Karamanoğlu Mehmetbey Üniversitesi Sosyal Ve Ekonomik Araştırmalar Dergisi 2147-7833 Karamanoglu Mehmetbey University 10.18493/kmusekad.1643045 Macroeconomics (Other) Makro İktisat (Diğer) DOĞRUDAN YABANCI YATIRIMLARIN YERLİ YATIRIMLAR ÜZERİNDE ÇEKME VEYA DIŞLAMA ETKİSİ VAR MIDIR? MADENCİLİK SEKTÖRÜ ÜZERİNE BİR ANALİZ DOES FOREIGN DIRECT INVESTMENT HAVE CROWDING IN OR CROWDING OUT EFFECT ON DOMESTIC INVESTMENT? AN ANALYSIS ON THE MINING SECTOR Topoğlu Ece KARAMANOĞLU MEHMETBEY ÜNİVERSİTESİ Öge Güney Pelin HACETTEPE ÜNİVERSİTESİ 04 20 2026 28 51 389 416 02 20 2025 12 01 2025 Copyright © 2015, Karamanoglu Mehmetbey University Journal of Social and Economic Research 2015 Karamanoglu Mehmetbey University Journal of Social and Economic Research

Bu makale, 2009-2019 dönemini kapsayan 25 gelişmiş ülkeye ait panel veri seti kullanılarak, madencilik sektöründe doğrudan yabancı yatırımın (DYY) yerli yatırım üzerinde çekme ya da dışlama etkisi olup olmadığını araştırmaktadır. Yapılan kapsamlı literatür taraması, DYY'nin yerli yatırım üzerindeki etkisi konusunda literatürde bir fikir birliği olmadığını ortaya koymaktadır. Özellikle, bulgular sektörler arasında önemli ölçüde farklılık göstermekte olup, sektör bazlı bir yaklaşımın önemini vurgulamaktadır. Sistem GMM tahminine dayanan ampirik analiz, DYY’nin kısa vadede madencilik sektöründe yerli yatırımı dışladığını doğrulamaktadır. Uzun dönemde bu etki devam etmekle birlikte büyüklüğü azalmaktadır. Sonuçlar, madencilik sektöründe DYY ve yerli yatırımın birbirinin ikamesi olduğunu göstermektedir. Bu durum hem madencilik sektörüne hem de gelişmiş ülkelere özgü özelliklerden kaynaklanmaktadır.

The study examines whether foreign direct investment (FDI) crowds in or crowds out domestic investment in the mining sector, using a cross-section dataset of 25 developed countries over the period 2009-2019. The extensive literature review reveals no consensus on the influence of FDI on domestic investment. Notably, findings differentiate significantly across sectors, highlighting the importance of a sector-specific approach. The empirical analysis, based on the System Generalized Methods of Moments (GMM) estimation technique, confirms that FDI crowds out domestic investment in the mining sector in the short run. Although the crowding out effect persists in the long run, its magnitude diminishes slightly over time. The results demonstrate that FDI and domestic investment are substitutes in the mining sector. The findings can be attributed to both sector-specific characteristics and the structural features of developed economies.

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