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DOĞRUDAN YABANCI YATIRIMLAR VE PORTFÖY YATIRIMLARI EKONOMİK BÜYÜMEYİ TEŞVİK EDER Mİ? GELİŞMEKTE OLAN ÜLKELERDEN KANITLAR

Year 2018, , 331 - 338, 30.12.2018
https://doi.org/10.17261/Pressacademia.2018.1000

Abstract

Amaç – Çalışmanın amacı, doğrudan yabancı yatırımların ve portföy yatırımlarının seçilmiş gelişmekte olan ülkelerin ekonomik büyümesine

etkilerini değerlendirmektir. 2008 küresel finansal krizin gelişmekte olan ülkelerin ekonomik büyümelerine etkisi ve ekonomik büyümenin

sürekliliği de araştırılmıştır.

Yöntem – Doğrudan yabancı yatırımların ve portföy yatırımlarının gelişmekte olan ülkelerdeki ekonomik büyümesine etkileri statik ve

dinamik panel veri analizleri ile incelenmiştir.

Bulgular- Uygulanan statik ve dinamik panel veri modellerine göre doğrudan yabancı yatırımlar ile ekonomik büyüme arasında anlamlı ve

pozitif yönlü bir ilişki bulunmaktadır. Portföy yatırımların ekonomik büyümeye etkisi istatistiki olarak anlamlı değildir. Ekonomik büyümeyi

etkileyen diğer değişkenler döviz kuru ve işsizliktir. Dinamik model sonuçlarına göre ekonomik büyüme süreklilik göstermektedir.

Sonuç- Doğrudan yabancı yatırımlar gelişmekte olan ülkelerde ekonomik büyümeyi arttırmaktadır. Bu sonuç gelişmekte olan ülkelerin

doğrudan yabancı yatırımları arttırmak ve teşvik etmek amaçlı politikalarını desteklemektedir. Gelişmekte olan ülkelere yönelen portföy

yatırımlarının ise ekonomik büyümeyle ilişkisi bulunmamıştır. Ayrıca, 2008 küresel finansal krizin gelişmekte olan ülkelerin ekonomik

büyümesini negatif olarak etkilediği sonucuna ulaşılmıştır.

References

  • Aizenman, J., Jinjarak, Y., & Park, D. (2013). Capital flows and economic growth in the era of financial integration and crisis, 1990– 2010. Open Economies Review, 24(3), 371-396.
  • Alfaro, L., Chanda, A., Kalemli-Ozcan, S., & Sayek, S. (2004). FDI and economic growth: the role of local financial markets. Journal of International Economics, 64(1), 89–112.
  • Arellano, M., & Bond, S. 1991. Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Review of Economic Studies. 58, 277-297.
  • Arellano, M., & Bover, O. 1995. Another look at the instrumental variable estimation of error-components models. Journal of Econometrics. 68, 29-51.
  • Baltagi, B. (2005). Econometric Analysis of Panel Data, Third Edition, John Wiley & Sons Press.
  • Blundell, R., & Bond,S. 1998. Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics. 87, 115-143.
  • Bordo, M. D., Meissner, C.M. & Stuckler,D. (2010). Foreign currency debt, financial crises and economic growth: A long-run view, Journal of International Money and Finance, 29: 642-665.
  • Borensztein, E., De Gregorio, J., & Lee, J. W. (1998). How does foreign direct investment affect economic growth? 1. Journal of International Economics, 45(1), 115-135.
  • Bussiere, M. & Marcel Fratzscher. (2008). Financial Openness and Growth: Shortrun Gain, Long-run Pain, Review of International Economics, 16, 1: 69-95.
  • Carkovic, M. ve Levine, R. (2002). Does Foreign Direct Investment Accelerate Economic Growth?. Working Paper, University of Minnesota Department of Finance. Available at SRN: https://ssrn.com/abstract=314924 or http://dx.doi.org/10.2139/ssrn.314924
  • Chanda, A. (2005). The influence of capital controls on long run growth: Where and how much? Journal of Development Economics, 77:441-466.
  • Choe, J. I. (2003). Do foreign direct investment and gross domestic investment promote economic growth?. Review of Development Economics, 7(1), 44-57.
  • Choong, C.K., Ahmad, Z., Zulkornain, Y. & Habibullah, M.S. (2010). Private capital flows, stock market and economic growth in developed and developing countries: A comparative analysis, Japan and the World Economy 22: 107-117.
  • De Mello, L. R. (1999). Foreign direct investment-led growth: evidence from time series and panel data. Oxford Economic Papers, 51(1),133-151.
  • Durham, K. B. (2004). Absorptive capacity and the effect of foreign direct ınvestment and equity foreign portfolio ınvestment on economic growth. European Economic Rewiev,48:285-306.
  • Ferreira, M. A. & Laux, P.A. (2009). Portfolio flows, volatility and growth. Journal of International Money and Finance, 28, 271-292.
  • Klein, M. W., & Olivei, G. P. (2008). Capital account liberalization, financial depth, and economic growth. Journal of International Ioney and Finance, 27(6), 861-875.
  • Kose, M.A., Prasad, E.S. & Terrones, M.E. (2009). Does openness to international financial flows raise productivity growth? Journal of International Money and Finance, 28, 554-580.
  • Lee, C. C., & Chang, C. P. (2009). FDI, financial development, and economic growth: international evidence. Journal of applied economics, 12(2), 249-271.
  • Makki, S. S., & Somwaru, A. (2004). Impact of foreign direct investment and trade on economic growth: Evidence from developing countries. American Journal of Agricultural Economics, 86(3), 795-801.
  • Nair‐Reichert, U., & Weinhold, D. (2001). Causality tests for cross‐country panels: a New look at FDI and economic growth in developing countries. Oxford bulletin of economics and statistics, 63(2), 153-171.
  • Reinhart, C. & Reinhart, V. (2009). Capital Flow Bonanzas: An Encompassing View of the Past and Present. NBER Macroeconomics Annual, University of Chicago Press.
  • Tiwari, A. K., & Mutascu, M. (2011). Economic growth and FDI in Asia: A panel-data approach. Economic Analysis and Policy, 41(2), 173-187.

DO FOREIGN DIRECT INVESTMENT AND PORTFOLIO INVESTMENT STIMULATE ECONOMIC GROWTH? EVIDENCE FROM DEVELOPING COUNTRIES

Year 2018, , 331 - 338, 30.12.2018
https://doi.org/10.17261/Pressacademia.2018.1000

Abstract

Purpose - The purpose of this paper is to assess the effects of foreign direct investment and portfolio investment on economic growth in

selected developing countries. The effect of 2008 global financial crisis on economic growth in developing countries and persistence of

economic growth are also investigated.

Methodology - The effects of foreign direct investment and portfolio investment on economic growth in selected developing countries are

evaluated by static and dynamic panel data analyses.

Findings - According to the results of static and dynamic panel data analyses, foreign direct investment is positively associated with

economic growth. The effect of portfolio investment on economic growth is statistically insignificant. The other variables that affect

economic growth are foreign exchange rate and unemployment. Economic growth is persistent according to dynamic models.

Conclusion - Foreign direct investment stimulates economic growth in developing countries. This result supports the incentive policies of

developing countries to increase foreign direct investment. Portfolio investment is not associated with economic growth. In addition, 2008

global financial crisis has negative effect on economic growth in developing countries.

References

  • Aizenman, J., Jinjarak, Y., & Park, D. (2013). Capital flows and economic growth in the era of financial integration and crisis, 1990– 2010. Open Economies Review, 24(3), 371-396.
  • Alfaro, L., Chanda, A., Kalemli-Ozcan, S., & Sayek, S. (2004). FDI and economic growth: the role of local financial markets. Journal of International Economics, 64(1), 89–112.
  • Arellano, M., & Bond, S. 1991. Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Review of Economic Studies. 58, 277-297.
  • Arellano, M., & Bover, O. 1995. Another look at the instrumental variable estimation of error-components models. Journal of Econometrics. 68, 29-51.
  • Baltagi, B. (2005). Econometric Analysis of Panel Data, Third Edition, John Wiley & Sons Press.
  • Blundell, R., & Bond,S. 1998. Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics. 87, 115-143.
  • Bordo, M. D., Meissner, C.M. & Stuckler,D. (2010). Foreign currency debt, financial crises and economic growth: A long-run view, Journal of International Money and Finance, 29: 642-665.
  • Borensztein, E., De Gregorio, J., & Lee, J. W. (1998). How does foreign direct investment affect economic growth? 1. Journal of International Economics, 45(1), 115-135.
  • Bussiere, M. & Marcel Fratzscher. (2008). Financial Openness and Growth: Shortrun Gain, Long-run Pain, Review of International Economics, 16, 1: 69-95.
  • Carkovic, M. ve Levine, R. (2002). Does Foreign Direct Investment Accelerate Economic Growth?. Working Paper, University of Minnesota Department of Finance. Available at SRN: https://ssrn.com/abstract=314924 or http://dx.doi.org/10.2139/ssrn.314924
  • Chanda, A. (2005). The influence of capital controls on long run growth: Where and how much? Journal of Development Economics, 77:441-466.
  • Choe, J. I. (2003). Do foreign direct investment and gross domestic investment promote economic growth?. Review of Development Economics, 7(1), 44-57.
  • Choong, C.K., Ahmad, Z., Zulkornain, Y. & Habibullah, M.S. (2010). Private capital flows, stock market and economic growth in developed and developing countries: A comparative analysis, Japan and the World Economy 22: 107-117.
  • De Mello, L. R. (1999). Foreign direct investment-led growth: evidence from time series and panel data. Oxford Economic Papers, 51(1),133-151.
  • Durham, K. B. (2004). Absorptive capacity and the effect of foreign direct ınvestment and equity foreign portfolio ınvestment on economic growth. European Economic Rewiev,48:285-306.
  • Ferreira, M. A. & Laux, P.A. (2009). Portfolio flows, volatility and growth. Journal of International Money and Finance, 28, 271-292.
  • Klein, M. W., & Olivei, G. P. (2008). Capital account liberalization, financial depth, and economic growth. Journal of International Ioney and Finance, 27(6), 861-875.
  • Kose, M.A., Prasad, E.S. & Terrones, M.E. (2009). Does openness to international financial flows raise productivity growth? Journal of International Money and Finance, 28, 554-580.
  • Lee, C. C., & Chang, C. P. (2009). FDI, financial development, and economic growth: international evidence. Journal of applied economics, 12(2), 249-271.
  • Makki, S. S., & Somwaru, A. (2004). Impact of foreign direct investment and trade on economic growth: Evidence from developing countries. American Journal of Agricultural Economics, 86(3), 795-801.
  • Nair‐Reichert, U., & Weinhold, D. (2001). Causality tests for cross‐country panels: a New look at FDI and economic growth in developing countries. Oxford bulletin of economics and statistics, 63(2), 153-171.
  • Reinhart, C. & Reinhart, V. (2009). Capital Flow Bonanzas: An Encompassing View of the Past and Present. NBER Macroeconomics Annual, University of Chicago Press.
  • Tiwari, A. K., & Mutascu, M. (2011). Economic growth and FDI in Asia: A panel-data approach. Economic Analysis and Policy, 41(2), 173-187.
There are 23 citations in total.

Details

Primary Language English
Journal Section Articles
Authors

Serpil Kuzucu This is me 0000-0003-2949-4086

Publication Date December 30, 2018
Published in Issue Year 2018

Cite

APA Kuzucu, S. (2018). DO FOREIGN DIRECT INVESTMENT AND PORTFOLIO INVESTMENT STIMULATE ECONOMIC GROWTH? EVIDENCE FROM DEVELOPING COUNTRIES. Journal of Economics Finance and Accounting, 5(4), 331-338. https://doi.org/10.17261/Pressacademia.2018.1000

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