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TÜRKİYE EKONOMİSİNDE YABANCI SERMAYE YATIRIMLARI İLE ENERJİ TÜKETİMİ ARASINDAKİ İLİŞKİ: SİMETRİK/ASİMETRİK NEDENSELLİK ANALİZİ

Year 2020, Volume: 16 Issue: 4, 817 - 839, 31.12.2020
https://doi.org/10.17130/ijmeb.777380

Abstract

Bu çalışma, Türkiye’de 1975-2015 döneminde yabancı sermaye yatırımları ile enerji tüketimi arasındaki simetrik/asimetrik nedensellik ilişkisini araştırmaktadır. Değişkenlerin birim kök özellikleri, Ng-Perron ve Lee-Strazicich birim kök teknikleriyle test edilmektedir. Değişkenler arasındaki eşbütünleşmenin araştırılmasında ARDL sınır testi kullanılmaktadır. Simetrik nedensellik analizi, Toda-Yamamoto ile Hacker ve Hatemi-J nedensellik testleri kullanılarak gerçekleştirilmektedir. Değişkenler arasındaki asimetrik nedensellik ilişkisi, Hatemi-J nedensellik yaklaşımı ile incelenmektedir. Ampirik sonuçlar, yapısal kırılmalar altında eşbütünleşmenin varlığını göstermektedir. Ampirik sonuçlar, aynı zamanda enerji tüketiminden yabancı sermaye yatırımlarına doğru bir simetrik nedenselliğin varlığını göstermektedir. Pozitif yabancı sermaye yatırımları şokundan pozitif enerji tüketimi şokuna doğru bir nedenselliğin yanı sıra negatif enerji tüketimi şokundan negatif yabancı sermaye yatırımları şokuna doğru bir nedensellik söz konusudur. Bulgular, Türkiye ekonomisi ile ilgili politika önerileri sunabilecektir.

References

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THE RELATIONSHIP BETWEEN FOREIGN DIRECT INVESTMENTS AND ENERGY CONSUMPTION IN TURKISH ECONOMY: SYMMETRIC/ASYMMETRIC CAUSALITY ANALYSIS

Year 2020, Volume: 16 Issue: 4, 817 - 839, 31.12.2020
https://doi.org/10.17130/ijmeb.777380

Abstract

This paper explores the symmetric/asymmetric causal linkage between foreign direct investments and energy consumption in Turkey over the period 1975-2015. The unit root properties of variables are tested by the Ng-Perron and Lee-Strazicich unit root techniques. The ARDL bounds test is used to examine the cointegration between the variables. The Toda-Yamamoto and Hacker and Hatemi-J causality tests are used to investigate the symmetric causalit analysis. The Hatemi-J causality approach is applied to explore the asymmetric causal relationship between the variables. Empirical results show that there exists cointegration between the variables in the existence of structural breaks. Empirical results also show the existence of symmetric causality running from energy consumption to foreign direct investments. There exists causality from positive foreign direct investment shocks to positive energy consumption shocks. There also exists causality from negative energy consumption shocks to negative foreign direct investment shocks. The findings will present policy implications related to Turkish economy.

References

  • Adom, P. K. (2015). Asymmetric impacts of the determinants of energy intensity in Nigeria. Energy Economics, 49, 570-580.
  • Aitken, B. & Harrison, A. (1999). Do domestic firms benefit from direct foreign investment? Evidence from Venezuela. American Economic Review, 89(3), 605-618.
  • Amri, F. (2016). The relationship amongst energy consumption, foreign direct investment and output in developed and developing countries. Renewable and Sustainable Energy Reviews, 64, 694-702.
  • Anwar, S. & Nguyen, L. P. (2011). Foreign direct investment and export spillovers: Evidence from Vietnam. International Business Review, 20, 177-193.
  • Anyanwu, C. J. (2012). Why does foreign direct investment go where it goes? New evidence from African countries. Annals of Economics and Finance, 13(2), 425-462.
  • Arnold, J. M. & Javorcik, B. S. (2009). Gifted kids or pushy parents? Foreign direct investment and plant productivity in Indonesia. Journal of International Economics, 79(1), 42-53.
  • Arnold, J.M., Javorcik, B.S. & Mattoo, A. (2011). Does services liberalization benefit manufacturing firms? Evidence from the Czech Republic. Journal of International Economics, 85, 136-146.
  • Aseidu, E. & Lien, D. (2011). Democracy, foreign direct investment and natural resources. Journal of International Economics, 84(1), 99-111.
  • Asiedu, E. (2006). Foreign direct investment in Africa: The role of natural resources, market size, government policy, institutions and political instability. The World Economy, 29, 63-77.
  • Azam, M., Khan, A. Q., Zaman, K. & Ahmad, M. (2015). Factors determining energy consumption: Evidence from Indonesia, Malaysia and Thailand. Renewable and Sustainable Energy Reviews, 42, 1123-1131.
  • Borenzstein, E., De Gregorio, J. & Lee, J.W. (1998). How does foreign direct investment affect economic growth?. Journal of International Economics, 45, 115-135.
  • Bosworth, B.P. & Collins, S.M. (1999). Capital flows to developing economies: Implications for saving and investment. Brookings Papers on Economic Activity No 1, Brookings Institution, Washington DC: USA.
  • BP Statistics (2018). BP statistical review of world energy. Erişim Tarihi: 10.05.2019, http://www.bp.com/statisticalreview
  • Chandran, V. G. R. & Tang, C. F. (2013). The impacts of transport energy consumption, foreign direct investment and income on CO2 emissions in ASEAN-5 economies. Renewable and Sustainable Energy Reviews, 24, 445-453.
  • Chen, Y. & Wang, H. (2010). Effect of FDI on regional industrial energy efficiency. Contemporary Finance, 30(7), 99-106.
  • Cleeve, E.A., Debrahi Y. & Yiheyis, Z. (2015). Human capital and FDI inflow: An assessment of the African case. World Development, 74, 1-14.
  • Danish, R. Q. & Akram, A. (2014). Determinants of FDI in Pakistan: An empirical analysis. Journal of International Business and Economics, 2(2), 61-70.
  • De Vita, G. & Kyaw, K.S. (2008). Determinants of FDI and portfolio flows to developing countries: A panel cointegration analysis. European Journal of Economics, Finance and Administrative Sciences, 13(13), 161-168.
  • Doytch, N. & Narayan, S. (2016). Does FDI influence renewable energy consumption? An analysis of sectoral FDI impact on renewable and non-renewable industrial energy consumption. Energy Economics, 54, 291-301.
  • Dunning, J. H. & Lundan, S. M. (2008). Multinational enterprises and the global economy. Edward Elgar Publishing Limited, Cheltenham.
  • Efron, B. (1992). Bootstrap methods: another look at the jackknife. In Breakthroughs in statistics (pp. 569-593). Springer, New York: NY.
  • Elliott, R. J. R., Sun, P. & Chen, S. (2013). Energy intensity and foreign direct investment: A Chinese city-level study. Energy Economics, 40, 484-494.
  • Eren, O., Onda, M. & Unel, B. (2019). Effects of FDI on entrepreneurship: Evidence from right-to-work and non-right-to-work states. Labour Economics, 58, 98-109.
  • Fernandes, A. M. & Paunov, C. (2012). Foreign direct investment in services and manufacturing productivity: Evidence for Chile. Journal of Development Economics, 97(2), 305-321.
  • Findlay, R. (1978). Relative backwardness, direct foreign investment, and the transfer of technology: A simple dynamic model. Quarterly Journal of Economics, 92, 1-16.
  • Francois, J. & Woerz, J. (2008). Producer services, manufacturing linkages, and trade. Journal of Industry, Competition and Trade, 8, 199-229.
  • Gökmenoglu, K. & Taspinar, N. (2016). The relationship between CO2 emissions, energy consumption, economic growth and FDI: The case of Turkey. The Journal of International Trade and Economic Development, 25(5), 706-723.
  • Granger, C.W. & Yoon, G. (2002). Hidden cointegration, Department of Economics Working Paper. University of California: San Diego.
  • Hacker, R. S., & Hatemi-J, A. (2006). Tests for causality between integrated variables using asymptotic and bootstrap distributions: theory and application. Applied Economics, 38(13), 1489-1500.
  • Hao, Y. & Liu, Y. M. (2015). Has the development of FDI and foreign trade contributed to China’s CO2 emissions? An empirical study with provincial panel data. Natural Hazards, 76(2), 1079-1091.
  • Haskel, J., Pereira, S. & Slaughter, M. (2007). Does inward foreign direct investment boost the productivity of domestic firms. The Review of Economics and Statistics, 89, 482-496.
  • Hatemi-J, A. (2012). Asymmetric causality tests with an application. Empirical Economics, 43(1), 447-456.
  • Hayat, A. (2018). FDI and economic growth: The role of natural resources?. Journal of Economic Studies, 45(2), 283-295.
  • Hermes, N. & Lensink, R. (2003). Foreign direct investment, financial development and economic growth. The Journal of Development Studies, 40(1), 142-163.
  • Isham, J., Pritchett, L., Woolcock, M. & Busby, G. (2003). The varieties of the resource experience: How natural resource export structures affect the political economy of economic growth. World Bank, Washington D.C.
  • Javorcik, B. S. (2004). Does foreign direct investment increase the productivity of domestic firms? In search of spillovers through backward linkages. American Economic Review, 94(3), 605-627.
  • Jung, J. (2004). Acquisitions or joint ventures: Foreign market entry strategy of US advertising agencies. The Journal of Media Economics, 17(1), 35-50. Kee, H. L. (2015). Local intermediate inputs and the shared supplier spillovers of foreign direct investment. Journal of Development Economics, 112, 56-71.
  • Keller, W. & Yeaple, S. (2009). Multinational enterprises, international trade and productivity growth: Firm-level evidence from the United States. Review of Economics and Statistics, 91(4), 821-831.
  • Khatun, F. & Ahamad, M. (2015). Foreign direct investment in the energy and power sector in Bangladesh: Implications for economic growth. Renewable and Sustainable Energy Reviews, 52, 1369-1377.
  • Kivyiro, P. & Arminen, H. (2014). Carbon dioxide emissions, energy consumption, economic growth, and foreign direct investment: Causality analysis for Sub-Saharan Africa. Energy, 74, 595-606.
  • Kızılkaya, O. (2017). The impact of economic growth and foreign direct investment on CO2 emissions: The case of Turkey. Turkish Economic Review, 4(1), 106-118.
  • Koçak, E. & Şarkgüneşi, A. (2018). The impact of foreign direct investment on CO2 emissions in Turkey: New evidence from cointegration and bootstrap causality analysis. Environ Science and Pollution Research, 25, 790-804.
  • Kostakis, I., Lolos, S. & Sardianou, E. (2016). Foreign direct investment and environmental degradation: Further evidence from Brazil and Singapore. MPRA Paper No. 75643.
  • Lee, J. & Strazicich, M. (2003). Minimum lagrange multiplier unit root test with two structural breaks. Review of Economics and Statistics, 85(4), 1082-1089.
  • Lee, J. W. (2013). The contribution of foreign direct investment to clean energy use, carbon emissions and economic growth. Energy Policy, 55, 483-489.
  • Li, K. & Qi, S. (2016). Does FDI increase industrial energy consumption of china? Based on the empirical analysis of Chinese provinces industrial panel data. Emerging Markets Finance and Trade, 52(6), 1305-1314.
  • Lin, B. & Benjamin, I.N. (2018). Causal relationships between energy consumption, foreign direct investment and economic growth for MINT: Evidence from panel dynamic ordinary least square models. Journal of Cleaner Production, 197, 708-720.
  • Liu, Y., Hao, Y. & Gao, Y. (2017). The environmental consequences of domestic and foreign investment: Evidence from China. Energy Policy, 108, 271-280.
  • Markusen, J. (1989). Trade in producer services and in other specialized intermediate inputs. The American Economic Review, 79, 85-95.
  • Markusen, J., Rutherford, T., & Tarr, D. (2005). Trade and direct investment in producer services and the domestic market for expertise. Canadian Journal of Economics 38, 758-777.
  • Menyah, K. & Wolde-Rufael, Y. (2010). Energy consumption, pollutant emissions and economic growth in South Africa. Energy Economics, 32, 1374-1382.
  • Mielnik, O. & Goldemberg, J. (2002). Foreign direct investment and decoupling between energy and gross domestic product in developing countries. Energy Policy, 30, 87-89.
  • Mudakkar, S.R., Zaman, K., Shakir, H., Arif, M., Naseem, I. & Naz, L. (2013). Determinants of energy consumption function in SAARC countries: Balancing the odds. Renewable and Sustainable Energy Reviews, 28, 566-574.
  • Ng, S. & Perron, P. (2001). Lag length selection and the construction of unit root tests with good size and power. Econometrica, 69(6), 1519-1554.
  • Omri, A. & Kahouli, B. (2014). Causal relationships between energy consumption, foreign direct investment and economic growth: Fresh evidence from dynamic simultaneous equations models. Energy Policy, 67, 913-922.
  • Öztürk, Z. & Öz, D. (2016). The relationship between energy consumption, income, foreign direct investment, and CO2 emissions: The case of Turkey. Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 6(2), 269-288.
  • Paramati, S.R., Bhattacharya, M., Ozturk, I. & Zakari, A. (2018). Determinants of energy demand in African frontier market economies: An empirical investigation. Energy, 148, 123-133.
  • Pesaran, M.H., Shin, Y. & Smith, R.J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289-326.
  • Poelhkke, S. & Van der Ploeg, F. (2010). Do natural resources attract FDI? Evidence from non-stationary sector-level data. CEPR Discussion Paper No 8079. Centre for Economic Policy Research, London.
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There are 83 citations in total.

Details

Primary Language Turkish
Subjects Economics
Journal Section Research Articles
Authors

Murat Çetin 0000-0002-7886-4162

Tuğba Kantarcı 0000-0002-2257-430X

Publication Date December 31, 2020
Submission Date August 6, 2020
Acceptance Date August 30, 2020
Published in Issue Year 2020 Volume: 16 Issue: 4

Cite

APA Çetin, M., & Kantarcı, T. (2020). TÜRKİYE EKONOMİSİNDE YABANCI SERMAYE YATIRIMLARI İLE ENERJİ TÜKETİMİ ARASINDAKİ İLİŞKİ: SİMETRİK/ASİMETRİK NEDENSELLİK ANALİZİ. Uluslararası Yönetim İktisat Ve İşletme Dergisi, 16(4), 817-839. https://doi.org/10.17130/ijmeb.777380