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GELİŞEN PİYASALARDA DOĞRUDAN YABANCI SERMAYE YATIRIMI, EKONOMİK ÖZGÜRLÜK VE EKONOMİK BÜYÜME İLİŞKİSİ

Year 2019, , 283 - 303, 31.01.2019
https://doi.org/10.30626/tesamakademi.528021

Abstract

Ekonomik büyüme bir ekonominin zaman içindeki üretim hacmindeki bir artış olarak tanımlanmaktadır. Ekonomik büyüme her bir kalkınma düzeyinde olan ülke için önemlidir. Yabancı sermaye yatırımları genellikle ikiye ayrılmaktadır: doğrudan yabancı sermaye yatırımları ve dolaylı yabancı sermaye yatırımları. Gelişmekte olan ülkelere akan doğrudan yabancı sermaye yatırımları ekonomik kalkınmanın, istihdamın ve milli gelirin artmasının ana itici gücü olarak görülmektedir. Küreselleşme ile 1990’lardan itibaren doğrudan yabancı sermaye yatırımlarında önemli artışlar olmuştur. Literatürde doğrudan yabancı sermaye yatırım (DYSY) girdilerinin getirisinin ev sahibi ülkeye muazzam yararlar öngörmesine rağmen, DYSY – büyüme ilişkisinde çelişkili sonuçlar bulunmaktadır. Bu çalışmada 1995-2016 yılları arasında gelişmekte olan piyasa olarak tanımlanan 12 ülkede doğrudan yabancı sermaye yatırımı, ekonomik özgürlük ve ekonomik büyüme ilişkisinin dinamik panel veri metodu ile analizi amaçlanmıştır. Analiz sonuçlarına göre DYSY ve ekonomik büyüme arasında ilişki bulunmasına rağmen ekonomik özgürlükler ile bir ilişkiye rastlanılmamıştır. Ayrıca, yüksek teknolojik ürün ihracatı ve nüfus Doğrudan Yabancı Sermaye Yatırımlarını etkimektedir. Dışa açıklık, faiz oranları, işsizlik oranı, iç tüketim arasında ilişki bulunamamıştır.

References

  • Adalı, Z. ve Yüksel, S. (2017). Causality relationship between foreign direct investments and economic improvement for developing economies. Marmara İktisat Dergisi, 1(2),109-118.
  • Akıncı, M., Yüce, G. ve Yılmaz, Ö. (2014). Ekonomik özgürlüklerin iktisadi büyüme üzerindeki etkileri: bir panel veri analizi. Anadolu Üniversitesi Sosyal Bilimler Dergisi, 14(2), 81-96.
  • Alfaro, L., Kalemli-Özcan, S. ve S., Sayek, S. (2009). FDI, Productivity and financial development. World Econ, 32(1), 111–135.
  • Altunışık, İ., Çakmak, Y. ve Peker, H.S. (2011). Ekonomik özgürlük ve refah. Selçuk Üniversitesi Kadınhanı Faik İçil Meslek Yüksekokulu Sosyal ve Teknik Araştırmalar Dergisi, 1(1).
  • Azman-Saını, W. N. W., Baharumshah, A. Z., and Law, S. H. (2010). Foreign direct investment, economic freedom and economic growth: international evidence. Economic Modelling, 27(5), 1079-1089.
  • Baltabaev, B. (2014). FDI and total factor productivity growth: new macro evidence. World Econ, 37(2), 311–334.
  • Bengoa, M. and Sanchez-Robles, B. (2003). Foreign Direct Investment, Economic Freedom and Growth: New Evidence from Latin America. European Journal of Political Economy, 19(3), 529-535.
  • Beşkaya, A. ve Manan, Ö. (2009). Ekonomik özgürlükler ve demokrasi ile ekonomik performans arasındaki ilişkinin zaman serileri ile analizi: Türkiye örneği. ZKÜ Sosyal Bilimler Dergisi, 5(10), 47‐76.
  • Caetano, J. and Caleiro, A. (2009). Economic freedom and foreign direct investment: how different are the MENA countries from the EU. iBusiness, 1, 65-74.
  • Choong, C.-K., Baharumshah, A.Z., Yusop, Z. and Habıbullah, M.S. (2010). Private capital flows, stock market and economic growth in developed and developing countries: a comparative analysis. Japan and the World Economy, 22, 107–117.
  • Coşkun, R. (2001). Determinants of Direct Foreign Investment in Turkey. European Business Review, 13(4), 221–226.
  • De Mello, L.R. (1999). Foreign direct investment in developing countries and growth: a selected survey. Journal of Development Studies, 34(1), 1–34.
  • Doucoulıagos, C. ve Ulubaşoğlu, M. A. (2006). Economic Freedom and Economic Growth: Does Specification Make A Difference?. European Journal of Political Economy, 22, 60‐81.
  • Dunning, J.H. (1993). Multinational enterprise and the global economy, Addison Wesley, Wokingham.
  • Ericsson, J. and Irandosut, M. (2001). On the causality between foreign direct investment and output: a comparative study. International Trade Journal, 15,1–26.
  • Güney, T. (2017). Türkiye Ve Brıcs Ülkelerinde Ekonomik Özgürlüğün Ekonomik Büyüme Üzerindeki Etkisi. International review of economics and management, 5(2), 30-47.
  • Gwartney, J., Hollcombe, R.G. and Lawson R.A. (2004). Economic freedom, institutional quality and cross-country differences in income and growth. Cato Journal, 24(3), 205-233.
  • Hanke, S. and Walters, S.J.K. (1998). Economic freedom, prosperity and equality: survey. Cato Journal, 17, 117.
  • Herzer, D., and Donaubauer, J. (2015). The long-run effect of foreign direct investment on total factor productivity in developing countries: A panel cointegration analysis. Empirical Economics, 1-34.
  • Herzer, D., Klasen, S., Nowak-Lahman, D. (2008). In search of FDI-led growth in developing countries. Economic Modelling, 25, 793–810.
  • Ilgun, E., Koch, K. and Orhan, M. (2010). How do foreign direct investment and growth interact in Turkey?. Eurasian Journal of Business and Economics, 2010, 3(6), 41-55.
  • Kızılkaya, O., AY, A. and AKAR, G. (2016). Dynamic relationship among foreign direct investments, human capital, economic freedom and economic growth: Evidence from panel cointegration and panel causality analysis. Theoretical and Applied Economics, 3(608), 127-140.
  • Kmenta, J. (1986). Elements of Econometrics. New York: Macmillan.
  • Kobeıssı, N. (2005). Impact of governance, legal system and economic freedom on foreign investment in the MENA region. Journal of Comparative International Management, 8,(1), 20-41.
  • Moran, T.H. (1998). Foreign direct investment and development: the new policy agenda for developing countries and economies in transition. Washington DC: Institute of International Economics.
  • Parks, R. (1967). Efficient estimation of a System of regression equations when disturbances are both serially and contemporaneously correlated. Journal of the American Statistical Association, 62, 500–509.
  • Pesaran, H. (2006). A simple panel unit root test in the presence of cross section dependence. Cambridge University: Working Paper, No: 0346.
  • Quazı, R. (2007). Economic freedom and foreign direct investment in East Asia. Journal of the Asia Pacific Economy, 12(3), 329-344.
  • Quazı, R. and Rashid, S. (2004). Economic freedom and foreign direct investment in developing countries. The International Journal of Business and Public Administration, 2(1),92–99.
  • Sucu, M. B. (2017). Yükselen piyasa ekonomilerinde ekonomik özgürlük, büyüme ve kalkınma ilişkisi: bir panel veri analizi. Bulletin of Economic Theory and Analysis, 2(2), 135-167.
  • Tunçsiper, B. ve Biçer, Ö.F. (2014). Ekonomik özgürlükler ve ekonomik büyüme arasındaki ilişkinin panel regresyon yöntemiyle incelenmesi. Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 9(2), 25‐ 45.
  • Türen, U., Gökmen, Y. ve Dilek, H. (2011). Ekonomik özgürlük endeksinin yurt dışına doğrudan yabancı yatırım yapan Türk sermayesinin ülke seçim kararına etkisi var mıdır?. Maliye Dergisi, 161, 298-325.
  • Vergili, H. ve Karaca, Ç. (2010). Gelişmekte olan ülkelere yönelik uluslararası sermaye hareketlerinin ekonomik büyüme üzerindeki etkisi: panel veri analizi. Ege Akademik Bakış, 10(4), 1207-1216.
  • Wang, M. and Wong, M. C. S. (2009). Foreign direct investment and economic growth: the growth accounting perspective. Econ Inq, 47(4), 701–710.
  • Woo, J. (2009). Productivity growth and technological diffusion through foreign direct investment. Econ Inq, 47(2), 226–248.
  • Wooldridge, J. M. (2013). Introductory econometrics: a modern approach (Fifth international ed.). Australia: South-Western. pp. 82–83. ISBN 978-1-111-53439-4.

The Relationship Between Direct Foreign Capital Investment, Economic Freedom and Economic Growth in Emerging Markets

Year 2019, , 283 - 303, 31.01.2019
https://doi.org/10.30626/tesamakademi.528021

Abstract

Economic growth is defined as an increase in the volume of production of an economy over time. Economic growth is important for the country at every level of development. Foreign capital investments are generally divided into two categories: direct foreign capital investments and indirect foreign capital investments. Foreign direct investment flows in developing markets are seen as the main driving force of economic development, employment and national income. With globalization, there have been significant increases in Foreign Direct Investment since 1990s. Despite the fact that the foreign direct investment (FDI) inflows predicts tremendous benefits to the host country, there are conflicting results in the FDI - growth relationship in the literature. The aim of this study is to analyze the relationship between direct foreign investment, economic freedom and economic growth in the 12 countries defined as emerging markets between 1995 - 2016 by using dynamic panel data Method. According to the results of the analysis, there is a relation between FDI and economic growth. Also no relation with economic freedoms has been observed. Moreover, high technological product exports and population affect FDI. There is no relation between FDI and trade openness, interest rates, unemployment rate, domestic consumption.

References

  • Adalı, Z. ve Yüksel, S. (2017). Causality relationship between foreign direct investments and economic improvement for developing economies. Marmara İktisat Dergisi, 1(2),109-118.
  • Akıncı, M., Yüce, G. ve Yılmaz, Ö. (2014). Ekonomik özgürlüklerin iktisadi büyüme üzerindeki etkileri: bir panel veri analizi. Anadolu Üniversitesi Sosyal Bilimler Dergisi, 14(2), 81-96.
  • Alfaro, L., Kalemli-Özcan, S. ve S., Sayek, S. (2009). FDI, Productivity and financial development. World Econ, 32(1), 111–135.
  • Altunışık, İ., Çakmak, Y. ve Peker, H.S. (2011). Ekonomik özgürlük ve refah. Selçuk Üniversitesi Kadınhanı Faik İçil Meslek Yüksekokulu Sosyal ve Teknik Araştırmalar Dergisi, 1(1).
  • Azman-Saını, W. N. W., Baharumshah, A. Z., and Law, S. H. (2010). Foreign direct investment, economic freedom and economic growth: international evidence. Economic Modelling, 27(5), 1079-1089.
  • Baltabaev, B. (2014). FDI and total factor productivity growth: new macro evidence. World Econ, 37(2), 311–334.
  • Bengoa, M. and Sanchez-Robles, B. (2003). Foreign Direct Investment, Economic Freedom and Growth: New Evidence from Latin America. European Journal of Political Economy, 19(3), 529-535.
  • Beşkaya, A. ve Manan, Ö. (2009). Ekonomik özgürlükler ve demokrasi ile ekonomik performans arasındaki ilişkinin zaman serileri ile analizi: Türkiye örneği. ZKÜ Sosyal Bilimler Dergisi, 5(10), 47‐76.
  • Caetano, J. and Caleiro, A. (2009). Economic freedom and foreign direct investment: how different are the MENA countries from the EU. iBusiness, 1, 65-74.
  • Choong, C.-K., Baharumshah, A.Z., Yusop, Z. and Habıbullah, M.S. (2010). Private capital flows, stock market and economic growth in developed and developing countries: a comparative analysis. Japan and the World Economy, 22, 107–117.
  • Coşkun, R. (2001). Determinants of Direct Foreign Investment in Turkey. European Business Review, 13(4), 221–226.
  • De Mello, L.R. (1999). Foreign direct investment in developing countries and growth: a selected survey. Journal of Development Studies, 34(1), 1–34.
  • Doucoulıagos, C. ve Ulubaşoğlu, M. A. (2006). Economic Freedom and Economic Growth: Does Specification Make A Difference?. European Journal of Political Economy, 22, 60‐81.
  • Dunning, J.H. (1993). Multinational enterprise and the global economy, Addison Wesley, Wokingham.
  • Ericsson, J. and Irandosut, M. (2001). On the causality between foreign direct investment and output: a comparative study. International Trade Journal, 15,1–26.
  • Güney, T. (2017). Türkiye Ve Brıcs Ülkelerinde Ekonomik Özgürlüğün Ekonomik Büyüme Üzerindeki Etkisi. International review of economics and management, 5(2), 30-47.
  • Gwartney, J., Hollcombe, R.G. and Lawson R.A. (2004). Economic freedom, institutional quality and cross-country differences in income and growth. Cato Journal, 24(3), 205-233.
  • Hanke, S. and Walters, S.J.K. (1998). Economic freedom, prosperity and equality: survey. Cato Journal, 17, 117.
  • Herzer, D., and Donaubauer, J. (2015). The long-run effect of foreign direct investment on total factor productivity in developing countries: A panel cointegration analysis. Empirical Economics, 1-34.
  • Herzer, D., Klasen, S., Nowak-Lahman, D. (2008). In search of FDI-led growth in developing countries. Economic Modelling, 25, 793–810.
  • Ilgun, E., Koch, K. and Orhan, M. (2010). How do foreign direct investment and growth interact in Turkey?. Eurasian Journal of Business and Economics, 2010, 3(6), 41-55.
  • Kızılkaya, O., AY, A. and AKAR, G. (2016). Dynamic relationship among foreign direct investments, human capital, economic freedom and economic growth: Evidence from panel cointegration and panel causality analysis. Theoretical and Applied Economics, 3(608), 127-140.
  • Kmenta, J. (1986). Elements of Econometrics. New York: Macmillan.
  • Kobeıssı, N. (2005). Impact of governance, legal system and economic freedom on foreign investment in the MENA region. Journal of Comparative International Management, 8,(1), 20-41.
  • Moran, T.H. (1998). Foreign direct investment and development: the new policy agenda for developing countries and economies in transition. Washington DC: Institute of International Economics.
  • Parks, R. (1967). Efficient estimation of a System of regression equations when disturbances are both serially and contemporaneously correlated. Journal of the American Statistical Association, 62, 500–509.
  • Pesaran, H. (2006). A simple panel unit root test in the presence of cross section dependence. Cambridge University: Working Paper, No: 0346.
  • Quazı, R. (2007). Economic freedom and foreign direct investment in East Asia. Journal of the Asia Pacific Economy, 12(3), 329-344.
  • Quazı, R. and Rashid, S. (2004). Economic freedom and foreign direct investment in developing countries. The International Journal of Business and Public Administration, 2(1),92–99.
  • Sucu, M. B. (2017). Yükselen piyasa ekonomilerinde ekonomik özgürlük, büyüme ve kalkınma ilişkisi: bir panel veri analizi. Bulletin of Economic Theory and Analysis, 2(2), 135-167.
  • Tunçsiper, B. ve Biçer, Ö.F. (2014). Ekonomik özgürlükler ve ekonomik büyüme arasındaki ilişkinin panel regresyon yöntemiyle incelenmesi. Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 9(2), 25‐ 45.
  • Türen, U., Gökmen, Y. ve Dilek, H. (2011). Ekonomik özgürlük endeksinin yurt dışına doğrudan yabancı yatırım yapan Türk sermayesinin ülke seçim kararına etkisi var mıdır?. Maliye Dergisi, 161, 298-325.
  • Vergili, H. ve Karaca, Ç. (2010). Gelişmekte olan ülkelere yönelik uluslararası sermaye hareketlerinin ekonomik büyüme üzerindeki etkisi: panel veri analizi. Ege Akademik Bakış, 10(4), 1207-1216.
  • Wang, M. and Wong, M. C. S. (2009). Foreign direct investment and economic growth: the growth accounting perspective. Econ Inq, 47(4), 701–710.
  • Woo, J. (2009). Productivity growth and technological diffusion through foreign direct investment. Econ Inq, 47(2), 226–248.
  • Wooldridge, J. M. (2013). Introductory econometrics: a modern approach (Fifth international ed.). Australia: South-Western. pp. 82–83. ISBN 978-1-111-53439-4.
There are 36 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Murat Akkaya

Publication Date January 31, 2019
Published in Issue Year 2019

Cite

APA Akkaya, M. (2019). GELİŞEN PİYASALARDA DOĞRUDAN YABANCI SERMAYE YATIRIMI, EKONOMİK ÖZGÜRLÜK VE EKONOMİK BÜYÜME İLİŞKİSİ. TESAM Akademi Dergisi, 6(1), 283-303. https://doi.org/10.30626/tesamakademi.528021
AMA Akkaya M. GELİŞEN PİYASALARDA DOĞRUDAN YABANCI SERMAYE YATIRIMI, EKONOMİK ÖZGÜRLÜK VE EKONOMİK BÜYÜME İLİŞKİSİ. TESAM Akademi Dergisi. January 2019;6(1):283-303. doi:10.30626/tesamakademi.528021
Chicago Akkaya, Murat. “GELİŞEN PİYASALARDA DOĞRUDAN YABANCI SERMAYE YATIRIMI, EKONOMİK ÖZGÜRLÜK VE EKONOMİK BÜYÜME İLİŞKİSİ”. TESAM Akademi Dergisi 6, no. 1 (January 2019): 283-303. https://doi.org/10.30626/tesamakademi.528021.
EndNote Akkaya M (January 1, 2019) GELİŞEN PİYASALARDA DOĞRUDAN YABANCI SERMAYE YATIRIMI, EKONOMİK ÖZGÜRLÜK VE EKONOMİK BÜYÜME İLİŞKİSİ. TESAM Akademi Dergisi 6 1 283–303.
IEEE M. Akkaya, “GELİŞEN PİYASALARDA DOĞRUDAN YABANCI SERMAYE YATIRIMI, EKONOMİK ÖZGÜRLÜK VE EKONOMİK BÜYÜME İLİŞKİSİ”, TESAM Akademi Dergisi, vol. 6, no. 1, pp. 283–303, 2019, doi: 10.30626/tesamakademi.528021.
ISNAD Akkaya, Murat. “GELİŞEN PİYASALARDA DOĞRUDAN YABANCI SERMAYE YATIRIMI, EKONOMİK ÖZGÜRLÜK VE EKONOMİK BÜYÜME İLİŞKİSİ”. TESAM Akademi Dergisi 6/1 (January 2019), 283-303. https://doi.org/10.30626/tesamakademi.528021.
JAMA Akkaya M. GELİŞEN PİYASALARDA DOĞRUDAN YABANCI SERMAYE YATIRIMI, EKONOMİK ÖZGÜRLÜK VE EKONOMİK BÜYÜME İLİŞKİSİ. TESAM Akademi Dergisi. 2019;6:283–303.
MLA Akkaya, Murat. “GELİŞEN PİYASALARDA DOĞRUDAN YABANCI SERMAYE YATIRIMI, EKONOMİK ÖZGÜRLÜK VE EKONOMİK BÜYÜME İLİŞKİSİ”. TESAM Akademi Dergisi, vol. 6, no. 1, 2019, pp. 283-0, doi:10.30626/tesamakademi.528021.
Vancouver Akkaya M. GELİŞEN PİYASALARDA DOĞRUDAN YABANCI SERMAYE YATIRIMI, EKONOMİK ÖZGÜRLÜK VE EKONOMİK BÜYÜME İLİŞKİSİ. TESAM Akademi Dergisi. 2019;6(1):283-30.