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Causality Relationship between Institutional Structure Indicators, Export and Foreign Direct Investments: the Case of Commonwealth of Independent States

Year 2020, , 353 - 376, 31.03.2020
https://doi.org/10.15869/itobiad.621486

Abstract

In this study, it is aimed to investigate the causal relationships between institutional structure indicators, exports and foreign direct investment in Commonwealth of Independent States countries. The reason for the selection of this country group is that these countries implement policies within the framework of structural transformation after leaving the Union of Soviet Socialist Republics. In the present study covering the period 2000-2017; the share of exports in GDP, the share of net foreign direct capital inflows in GDP, the government efficiency index, the political stability index and the rule of law index were chosen as variables. As a result of the study in which Dumitrescu-Hurlin causality analysis was applied; a one-way causal relationship from the rule of law to the share of exports in GDP and to political stability was found. Meanwhile, one-way causal relationships from the government effectiveness index to export share in GDP and to share of foreign direct investment inflows in GDP were found.  

References

  • Abdella, A. B., Naghavi, N. ve Yin Fah, B. C. (2018) The effects of corruption, trade openness and political stability on foreign direct investment: empirical evidence from BRIC countries. International Journal of Advanced and Applied Sciences, 5 (3), 32-38.
  • Akkuş, Ö., (2017). Ekonomik politika belirsizliği ve politik istikrarsızlığın büyüme üzerindeki etkisi. Anadolu Üniversitesi Sosyal Bilimler Dergisi, 17 (3), 27-42.
  • Akpan, U. F. ve Atan, J. A., (2016). Relationship between trade openness, institutions and economic growth in Sub-Saharan Africa: a further look at the evidence. British Journal of Economics, Management & Trade, 15 (1), 1-20.
  • Artan, S. ve Hayaloğlu, P., (2015). Doğrudan yabancı sermaye yatırımlarının kurumsal belirleyicileri: OECD ülkeleri örneği. Ege Akademik Bakış, 15 (4), 551-564.
  • Aysan, A. F. ve Veganzones Varoudakis, M.A. (2007). How do political and governance institutions affect private investment decisions? an application to the Middle East and North Africa?. Boğaziçi Üniversitesi Araştırma Raporu, ISS/EC-2007-05.
  • Bayat, T., Kişman, Z. A. ve Taşar, İ., (2018). The macroeconomic determinants of political stability in transition economies after collapse of Soviet Union. Cumhuriyet Üniversitesi İktisadi ve İdari Bilimler Dergisi, 19 (1), 163-175.
  • Bussmann, M., Scheuthle, H. ve Schneider, G. (2006). Trade liberalization and political instability in developing countries. Trappl, R., (edt.), Programming for peace: computer-aided methods for international conflict resolution and prevention, (49-70), Dordrecht: Springer.
  • Dehshiri, H. M., Sameti, M. Ve Sameti, M.. (2012). Impact of human development index and rule of law to attract foreign direct investment in selected developing countries, MPRA. No.81479.
  • Eren, K., (2012). Bağımsız Devletler Topluluğu içinde Türk Cumhuriyetleri. Ekonomi ve Yönetim Araştırmaları Dergisi, 1 (1), 43-73.
  • Gür, T. H. ve Akbulut, H. (2012). Gelişmekte olan ülkelerde politik istikrarın ekonomik büyüme üzerine etkisi. Sosyo Ekonomi, 120113, 281-299.
  • Hurlin, C. ve Dumitrescu, E. I. (2012). Testing for Granger non-causality in heterogeneous panels, HAL Archives, No: Halshs-00224434.
  • Kurul, Z. ve Yalta, Y. (2017). Relationship between institutional factors and FDI flows in developing countries: new evidence from dynamic panel estimation, Economies, 5 (17), 1-10.
  • Mengistu Alemu, A. (2014). Quality of institutions and FDI inflow: evidence from Asian economies, Korea Review of International Studies, 16 (1), 35-47.
  • Nazeer, A.M. ve Masih, M. (2017). Impact of political instability on foreign direct investment and economic growth: evidence from Malaysia, MPRA. No.79418.
  • Pan, C., Chang, T. ve.Wolde-Rufael, Y. (2015). Military spending and economic growth in the Middle East countries: bootstrap panel causality test, Defence and Peace Economics, 26 (24), 443-456.
  • Pesaran, M. H. (2004). General diagnostic tests for cross section dependence in panels, CWPE, 0435.
  • Pesaran, M. H. (2007). A simple panel unit root test in the presence of cross-section dependence, Journal of Applied Econometrics, 22, 265-312.
  • Saidi, Y., Ochi, A. ve Ghadri, H. (2013). Governance and FDI attractiveness: some evidence from developing and developed countries, Global Journal of Management and Business Research Finance, 13 (6), 15-24.
  • United Nations, Erişim tarihi:https://www.un.org/en/development/desa/policy/wesp/wesp_current/2014wesp_country_classification.pdf
  • World Bank, (2019a), Erişim tarihi: https://data.worldbank.org/indicator/NY.GDP.MKTP.PP.KD
  • World Bank, (2019b), Erişim tarihi: https://data.worldbank.org/indicator/NE.EXP.GNFS.ZS
  • World Bank, (2019c), Erişim tarihi: https://info.worldbank.org/governance/wgi/#doc
  • WTO. (2004). Governance and institutions, in World Trade Report 2004, Erişim adresi: https://www.wto.org/english/res_e/booksp_e/anrep_e/wtr04_2d_e.pdf.
  • Yerdelen Tatoğlu, F., (2013). İleri panel veri analizi Stata uygulamalı, 2.bs. İstanbul: Beta.
  • Zeren, F. ve Arı, A. (2013). Trade openness and economic growth, International Journal of Business and Social Sciences, 4 (9), 317-324.

Kurumsal Yapı Göstergeleri, İhracat ve Doğrudan Yabancı Sermaye Yatırımları Arasındaki Nedensellik İlişkisi: Bağımsız Devletler Topluluğu Örneği

Year 2020, , 353 - 376, 31.03.2020
https://doi.org/10.15869/itobiad.621486

Abstract

Bu çalışmada, Bağımsız Devletler Topluluğu ülkelerinde kurumsal yapı göstergeleri, ihracat ve doğrudan yabancı sermaye yatırımları arasındaki nedensel ilişkilerin incelenmesi amaçlanmıştır. Bu ülke grubunun seçilme nedeni, söz konusu ülkelerin Sovyet Sosyalist Cumhuriyetler Birliği’nden ayrıldıktan sonra yapısal dönüşüm çerçevesinde politikalar uygulamalarıdır. 2000-2017 dönemini kapsayan çalışmada; ihracatın GSYH’deki payı, net doğrudan yabancı sermaye girişinin GSYH’deki payı, hükümet etkinliği endeksi, politik istikrar endeksi ve hukukun üstünlüğü endeksi değişkenler olarak seçilmiştir. Dumitrescu-Hurlin nedensellik analizinin uygulandığı çalışmanın sonucunda; hukukun üstünlüğünden ihracatın GSYH’deki payına ve politik istikrara doğru tek yönlü nedensel bir ilişki bulunmuştur. Aynı zamanda, hükümet etkinliği indeksinden de ihracatın GSYH’deki payına ve doğrudan yabancı sermaye yatırımlarına doğru tek yönlü nedensel bir ilişki olduğu tespit edilmiştir. 

References

  • Abdella, A. B., Naghavi, N. ve Yin Fah, B. C. (2018) The effects of corruption, trade openness and political stability on foreign direct investment: empirical evidence from BRIC countries. International Journal of Advanced and Applied Sciences, 5 (3), 32-38.
  • Akkuş, Ö., (2017). Ekonomik politika belirsizliği ve politik istikrarsızlığın büyüme üzerindeki etkisi. Anadolu Üniversitesi Sosyal Bilimler Dergisi, 17 (3), 27-42.
  • Akpan, U. F. ve Atan, J. A., (2016). Relationship between trade openness, institutions and economic growth in Sub-Saharan Africa: a further look at the evidence. British Journal of Economics, Management & Trade, 15 (1), 1-20.
  • Artan, S. ve Hayaloğlu, P., (2015). Doğrudan yabancı sermaye yatırımlarının kurumsal belirleyicileri: OECD ülkeleri örneği. Ege Akademik Bakış, 15 (4), 551-564.
  • Aysan, A. F. ve Veganzones Varoudakis, M.A. (2007). How do political and governance institutions affect private investment decisions? an application to the Middle East and North Africa?. Boğaziçi Üniversitesi Araştırma Raporu, ISS/EC-2007-05.
  • Bayat, T., Kişman, Z. A. ve Taşar, İ., (2018). The macroeconomic determinants of political stability in transition economies after collapse of Soviet Union. Cumhuriyet Üniversitesi İktisadi ve İdari Bilimler Dergisi, 19 (1), 163-175.
  • Bussmann, M., Scheuthle, H. ve Schneider, G. (2006). Trade liberalization and political instability in developing countries. Trappl, R., (edt.), Programming for peace: computer-aided methods for international conflict resolution and prevention, (49-70), Dordrecht: Springer.
  • Dehshiri, H. M., Sameti, M. Ve Sameti, M.. (2012). Impact of human development index and rule of law to attract foreign direct investment in selected developing countries, MPRA. No.81479.
  • Eren, K., (2012). Bağımsız Devletler Topluluğu içinde Türk Cumhuriyetleri. Ekonomi ve Yönetim Araştırmaları Dergisi, 1 (1), 43-73.
  • Gür, T. H. ve Akbulut, H. (2012). Gelişmekte olan ülkelerde politik istikrarın ekonomik büyüme üzerine etkisi. Sosyo Ekonomi, 120113, 281-299.
  • Hurlin, C. ve Dumitrescu, E. I. (2012). Testing for Granger non-causality in heterogeneous panels, HAL Archives, No: Halshs-00224434.
  • Kurul, Z. ve Yalta, Y. (2017). Relationship between institutional factors and FDI flows in developing countries: new evidence from dynamic panel estimation, Economies, 5 (17), 1-10.
  • Mengistu Alemu, A. (2014). Quality of institutions and FDI inflow: evidence from Asian economies, Korea Review of International Studies, 16 (1), 35-47.
  • Nazeer, A.M. ve Masih, M. (2017). Impact of political instability on foreign direct investment and economic growth: evidence from Malaysia, MPRA. No.79418.
  • Pan, C., Chang, T. ve.Wolde-Rufael, Y. (2015). Military spending and economic growth in the Middle East countries: bootstrap panel causality test, Defence and Peace Economics, 26 (24), 443-456.
  • Pesaran, M. H. (2004). General diagnostic tests for cross section dependence in panels, CWPE, 0435.
  • Pesaran, M. H. (2007). A simple panel unit root test in the presence of cross-section dependence, Journal of Applied Econometrics, 22, 265-312.
  • Saidi, Y., Ochi, A. ve Ghadri, H. (2013). Governance and FDI attractiveness: some evidence from developing and developed countries, Global Journal of Management and Business Research Finance, 13 (6), 15-24.
  • United Nations, Erişim tarihi:https://www.un.org/en/development/desa/policy/wesp/wesp_current/2014wesp_country_classification.pdf
  • World Bank, (2019a), Erişim tarihi: https://data.worldbank.org/indicator/NY.GDP.MKTP.PP.KD
  • World Bank, (2019b), Erişim tarihi: https://data.worldbank.org/indicator/NE.EXP.GNFS.ZS
  • World Bank, (2019c), Erişim tarihi: https://info.worldbank.org/governance/wgi/#doc
  • WTO. (2004). Governance and institutions, in World Trade Report 2004, Erişim adresi: https://www.wto.org/english/res_e/booksp_e/anrep_e/wtr04_2d_e.pdf.
  • Yerdelen Tatoğlu, F., (2013). İleri panel veri analizi Stata uygulamalı, 2.bs. İstanbul: Beta.
  • Zeren, F. ve Arı, A. (2013). Trade openness and economic growth, International Journal of Business and Social Sciences, 4 (9), 317-324.
There are 25 citations in total.

Details

Primary Language Turkish
Subjects Economics
Journal Section Articles
Authors

Semanur Soyyiğit 0000-0002-5679-6875

Seyhun Doğan 0000-0003-3450-0612

Publication Date March 31, 2020
Published in Issue Year 2020

Cite

APA Soyyiğit, S., & Doğan, S. (2020). Kurumsal Yapı Göstergeleri, İhracat ve Doğrudan Yabancı Sermaye Yatırımları Arasındaki Nedensellik İlişkisi: Bağımsız Devletler Topluluğu Örneği. İnsan Ve Toplum Bilimleri Araştırmaları Dergisi, 9(1), 353-376. https://doi.org/10.15869/itobiad.621486
İnsan ve Toplum Bilimleri Araştırmaları Dergisi  Creative Commons Atıf-GayriTicari 4.0 Uluslararası Lisansı (CC BY NC) ile lisanslanmıştır.