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Dolaysız Yabancı Sermaye ve Ekonomik Büyüme İlişkisinin Dinamik Analizi: OECD Ülkeleri Örneği

Year 2013, Volume: 2 Issue: 2, 177 - 191, 25.02.2014

Oğuz Öcal

Abstract

Bu çalışma, 22 Ekonomik Kalkınma ve İşbirliği Örgütü (OECD) ülkesinde dolaysız yabancı sermaye yatırımları (DYSY) ile ekonomik büyüme arasındaki ilişkiyi test etmek için son dönem ekonomik büyüme teorilerini ve ekonometrik teknikleri kullanmaktadır. Teorik olarak, son dönem içsel büyüme modelleri DYSY’yi teknolojik yayılmadaki rolü sebebiyle büyüme dinamiği olarak tanımlamaktadır. Bununla birlikte, söz konusu bu yatırımların içselliği de ekonomik büyümenin bu yatırımları etkilemesini olası hale getirmektedir. 22 OECD ülke verilerinin kullanıldığı panel ve zaman serisi analizinden elde edilen sonuçlar, DYSY’nın büyümeyi olumlu etkileyen bir unsur olduğunu göstermektedir. Çalışmadan elde edilen bu sonuç içsel büyüme hipotezini en azından 22 OECD ülkesi için desteklemektedir.

Keywords

Dolaysız Yabancı Sermaye Yatırımları DOLS Panel

References

  • Aitken, B. and Harrison A. (1991). Are There Spillovers From Foreign Direct Investment? Evidence from Panel Data for Venezuela. mimeo, MIT and the World Bank, November.
  • Aitken, B. and Harrison A. (1999). Do Domestic Firms Benefit from Foreign Investment? Evidence from Venezuela. American Economic Review, Vol. 89, 605-618.
  • Akinlo, A.E. (2004). FDI and Growth in Nigeria: An Empirical Investigation. Journal of Policy Modelling, 26(5), 627-639.
  • Alfaro, L., Areendam, C., Kalemli, Ö. and Sayek, S. (2001). FDI and Economic Growth: The Role of Financial Markets. Harvard Business School, Working Paper 01-83.
  • Andreas, J. (2006). The Effects of FDI Inflows on Host Country Economic Growth. CESIS Electronic UK. Working Paper Series, No. 58, 1-57.
  • Arellano, M. and Bond S. (1991). Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations. Review of Economic Studies, 58, 277-297.
  • Balasubramanyan, V., A Salisu, M. and Sapsford D. (1996). Foreign Direct Investment and Growth in EP and IS Countries. Economic Journal, 106 (1), 92-105.
  • Barro, R. J. and Sala-i-Martin X. (1995). Economic Growth, New York: McGraw- Hill.
  • Basu, P., Chakraborty, C. and Reagle D. (2003). Liberalization, FDI, and Growth in Developing Countries: A Panel Cointegration Approach. Economic Inquiry, 41 (3), 510-516.
  • Bengoa, M. and Blanca S-R. (2003). Foreign Direct Investment, Economic Freedom and Growth: New Evidence from Latin-America. European Journal of Political Economy, 19, 529–545.
  • Berthelemy, J-C. and Demurger S. (2000). Foreign Direct Investment and Economic Growth: Theory and Application to China. Review of Development Economics, 4 (2), 140–155.
  • Blomström, M. (1986). Foreign Investment and Productive Efficiency: The Case of Mexico. Journal of Industrial Economics, 15, 97–110.
  • Blomström, M. and Wolff E. N. (1989). Multinational Corporations and Productivity Convergence in Mexico. National Bureau of Economic Research (NBER), Working Paper No. 3141.
  • Blomström, M., Lipsey R. and Zejan M. (1992). What Explains Developing Countries Growth?. National Bureau of Economic Research (NBER), Working Paper No: 4132.
  • Blomström, M. and Kokko A. (2003). The Economics of Foreign Direct Investment Incentives. National Bureau of Economic Research, (NBER), Working Paper No:9489.
  • Bosworth, B. P. and Collins S. (1999). Capital Flows to Developing Economies: Implications for Saving and Investment. Brookings Papers on Economic Activity:1, Brookings Institution: 143-169.
  • Breitung, J. and Meyer W. (1994). Testing for Unit Roots in Panel Data: Are Wages on Different Bargaining Levels Cointegrated?. Applied Economics, 26, 353–361.
  • Campos, N. F. and Kinoshita Y. (2002). Foreign Direct Investment as Technology Transferred: Some Panel Evidence from the Transition Countries. The Manchester School, 70 (3), 398-419.
  • Carkovic, M. and Levine R. (2002). Does Foreign Direct Investment Accelerate Economic Growth?. Financial Globalization: A Blessing or a Curse, World Bank Conference.
  • Değer, K. ve Emsen S. (2006). Geçiş Ekonomilerinde Doğrudan Yabancı Sermaye Yatırımları ve Ekonomik Büyüme İlişkileri: Panel Veri Analizleri (1990- 2002). C.Ü. İktisadi ve İdari Bilimler Dergisi, 7(2), 121-137.
  • De Mello, L. R. (1997). Foreign Direct Investment in Developing Countries and Growth: A Selective Survey. Journal of Development Studies, 34(1), 1-34.
  • De Mello, L. R. (1999). Foreign Direct Investment-Led Growth: Evidence from Time Series and Panel Data. Oxford Economic Papers, 51(1), 133-151.
  • Dickey, D. A., Jansen D. and Thornton D. (1991). A Primer on Cointegration with An Application to Money and Income. Review Federal Reserve Bank of ST. Louis, 73 (2), 58–78.
  • Granger, C. and Newbold P. (1974). Spurious Regressions in Econometrics. Journal of Econometrics, 2, 111-120.
  • Haddad, M. and Harrison A. (1993). Are There Positive Spillovers from Direct Foreign Investment? Evidence from Panel Data for Morocco. Journal of Development Economics, 42, 51–74.
  • Henrik H. and Rand J. (2006). On the Causal Links Between FDI and Growth in Developing Countries. The World Economy, Blackwell Publishing, 29(1), 21-41.
  • Holtz-Eakin, D., Whitney N. and Rosen H.S. (1988). Estimating Vector Autoregressions with Panel Data. Econometrica 56(6), 1371 - 1395.
  • Holtz-Eakin, D., Whitney N. and Rosen H.S. (1989). The Revenues-Expenditure Nexus: Evidence from Local Government Data. International Economic Review, 30, 415- 29.
  • IMF (1999). Balance of Payments Statitistics Yearbook, Washington.
  • IM, K.S., Pesaran M.H. and Shin Y. (2003). Testing Unit Roots in Heterogeneous Panels. Journal of Econometrics, 115, 53-74.
  • Karluk, R. (2001). Türkiye’de Yabancı Sermaye Yatırımlarının Ekonomik Büyümeye kitap2/turkyabsermyat.doc, Erişim Tarihi: 08.07.2010
  • http://www.tcmb.gov.tr/yeni/evds/yayin/kitaplar/
  • Kao C., Chiang M-H. and Chen B. (1999). International R&D Spillovers: an Application of Estimation and Inference in Panel Cointegration. Oxford Bulletin of Economics and Statistics, 61(4), 695–711.
  • Kindleberger, C. P. (1971), American Business Abroad: Six Lectures on Direct Investment, Third Edition, Yale University Pres.
  • Kula, F. (2003). Uluslararası Sermaye Hareketlerinin Etkinliği: Türkiye Üzerine Gözlemler. Cumhuriyet Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 4(2), 141-154.
  • Kök, R. ve Şimşek N. (2006). Endüstri-içi Dış Ticaret, Patentler ve Uluslararası Teknolojik Yayılma. Uluslararası Ekonomi Konferansı, Türkiye Ekonomi Kurumu, Ankara, 11-13 Eylül.
  • Lee G. (2005). International R&D Spillovers Revisited. Open Economies Review, 16, 249–262.
  • Levin , A., Lin C-F. and Chu C-S. J. (2002). Unit Root Tests in Panel Data: Asymptotic and Finite-Sample Properties”, Journal of Econometrics, 108, 1-24.
  • Nair-Reichert, U. and Weinhold D. (2001). Causality Test for Cross-Country Panels: A New Look at FDI and Economic Growth in Developing Countries. Oxford Bulletin of Economics and Statistics, 63(2), 153-171.
  • Ndikumana, L. and Verick S. (2008). The Linkages Between FDI and Domestic Investment: Unravelling the Developmental Impact of Foreign Investment in Sub – Saharan Africa. Development Policy Review, 26(6), 713-726.
  • Mody, A. and Murshid A. P. (2002). Growing Up with Capital Flows. Journal of International Economics, 65, 249-266.
  • Pedroni, P. (1997). Panel Cointegration, Asymptotic and Finite Sample Properties of Pooled Time Series Tests, with an Application to the PPP Hypothesis: New Results. Indiana University, Working Paper in Economics, December.
  • Pedroni, P. (1999). Critical Values for Cointegration Tests in Heterogeneous Panels with Multiple Regressors. Oxford Bulletin of Economics and Statistics 61, 4: 653-670.
  • Ram, R. and K. Zhang, H. (2002). Foreign Direct Investment and Economic Growth: Evidence from Cross-Country Data for the 1990s. Economic Development and Cultural Change, 51 (1): 205–215.
  • Sabır, H. (2002). Doğrudan Yabancı Sermaye Yatırımlarını Gelişmekte Olan Ülkelere Yönlendirici Politikalar. Dış Ticaret Dergisi, 7(26), 74-84.
  • Westerlund, J. (2007). Testing for Error Correction in Panel Data. Oxford Bulletin of Economics and Statistics, Vol. 69(6): 709-748.
  • Worldbank (1997), Private Capital Flows to Developing Countries – The Road to Financial Integration. World Bank Policy Research Report, Washington, D.C, The World Bank.

Year 2013, Volume: 2 Issue: 2, 177 - 191, 25.02.2014

Oğuz Öcal

Abstract

References

  • Aitken, B. and Harrison A. (1991). Are There Spillovers From Foreign Direct Investment? Evidence from Panel Data for Venezuela. mimeo, MIT and the World Bank, November.
  • Aitken, B. and Harrison A. (1999). Do Domestic Firms Benefit from Foreign Investment? Evidence from Venezuela. American Economic Review, Vol. 89, 605-618.
  • Akinlo, A.E. (2004). FDI and Growth in Nigeria: An Empirical Investigation. Journal of Policy Modelling, 26(5), 627-639.
  • Alfaro, L., Areendam, C., Kalemli, Ö. and Sayek, S. (2001). FDI and Economic Growth: The Role of Financial Markets. Harvard Business School, Working Paper 01-83.
  • Andreas, J. (2006). The Effects of FDI Inflows on Host Country Economic Growth. CESIS Electronic UK. Working Paper Series, No. 58, 1-57.
  • Arellano, M. and Bond S. (1991). Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations. Review of Economic Studies, 58, 277-297.
  • Balasubramanyan, V., A Salisu, M. and Sapsford D. (1996). Foreign Direct Investment and Growth in EP and IS Countries. Economic Journal, 106 (1), 92-105.
  • Barro, R. J. and Sala-i-Martin X. (1995). Economic Growth, New York: McGraw- Hill.
  • Basu, P., Chakraborty, C. and Reagle D. (2003). Liberalization, FDI, and Growth in Developing Countries: A Panel Cointegration Approach. Economic Inquiry, 41 (3), 510-516.
  • Bengoa, M. and Blanca S-R. (2003). Foreign Direct Investment, Economic Freedom and Growth: New Evidence from Latin-America. European Journal of Political Economy, 19, 529–545.
  • Berthelemy, J-C. and Demurger S. (2000). Foreign Direct Investment and Economic Growth: Theory and Application to China. Review of Development Economics, 4 (2), 140–155.
  • Blomström, M. (1986). Foreign Investment and Productive Efficiency: The Case of Mexico. Journal of Industrial Economics, 15, 97–110.
  • Blomström, M. and Wolff E. N. (1989). Multinational Corporations and Productivity Convergence in Mexico. National Bureau of Economic Research (NBER), Working Paper No. 3141.
  • Blomström, M., Lipsey R. and Zejan M. (1992). What Explains Developing Countries Growth?. National Bureau of Economic Research (NBER), Working Paper No: 4132.
  • Blomström, M. and Kokko A. (2003). The Economics of Foreign Direct Investment Incentives. National Bureau of Economic Research, (NBER), Working Paper No:9489.
  • Bosworth, B. P. and Collins S. (1999). Capital Flows to Developing Economies: Implications for Saving and Investment. Brookings Papers on Economic Activity:1, Brookings Institution: 143-169.
  • Breitung, J. and Meyer W. (1994). Testing for Unit Roots in Panel Data: Are Wages on Different Bargaining Levels Cointegrated?. Applied Economics, 26, 353–361.
  • Campos, N. F. and Kinoshita Y. (2002). Foreign Direct Investment as Technology Transferred: Some Panel Evidence from the Transition Countries. The Manchester School, 70 (3), 398-419.
  • Carkovic, M. and Levine R. (2002). Does Foreign Direct Investment Accelerate Economic Growth?. Financial Globalization: A Blessing or a Curse, World Bank Conference.
  • Değer, K. ve Emsen S. (2006). Geçiş Ekonomilerinde Doğrudan Yabancı Sermaye Yatırımları ve Ekonomik Büyüme İlişkileri: Panel Veri Analizleri (1990- 2002). C.Ü. İktisadi ve İdari Bilimler Dergisi, 7(2), 121-137.
  • De Mello, L. R. (1997). Foreign Direct Investment in Developing Countries and Growth: A Selective Survey. Journal of Development Studies, 34(1), 1-34.
  • De Mello, L. R. (1999). Foreign Direct Investment-Led Growth: Evidence from Time Series and Panel Data. Oxford Economic Papers, 51(1), 133-151.
  • Dickey, D. A., Jansen D. and Thornton D. (1991). A Primer on Cointegration with An Application to Money and Income. Review Federal Reserve Bank of ST. Louis, 73 (2), 58–78.
  • Granger, C. and Newbold P. (1974). Spurious Regressions in Econometrics. Journal of Econometrics, 2, 111-120.
  • Haddad, M. and Harrison A. (1993). Are There Positive Spillovers from Direct Foreign Investment? Evidence from Panel Data for Morocco. Journal of Development Economics, 42, 51–74.
  • Henrik H. and Rand J. (2006). On the Causal Links Between FDI and Growth in Developing Countries. The World Economy, Blackwell Publishing, 29(1), 21-41.
  • Holtz-Eakin, D., Whitney N. and Rosen H.S. (1988). Estimating Vector Autoregressions with Panel Data. Econometrica 56(6), 1371 - 1395.
  • Holtz-Eakin, D., Whitney N. and Rosen H.S. (1989). The Revenues-Expenditure Nexus: Evidence from Local Government Data. International Economic Review, 30, 415- 29.
  • IMF (1999). Balance of Payments Statitistics Yearbook, Washington.
  • IM, K.S., Pesaran M.H. and Shin Y. (2003). Testing Unit Roots in Heterogeneous Panels. Journal of Econometrics, 115, 53-74.
  • Karluk, R. (2001). Türkiye’de Yabancı Sermaye Yatırımlarının Ekonomik Büyümeye kitap2/turkyabsermyat.doc, Erişim Tarihi: 08.07.2010
  • http://www.tcmb.gov.tr/yeni/evds/yayin/kitaplar/
  • Kao C., Chiang M-H. and Chen B. (1999). International R&D Spillovers: an Application of Estimation and Inference in Panel Cointegration. Oxford Bulletin of Economics and Statistics, 61(4), 695–711.
  • Kindleberger, C. P. (1971), American Business Abroad: Six Lectures on Direct Investment, Third Edition, Yale University Pres.
  • Kula, F. (2003). Uluslararası Sermaye Hareketlerinin Etkinliği: Türkiye Üzerine Gözlemler. Cumhuriyet Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 4(2), 141-154.
  • Kök, R. ve Şimşek N. (2006). Endüstri-içi Dış Ticaret, Patentler ve Uluslararası Teknolojik Yayılma. Uluslararası Ekonomi Konferansı, Türkiye Ekonomi Kurumu, Ankara, 11-13 Eylül.
  • Lee G. (2005). International R&D Spillovers Revisited. Open Economies Review, 16, 249–262.
  • Levin , A., Lin C-F. and Chu C-S. J. (2002). Unit Root Tests in Panel Data: Asymptotic and Finite-Sample Properties”, Journal of Econometrics, 108, 1-24.
  • Nair-Reichert, U. and Weinhold D. (2001). Causality Test for Cross-Country Panels: A New Look at FDI and Economic Growth in Developing Countries. Oxford Bulletin of Economics and Statistics, 63(2), 153-171.
  • Ndikumana, L. and Verick S. (2008). The Linkages Between FDI and Domestic Investment: Unravelling the Developmental Impact of Foreign Investment in Sub – Saharan Africa. Development Policy Review, 26(6), 713-726.
  • Mody, A. and Murshid A. P. (2002). Growing Up with Capital Flows. Journal of International Economics, 65, 249-266.
  • Pedroni, P. (1997). Panel Cointegration, Asymptotic and Finite Sample Properties of Pooled Time Series Tests, with an Application to the PPP Hypothesis: New Results. Indiana University, Working Paper in Economics, December.
  • Pedroni, P. (1999). Critical Values for Cointegration Tests in Heterogeneous Panels with Multiple Regressors. Oxford Bulletin of Economics and Statistics 61, 4: 653-670.
  • Ram, R. and K. Zhang, H. (2002). Foreign Direct Investment and Economic Growth: Evidence from Cross-Country Data for the 1990s. Economic Development and Cultural Change, 51 (1): 205–215.
  • Sabır, H. (2002). Doğrudan Yabancı Sermaye Yatırımlarını Gelişmekte Olan Ülkelere Yönlendirici Politikalar. Dış Ticaret Dergisi, 7(26), 74-84.
  • Westerlund, J. (2007). Testing for Error Correction in Panel Data. Oxford Bulletin of Economics and Statistics, Vol. 69(6): 709-748.
  • Worldbank (1997), Private Capital Flows to Developing Countries – The Road to Financial Integration. World Bank Policy Research Report, Washington, D.C, The World Bank.
There are 47 citations in total.

Details

Primary Language Turkish
Journal Section Economics
Authors

Oğuz Öcal

Publication Date February 25, 2014
Published in Issue Year 2013 Volume: 2 Issue: 2

Cite

APA Öcal, O. (2014). Dolaysız Yabancı Sermaye ve Ekonomik Büyüme İlişkisinin Dinamik Analizi: OECD Ülkeleri Örneği. Nevşehir Hacı Bektaş Veli Üniversitesi SBE Dergisi, 2(2), 177-191.
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