Foreign Direct Investments and Human Capital Nexus: An Application on BRICS-T Countries

Abstract

This paper aims to analyze the effect of human capital on FDI inflows within the framework of Lucas Paradox. Trade openness, market size, natural resource wealth and inflation rate which are intensively processed in the literature are used as explanatory variables in terms of being possible determinants of FDI inflows. The findings indicate that the human capital positively affects FDI inflows in BRICS-T countries. On the other hand, positive correlation is found between natural resource wealth and FDI inflows, while negative correlation is found between inflation rate and FDI inflows. Trade openness and market size have produced contradictory results.

Keywords

• Human Capital
• Foreign Direct Investment
• Panel Data Analysis
• Lucas Paradox

Doğrudan Yabancı Yatırımlar ve Beşerî Sermaye İlişkisi: BRICS-T Ülkeleri Üzerine Bir Uygulama

Abstract

Bu çalışmada, Lucas Paradoksu çerçevesinde BRICS-T ülkeleri özelinde beşerî sermayenin DYY girişleri üzerindeki etkisinin 1993-2017 dönemi için test edilmesi amaçlanmıştır. DYY girişlerinin geleneksel belirleyicileri olması bakımından ticarete açıklık, piyasa büyüklüğü, doğal kaynak zenginliği ve enflasyon oranı da modelde kullanılmıştır. Değişkenler arasında eşbütünleşme ilişkisinin tespitinden hareketle elde edilen uzun dönemli tahminci bulguları, BRICS-T ülkelerinde beşerî sermayenin DYY girişlerini pozitif yönde ve anlamlı bir şekilde etkilediğini göstermektedir. Diğer yandan doğal kaynak zenginliği ile DYY girişleri arasında pozitif, enflasyon oranı ve DYY girişleri arasında ise negatif yönlü ilişki tespit edilmiştir. Ticarete açıklık ve piyasa büyüklüğü değişkenleri kullanılan tahmincilere göre farklı sonuçlar ortaya koymuştur.

Keywords

• Beşeri Sermaye
• Doğrudan Yabancı Yatırımlar
• Panel Veri Analizi
• Lucas Paradoksu

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