Research Article
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Year 2018, , 108 - 126, 30.03.2018
https://doi.org/10.17261/Pressacademia.2018.788

Abstract

References

  • Agrawal, G. (2015). Foreign Direct Investment and Economic Growth in BRICS Economies: A Panel Data Analysis. Journal of Economics Business and Management, 4: 421-424.
  • Alfaro, L. ve Charrlton, A. (2007). Growth and The Quality of Foreign Direct Investment: Is All FDI Equal?. CEP Discussion Papers No: 830.
  • Al-Shawaf, A., Mohammed. K. ve Almsafir, M. K. (2016). Economic globalization: role of inward and outward FDI with economic growthevidence from Malaysia. Journal of Business and Retail Management Research, 10(2): 64-74.
  • Asheghian, P.(2004). Determinants of Economic Growth in the United States: The Role of Foreign Direct Investment. The International Trade Journal, 18(1): 63-83.
  • Ayaydın, H. (2010). Doğrudan Yabancı Yatırımlar ile Ekonomik Büyüme Arasındaki İlişkinin İncelenmesi: Türkiye Örneği. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, 26(1): 133-145.
  • Balasubramanyam, V. N., Salisu, M. ve Sapsford, D. (1996). Foreign Direct Investment and Growth in EP and IS Countries. The Economic Journal, 109(434): 92-105.
  • Baltagi, B. H. (2008). Econometric Analysis of Panel Data, 4th Edition, West Sussex, John Wiley & Sons.
  • Barro R. J. (1991). Economic Growth in a Cross Section of Countries. The Quarterly Journal of Economics, 106 (2): 407-43.
  • Bayraktar, F. (2003). Dünyada ve Türkiye'de Doǧrudan Yabancı Sermaye Yatırımları. Türkiye Kalkınma Bankası Genel Araştırmalar Müdürlüğü Rapor No: GA/03-1-1.
  • Behbehani, M. ve Hallaq, S. (2013). Impact of Home Country Outward Foreign Direct Investment on Its Economic Growth: A case of Kuwait. Asian Journal of Business and Management Sciences, 3(3), 19-33.
  • Bende-Nabende, A. ve Ford, J. L. (1998). FDI, Policy Adjustment and Endogenous Growth: Multiplier Effects from a Small Dynamic Model for Taiwan, 1959-1995. World Development, 26(7): 1315-1330.
  • Bosworth, B. ve Collins, S. M. (1999). Capital Inflows, Investment and Growth. Tokyo Club Papers, 12: 35-74.
  • Bosworth, B. ve Collins, S. M. (2003). The empirics of growth: An update. Brookings Papers on Economic Activity, 2: 113-206.
  • Breitung, J. (2005). A Parametric Approach to The Estimation of Cointegration Vectors in Panel Data. Econometric Reviews, 24(2): 151-173.
  • Breuer, J. B., Mcnown, R. ve Wallace, M. (2002). Series‐Specific Unit Root Tests with Panel Data. Oxford Bulletin of Economics and Statistics, 64(5): 527-546.
  • Campos, N. F. ve Kinoshita, Y. (2002). Foreign Direct Investment as Technology Transferred: Some Panel Evidence from the Transition Economics. William Davidson Working Paper, No: 438, 1-33.
  • Chen, J. E. ve Zulkifli, S. A. M. (2012). Malaysian outward FDI and economic growth. International Congress on Interdisciplinary Business and Social Science. Procedia-Social and Behavioral Sciences, 65: 717-722.
  • Chowdhary, R. ve Kushwaha, V. (2013). Domestic Investment, Foreign Direct Investment and Economic Growth in India Since Economic Reforms. Journal of Transformative Entrepreneurship, 1(2), 74-82.
  • De Mello, L. (1999). Foreign Direct Investment Led Growth: Evidence From Time Series and Panel Data. Oxford Economic Papers No: 51.
  • Dhyne, E. ve Guerin, S. S. (2014). Outward foreign direct investment and domestic performance: In search of a causal link. NBB Working Paper Research No: 272 National Bank of Belgium, Brussels.
  • Dumitrescu, E. I. ve Hurlin, C. (2012). Testing for Granger Non-Causality in Heterogeneous Panels. Economic Modelling, 29(4): 1450-1460.
  • Gengenbach, C., Urbain, J. ve Westerlund J. (2016). Error correction testing in panels with common sthocastic trends. Journal of Applied Econometrics, 31: 982-1004.
  • Hadri, K. (2000). Testing for Stationarity in Heterogeneous Panels. Econometrics Journal, 3: 148-161.
  • Hadri, K. ve Kurozumi, E. (2012). A Simple Panel Stationarity Test in the Presence of Serial Correlation and a Common Factor. Economics Letters, 115: 31-34.
  • Hermes, N. ve Lensink, R. (2003). Foreign Direct Investment, Financial Development and Economic Growth. The Journal of Development Studies, 40(1): 142-163.
  • Herzer, D. (2008). The long-run relationship between outward FDI and domestic output: evidence from panel data. Economic Letters, 100: 146-149.
  • Im, K. S., Pesaran, M. H. ve Shin, Y. (2003). Testing for Unit Roots in Heterogeneous Panels. Journal of Econometrics, 115(1): 53-74.
  • Johansen, S. (1988). Statistical Analysis of Cointegration Vectors. Journal of Economic Dynamics and Control, 12(2): 231-254.
  • Kao, C. (1999). Spurious Regression and Residual-Based Tests for Cointegration in Panel Data. Journal of Econometrics, 90(1): 1-44.
  • Khawar, M. (2005). Foreign Direct Investment and Economi Growth: A Cross-Country Analysis. Global Economy Journal, 5(1): 1-11.
  • Lee, C. G. (2010a). Outward foreign direct investment and economic growth: evidence from Japan. Global Economic Review, 39(3) :317326.
  • Lee, C. G. (2010b). The nexus of outward foreign direct investment and income: evidence from Singapore. Applied Econometrics and International Development, 10(1): 187-194.
  • Lensink, R. ve Morrissey, O. (2006). Foreign Direct Investment: Flows, Volatility, and the Impact on Growth. Review of International Economics, 14(3): 478-493.
  • Levin, A., Lin, C. F. ve Chu, C. S. J. (2002). Unit Root Tests in Panel Data: Asymptotic and Finite-Sample Properties. Journal of Econometrics, 108(1): 1-24.
  • Levine R. ve Renelt, D. (1992). A Sensitivity Analysis of Cross-country Growth Regressions. The American Economic Review, 82(4): 942-63.
  • Menyah, K., Nazlioglu, S. Wolde-Rufael, Y. (2014). Financial development, trade openness and economic growth in African countries: New insights from a panel causality approach. Economic Modelling, 37: 386-394.
  • Mun, H. W., Lin, T. K. ve Man, Y. K. (2008). FDI and Economic Growth Relationship: An Empirical Study on Malaysia. International Business Research, 1: 11-18.
  • Obwona, M. B. (2001). Determinants of FDI and their Impact on Economic Growth in Uganda. African Development Review, 13(1): 46-81.
  • Palm, F. C., Smeekes, S. ve Urbain, J. P. (2011). Cross-Sectional Dependence Robust Block Bootstrap Panel Unit Root Tests. Journal of Econometrics, 163(1): 85-104.
  • Panyagometh, K. (2016). Benefit Assessment of Outward Foreign Direct Investment on The Economic Growth: A Case of Thailand. IJABER, 14(1): 329-338.
  • Pedroni, P. (1999). Critical Values for Cointegration Tests in Heterogeneous Panels with Multiple Regressors. Oxford Bulletin of Economics and Statistics, 61(1): 653-670.
  • Pesaran, M. H. (2007). A Simple Panel Unit Root Test in The Presence of Cross‐Section Dependence. Journal of Applied Econometrics, 22(2): 265-312.
  • Pesaran, M. H. Smith, L. V. ve Yamagata, T. (2013). Panel Unit Root Tests in The Presence of A Multifactor Error Structure. Journal of Econometrics, 175(2): 94-115.
  • Pesaran, M. H., Ullah, A. ve Yamagata, T. (2008). A Bias‐Adjusted LM Test of Error Cross‐Section Independence. The Econometrics Journal, 11(1): 105-127.
  • Pesaran, M. H. ve Yamagata, T. (2008). Testing Slope Homogeneity in Large Panels. Journal of Econometrics, 142(1): 50-93.
  • Rodrik, D. (2012). Why we learn nothing from regressing economic growth on policies. Seoul Journal of Economics, 25(2): 137-151.
  • Roy, A. G. ve Von den Berg, H. F. (2006). Foreign Direct Investment and Economic Growth: A Time-Series Approach. Global Economy Journal, 6: 1-19.
  • Sala-i-Martin X. X. (1997). I Just Ran Two Million Regressions. The American Economic Review, 178–83.
  • Sarkar, P. (2007). Does Foreign Direct Investment Promote Growth? Panel Data and Time Series Evidence From Less Developing Counries, 1970-2002. MPRA Paper No: 5176.
  • Saygılı, Ş. ve Cihan, C. (2008). Türkiye Ekonomisinin Büyüme Dinamikleri: 1987-2007 Döneminde Büyümenin Kaynakları, Temel Sorunlar ve Potansiyel Büyüme Oranları. Yayın No. TÜSİAD-T/2008-06/462, İstanbul.
  • Saygılı, Ş., Cihan, C. ve Yurtoğlu, H. (2005). Türkiye Ekonomisinde Sermaye Birikimi, Verimlilik ve Büyüme (1972-2003): Uluslararası Karşılaştırma ve AB’ye Yakınsama Süreci (2014). TÜSİAD Araştırma Raporları Serisi, TÜSİAD-T/2005-12/413, İstanbul.
  • Serdaroğlu, T. (2013). Türkiye’de Finansal Açıklık ve Toplam Faktör Verimliliği. Kalkınma Bakanlığı Ekonomik Modeller ve Stratejik Araştırmalar Genel Müdürlüğü Planlama Uzmanlığı Tezi, Yayın No. 2853.
  • Solow, R. M. (1956). A contribution to the theory of economic growth. The Quarterly Journal of Economics, 70(1): 65-94.
  • Tarı, R. (2010) Ekonometri, Umuttepe Yayınları, Kocaeli:
  • Tatoğlu, F. Y. (2013) İleri Panel Veri Analizi-Stata Uygulamalı, 2. Baskı, Beta, İstanbul.
  • Taylor, M. P. ve Sarno, L. (1998). The Behavior of Real Exchange Rates During The Post-Bretton Woods Period. Journal of International Economics, 46(2): 281-312.
  • Temple, J, (2000). Growth regressions and what the textbooks don’t tell you. Bulletin Of Economic Research, 52(3): 181-205.
  • Westerlund, J. (2008). Panel Cointegration Tests of the Fisher Effect. Journal of Applied Econometrics, 23(2): 193-233.
  • Westerlund, J. ve Edgerton, D. L. (2007). A Panel Bootstrap Cointegration Test. Economics Letters, 97(3): 185-190.
  • Yalçınkaya, Ö. ve Aydın, H. İ. (2017). Doğrudan Yabancı Sermaye Yatırımlarının Ekonomik Büyüme Üzerindeki Etkileri: Seçili Yükselen Piyasa Ekonomileri Örneği (1992-2015). AİÇÜ-Sosyal Bilimler Enstitüsü Dergisi, 3(1): 39-64
  • Zekarias, S. M. (2016). The Impact of Foreign Direct Investment (FDI) on Economic Growth in Eastern Africa: Evidence from Panel Data Analysis. Applied Economics and Finance, 3(1): 145-160.

THE EFFECTS OF FOREIGN DIRECT INVESTMENT INWARDS AND OUTWARDS ON ECONOMIC GROWTH: EVIDENCE FROM THE TOP 20 LARGEST ECONOMIES IN THE WORLD (1992-2016)

Year 2018, , 108 - 126, 30.03.2018
https://doi.org/10.17261/Pressacademia.2018.788

Abstract

Purpose- In this study, considering the capital exporter/importer
positions of the World’s top 20 largest economies (W-20) grouped as developing
(W-8) and developed (W-12) according to the development level, the effects of
foreign direct investment inwards/outwards on economic growth (GDP/GNP) are
analyzed econometrically.

 

Methodology- In the study, econometric models, generated by
extending Cobb-Douglas type of production function were estimated by employing
second generation panel data analysis that takes cross-sectional dependence
into consideration for the period 1992-2016.
Findings- As a result
of the study, both the direct foreign investment inwards and outwards have a
significant influence on the economic growth performances of the developed W-12
economies within the examination period. On the contrary, it is determined that
the foreign direct investment inwards have a significant effect on economic
growth performances of the developing W-8 economies, while foreign direct
investment outwards do not have any impact on these economies.
 

Conclusion- These results indicate that the enhancement
possibilities of economic growth performances provided by GNP by expanding
production possibilities abroad of W-12 and W-8 economies are high and low,
respectively. 

References

  • Agrawal, G. (2015). Foreign Direct Investment and Economic Growth in BRICS Economies: A Panel Data Analysis. Journal of Economics Business and Management, 4: 421-424.
  • Alfaro, L. ve Charrlton, A. (2007). Growth and The Quality of Foreign Direct Investment: Is All FDI Equal?. CEP Discussion Papers No: 830.
  • Al-Shawaf, A., Mohammed. K. ve Almsafir, M. K. (2016). Economic globalization: role of inward and outward FDI with economic growthevidence from Malaysia. Journal of Business and Retail Management Research, 10(2): 64-74.
  • Asheghian, P.(2004). Determinants of Economic Growth in the United States: The Role of Foreign Direct Investment. The International Trade Journal, 18(1): 63-83.
  • Ayaydın, H. (2010). Doğrudan Yabancı Yatırımlar ile Ekonomik Büyüme Arasındaki İlişkinin İncelenmesi: Türkiye Örneği. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, 26(1): 133-145.
  • Balasubramanyam, V. N., Salisu, M. ve Sapsford, D. (1996). Foreign Direct Investment and Growth in EP and IS Countries. The Economic Journal, 109(434): 92-105.
  • Baltagi, B. H. (2008). Econometric Analysis of Panel Data, 4th Edition, West Sussex, John Wiley & Sons.
  • Barro R. J. (1991). Economic Growth in a Cross Section of Countries. The Quarterly Journal of Economics, 106 (2): 407-43.
  • Bayraktar, F. (2003). Dünyada ve Türkiye'de Doǧrudan Yabancı Sermaye Yatırımları. Türkiye Kalkınma Bankası Genel Araştırmalar Müdürlüğü Rapor No: GA/03-1-1.
  • Behbehani, M. ve Hallaq, S. (2013). Impact of Home Country Outward Foreign Direct Investment on Its Economic Growth: A case of Kuwait. Asian Journal of Business and Management Sciences, 3(3), 19-33.
  • Bende-Nabende, A. ve Ford, J. L. (1998). FDI, Policy Adjustment and Endogenous Growth: Multiplier Effects from a Small Dynamic Model for Taiwan, 1959-1995. World Development, 26(7): 1315-1330.
  • Bosworth, B. ve Collins, S. M. (1999). Capital Inflows, Investment and Growth. Tokyo Club Papers, 12: 35-74.
  • Bosworth, B. ve Collins, S. M. (2003). The empirics of growth: An update. Brookings Papers on Economic Activity, 2: 113-206.
  • Breitung, J. (2005). A Parametric Approach to The Estimation of Cointegration Vectors in Panel Data. Econometric Reviews, 24(2): 151-173.
  • Breuer, J. B., Mcnown, R. ve Wallace, M. (2002). Series‐Specific Unit Root Tests with Panel Data. Oxford Bulletin of Economics and Statistics, 64(5): 527-546.
  • Campos, N. F. ve Kinoshita, Y. (2002). Foreign Direct Investment as Technology Transferred: Some Panel Evidence from the Transition Economics. William Davidson Working Paper, No: 438, 1-33.
  • Chen, J. E. ve Zulkifli, S. A. M. (2012). Malaysian outward FDI and economic growth. International Congress on Interdisciplinary Business and Social Science. Procedia-Social and Behavioral Sciences, 65: 717-722.
  • Chowdhary, R. ve Kushwaha, V. (2013). Domestic Investment, Foreign Direct Investment and Economic Growth in India Since Economic Reforms. Journal of Transformative Entrepreneurship, 1(2), 74-82.
  • De Mello, L. (1999). Foreign Direct Investment Led Growth: Evidence From Time Series and Panel Data. Oxford Economic Papers No: 51.
  • Dhyne, E. ve Guerin, S. S. (2014). Outward foreign direct investment and domestic performance: In search of a causal link. NBB Working Paper Research No: 272 National Bank of Belgium, Brussels.
  • Dumitrescu, E. I. ve Hurlin, C. (2012). Testing for Granger Non-Causality in Heterogeneous Panels. Economic Modelling, 29(4): 1450-1460.
  • Gengenbach, C., Urbain, J. ve Westerlund J. (2016). Error correction testing in panels with common sthocastic trends. Journal of Applied Econometrics, 31: 982-1004.
  • Hadri, K. (2000). Testing for Stationarity in Heterogeneous Panels. Econometrics Journal, 3: 148-161.
  • Hadri, K. ve Kurozumi, E. (2012). A Simple Panel Stationarity Test in the Presence of Serial Correlation and a Common Factor. Economics Letters, 115: 31-34.
  • Hermes, N. ve Lensink, R. (2003). Foreign Direct Investment, Financial Development and Economic Growth. The Journal of Development Studies, 40(1): 142-163.
  • Herzer, D. (2008). The long-run relationship between outward FDI and domestic output: evidence from panel data. Economic Letters, 100: 146-149.
  • Im, K. S., Pesaran, M. H. ve Shin, Y. (2003). Testing for Unit Roots in Heterogeneous Panels. Journal of Econometrics, 115(1): 53-74.
  • Johansen, S. (1988). Statistical Analysis of Cointegration Vectors. Journal of Economic Dynamics and Control, 12(2): 231-254.
  • Kao, C. (1999). Spurious Regression and Residual-Based Tests for Cointegration in Panel Data. Journal of Econometrics, 90(1): 1-44.
  • Khawar, M. (2005). Foreign Direct Investment and Economi Growth: A Cross-Country Analysis. Global Economy Journal, 5(1): 1-11.
  • Lee, C. G. (2010a). Outward foreign direct investment and economic growth: evidence from Japan. Global Economic Review, 39(3) :317326.
  • Lee, C. G. (2010b). The nexus of outward foreign direct investment and income: evidence from Singapore. Applied Econometrics and International Development, 10(1): 187-194.
  • Lensink, R. ve Morrissey, O. (2006). Foreign Direct Investment: Flows, Volatility, and the Impact on Growth. Review of International Economics, 14(3): 478-493.
  • Levin, A., Lin, C. F. ve Chu, C. S. J. (2002). Unit Root Tests in Panel Data: Asymptotic and Finite-Sample Properties. Journal of Econometrics, 108(1): 1-24.
  • Levine R. ve Renelt, D. (1992). A Sensitivity Analysis of Cross-country Growth Regressions. The American Economic Review, 82(4): 942-63.
  • Menyah, K., Nazlioglu, S. Wolde-Rufael, Y. (2014). Financial development, trade openness and economic growth in African countries: New insights from a panel causality approach. Economic Modelling, 37: 386-394.
  • Mun, H. W., Lin, T. K. ve Man, Y. K. (2008). FDI and Economic Growth Relationship: An Empirical Study on Malaysia. International Business Research, 1: 11-18.
  • Obwona, M. B. (2001). Determinants of FDI and their Impact on Economic Growth in Uganda. African Development Review, 13(1): 46-81.
  • Palm, F. C., Smeekes, S. ve Urbain, J. P. (2011). Cross-Sectional Dependence Robust Block Bootstrap Panel Unit Root Tests. Journal of Econometrics, 163(1): 85-104.
  • Panyagometh, K. (2016). Benefit Assessment of Outward Foreign Direct Investment on The Economic Growth: A Case of Thailand. IJABER, 14(1): 329-338.
  • Pedroni, P. (1999). Critical Values for Cointegration Tests in Heterogeneous Panels with Multiple Regressors. Oxford Bulletin of Economics and Statistics, 61(1): 653-670.
  • Pesaran, M. H. (2007). A Simple Panel Unit Root Test in The Presence of Cross‐Section Dependence. Journal of Applied Econometrics, 22(2): 265-312.
  • Pesaran, M. H. Smith, L. V. ve Yamagata, T. (2013). Panel Unit Root Tests in The Presence of A Multifactor Error Structure. Journal of Econometrics, 175(2): 94-115.
  • Pesaran, M. H., Ullah, A. ve Yamagata, T. (2008). A Bias‐Adjusted LM Test of Error Cross‐Section Independence. The Econometrics Journal, 11(1): 105-127.
  • Pesaran, M. H. ve Yamagata, T. (2008). Testing Slope Homogeneity in Large Panels. Journal of Econometrics, 142(1): 50-93.
  • Rodrik, D. (2012). Why we learn nothing from regressing economic growth on policies. Seoul Journal of Economics, 25(2): 137-151.
  • Roy, A. G. ve Von den Berg, H. F. (2006). Foreign Direct Investment and Economic Growth: A Time-Series Approach. Global Economy Journal, 6: 1-19.
  • Sala-i-Martin X. X. (1997). I Just Ran Two Million Regressions. The American Economic Review, 178–83.
  • Sarkar, P. (2007). Does Foreign Direct Investment Promote Growth? Panel Data and Time Series Evidence From Less Developing Counries, 1970-2002. MPRA Paper No: 5176.
  • Saygılı, Ş. ve Cihan, C. (2008). Türkiye Ekonomisinin Büyüme Dinamikleri: 1987-2007 Döneminde Büyümenin Kaynakları, Temel Sorunlar ve Potansiyel Büyüme Oranları. Yayın No. TÜSİAD-T/2008-06/462, İstanbul.
  • Saygılı, Ş., Cihan, C. ve Yurtoğlu, H. (2005). Türkiye Ekonomisinde Sermaye Birikimi, Verimlilik ve Büyüme (1972-2003): Uluslararası Karşılaştırma ve AB’ye Yakınsama Süreci (2014). TÜSİAD Araştırma Raporları Serisi, TÜSİAD-T/2005-12/413, İstanbul.
  • Serdaroğlu, T. (2013). Türkiye’de Finansal Açıklık ve Toplam Faktör Verimliliği. Kalkınma Bakanlığı Ekonomik Modeller ve Stratejik Araştırmalar Genel Müdürlüğü Planlama Uzmanlığı Tezi, Yayın No. 2853.
  • Solow, R. M. (1956). A contribution to the theory of economic growth. The Quarterly Journal of Economics, 70(1): 65-94.
  • Tarı, R. (2010) Ekonometri, Umuttepe Yayınları, Kocaeli:
  • Tatoğlu, F. Y. (2013) İleri Panel Veri Analizi-Stata Uygulamalı, 2. Baskı, Beta, İstanbul.
  • Taylor, M. P. ve Sarno, L. (1998). The Behavior of Real Exchange Rates During The Post-Bretton Woods Period. Journal of International Economics, 46(2): 281-312.
  • Temple, J, (2000). Growth regressions and what the textbooks don’t tell you. Bulletin Of Economic Research, 52(3): 181-205.
  • Westerlund, J. (2008). Panel Cointegration Tests of the Fisher Effect. Journal of Applied Econometrics, 23(2): 193-233.
  • Westerlund, J. ve Edgerton, D. L. (2007). A Panel Bootstrap Cointegration Test. Economics Letters, 97(3): 185-190.
  • Yalçınkaya, Ö. ve Aydın, H. İ. (2017). Doğrudan Yabancı Sermaye Yatırımlarının Ekonomik Büyüme Üzerindeki Etkileri: Seçili Yükselen Piyasa Ekonomileri Örneği (1992-2015). AİÇÜ-Sosyal Bilimler Enstitüsü Dergisi, 3(1): 39-64
  • Zekarias, S. M. (2016). The Impact of Foreign Direct Investment (FDI) on Economic Growth in Eastern Africa: Evidence from Panel Data Analysis. Applied Economics and Finance, 3(1): 145-160.
There are 61 citations in total.

Details

Primary Language English
Journal Section Articles
Authors

Omer Yalcinkaya 0000-0002-1210-2405

Muhammet Dastan 0000-0003-2886-3740

Publication Date March 30, 2018
Published in Issue Year 2018

Cite

APA Yalcinkaya, O., & Dastan, M. (2018). THE EFFECTS OF FOREIGN DIRECT INVESTMENT INWARDS AND OUTWARDS ON ECONOMIC GROWTH: EVIDENCE FROM THE TOP 20 LARGEST ECONOMIES IN THE WORLD (1992-2016). Journal of Economics Finance and Accounting, 5(1), 108-126. https://doi.org/10.17261/Pressacademia.2018.788

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