Research Article

The Connection Between Economic Complexity, Foreign Direct Investment and Economic Freedom: A Panel ARDL Approach for The Black Sea Economic Cooperation Organization (BSEC)

Volume: 14 Number: 4 October 3, 2025
TR EN

The Connection Between Economic Complexity, Foreign Direct Investment and Economic Freedom: A Panel ARDL Approach for The Black Sea Economic Cooperation Organization (BSEC)

Abstract

Geographically, the Black Sea Economic Cooperation Organization (BSEC) is of great strategic importance. Because the Black Sea is a crossing point between both Europe and Asia. Due to its geopolitical location, BSEC offers great opportunities in many aspects such as energy, trade volume, logistics, etc. This is important understanding the potential of BSEC countries. In the study, the connection between economic complexity (EC), foreign direct investment (FDI) and economic freedom (EF) and in 13 BSEC member countries was investigated. In this study, which covers the years 1998-2022, the existence of the long-run connection was analyzed through the PMG estimator, which is frequently used in the Panel ARDL method. The results reveal that EC and EF increase FDI in both short and long run. Accordingly results of error correction model, positive and significant connection was found in 10 BSEC member countries. In 3 countries, the error correction model is insignificant.

Keywords

Ethical Statement

“Ekonomik Karmaşıklık, Doğrudan Yabancı Yatırım ve Ekonomik Özgürlük Arasındaki İlişki: Karadeniz Ekonomik İşbirliği Örgütü (KEİ) için Bir Panel ARDL Yaklaşımı” başlıklı çalışmanın yazım sürecinde bilimsel kurallara, etik ve alıntı kurallarına uyulmuş; toplanan veriler üzerinde herhangi bir tahrifat yapılmamış ve bu çalışma herhangi başka bir akademik yayın ortamına değerlendirme için gönderilmemiştir.

References

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  2. Alidemaj, A. H., Krivins, A., Durguti, E., & McArdle, J. (2025). Economic Freedom Index and Foreign Direct Investment: Bridging the Gap between Developed and Emerging Economies. Central European Business Review, 14(5), 1-22.
  3. Ateş, M. M., & Arslan, C. K. (2025). Ekonomik Kompleksitenin Doğrudan Yabancı Yatırım Üzerine Etkileri: Çok Boyutlu Panel Veri Analizi. Uluslararası İktisadi ve İdari Çalışmalar Dergisi, 3(1), 87-97.
  4. Aydin, M., Guney, E., Yigit, B., Acikgoz, F., & Cakmak, B. Y. (2024). Regulatory pathways to green energy transition for sustainable environment: The fostering role of human rights, banking sector development, economic complexity, and economic freedom. Journal of Environmental Management, 366(121739), 1-12.
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  6. Ben-Salha, O., Dachraoui, H., & Sebri, M. (2021). Natural resource rents and economic growth in the top resource-abundant countries: A PMG estimation. Resources Policy, 74(101229), 1-8.
  7. Black Sea Economic Cooperation. (2025, 02 17). https://www.bsec-organization.org/bsec-at-glance adresinden alındı
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Details

Primary Language

English

Subjects

International Economic Foundation

Journal Section

Research Article

Publication Date

October 3, 2025

Submission Date

March 7, 2025

Acceptance Date

July 16, 2025

Published in Issue

Year 2025 Volume: 14 Number: 4

APA
Bozduman, E. T. (2025). The Connection Between Economic Complexity, Foreign Direct Investment and Economic Freedom: A Panel ARDL Approach for The Black Sea Economic Cooperation Organization (BSEC). MANAS Sosyal Araştırmalar Dergisi, 14(4), 1706-1717. https://doi.org/10.33206/mjss.1653340
AMA
1.Bozduman ET. The Connection Between Economic Complexity, Foreign Direct Investment and Economic Freedom: A Panel ARDL Approach for The Black Sea Economic Cooperation Organization (BSEC). MJSS. 2025;14(4):1706-1717. doi:10.33206/mjss.1653340
Chicago
Bozduman, Elif Tuğçe. 2025. “The Connection Between Economic Complexity, Foreign Direct Investment and Economic Freedom: A Panel ARDL Approach for The Black Sea Economic Cooperation Organization (BSEC)”. MANAS Sosyal Araştırmalar Dergisi 14 (4): 1706-17. https://doi.org/10.33206/mjss.1653340.
EndNote
Bozduman ET (October 1, 2025) The Connection Between Economic Complexity, Foreign Direct Investment and Economic Freedom: A Panel ARDL Approach for The Black Sea Economic Cooperation Organization (BSEC). MANAS Sosyal Araştırmalar Dergisi 14 4 1706–1717.
IEEE
[1]E. T. Bozduman, “The Connection Between Economic Complexity, Foreign Direct Investment and Economic Freedom: A Panel ARDL Approach for The Black Sea Economic Cooperation Organization (BSEC)”, MJSS, vol. 14, no. 4, pp. 1706–1717, Oct. 2025, doi: 10.33206/mjss.1653340.
ISNAD
Bozduman, Elif Tuğçe. “The Connection Between Economic Complexity, Foreign Direct Investment and Economic Freedom: A Panel ARDL Approach for The Black Sea Economic Cooperation Organization (BSEC)”. MANAS Sosyal Araştırmalar Dergisi 14/4 (October 1, 2025): 1706-1717. https://doi.org/10.33206/mjss.1653340.
JAMA
1.Bozduman ET. The Connection Between Economic Complexity, Foreign Direct Investment and Economic Freedom: A Panel ARDL Approach for The Black Sea Economic Cooperation Organization (BSEC). MJSS. 2025;14:1706–1717.
MLA
Bozduman, Elif Tuğçe. “The Connection Between Economic Complexity, Foreign Direct Investment and Economic Freedom: A Panel ARDL Approach for The Black Sea Economic Cooperation Organization (BSEC)”. MANAS Sosyal Araştırmalar Dergisi, vol. 14, no. 4, Oct. 2025, pp. 1706-17, doi:10.33206/mjss.1653340.
Vancouver
1.Elif Tuğçe Bozduman. The Connection Between Economic Complexity, Foreign Direct Investment and Economic Freedom: A Panel ARDL Approach for The Black Sea Economic Cooperation Organization (BSEC). MJSS. 2025 Oct. 1;14(4):1706-17. doi:10.33206/mjss.1653340

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