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Year 2021, Volume: 8 Issue: 1, 71 - 92, 26.02.2021

Mürşit Recepoğlu Muharrem Akın Doğanay Mustafa Kemal Değer

https://doi.org/10.30626/tesamakademi.742467
Cited By: 2

Abstract

After the Second World War, the increase in trade relations between the countries with commercial globalization and regional economic agreements caused a significant increase in the studies dealing with the effects of exports on economic growth. Likewise, the globalization of production through Multinational Companies (MNC) has made Foreign Direct Investments (FDI) popular with economists. In this context, there is an expectation in the literature that FDIs will have more significant effects on economic growth in developing countries, which have savings and foreign exchange deficits compared to short and medium-term portfolio investments. This study aims to analyze the relationship between foreign direct investments, export and economic growth in the BRICS-T countries for the period 1992-2018. In the study, cross-section dependency, homogeneity and Kónya (2006) bootstrap panel Granger causality tests were used. The findings obtained from tests show that all panel data models used in the study have cross-section dependence and heterogeneity. On the other hand, according to the bootstrap panel causality test results, the causal relationships between foreign direct investment, export and economic growth differ by countries.

Keywords

Foreign Direct Investments Export Economic Growth Panel Causality

References

  • Acaravci, A., Öztürk, İ. (2012). Foreign direct investment, export and economic growth: Empirical evidence from new EU countries. Romanian Journal of Economic Forecasting, 2, 52-67.
  • Ahmad, F., Draz, M. U. and Yang, S. C. (2018). Causality nexus of exports, FDI and economic growth of the ASEAN 5 economies: evidence from panel data analysis. The Journal of International Trade and Economic Development, 27(6), 685-700.
  • Alıcı, A. A., Ucal, M. Ş. (2003). Foreign direct investment, exports and output growth of Turkey: Causality analysis. In European Trade Study Group (ETSG) Fifth Annual Conference, Madrid (pp. 11-13). Bhatt, P. R. (2013). Causal relationship between exports, FDI and income: The case of Vietnam. Applied Econometrics and International Development, 13(1), 161-176.
  • Breusch, T. S., Pagan, A. R. (1980). The lagrange multiplier test and its applications to model specification in econometrics. The Review of Economic Studies, 47(1), 239-253.
  • Değer, S., Ay, S. (2013). Gelişmekte olan ülkelerde doğrudan yabancı yatırımlar ve cari işlemler arasındaki nedensel ilişkiler (1990–2011). Paradoks Ekonomi Sosyoloji ve Politika Dergisi, 9(2), 5-22.
  • Doğanay, M. A., Değer, M. K. (2017). Yükselen piyasa ekonomilerinde doğrudan yabancı yatırımlar ve ihracat ilişkisi: Panel veri eşbütünleşme analizleri (1996-2014). Çankırı Karatekin Üniversitesi İİBF Dergisi, 7(2), 127-145.
  • Dritsaki, C., Stiakakis, E. (2014). Foreign direct investments, exports, and economic growth in Croatia: A time series analysis. Procedia Economics and Finance, 14, 181-190.
  • Dritsakis, N., Stamatiou, P. (2014). Exports, foreign direct investment and economic growth for five european countries: Granger causality tests in panel data. Applied Economics Quarterly, 60(4), 253-272.
  • Dube, A. K., Ozkan, B. (2018). Export, Foreign Direct İnvestment (FDI) and economic growth in Ethiopia: VAR analysis. Open Access Journal of Agriculture Research. 3. 1-14.
  • Febiyansah, P. T. (2017). Indonesia’s fdi–exports–gdp growth nexus: Trade or investment-driven?. Buletin Ekonomi Moneter dan Perbankan, 19(4), 469-488.
  • Fofana, K. H., Xia, E. and Traore, M. B. (2018). Foreign direct investment, exports and economic growth: Pooled Mean Group (PMG) and causality analysis for west Africa. In proceedings of the International Conference on E-Business and Applications. 23-27.
  • Hsiao, F. S., Hsiao, M. C. W. (2006). FDI, exports, and GDP in East and Southeast Asia—Panel data versus time-series causality analyses. Journal of Asian Economics, 17(6), 1082-1106.
  • Khan, N. (2017). Impact of FDI and export on economic growth: Evidence from Pakistan and India. In 4th International Conference on Industrial Economics System and Industrial Security Engineering (IEIS).1-5.
  • Kónya, L. (2006). Exports and growth: Granger causality analysis on OECD countries with a panel data approach. Economic modelling, 23(6), 978-992.
  • Mahmoodi, M., Mahmoodi, E. (2016). Foreign direct investment, exports and economic Growth: Evidence from two panels of developing countries. Economic Research-Ekonomska Istraživanja, 29(1), 938-949.
  • Mehrara, M., Haghnejad, A., Dehnavi, J. and Meybodi, F. J. (2014). Dynamic causal relationships among GDP, exports, and Foreign Direct Investment (FDI) in the developing countries. International Letters of Social and Humanistic Sciences, 14(3), 1-19.
  • Pesaran, M. H. (2004). General diagnostic tests for cross section dependence in panels. Cambridge Working Papers in Economics, 435. London: BP.
  • Pesaran, M. H., Ullah, A. and Yamagata, T. (2008). A bias‐adjusted LM test of error cross‐section independence. The Econometrics Journal, 11(1), 105-127.
  • Pesaran, M. H., Yamagata, T. (2008). Testing slope homogeneity in large panels. Journal of Econometrics, 142(1), 50-93.
  • Saha, R., Tabassum, K. and Rayhan, I. (2018). Investigating the dynamic causal relationship among FDI, export and economic growth in Bangladesh. Global Journal Of Engineering Science And Researches, 5(9), 162-168. Shabbir, G., Naveed, A. (2010). Growth, FDI and exports in Pakistan: A Co-integration analysis. Forman Journal of Economic Studies, 6, 65-84.
  • Sharma, A., Rishad, A. and Gupta, S. (2018). Relationship between Fdi, export and economic growth in India: Evidence from Toda And Yamamoto approach. Journal of Academic Research in Economics, 10(1), 4-15.
  • Shawa, M. J., Shen, Y. (2013). Causality relationship between foreign direct investment, GDP growth and export for Tanzania. International Journal of Economics and Finance, 5(9), 13-19.
  • Sunde, T. (2017). Foreign direct investment, exports and economic growth: ADRL and causality analysis for South Africa. Research in International Business and Finance, 41, 434-444.
  • Tapşın, G. (2016). The relationship between foreign direct investment, export and economic growth in Turkey. Journal of Business Management and Economics, 4(5), 1-6.
  • Tekin, R. B. (2012). Economic growth, exports and foreign direct investment in least developed countries: A panel granger causality analysis. Economic Modelling, 29(3), 868-878.

DOĞRUDAN YABANCI YATIRIMLAR, İHRACAT ve EKONOMİK BÜYÜME ARASI İLİŞKİLER: BRICS-T ÜLKELERİ ÜZERİNE BOOTSTRAP PANEL NEDENSELLİK ANALİZİ (1992-2018)

Year 2021, Volume: 8 Issue: 1, 71 - 92, 26.02.2021

Mürşit Recepoğlu Muharrem Akın Doğanay Mustafa Kemal Değer

https://doi.org/10.30626/tesamakademi.742467
Cited By: 2

Abstract

II. Dünya Savaşı sonrasında yaşanan ticari küreselleşme ve bölgesel ekonomik anlaşmalar ile ülkeler arası ticaret ilişkilerinin artması, dış ticaretin özellikle de ihracatın ekonomik büyüme üzerindeki etkilerini ele alan çalışmalarda büyük bir artışa yol açmıştır. Aynı şekilde Çok Uluslu Şirketler (ÇUŞ) aracılığıyla üretimin küreselleşmesi ise Doğrudan Yabancı Yatırımları (DYY) iktisatçılar açısından popüler hale getirmiştir. Bu kapsamda literatürde DYY’ların kısa ve orta vadeli portföy yatırımlarına göre tasarruf ve döviz açığı bulunan gelişmekte olan ülkelerde ekonomik büyüme üzerinde daha anlamlı etkileri olacağı beklentisi vardır. Bu çalışmanın amacı, yükselen piyasa ekonomilerini özel bir grubunu oluşturan BRICS-T ülkelerinde doğrudan yabancı yatırımlar, ihracat ve ekonomik büyüme arasındaki ilişkiyi 1992-2018 dönemi için araştırmaktır. Çalışmada yatay kesit bağımlılığı, homojenite ve Kónya (2006) bootstrap panel Granger nedensellik testleri kullanılmıştır. Elde edilen bulgular çalışmada kullanılan modellerde yatay kesit bağımlılığı ve heterojenitenin söz konusu olduğunu göstermektedir. Öte yandan bootstrap panel nedensellik test sonuçlarına göre doğrudan yabancı yatırımlar, ihracat ve ekonomik büyüme arasındaki nedensel ilişkilerin ülkeden ülkeye farklılık gösterdiği tespit edilmiştir.

Keywords

Doğrudan Yabancı Yatırımlar İhracat Ekonomik Büyüme Panel Nedensellik

References

  • Acaravci, A., Öztürk, İ. (2012). Foreign direct investment, export and economic growth: Empirical evidence from new EU countries. Romanian Journal of Economic Forecasting, 2, 52-67.
  • Ahmad, F., Draz, M. U. and Yang, S. C. (2018). Causality nexus of exports, FDI and economic growth of the ASEAN 5 economies: evidence from panel data analysis. The Journal of International Trade and Economic Development, 27(6), 685-700.
  • Alıcı, A. A., Ucal, M. Ş. (2003). Foreign direct investment, exports and output growth of Turkey: Causality analysis. In European Trade Study Group (ETSG) Fifth Annual Conference, Madrid (pp. 11-13). Bhatt, P. R. (2013). Causal relationship between exports, FDI and income: The case of Vietnam. Applied Econometrics and International Development, 13(1), 161-176.
  • Breusch, T. S., Pagan, A. R. (1980). The lagrange multiplier test and its applications to model specification in econometrics. The Review of Economic Studies, 47(1), 239-253.
  • Değer, S., Ay, S. (2013). Gelişmekte olan ülkelerde doğrudan yabancı yatırımlar ve cari işlemler arasındaki nedensel ilişkiler (1990–2011). Paradoks Ekonomi Sosyoloji ve Politika Dergisi, 9(2), 5-22.
  • Doğanay, M. A., Değer, M. K. (2017). Yükselen piyasa ekonomilerinde doğrudan yabancı yatırımlar ve ihracat ilişkisi: Panel veri eşbütünleşme analizleri (1996-2014). Çankırı Karatekin Üniversitesi İİBF Dergisi, 7(2), 127-145.
  • Dritsaki, C., Stiakakis, E. (2014). Foreign direct investments, exports, and economic growth in Croatia: A time series analysis. Procedia Economics and Finance, 14, 181-190.
  • Dritsakis, N., Stamatiou, P. (2014). Exports, foreign direct investment and economic growth for five european countries: Granger causality tests in panel data. Applied Economics Quarterly, 60(4), 253-272.
  • Dube, A. K., Ozkan, B. (2018). Export, Foreign Direct İnvestment (FDI) and economic growth in Ethiopia: VAR analysis. Open Access Journal of Agriculture Research. 3. 1-14.
  • Febiyansah, P. T. (2017). Indonesia’s fdi–exports–gdp growth nexus: Trade or investment-driven?. Buletin Ekonomi Moneter dan Perbankan, 19(4), 469-488.
  • Fofana, K. H., Xia, E. and Traore, M. B. (2018). Foreign direct investment, exports and economic growth: Pooled Mean Group (PMG) and causality analysis for west Africa. In proceedings of the International Conference on E-Business and Applications. 23-27.
  • Hsiao, F. S., Hsiao, M. C. W. (2006). FDI, exports, and GDP in East and Southeast Asia—Panel data versus time-series causality analyses. Journal of Asian Economics, 17(6), 1082-1106.
  • Khan, N. (2017). Impact of FDI and export on economic growth: Evidence from Pakistan and India. In 4th International Conference on Industrial Economics System and Industrial Security Engineering (IEIS).1-5.
  • Kónya, L. (2006). Exports and growth: Granger causality analysis on OECD countries with a panel data approach. Economic modelling, 23(6), 978-992.
  • Mahmoodi, M., Mahmoodi, E. (2016). Foreign direct investment, exports and economic Growth: Evidence from two panels of developing countries. Economic Research-Ekonomska Istraživanja, 29(1), 938-949.
  • Mehrara, M., Haghnejad, A., Dehnavi, J. and Meybodi, F. J. (2014). Dynamic causal relationships among GDP, exports, and Foreign Direct Investment (FDI) in the developing countries. International Letters of Social and Humanistic Sciences, 14(3), 1-19.
  • Pesaran, M. H. (2004). General diagnostic tests for cross section dependence in panels. Cambridge Working Papers in Economics, 435. London: BP.
  • Pesaran, M. H., Ullah, A. and Yamagata, T. (2008). A bias‐adjusted LM test of error cross‐section independence. The Econometrics Journal, 11(1), 105-127.
  • Pesaran, M. H., Yamagata, T. (2008). Testing slope homogeneity in large panels. Journal of Econometrics, 142(1), 50-93.
  • Saha, R., Tabassum, K. and Rayhan, I. (2018). Investigating the dynamic causal relationship among FDI, export and economic growth in Bangladesh. Global Journal Of Engineering Science And Researches, 5(9), 162-168. Shabbir, G., Naveed, A. (2010). Growth, FDI and exports in Pakistan: A Co-integration analysis. Forman Journal of Economic Studies, 6, 65-84.
  • Sharma, A., Rishad, A. and Gupta, S. (2018). Relationship between Fdi, export and economic growth in India: Evidence from Toda And Yamamoto approach. Journal of Academic Research in Economics, 10(1), 4-15.
  • Shawa, M. J., Shen, Y. (2013). Causality relationship between foreign direct investment, GDP growth and export for Tanzania. International Journal of Economics and Finance, 5(9), 13-19.
  • Sunde, T. (2017). Foreign direct investment, exports and economic growth: ADRL and causality analysis for South Africa. Research in International Business and Finance, 41, 434-444.
  • Tapşın, G. (2016). The relationship between foreign direct investment, export and economic growth in Turkey. Journal of Business Management and Economics, 4(5), 1-6.
  • Tekin, R. B. (2012). Economic growth, exports and foreign direct investment in least developed countries: A panel granger causality analysis. Economic Modelling, 29(3), 868-878.
There are 25 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Mürşit Recepoğlu 0000-0002-6861-2607

Muharrem Akın Doğanay 0000-0002-3985-2222

Mustafa Kemal Değer 0000-0001-6425-9052

Publication Date February 26, 2021
Published in Issue Year 2021 Volume: 8 Issue: 1

Cite

APA Recepoğlu, M., Doğanay, M. A., & Değer, M. K. (2021). DOĞRUDAN YABANCI YATIRIMLAR, İHRACAT ve EKONOMİK BÜYÜME ARASI İLİŞKİLER: BRICS-T ÜLKELERİ ÜZERİNE BOOTSTRAP PANEL NEDENSELLİK ANALİZİ (1992-2018). TESAM Akademi Dergisi, 8(1), 71-92. https://doi.org/10.30626/tesamakademi.742467
AMA Recepoğlu M, Doğanay MA, Değer MK. DOĞRUDAN YABANCI YATIRIMLAR, İHRACAT ve EKONOMİK BÜYÜME ARASI İLİŞKİLER: BRICS-T ÜLKELERİ ÜZERİNE BOOTSTRAP PANEL NEDENSELLİK ANALİZİ (1992-2018). TESAM Akademi Dergisi. February 2021;8(1):71-92. doi:10.30626/tesamakademi.742467
Chicago Recepoğlu, Mürşit, Muharrem Akın Doğanay, and Mustafa Kemal Değer. “DOĞRUDAN YABANCI YATIRIMLAR, İHRACAT Ve EKONOMİK BÜYÜME ARASI İLİŞKİLER: BRICS-T ÜLKELERİ ÜZERİNE BOOTSTRAP PANEL NEDENSELLİK ANALİZİ (1992-2018)”. TESAM Akademi Dergisi 8, no. 1 (February 2021): 71-92. https://doi.org/10.30626/tesamakademi.742467.
EndNote Recepoğlu M, Doğanay MA, Değer MK (February 1, 2021) DOĞRUDAN YABANCI YATIRIMLAR, İHRACAT ve EKONOMİK BÜYÜME ARASI İLİŞKİLER: BRICS-T ÜLKELERİ ÜZERİNE BOOTSTRAP PANEL NEDENSELLİK ANALİZİ (1992-2018). TESAM Akademi Dergisi 8 1 71–92.
IEEE M. Recepoğlu, M. A. Doğanay, and M. K. Değer, “DOĞRUDAN YABANCI YATIRIMLAR, İHRACAT ve EKONOMİK BÜYÜME ARASI İLİŞKİLER: BRICS-T ÜLKELERİ ÜZERİNE BOOTSTRAP PANEL NEDENSELLİK ANALİZİ (1992-2018)”, TESAM Akademi Dergisi, vol. 8, no. 1, pp. 71–92, 2021, doi: 10.30626/tesamakademi.742467.
ISNAD Recepoğlu, Mürşit et al. “DOĞRUDAN YABANCI YATIRIMLAR, İHRACAT Ve EKONOMİK BÜYÜME ARASI İLİŞKİLER: BRICS-T ÜLKELERİ ÜZERİNE BOOTSTRAP PANEL NEDENSELLİK ANALİZİ (1992-2018)”. TESAM Akademi Dergisi 8/1 (February 2021), 71-92. https://doi.org/10.30626/tesamakademi.742467.
JAMA Recepoğlu M, Doğanay MA, Değer MK. DOĞRUDAN YABANCI YATIRIMLAR, İHRACAT ve EKONOMİK BÜYÜME ARASI İLİŞKİLER: BRICS-T ÜLKELERİ ÜZERİNE BOOTSTRAP PANEL NEDENSELLİK ANALİZİ (1992-2018). TESAM Akademi Dergisi. 2021;8:71–92.
MLA Recepoğlu, Mürşit et al. “DOĞRUDAN YABANCI YATIRIMLAR, İHRACAT Ve EKONOMİK BÜYÜME ARASI İLİŞKİLER: BRICS-T ÜLKELERİ ÜZERİNE BOOTSTRAP PANEL NEDENSELLİK ANALİZİ (1992-2018)”. TESAM Akademi Dergisi, vol. 8, no. 1, 2021, pp. 71-92, doi:10.30626/tesamakademi.742467.
Vancouver Recepoğlu M, Doğanay MA, Değer MK. DOĞRUDAN YABANCI YATIRIMLAR, İHRACAT ve EKONOMİK BÜYÜME ARASI İLİŞKİLER: BRICS-T ÜLKELERİ ÜZERİNE BOOTSTRAP PANEL NEDENSELLİK ANALİZİ (1992-2018). TESAM Akademi Dergisi. 2021;8(1):71-92.

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