The Impact of Financial Development and Foreign Direct Investments on Economic Growth in the Economies of the Association of Southeast Asian Nations (ASEAN)

Abstract

This study examines the causal relationship between foreign direct investment (FDI), financial development, and economic growth in the Founding Five of the Association of Southeast Asian Nations (ASEAN): Indonesia, Malaysia, the Philippines, Singapore, and Thailand. Using the panel bootstrap causality test for the period 1980–2021, the analysis reveals that the impact of FDI and financial development on economic growth varies across countries. The findings indicate that in Indonesia, FDI positively influences economic growth, whereas financial development has a negative impact. Similarly, in Malaysia, FDI fosters economic growth, while financial development negatively affects growth. In the Philippines, financial development supports economic growth, whereas FDI has a negative impact. In both Singapore and Thailand, FDI and financial development negatively influence economic growth.

Keywords

• ASEAN Countries
• Economic Growth
• Financial Development
• Foreign Direct Investment (FDI)

Güneydoğu Asya Uluslar Birliği (ASEAN) Ekonomilerinde Finansal Gelişme ve Doğrudan Yabancı Yatırımların Ekonomik Büyüme Üzerindeki Etkisi

Abstract

Bu çalışma, Güneydoğu Asya Uluslar Birliği'nin Kurucu Beşlisi’ni oluşturan Endonezya, Malezya, Filipinler, Singapur ve Tayland’da doğrudan yabancı yatırımlar ve finansal gelişmişliğin ekonomik büyüme üzerindeki nedensel ilişkisini incelemektedir. 1980-2021 dönemi için panel bootstrap nedensellik testi kullanılarak yapılan analiz, doğrudan yabancı yatırımlar ve finansal gelişmişlik değişkenlerinin ekonomik büyüme üzerindeki etkilerinin ülkeden ülkeye değiştiğini göstermektedir. Elde edilen bulgulara göre, Endonezya’da doğrudan yabancı yatırımlar büyümeyi pozitif yönde etkilerken, finansal gelişmişlik ekonomik büyüme üzerinde negatif bir etkiye sahiptir. Malezya’da benzer şekilde doğrudan yabancı yatırımlar büyümeyi teşvik ederken, finansal gelişmişliğin büyüme üzerindeki etkisi negatif yönlüdür. Filipinler’de finansal gelişmişlik büyümeyi desteklerken, doğrudan yabancı yatırımların büyümeye olumsuz etkisi gözlemlenmiştir. Singapur ve Tayland’da hem doğrudan yabancı yatırımlar hem de finansal gelişmişlik büyüme üzerinde olumsuz etkiye sahiptir.

Keywords

• ASEAN Ülkeleri
• Ekonomik Büyüme
• Finansal Gelişme
• Doğrudan Yabancı Yatırımlar (FDI)

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