A Convergence Analysis on the Investment Development Path Approach

Year 2021, Volume: 29 Issue: 48, 489 - 510, 28.04.2021

Şekip Yazgan , Reşat Ceylan , Şükrü Mollavelioğlu

https://doi.org/10.17233/sosyoekonomi.2021.02.23

Abstract

This study, which examines whether the investment development path curves of the developed and developing countries show convergence behaviour in the 1970-2018 period, has two main objectives. The first is to analyse whether foreign direct investment eliminates the development differences between countries based on the investment development path approach. Using the non- linear unit root tests developed recently, the second is to investigate whether the convergence behaviour of the investment development path curves is affected by macroeconomic shocks. According to the findings, these countries' investment development path curves exhibit a non-linear convergence behaviour, and therefore the convergence process is affected by macroeconomic shocks.

Keywords

Investment Development Path Approach, Convergence Hypothesis, Non-Linear Unit Root Tests

Yatırım Gelişme Yolu Yaklaşımı Üzerine Bir Yakınsama Analizi

Abstract

Gelişmiş ve gelişmekte olan ülkelere ait yatırım gelişme yolu eğrilerinin 1970-2018 döneminde yakınsama davranışı gösterip göstermediğinin incelendiği bu çalışmanın iki temel amacı bulunmaktadır. Bunlardan birincisi, yatırım gelişme yolu yaklaşımından hareketle küreselleşme sürecinin temel araçlarından olan doğrudan yabancı sermaye yatırımlarının ülkeler arasındaki gelişmişlik farklılıklarını ortadan kaldırıp kaldırmadığını analiz etmektir. İkincisi ise, son dönemlerde geliştirilen doğrusal olmayan birim kök testlerini kullanarak, yatırım gelişme yolu eğrilerinin yakınsama davranışının ortaya çıkan makroekonomik şoklardan etkilenip etkilenmediğini araştırmaktır. Elde edilen bulgular, söz konusu ülkelerin yatırım gelişme yolu eğrilerinin doğrusal olmayan bir yapıda yakınsama davranışı sergilediğini ve dolayısıyla yakınsama sürecinin makroekonomik şoklardan etkilendiğini göstermektedir.

Keywords

Yatırım Gelişme Yolu Yaklaşımı, Yakınsama Hipotezi, Doğrusal Olmayan Birim Kök Testleri

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