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Year 2014, Volume: 1 Issue: 1, 38 - 45, 01.03.2014

Mustafa Emir Melih Kutlu

Abstract

Türkiye gibi gelişmekte olan ülkelerin büyüme ve kalkınma yolunda karşılaştıkları yapısal sorunlar ve bunun hem nedeni hem sonucu olan sermaye birikimi yetersizliğinin üstesinden gelmelerinin en etkin yolu dış finansman kaynaklarıdır. Kaynak yetersizliği çeken gelişmekte olan ülkelerin yabancı sermayeden beklentisi, yurt içi yatırım ve tasarrufları artırarak büyümenin gerçekleştirilmesidir. Ancak yaşanılan deneyimler, makroekonomik göstergeleri bozuk, borçlanma oranları yüksek ve daha çok kısa vadeli sermaye girişlerinin yoğun olarak yaşandığı ülkelerde, bu olumlu beklentilerin gerçekleşmediğini göstermektedir. Özellikle kısa vadeli yabancı fonların, spekülatif nitelikli ve oynaklığının yüksek oluşu nedeniyle, olumsuz beklentilerin arttığı dönemlerde hızla ülkeyi terk etmekte ve krizleri etkileyen bir unsur olarak ortaya çıkabilmektedir. Bu durum büyümeyi ve dolayısıyla kalkınmayı olumsuz olarak etkilemektedir. Bu çalışmada 1983-2012 döneminde yıllık verilerle GSYİH ve doğrudan yabancı yatırımlar değerleri arasındaki nedensellik ilişkisi, Granger Nedensellik analizi yardımıyla test edilmiştir. Sonuç olarak doğrudan yabancı yatırımlar ve ekonomik büyüme arasında nedensellik ilişkisi olduğu tespit edilmiştir. 1. GİRİŞ

References

  • Apergis, N., Lyroudi, K., Vamvakidis, A. (2008). The Relationship Between Foreign Direct Investment and Economic Growth: Evidence from Transitional Countries”, Transition Studies Review, Cilt 15, 37-51.
  • Alfaro, L., Chenda, A., Özcan, Ş.K., Sayek, S. (2004). FDI and Economic Growth The Role of Local Financial
  • Markets”,Journal of International Economics, Sayı 64 (1). Chowdhury, A., Mavrotas, G., (2005). FDI and Growth: A Causal Relationship Research”, Research Paper, UNU
  • WIDER, United Nations University (UNU), No. 25, 1-10. Contessi, S., Weinberger, A. (2009). Foreign Direct Investment, Productivity and Country Growth: An Overview”,
  • Federal Reserve Bank of St. Louis Review, 91 (2), 61-78. Fortainer, F. (2007). Foreign direct investment and host country economic growth: Does the investor’s country of origin play a role?”, Transnational Corporations, Cilt 16, No: 2, UNCTAD, 41-76.
  • Granger C. W. J. (1969). Investigating Causal Relations by Econometric Models and Cross-spectral Methods, Cilt 37, Sayı:3, Jstor, 424-438.
  • Iqbal, M. S., Shaikh, F. M., Shar, A.M. (2010). Causality Relationship Between Foreign Direct Investment, Trade and Economic Growth in Pakistan, Asian Social Science, Cilt 6, No:9, Canadian Center of Science and Education, 82
  • Khaliq, A., Noy, I. (2007). Foreign Direct Investment and Economic Growth: Empirical Evidence from Sectoral Data in Indonesia, University of Hawaii Department of Economics Working Papers, No: 200726, 1-27.
  • Kutlar, Aziz. (2009). UygulamalıEkonometri, Nobel Yayın Dağıtım, 3. Basım, Ankara.
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  • Advances in Information Technology and Management, Cilt 2, No:1, World Science Publisher, 187-201. Samad, A. (2011). Does FDI Cause Economic Growth? Evidence from South-East Asia and Latin America,
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  • Shaari, M. S., Hong, T. H., Shukeri, S. N.,(2012). Foreign Direct Investment and Economic Growth: Evidence from
  • Malaysia, International Business Research, Cilt 5, No:10, Canadian Center of Science and Education, 100-106. Sridharan, P., Vijayakumar. N, Chandra Sekhara Rao. K. (2009). Causal Relationship between Foreign Direct
  • Investment and Growth: Evidence from BRICS Countries, International Business Research, Cilt 2, No:4, Canadian Center of Science and Education, 198-203. Yılmazer, M. (2010). Doğrudan Yabancı Yatırımlar, DışTicaret ve Ekonomik Büyüme İlişkisi: Türkiye Üzerine Bir
  • Deneme, Celal Bayar Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, Cilt 8, Sayı:1, 241-260. www.oecd.org www.unctad.org www.worldbank.org

Relationship between foreign direct investment and economic growth in developing countries

Year 2014, Volume: 1 Issue: 1, 38 - 45, 01.03.2014

Mustafa Emir Melih Kutlu

Abstract

Its way the growth and development of developing countries such as Turkey faced structural problems and it is both a cause and a result of lack of capital accumulation which is the most effective way of overcoming are external financing sources. The expectation of scarce resources of developing countries from foreign capital is growth by increasing domestic investment and savings. However experience in countries which macroeconomic indicators corrupt, borrowing rates are high and more intensely felt short-term borrowing it is observed that the fall through of these expectations. Especially due to short-term foreign funds have high speculative and volatility this funds leave the country when negative expectations increased rapidly in the period and crises can arise as a factor affecting. This situation negatively affects growth and hence development. Due to various negativities caused by short-term investment in the development process of the country, especially considering the long-term benefits to them are trying to attract foreign direct investment. In this study causality relations between GDP and foreign direct investment are tested by the help of Granger Causality Analyze yearly data in 1983-2012 period. As a result, the causal relationship between foreign direct investment and economic growth have been identified

References

  • Apergis, N., Lyroudi, K., Vamvakidis, A. (2008). The Relationship Between Foreign Direct Investment and Economic Growth: Evidence from Transitional Countries”, Transition Studies Review, Cilt 15, 37-51.
  • Alfaro, L., Chenda, A., Özcan, Ş.K., Sayek, S. (2004). FDI and Economic Growth The Role of Local Financial
  • Markets”,Journal of International Economics, Sayı 64 (1). Chowdhury, A., Mavrotas, G., (2005). FDI and Growth: A Causal Relationship Research”, Research Paper, UNU
  • WIDER, United Nations University (UNU), No. 25, 1-10. Contessi, S., Weinberger, A. (2009). Foreign Direct Investment, Productivity and Country Growth: An Overview”,
  • Federal Reserve Bank of St. Louis Review, 91 (2), 61-78. Fortainer, F. (2007). Foreign direct investment and host country economic growth: Does the investor’s country of origin play a role?”, Transnational Corporations, Cilt 16, No: 2, UNCTAD, 41-76.
  • Granger C. W. J. (1969). Investigating Causal Relations by Econometric Models and Cross-spectral Methods, Cilt 37, Sayı:3, Jstor, 424-438.
  • Iqbal, M. S., Shaikh, F. M., Shar, A.M. (2010). Causality Relationship Between Foreign Direct Investment, Trade and Economic Growth in Pakistan, Asian Social Science, Cilt 6, No:9, Canadian Center of Science and Education, 82
  • Khaliq, A., Noy, I. (2007). Foreign Direct Investment and Economic Growth: Empirical Evidence from Sectoral Data in Indonesia, University of Hawaii Department of Economics Working Papers, No: 200726, 1-27.
  • Kutlar, Aziz. (2009). UygulamalıEkonometri, Nobel Yayın Dağıtım, 3. Basım, Ankara.
  • Li, X., Liu, X. (2005). Foreign Direct Investment and Economic Growth: An Increasingly Endogenous Relationship,
  • World Development, Cilt 33, No:3, Elseiver, 393-407. Ray, S. (2012). Impact of Foreign Direct Investment on Economic Growth in India: A Co integration Analysis,
  • Advances in Information Technology and Management, Cilt 2, No:1, World Science Publisher, 187-201. Samad, A. (2011). Does FDI Cause Economic Growth? Evidence from South-East Asia and Latin America,
  • International Journal of Economics, Cilt 5, No:2, 143-153. Sevüktekin, M., Nargeleçekenler,(2007). M. Ekonometrik Zaman Serileri Analizi, Nobel YayınDağıtım, 2.Baskı, Ankara.
  • Shaari, M. S., Hong, T. H., Shukeri, S. N.,(2012). Foreign Direct Investment and Economic Growth: Evidence from
  • Malaysia, International Business Research, Cilt 5, No:10, Canadian Center of Science and Education, 100-106. Sridharan, P., Vijayakumar. N, Chandra Sekhara Rao. K. (2009). Causal Relationship between Foreign Direct
  • Investment and Growth: Evidence from BRICS Countries, International Business Research, Cilt 2, No:4, Canadian Center of Science and Education, 198-203. Yılmazer, M. (2010). Doğrudan Yabancı Yatırımlar, DışTicaret ve Ekonomik Büyüme İlişkisi: Türkiye Üzerine Bir
  • Deneme, Celal Bayar Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, Cilt 8, Sayı:1, 241-260. www.oecd.org www.unctad.org www.worldbank.org
There are 17 citations in total.

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Journal Section Articles
Authors

Mustafa Emir This is me

Melih Kutlu This is me

Publication Date March 1, 2014
Published in Issue Year 2014 Volume: 1 Issue: 1

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APA Emir, M., & Kutlu, M. (2014). Relationship between foreign direct investment and economic growth in developing countries. Journal of Economics Finance and Accounting, 1(1), 38-45.

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