Maliye ve Finans Yazıları 1308-6014 3062-2565 Maliye ve Finans Yazıları Yayıncılık Ltd. Şti. 10.33203/mfy.1836891 Economic Models and Forecasting Growth Ekonomik Modeller ve Öngörü Büyüme Foreign Direct Investments, Institutional Quality, and Economic Growth in Kosovo: A VECM Analysis (2008-2024) Kosova’da Doğrudan Yabancı Sermaye Yatırımları, Kurumsal Kalite ve Ekonomik Büyüme: VECM Analizi (2008-2024) https://orcid.org/0009-0005-8544-4368 Alitoska Kazaz Adjera https://orcid.org/0000-0002-9753-9429 Uzunoğlu Sadi TRAKYA ÜNİVERSİTESİ 12 31 2025 Özel Sayı 3 314 333 12 05 2025 12 19 2025 Copyright © 1986, Journal of Finance Letters 1986 Journal of Finance Letters

The aim of this study is to investigate the relationship between Foreign Direct Investment (FDI), institutional quality, and economic growth in Kosovo during the period 2008-2024. The analysis employs the Vector Error Correction Model (VECM), and the results reveal that the three variables under consideration move together in the long run and exhibit a stable equilibrium relationship. Furthermore, FDI adjusts most rapidly to restore this equilibrium. In brief, FDI responds the quickest to any disequilibria. In the short run, the findings show that an increase in economic growth and institutional quality positively influences FDI. These results suggest that, for investors economic growth, institutional trust, and governance quality are of significant importance. The outcomes of this study support the view that foreign investments in developing countries are generally contingent upon both macroeconomic and institutional conditions.

Bu çalışmanın amacı, Kosova’da 2008-2024 döneminde doğrudan yabancı sermaye yatırımları, kurumsal kalite ve ekonomik büyüme arasındaki ilişkiyi araştırmaktır. Çalışmanın analizinde, Vektör Hata Düzeltme Modeli (VECM) kullanılmış ve analiz sonucunda, ele alınan üç değişkenin uzun dönemde birlikte hareket ettiği, aralarında istikrarlı bir denge ilişkisi olduğu ve bu dengeye en hızlı uyum sağlayan değişkenin doğrudan yabancı sermaye yatırımları olduğu ortaya çıkmıştır. Kısaca yabancı sermaye yatırımları dengesizliklere en hızlı şekilde tepki vermektedir. Kısa dönem sonuçlarına baktığımızda, ekonomik büyümede ve kurumsal kalitedeki artışın doğrudan yabancı sermaye yatırımlarını pozitif etkilediği görülmektedir. Bu sonuçlara göre, yatırımcılar için ekonomik büyüme, kurumsal güven ve yönetişim kalitesinin büyük önem arz ettiği ortaya çıkmaktadır. Çalışmamızda ortaya çıkan sonuç, gelişmekte olan ülkelerde yabancı yatırımların genellikle makroekonomik ve kurumsal koşullara bağlı olduğu görüşünü desteklemektedir.

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