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DIŞA YABANCI DOĞRUDAN YATIRIMLAR VE EKONOMİK BÜYÜME: PANEL NEDENSELLİK ANALİZİ

Year 2018, Volume: 7 Issue: 4, 37 - 56, 24.12.2018

Abstract

Bu çalışmanın amacı dışa
yabancı doğrudan yatırımların yatırımcı ülke büyümesine etkilerini incelemektir.
Bu etkiler, 13 gelişmiş ülke için 1997-2016 dönemi ele alınarak panel veri
analiz yöntemiyle araştırılmıştır. Analizde, yatay kesit bağımlılığını dikkate
alan panel birim kök ve eşbütünleşme testleri yapılmış ve seriler arasında eşbütünleşme
ilişkisi bulunmuştur.
Nedensellik
testi sonuçlarına göre, gelişmiş ülkelerde, dışa yabancı doğrudan yatırımlar
ile yatırımcı ülkenin ekonomik büyümesi arasında çift yönlü bir nedensellik
vardır. Sonuç olarak, artan dışa yabancı doğrudan yatırımlar artan ekonomik
büyümenin hem nedenseli hem de sonucudur.

References

  • Aydın, N. ve Cömertler Şimşir, N. (2017). “Doğrudan Yabancı Yatırımların Yatırımcı Ülke Ekonomisine Etkileri: Panel Veri Analizi”, Bankacılar Dergisi, Sayı: 103, 34-56. Al-Shawaf, A.M.K. ve Almsafir, M. K. (2016). “Economic Globalization: Role of Inward and Outward Fdi with Economic Growth - Evidence From Malaysia”, Journal of Business and Retail Management Research (JBRMR), 10(2), 64-74.
  • Ameer, W. ve Xu, H. (2017). “The Long-run Effect of Inward and Outward Foreign Direct Investment on Economic Growth: Evidence From Developing Economies”, Review of Innovation and Competitiveness: A Journal of Economic and Social Research, 3, 2, 5-24.
  • Anupam, Ms. (2014). “Impact of Fdi Outflows on GDP of Brics Countries”, Indian Journal of Applied Research, 4(10), ISSN-2249-555X.
  • Barba Navaratti, G., Castellani, D., (2004). “Does Investing Abroad Affect Performance at Home? Comparing Italian Multinational and National Enterprises”, CEPR Working Paper.
  • Başar, S. ve Özkılbaç, S. (2016). “Effects of Outward Foreign Direct Investment of Turkey on Economic Growth and Domestic Investment”, Ankara Üniversitesi SBF Dergisi, 71(1), 231-247.
  • Behbehani, M. ve Al Hallaq, S. S. (2013). “Impact of Home Country Outward Foreign Direct Investment on its Economic Growth: A Case of Kuwait”, Asian Journal of Business and Management Sciences, 3(03), 19-33, ISSN: 2047-2528.
  • Breusch, T. S. ve Pagan, A. R. (1980). “The Lagrange Multiplier Test and its Applications to Model Specification Tests in Econometrics”, Review of Economic Studies 47, 239-253.
  • Chen, J. E. ve Zulkifli, S. A. M. (2012). “Malaysian Outward FDI and Economic Growth”, Procedia - Social and Behavioral Science, 65, 717-722.
  • Choi, I. (1993). “Asymptotic Normality of the Least-Squares Estimates for Higher Order Autoregressive Integrated Processes with Some Applications”, Econometric Theory 9, 263-282.
  • Desai, M.A., C., Foley, F. ve Hines Jr., J.R., (2004). “Foreign Direct Investment in a World of Multiple Taxes", Journal of Public Economics, 88(12), 2727-2744.
  • Desai, M.A., Foley, F., Hines Jr. ve J.R., (2005). “Foreign Direct Investment and Domestic Capital Stock”, American Economic Review Papers and Proceedings, 95, 33-38.
  • Eberhardt, M. ve Bond, S. (2009). “Cross-section Dependence in Nonstationary Panel Models: A Novel Estimator”, MPRA Paper, No. 17870.
  • Fosfuri, A.ve Motta, M. (1999). “Multinationals without advantages”, Scandinavian Journal of Economics, 101 (4), 617-630.
  • Hadri, K. ve Kurozumi, E. (2012). “A Simple Panel Stationarity Test in the Presence of Serial Correlation and A Common Factor”, Economics Letters, 115, 31–34.
  • Herzer, D. (2010). “Outward FDI and Economic Growth”, Journal of Economic Studies, 37,5, 476-494.
  • Herzer, D. (2011). “The long-run effect of outward fdi on domestic output in developing countries”, Applied Economics Letters, 18(14), 1355-1358.
  • Herzer, D. (2012). “Outward FDI, Total Factor Productivity, and Domestic Output: Evidence from Germany”, International Economic Journal, 26(1), 155-174.
  • Hill, C. W. L. (2009). International Business: Competing in the Global Market Place, London: McGraw-Hill.
  • Kokko, A. (2006). “The Home Country Effects of Fdi in Developed Economies”, EIJS Working Paper No. 225, European Institute of Japanese Studies, Stockholm.
  • Lee, C. G. (2010a). “Outward Foreign Direct Investment and Economic Growth: Evidence from Japan”, Global Economic Review, 39, 3, 317-326.
  • Lee, C. G. (2010b). “The Nexus of Outward Foreign Direct Investment and Income: Evidence from Singapore”, Applied Econometrics and International Development, 10(1), 187-194.
  • McCoskey, S., ve Kao, C. (1998). “A Residual-based Test of the Null of Cointegration in Panel Data”, Econometric Reviews, 17(1), 57-84.
  • Memdani, L. (2016). “FDI and Economic Growth: A Comparative Analysis of Emerging Economies of Asia and Developed Economies of Europe and America”, IJER, 13(1), 187-193, ISSN: 0972-9380.
  • Pedroni, P. (2004). “Panel Cointegration: Asymptotic and Finite Sample Properties of Pooled Time Series Tests with an Application to the PPP Hypothesis”, Econometric Theory, 3, 579-625.
  • Pesaran, M. H. (2004). “General Diagnostic Tests for Cross Section Dependence in Panels”, Cambridge Working Papers in Economics, 435.
  • Pesaran, M. H., Ullah, A. ve Yamagata, T. (2008). “A Bias-adjusted LM Test of Error Cross-Section Independence”, Econometrics Journal 11, 105-127.
  • Pesaran, M. H. ve Yamagata, T. (2008). “Testing Slope Homogeneity in Large Panels”, Journal of Econometrics, 142(1), 50-93.
  • Stevens, G. V. G. ve Lipsey, R. E., (1992). “Interactions between Domestic and Foreign Investment”, Journal of Money and Finance, 11, 40–62.
  • Sul, D., Phillips, P. C. B. ve Choi, C. Y. (2005). “Prewhitening Bias in HAC Estimation”, Oxford Bulletin of Economics and Statistics 67, 517-546.
  • Swamy, P. A. V. B. (1970). “Efficient Inference in a Random Coefficient Regression Model”, Econometrica, 38(2), 311-323.
  • Toda, H. Y. ve Yamamoto, T. (1995). “Statistical Inference in Vector Autoregressions with Possibly Integrated Processes”, Journal of Econometrics 66, 225-250.
  • United Nations Conference on Trade and Development-UNCTAD (2017). World Investment Report 2017: Investment and Digital Economy, Newyork: United Nations.
  • United Nations Conference on Trade and Development- UNCTAD (2018). 16 Nisan 2018 tarihinde http://unctadstat.unctad.org/wds/TableViewer/tableView.aspx?ReportId=96740 adresinden erişildi.
  • United Nations Conference on Trade and Development- UNCTAD (2018). 16 Nisan 2018 tarihinde http://unctadstat.unctad.org/wds/TableViewer/tableView.aspx?ReportId=96 adresinden erişildi.
  • Wang, M. ve M. C. S. Wong (2007). “Foreign Direct Investment Outflows and Business-Cycle Fluctuations”, Review of International Economics,15,146-163.
  • Westerlund, J. (2007). “Testing for Error Correction in Panel Data”, Oxford Bulletin Of Economics and Statistics, 69, 6, 0305-9049, doi: 10.1111/j.1468-0084.2007.00477.x
  • Williams, D. A. (2009). “Determinants of Outward Foreign Direct Investments from Small Island Developing States”, American Journal of Economics and Business Administration, 1, 45-54.
  • Wong, K. N. (2010). “Outward FDI and Home Country Economic Growth: A Malaysian Case”, Discussion Paper 56/10 Department of Economics, Monash University Malaysia.
  • Yalçınkaya, Ö. ve Daştan, M. (2018). “The Effects of Foreign Direct Investment Inwards and Outwards on Economic Growth: Evidence from the Top 20 Largest Economies in the World (1992-2016)”, Journal of Economics, Finance and Accounting – (JEFA), 5, 1, 108-126, ISSN: 2148-6697.
  • Zhang, Y. ve Wang, G. (2010). “Research on the Impact of Outward Foreign Direct Investment on Trade Competitiveness”, Proceedings of the Ninth International Conference on Machine Learning and Cybernetics, 4, 1720-1724.
Year 2018, Volume: 7 Issue: 4, 37 - 56, 24.12.2018

Abstract

References

  • Aydın, N. ve Cömertler Şimşir, N. (2017). “Doğrudan Yabancı Yatırımların Yatırımcı Ülke Ekonomisine Etkileri: Panel Veri Analizi”, Bankacılar Dergisi, Sayı: 103, 34-56. Al-Shawaf, A.M.K. ve Almsafir, M. K. (2016). “Economic Globalization: Role of Inward and Outward Fdi with Economic Growth - Evidence From Malaysia”, Journal of Business and Retail Management Research (JBRMR), 10(2), 64-74.
  • Ameer, W. ve Xu, H. (2017). “The Long-run Effect of Inward and Outward Foreign Direct Investment on Economic Growth: Evidence From Developing Economies”, Review of Innovation and Competitiveness: A Journal of Economic and Social Research, 3, 2, 5-24.
  • Anupam, Ms. (2014). “Impact of Fdi Outflows on GDP of Brics Countries”, Indian Journal of Applied Research, 4(10), ISSN-2249-555X.
  • Barba Navaratti, G., Castellani, D., (2004). “Does Investing Abroad Affect Performance at Home? Comparing Italian Multinational and National Enterprises”, CEPR Working Paper.
  • Başar, S. ve Özkılbaç, S. (2016). “Effects of Outward Foreign Direct Investment of Turkey on Economic Growth and Domestic Investment”, Ankara Üniversitesi SBF Dergisi, 71(1), 231-247.
  • Behbehani, M. ve Al Hallaq, S. S. (2013). “Impact of Home Country Outward Foreign Direct Investment on its Economic Growth: A Case of Kuwait”, Asian Journal of Business and Management Sciences, 3(03), 19-33, ISSN: 2047-2528.
  • Breusch, T. S. ve Pagan, A. R. (1980). “The Lagrange Multiplier Test and its Applications to Model Specification Tests in Econometrics”, Review of Economic Studies 47, 239-253.
  • Chen, J. E. ve Zulkifli, S. A. M. (2012). “Malaysian Outward FDI and Economic Growth”, Procedia - Social and Behavioral Science, 65, 717-722.
  • Choi, I. (1993). “Asymptotic Normality of the Least-Squares Estimates for Higher Order Autoregressive Integrated Processes with Some Applications”, Econometric Theory 9, 263-282.
  • Desai, M.A., C., Foley, F. ve Hines Jr., J.R., (2004). “Foreign Direct Investment in a World of Multiple Taxes", Journal of Public Economics, 88(12), 2727-2744.
  • Desai, M.A., Foley, F., Hines Jr. ve J.R., (2005). “Foreign Direct Investment and Domestic Capital Stock”, American Economic Review Papers and Proceedings, 95, 33-38.
  • Eberhardt, M. ve Bond, S. (2009). “Cross-section Dependence in Nonstationary Panel Models: A Novel Estimator”, MPRA Paper, No. 17870.
  • Fosfuri, A.ve Motta, M. (1999). “Multinationals without advantages”, Scandinavian Journal of Economics, 101 (4), 617-630.
  • Hadri, K. ve Kurozumi, E. (2012). “A Simple Panel Stationarity Test in the Presence of Serial Correlation and A Common Factor”, Economics Letters, 115, 31–34.
  • Herzer, D. (2010). “Outward FDI and Economic Growth”, Journal of Economic Studies, 37,5, 476-494.
  • Herzer, D. (2011). “The long-run effect of outward fdi on domestic output in developing countries”, Applied Economics Letters, 18(14), 1355-1358.
  • Herzer, D. (2012). “Outward FDI, Total Factor Productivity, and Domestic Output: Evidence from Germany”, International Economic Journal, 26(1), 155-174.
  • Hill, C. W. L. (2009). International Business: Competing in the Global Market Place, London: McGraw-Hill.
  • Kokko, A. (2006). “The Home Country Effects of Fdi in Developed Economies”, EIJS Working Paper No. 225, European Institute of Japanese Studies, Stockholm.
  • Lee, C. G. (2010a). “Outward Foreign Direct Investment and Economic Growth: Evidence from Japan”, Global Economic Review, 39, 3, 317-326.
  • Lee, C. G. (2010b). “The Nexus of Outward Foreign Direct Investment and Income: Evidence from Singapore”, Applied Econometrics and International Development, 10(1), 187-194.
  • McCoskey, S., ve Kao, C. (1998). “A Residual-based Test of the Null of Cointegration in Panel Data”, Econometric Reviews, 17(1), 57-84.
  • Memdani, L. (2016). “FDI and Economic Growth: A Comparative Analysis of Emerging Economies of Asia and Developed Economies of Europe and America”, IJER, 13(1), 187-193, ISSN: 0972-9380.
  • Pedroni, P. (2004). “Panel Cointegration: Asymptotic and Finite Sample Properties of Pooled Time Series Tests with an Application to the PPP Hypothesis”, Econometric Theory, 3, 579-625.
  • Pesaran, M. H. (2004). “General Diagnostic Tests for Cross Section Dependence in Panels”, Cambridge Working Papers in Economics, 435.
  • Pesaran, M. H., Ullah, A. ve Yamagata, T. (2008). “A Bias-adjusted LM Test of Error Cross-Section Independence”, Econometrics Journal 11, 105-127.
  • Pesaran, M. H. ve Yamagata, T. (2008). “Testing Slope Homogeneity in Large Panels”, Journal of Econometrics, 142(1), 50-93.
  • Stevens, G. V. G. ve Lipsey, R. E., (1992). “Interactions between Domestic and Foreign Investment”, Journal of Money and Finance, 11, 40–62.
  • Sul, D., Phillips, P. C. B. ve Choi, C. Y. (2005). “Prewhitening Bias in HAC Estimation”, Oxford Bulletin of Economics and Statistics 67, 517-546.
  • Swamy, P. A. V. B. (1970). “Efficient Inference in a Random Coefficient Regression Model”, Econometrica, 38(2), 311-323.
  • Toda, H. Y. ve Yamamoto, T. (1995). “Statistical Inference in Vector Autoregressions with Possibly Integrated Processes”, Journal of Econometrics 66, 225-250.
  • United Nations Conference on Trade and Development-UNCTAD (2017). World Investment Report 2017: Investment and Digital Economy, Newyork: United Nations.
  • United Nations Conference on Trade and Development- UNCTAD (2018). 16 Nisan 2018 tarihinde http://unctadstat.unctad.org/wds/TableViewer/tableView.aspx?ReportId=96740 adresinden erişildi.
  • United Nations Conference on Trade and Development- UNCTAD (2018). 16 Nisan 2018 tarihinde http://unctadstat.unctad.org/wds/TableViewer/tableView.aspx?ReportId=96 adresinden erişildi.
  • Wang, M. ve M. C. S. Wong (2007). “Foreign Direct Investment Outflows and Business-Cycle Fluctuations”, Review of International Economics,15,146-163.
  • Westerlund, J. (2007). “Testing for Error Correction in Panel Data”, Oxford Bulletin Of Economics and Statistics, 69, 6, 0305-9049, doi: 10.1111/j.1468-0084.2007.00477.x
  • Williams, D. A. (2009). “Determinants of Outward Foreign Direct Investments from Small Island Developing States”, American Journal of Economics and Business Administration, 1, 45-54.
  • Wong, K. N. (2010). “Outward FDI and Home Country Economic Growth: A Malaysian Case”, Discussion Paper 56/10 Department of Economics, Monash University Malaysia.
  • Yalçınkaya, Ö. ve Daştan, M. (2018). “The Effects of Foreign Direct Investment Inwards and Outwards on Economic Growth: Evidence from the Top 20 Largest Economies in the World (1992-2016)”, Journal of Economics, Finance and Accounting – (JEFA), 5, 1, 108-126, ISSN: 2148-6697.
  • Zhang, Y. ve Wang, G. (2010). “Research on the Impact of Outward Foreign Direct Investment on Trade Competitiveness”, Proceedings of the Ninth International Conference on Machine Learning and Cybernetics, 4, 1720-1724.
There are 40 citations in total.

Details

Primary Language Turkish
Subjects Economics
Journal Section Articles
Authors

Nur Aydın 0000-0002-7068-9400

Publication Date December 24, 2018
Published in Issue Year 2018 Volume: 7 Issue: 4

Cite

APA Aydın, N. (2018). DIŞA YABANCI DOĞRUDAN YATIRIMLAR VE EKONOMİK BÜYÜME: PANEL NEDENSELLİK ANALİZİ. Sakarya İktisat Dergisi, 7(4), 37-56.