Doğrudan Yabancı Yatırımlar ve Toplam Faktör Verimliliği: Gelişmekte Olan Ülkeler Örneği

Year 2023, Volume: 10 Issue: 1, 225 - 244, 02.01.2023

Emine Beyza Satoglu , Oğuzhan Gümüş

Abstract

Doğrudan yabancı yatırımlar, ev sahibi ülkelerin tasarruf ve dış ticaret açıklarının kapatılmasına yardımcı olmanın yanı sıra, teknoloji ve yönetimsel becerilerin de ev sahibi ülkeye aktarılmasını sağlamaktadır. Böylelikle, uzun dönemli büyüme ve kalkınmanın önemli bir bileşeni olan toplam faktör verimliliğini etkileyebilmektedir. Bu yüzden, özellikle gelişmekte olan ülkeler uzun bir süredir çeşitli teşvikler sunarak doğrudan yabancı yatırımları ülkelerine çekmeye çalışmaktadırlar. Ancak, ilgili literatürde de görüldüğü gibi, doğrudan yabancı yatırımların toplam faktör verimliliği üzerine etkisi belirsizdir. Bu çalışmasının amacı, doğrudan yabancı yatırımların ev sahibi gelişmekte olan ülkelerde verimlilik üzerinde nasıl bir etkiye sahip olduğunun tespit edilmesidir. Bu bağlamda, kullanılan veri seti 17 adet gelişmekte olan ülkeden oluşmakta ve veri erişimi imkânlarına bağlı olarak 2002-2019 dönemi incelenmektedir. Çalışmanın sonucunda ise doğrudan yabancı yatırımların ev sahibi gelişmekte olan ülkelerin toplam faktör verimliliğine oldukça küçükte olsa olumsuz bir etkisi olduğu sonucuna varılmıştır. Ayrıca gelişmekte olan ülkeler, OECD ve BRICS gibi ülke gruplarına ve coğrafi bölgelere ayrılarak da incelenmiş ve veri setindeki OECD üyesi gelişmekte olan ülkeler ile, Güney Amerika bölgesinde yer alan gelişmekte olan ülkeler için de doğrudan yabancı yatırımların verimlilik üzerinde negatif ve anlamlı bir etkisi olduğu sonucu bulunmuştur. Diğer ülke grupları için, doğrudan dış yatırımların verimlilik üzerinde istatistiki olarak anlamlı etkisi bulunamamıştır.

Keywords

Doğrudan Yabancı Yatırımlar, Toplam Faktör Verimliliği, Gelişmekte Olan Piyasalar, Panel Veri Analizi

Foreign Direct Investments and Total Factor Productivity: An Analysis of Emerging Markets

Abstract

Foreign direct investments are critical for the host countries in transferring technology and managerial skills, in addition to providing funds under trade deficits and limited domestic savings. Thus, it can affect the total factor productivity, which is one of the main components of long-term growth and development. Therefore, emerging markets have long been trying to attract foreign direct investments into their countries by offering various incentives for a long time. However, given the existing literature on developing countries, the impacts of foreign direct investment on total factor productivity are not clear. Therefore, this study aims to analyze how foreign direct investments have an impact on the productivity level of the host emerging markets. The quantitative analysis covers 17 emerging market countries from 2002-2019. As the result of the panel data analysis, we have concluded that foreign direct investments have a very small negative effect on the total factor productivity of the host developing countries. When we analyzed the developing countries in the OECD and BRIC groups and checked for the relevance of the regions, we found that for the OECD member developing countries, and the developing countries located in Latin America the impact of FDI on TFP is negative and significant. For the other country groups and geographical locations, the impact of FDI on TFP is found insignificant.

Keywords

Foreign Direct Investment, Total Factor Productivity, Emerging markets, Panel data Analysis

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