Gelişmiş Ülkelerde Doğrudan Yabancı Yatırım Çıkışları İle Yurt İçi Yatırımlar Arasındaki Nedensellik İlişkisi

Year 2021, , 903 - 917, 20.08.2021

Nur Aydın

https://doi.org/10.21076/vizyoner.830326

Abstract

Bu çalışmanın amacı gelişmiş ülkelerde doğrudan yabancı yatırım çıkışları ile yurt içi yatırımları arasındaki nedensellik ilişkisini incelemektir. Çalışma, dokuz gelişmiş ülke için (ABD, Almanya, Fransa, Hollanda, İngiltere, İrlanda, İsviçre, Japonya ve Kanada) 1985-2018 dönemi için ele alınmıştır. Çalışmada doğrudan yabancı yatırım çıkışları ile yurt içi yatırımlar arasındaki nedensellik ilişkisi yatay kesit bağımlılığı ve homojeniteye izin veren panel Granger nedensellik testiyle incelenmiştir. Çalışmanın yatay kesit bağımlılığı ve homojenlik testi sonuçlarına göre serilerde yatay kesit bağımlılığı vardır. Ayrıca çalışmanın eğim katsayıları beklentilere uygun şekilde homojendir. CADF panel birim kök testi sonuçlarına göre ülke ve paneli oluşturan seriler düzey değerinde durağan değildir. Panel Granger nedensellik sonuçlarına göre ise gelişmiş ülkelerde doğrudan yabancı yatırım çıkışlarından ana ülkenin yurt içi yatırımlarına doğru tek yönlü bir nedensellik ilişkisi vardır.

Keywords

Doğrudan Yabancı Yatırım Çıkışları, Yurt İçi Yatırımlar, Gelişmiş Ülkeler, Panel Nedensellik Analizi

Causality Relationship between Outward Foreign Direct Investment and Domestic Investments in Developed Countries

Abstract

The aim of the study is to examine the causality relationship between outward foreign direct investment and domestic investments in developed countries. The study encompasses 1985-2018 period for nine developed countries (USA, Germany, France, Netherlands, UK, Ireland, Switzerland, Japan and Canada). In the study, the causality relationship between outward foreign direct investment and domestic investments is examined with the panel Granger causality test that allows for cross-sectional dependency and homogeneity. According to the results of the cross-section dependence and homogeneity test of the study, there is a cross-section dependence in the series. In addition, the slope coefficients of the study are homogeneous in accordance with the expectations. According to the CADF panel unit root test results, the country and the series forming the panel are not stable at level value. According to the panel Granger causality results, there is a one-way causality relationship from outward foreign direct investment to the domestic investments of the home country in developed countries.

Keywords

Outward Foreign Direct Investment, Domestic Investments, Developed Countries, Panel Causality Analysis

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