries”, Journal of Economic Integration, 30(2), 359-398.
  • Bhasin, N., Paul, J. (2016), “Exports and Outward FDI: Are they Complements or Substitutes? Evidence from Asia?”, Multionational Business Review, 24(1), 1-31.
  • Blonigen, B. A. (2001), “In Search of Substitution between Foreign Production and Export”, Journal of International Economics, 53(1), 81-104.
  • Bojnec, Š. , Fertő, I. (2014), “Outward Foreign Direct Investments and Merchandise Exports: The European OECD Countries”, Romanian Journal of Economic Forecasting, 16(2), 87-99.
  • Bond, S., Eberhardt, M. (2013), “Accounting for Unobserved Heterogeneity in Panel Time Series Models”, Working Paper.
  • Bonturi, M., Fukasaku, K. (1993), “Globalisation and Intra-firm Trade: An Empirical Note”, OECD Economic Studies, 20, 145-159.
  • Brainard, S. L. (1997), “An Empirical Assessment of the Proximity Concentration Trade-off between Multinational Sales and Trade”, American Economic Review, 87(4), 520-544.
  • Breusch, T. S., Pagan, A. R. (1980), “The Lagrange Multiplier Test and Its Applications to Model Specification Tests in Econometrics”, Review of Economic Studies, 47(1), 239-253.
  • Chiappini, R. (2011), “FDI and Trade: A Granger Causality Analysis in a Heterogeneous Panel”, Economics Bulletin, 31(4), 2975-2985.
  • Chiappini, R. (2016), “Do Overseas Investments Create or Replace Trade? New Insights from a Macro-Sectoral Study on Japan”, The Journal of International Trade & Economic Development, 25(3), 403-425.
  • Choi, In (1993), “Asymptotic Normality of the Least-Squares Estimates for Higher Order Autoregressive Integrated Processes with Some Applications”, Econometric Theory, 9(2), 263-282.
  • Choi, H. (2016), “The Impact of Outward FDI on Home Country: Kore an Case”, Korea Institute International Economic Policy.
  • Chou, K. H., Chen, C. H., Mai, C. H. (2011), “The Impact of Third-Country Effects and Economic Integration on China's Outward FDI”, Economic Modelling, 28, 2154-2163.
  • Chow, P. C. Y. (2012), “The Effect of Outward Foreign Direct Investment on Home Country’s Export: A Case Study on Taiwan, 1989-2006”, The Journal of International Trade & Economic Development, 21(5),725-754.
  • Clausing, K. A. (2000), “Does Multinational Activity Displace Trade?”, Economic Inquiry, 38(2), 190-205.
  • Denzer-Schulz, A. (2014), Home Country Effects of Outward Foreign Direct Investment, Theoretical Approach and Empirical Evidence, Doctoral Thesis, Eberhard Karls University, Tübingen.
  • Devlet Planlama Teşkilatı-DPT (2000), Sekizinci Beş Yıllık Kalkınma Planı Doğrudan Yabancı Sermaye Yatırımları Özel İhtisas Kurulu Raporu (Yayın no 2514). Ankara: DPT Yayınları.
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  • Dunning, J. H., Lundan, S.M. (2008), Multinational Enterprises and the Global Economy (2th ed.), Cheltenham, Edward Elgar.
  • Eberhardt, M., Bond, S. (2009), “Cross-Section Dependence in Nonstationary Panel Models: A Novel Estimator”, Munich Personal RePEc Archive Paper, No: 17692.
  • Egger, P., Pfaffermayr, M. (2004), “The Impact of Bilateral Investment Treaties on Foreign Direct Investment”, Journal of Comparative Economics, 32(4), 788-804.
  • Falk, M., Hake, M. (2008), “A Panel Data Analysis on FDI and Exports”, FIW Research Report N° 012.
  • Ghosh, M., Wang, W. (2011), “Canada ve U.S. Outward FDI and Exports: Are China and India Special?”, The International Trade Journal, 25(4), 465-512.
  • Goh, S. K., Wong, K. N., Tham, S. Y. (2012), “Does Outward FDI Matter in international Trade? Evidence from Malaysia”, MPRA, No. 39715, 1-19.
  • Göver, Z. T. (2005), Doğrudan Yabancı Yatırımların Uluslararası Ticarete Etkileri: Türkiye Değerlendirilmesi, T.C. Başbakanlık Hazine Müsteşarlığı, Ekonomik Araştırmalar Genel Müdürlüğü, Ankara.
  • Güloğlu, B., İvrendi, M. (2010), “Output Fluctuations: Transitory or Permanent? The Case of Latin America”, Applied Economics Letters, 17(4), 381-386.
  • Hadri, K., Kurozumi, E. (2012), “A Simple Panel Stationarity Test in the Presence of Serial Correlation and A Common Factor”, Economics Letters, 115(1), 31-34.
  • Head, K., Ries, J. (2001), “Overseas Investment and Firms Exports”, Review of International Economics, 9(1), 108-122.
  • Hechsher, E., Ohlin, B. (1933), Interregional and International Trade, Harvard University Press, Cambridge.
  • Helpman, E. (1984), “A Simple Theory of Trade with Multinational Corporations”, Journal of Political Economy, 92(3), 451-471.
  • Helpman. E., Krugman, P. (1985), Market Structure and Foreign Trade, The MIT Press: Cambridge.
  • Helpman, E., Melitz, M. J., Yeaple, S. R. (2004), “Exports Versus FDI with Heterogenous Firms”, American Economic Review, 94(1), 300-316.
  • Hill, C. W. L. (2009), International Business: Competing in the Global Market Place, London, McGraw-Hill.
  • International Monetary Fund- IMF (2016), World Economic and Financial Surveys,Subdued Demand, Symptoms and Remedies, https://www.imf.org/en/publications/weo adresinden alınmıştır.
  • Investopedia (2017), https://www.investopedia.com/terms/o/outward_direct_investment.asp adresinden alınmıştır.
  • Kang, K. (2012), “Is the Relationship between Foreign Direct Investment and Trade Different across Developed and Developing Countries? Evidence from Korea”, Asian Pacific Economic Literature, 26(2), 144-154.
  • Kayam, S. S., Hisarcıklılar, M. (2009), “Türkiye’den Çıkan Doğrudan Yatırımları Belirleyen Etmenler, 1992-2005”, İktisat, İşletme ve Finans, 24(280), 47-70.
  • Kim, J. D., Rang, In-Soo (1997), “Outward FDI and Exports: The Case of South Korea and Japan”, Journal of Asian Economics, 8(1), 39-50.
  • Knoerich, J. (2017), “How Does Outward Foreign Direct Investment Contribute to Economic Development in Less Advanced Home Countries?”, Oxford Development Studies, 45(4), 443-459.
  • Kurt, S., Sezgin, F., Sart, G. (2018), “G7 Ülkelerinde Patent Üretimini Etkileyen Değişkenler İçin Panel Veri Analizi”, Yönetim Bilimleri Dergisi, 16(32), 285-298.
  • Lee, H. Y., Lin, K. S., Tsui, H. C. (2009), “Home Country Effects of Foreign Direct Investment: from A Small Economy to A Large Economy”, Economic Modelling, 26(5), 1121-1128.
  • Lim, S. H., Moon, H. C. (2001), “Effects of Outward Foreign Direct Investment on Home Country Exports: The Case of Korean Firms”, Multinational Business Review, 9(1), 42-49.
  • Lipsey, R. E., Weiss, M. Y. (1984), “Foreign Production and Exports of Individual Firms”, The Review of Economics and Statistics, 66(2), 304-308.
  • Markusen, J. R. (1983), “Factor Movements and Commodity Trade as Complements”, Journal of International Economics, 14(3-4), 341-356.
  • Markusen, J. R. (1984), “Multinationals, Multi-plant Economies, and the Gains from Trade”, Journal of International Economics, 16(3-4), 205-226.
  • Markusen, J. R., Venables, A. J. (1995), “Multinational Firms and the New Trade Theory”, NBER Working Paper, No. 5036.
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There are 84 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Nur Aydın

Publication Date March 29, 2021
Submission Date April 17, 2020
Published in Issue Year 2021 Volume: 39 Issue: 1

Cite

APA Aydın, N. (2021). DOĞRUDAN YABANCI YATIRIM ÇIKIŞLARININ DIŞ TİCARET ÜZERİNDEKİ ETKİSİ: PANEL VERİ ANALİZİ. Hacettepe Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 39(1), 51-70. https://doi.org/10.17065/huniibf.721266
AMA Aydın N. DOĞRUDAN YABANCI YATIRIM ÇIKIŞLARININ DIŞ TİCARET ÜZERİNDEKİ ETKİSİ: PANEL VERİ ANALİZİ. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. March 2021;39(1):51-70. doi:10.17065/huniibf.721266
Chicago Aydın, Nur. “DOĞRUDAN YABANCI YATIRIM ÇIKIŞLARININ DIŞ TİCARET ÜZERİNDEKİ ETKİSİ: PANEL VERİ ANALİZİ”. Hacettepe Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi 39, no. 1 (March 2021): 51-70. https://doi.org/10.17065/huniibf.721266.
EndNote Aydın N (March 1, 2021) DOĞRUDAN YABANCI YATIRIM ÇIKIŞLARININ DIŞ TİCARET ÜZERİNDEKİ ETKİSİ: PANEL VERİ ANALİZİ. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 39 1 51–70.
IEEE N. Aydın, “DOĞRUDAN YABANCI YATIRIM ÇIKIŞLARININ DIŞ TİCARET ÜZERİNDEKİ ETKİSİ: PANEL VERİ ANALİZİ”, Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, vol. 39, no. 1, pp. 51–70, 2021, doi: 10.17065/huniibf.721266.
ISNAD Aydın, Nur. “DOĞRUDAN YABANCI YATIRIM ÇIKIŞLARININ DIŞ TİCARET ÜZERİNDEKİ ETKİSİ: PANEL VERİ ANALİZİ”. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 39/1 (March 2021), 51-70. https://doi.org/10.17065/huniibf.721266.
JAMA Aydın N. DOĞRUDAN YABANCI YATIRIM ÇIKIŞLARININ DIŞ TİCARET ÜZERİNDEKİ ETKİSİ: PANEL VERİ ANALİZİ. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2021;39:51–70.
MLA Aydın, Nur. “DOĞRUDAN YABANCI YATIRIM ÇIKIŞLARININ DIŞ TİCARET ÜZERİNDEKİ ETKİSİ: PANEL VERİ ANALİZİ”. Hacettepe Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, vol. 39, no. 1, 2021, pp. 51-70, doi:10.17065/huniibf.721266.
Vancouver Aydın N. DOĞRUDAN YABANCI YATIRIM ÇIKIŞLARININ DIŞ TİCARET ÜZERİNDEKİ ETKİSİ: PANEL VERİ ANALİZİ. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2021;39(1):51-70.

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