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ECONOMIC FREEDOM AND FOREING DIRECT INVESTMENT IN E7 COUNTRIES: A PANEL DATA ANALYSIS

Yıl 2020, Sayı: 36, 542 - 570, 31.12.2020
https://doi.org/10.14520/adyusbd.728635

Öz

The positive contribution of Foreign Direct Investment (FDI) to economic growth is emphasized in the literature. In this context, FDI is regarded as an important factor due to the expected positive externalities on other macro-economic factors. Therefore, there are determinants that will enable FDI to gain greater access to the economies. It is assumed that the economic freedom index could be one of these determinants. The aim of this study is to examine the relationship between economic freedoms and FDI in the sample of E7 countries, which are China, India, Brazil, Russia, Indonesia, Mexico and Turkey. In the study, the variables analyzed using the panel data method using data from 1996-2018 period. The cross-section dependency between the variables is tested with Pesaran (2004) test. According to the results of the Dumitrescu and Hurlin (2012) Granger causality test, causality relationship from economic freedoms to direct foreign capital investments could not be determined.

Kaynakça

  • Ajide, K. B. ve Eregha, P. B. (2015). "Foreign direct investment, economic freedom and economic performance in Sub-Saharan Africa." Managing Global Transitions, 13(1): 43–57. Akkaya, M (2019)."Gelişen Piyasalarda Doğrudan Yabancı Sermaye Yatırımı, Ekonomik Özgürlük ve Ekonomik Büyüme İlişkisi." Selçuk Üniversitesi Sosyal Bilimler Meslek Yüksekokulu Dergisi, 22(1): 1-10. Aziz, A ve Makkawi, B. (2012). "Relationship Between Foreing Direct Investment and Country Population." International Journal of Business and Management, 7(8):63-70. Azman-Saini, W. N. W., Baharumshah, A. Z., & Law, S. H. (2010). “Foreign direct investment, economic freedom and economic growth: International evidence.” Economic Modelling, 27(5): 1079-1089. Bai, J. ve Ng, S. (2004). "A Panic Attack on Unit Roots and Cointegration". Econometrica, 72(4):1127-1177. Baltagi, B. H. (2005). Econometric Analysis of Panel Data. 3rd ed. New York: Wiley. Beheshtitabar, E. ve Irgalıyev, A. (2008). The Impact of Economic Freedom on FDI Inflows to Developing Countries: The case of The Middle East. Jönköping International Business School, Bachelor Thesis, 1-25. 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: 529-545. Breusch, T. S. ve 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. Caetano, Jose, ve Caleiro, Antonio. (2009). “Economic Freedom and Foreign Direct Investment: How Different Are The MENA Countries from the EU”. iBusiness, 1: 65-74. Choi, I. (2001). "Unit Root Tests for Panel Data." Journal of International Money and Finance, 20(2): 249-272. Choi, I. (2006). "Combination Unit Root Tests for Cross-Sectionally Correlated Panels." Econometric Theory and Practice: Frontiers of Analysis and Applied Research: Essays in Honor of Peter CB Phillips. Cambridge University Press, 11: 311-333. Dumitrescu, E. I. ve Hurlin, C. (2012). "Testing for Granger non-causality in Heterogeneous Panels." Economic Modelling, 29(4): 1450-1460. Fisher, R.A. (1932). Statistical Methods for Research Workers, Edinburgh: Oliver and Boyd. Ghazalian, P.L. ve Amponsem, F.(2019)."The Effects of Economic Freedom on FDI Inflows: An Empirical Analysis."Applied Economics, 51(11): 1111-1132. Granger, C. W. (1969)."Investigating Causal Relations by Econometric Models and Cross-Spectral Methods." Econometrica: Journal of the Econometric Society, 37(3): 424-438. Gwartney, J. ve Lawson, R. (2001). Economic freedom of the world: 2001 Annual Report. Fraser Institute. Gwartney, J., Lawson, R. ve Hall, J. (2019). Economic Freedom of the World: 2019 Annual Report. Fraser Institute. Hadri, K. (2000). “Testing for Stationarity in Heterogeneous Panel Data.” The Econometrics Journal, 3(2): 148-161. Harris, R. D. ve Tzavalis, E. (1999). “Inference For Unit Roots in Dynamic Panels Where The Time Dimension is Fixed.” Journal of Econometrics, 91(2): 201-226. Herzer, D. (2010).“How Does Foreign Direct Investment Really Affect Developing Countries.” Ibero-America Institute For Economic Research, Discussion Paper: 207. Hossaın, M. S. (2016). “Foreign Direct İnvestment, Economic Freedom and Economic Growth: Evidence From Developing Countries.” International Journal of Economics and Finance, 8(11): 200-214. Im, K. S., Pesaran, M. H. ve Shin, Y. (2003). “Testing for Unit Rootsin Heterogeneous Panels.” Journal of Econometrics, 115(1): 53-74. Imtiaz, S.ve Bashir, M. (2017). “Economic Freedom and Foreign Direct Investment in South Asian Countries”. Theoretical and Applied Economics, 14(2): 281-294. Kapuria-Foreman, V. (2007). “Economic Freedom and Foreign Direct Investment in Developing Countries.” The Journal of Developing Areas, 41(1): 143-154. Khawar, M. (2005). “Foreign Direct Investment and Economic Growth: A Cross-Country Analysis.” Global Economy Journal, 5(1): 1-12. Kizilkaya, O., Ay, A.ve 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 & Applied Economics, 23(3): 127-140. Levin, A. ve C.F. Lin (1993)."Unit Root Test in Panel Data: New Results." Discussion Paper, Department of Economics, University of California at San Diego: 93-56. Levin, A., Lin, C. F. ve Chu, C. S. J. (2002). “Unit Root Tests in Panel Data: Asymptotic and Finite-Sample Properties.” Journal of Econometrics, 108(1): 1-24. Lopez, L., ve Weber, S. (2017). “Testing for Granger Causality in Panel Data.” The Stata Journal, 17(4), 972-984. Maddala, G. S., ve Wu, S. (1999). “A Comparative Study of Unit Root Tests with Panel Data anda New Simple Test.” Oxford Bulletin of Economics and Statistics, 61(1): 631-652. Moon, H. R. ve Perron, B. (2004). “Testing for a Unit Root in Panels with Dynamic Factors.” Journal of Econometrics, 122(1): 81-126. Norton, S. (2002). “Population Growth, Economic Freedom, and The Rule of Law.” PERC Policy Series, PS-24. Bozeman: 143-172. Pearson, D., Nyonna, D. ve Kim, K. J. (2012). “The Relationship Between Economic Freedom, State Growth and Foreign Direct İnvestment in US States.” International Journal of Economics and Finance, 4(10): 140-147. Pesaran M.H. (2004)."General Diagnostic Tests for Cross Section Dependence in Panels."Cambridge WorkingPapers in Economics No. 435, University of Cambridge, and CESifo Working Paper Series: 1229. Pesaran, M.H. (2007). “A Simple Panel Unit Root Test in The Presence of Cross‐Section Dependence.” Journal of Applied Econometrics, 22(2): 265-312. Phillips, P. C. ve Sul, D. (2003). “Dynamic Panel Estimation and Homogeneity Testing Under Cross Section Dependence.” The Econometrics Journal, 6(1): 217-259. Quazi, R. (2007). “Economic Freedom and Foreign Direct Investment in East Asia.” Journal of The Asia Pacific Economy, 12(3): 329-344. Sofuoglu, E., Kizilkaya, O. ve Uysal, D. (2019). “Ekonomik Özgürlükler Ve Doğrudan Yabancı Yatırımlar Arasındaki İlişki: Panel Eşbütünleşme Analizi.” Business and Economics Research Journal, 10(2): 341-355. Subaşat, T. ve Bellos, S. (2011). “Economic Freedom and Foreign Direct Investment: A Panel Gravity Model Approach.” The Empirical Economics Letters, 10(7): 697-704. Şahin, D. (2018). "BRICS-T Ülkelerinde Ekonomik Özgürlükler ve Doğrudan Yabancı Sermaye Yatırımları Arasındaki İlişki: Bootstrap Panel Nedensellik Testi.” Bingöl Üniversitesi Sosyal Bilimler Enstitüsü Dergisi (BUSBED), 8(16): 285-294. Tatoğlu, Y. F. (2018). Panel Veri Ekonometrisi: Stata Uygulamalı. 4. Baskı, İstanbul: Beta Yayınları. Tunçsiper, B., ve Biçen, Ö. F. (2014). “Balkan Ülkelerine ve Türkiye’ye Yönelik Doğrudan Yabancı Sermaye Girişlerinde Ekonomik Özgürlüklerin Belirleyiciliği”, International Conference on Eurasian Economies, 1-3 Temmuz, Skopje Makedonya.

E7 ÜLKELERİNDE EKONOMİK ÖZGÜRLÜK VE DOĞRUDAN YABANCI SERMAYE YATIRIMLARI: PANEL VERİ ANALİZİ

Yıl 2020, Sayı: 36, 542 - 570, 31.12.2020
https://doi.org/10.14520/adyusbd.728635

Öz

Doğrudan yabancı sermaye yatırımlarının ekonomik büyümeye olumlu katkısına literatürde vurgu yapılmaktadır. Bu kapsamda diğer makro ekonomik değişkenler üzerinde beklenen pozitif dışsallıkları nedeniyle DYSY önemli bir faktör olarak kabul edilmektedir. Bu nedenle Doğrudan yabancı sermaye yatırımlarının ekonomilere daha fazla giriş yapmasını sağlayacak belirleyiciler bulunmaktadır. Ekonomik Özgürlük Endeksi’nin bu belirleyicilerden biri olduğu varsayılmaktadır. Bu çalışmanın amacı E7 ülkeleri olarak ifade edilen Çin, Hindistan, Brezilya, Rusya, Endonezya, Meksika ve Türkiye örnekleminde ekonomik özgürlükler ve doğrudan yabancı sermaye yatırımları arasındaki ilişkiyi incelemektir. Çalışmada değişkenler için 1996-2018 dönemine ait veriler kullanılarak panel veri yöntemiyle analiz edilmiştir. Panel veri setinde yer alan değişken arasındaki yatay kesit bağımlılık Pesaran (2004) testi ile sınamıştır. Çalışmada elde edilen Dumitrescu ve Hurlin (2012) Granger nedensellik testi sonuçlarına göre ekonomik özgürlüklerden doğrudan yabancı sermaye yatırımlarına doğru herhangi bir nedensellik ilişkisi tespit edilememiştir.

Kaynakça

  • Ajide, K. B. ve Eregha, P. B. (2015). "Foreign direct investment, economic freedom and economic performance in Sub-Saharan Africa." Managing Global Transitions, 13(1): 43–57. Akkaya, M (2019)."Gelişen Piyasalarda Doğrudan Yabancı Sermaye Yatırımı, Ekonomik Özgürlük ve Ekonomik Büyüme İlişkisi." Selçuk Üniversitesi Sosyal Bilimler Meslek Yüksekokulu Dergisi, 22(1): 1-10. Aziz, A ve Makkawi, B. (2012). "Relationship Between Foreing Direct Investment and Country Population." International Journal of Business and Management, 7(8):63-70. Azman-Saini, W. N. W., Baharumshah, A. Z., & Law, S. H. (2010). “Foreign direct investment, economic freedom and economic growth: International evidence.” Economic Modelling, 27(5): 1079-1089. Bai, J. ve Ng, S. (2004). "A Panic Attack on Unit Roots and Cointegration". Econometrica, 72(4):1127-1177. Baltagi, B. H. (2005). Econometric Analysis of Panel Data. 3rd ed. New York: Wiley. Beheshtitabar, E. ve Irgalıyev, A. (2008). The Impact of Economic Freedom on FDI Inflows to Developing Countries: The case of The Middle East. Jönköping International Business School, Bachelor Thesis, 1-25. 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: 529-545. Breusch, T. S. ve 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. Caetano, Jose, ve Caleiro, Antonio. (2009). “Economic Freedom and Foreign Direct Investment: How Different Are The MENA Countries from the EU”. iBusiness, 1: 65-74. Choi, I. (2001). "Unit Root Tests for Panel Data." Journal of International Money and Finance, 20(2): 249-272. Choi, I. (2006). "Combination Unit Root Tests for Cross-Sectionally Correlated Panels." Econometric Theory and Practice: Frontiers of Analysis and Applied Research: Essays in Honor of Peter CB Phillips. Cambridge University Press, 11: 311-333. Dumitrescu, E. I. ve Hurlin, C. (2012). "Testing for Granger non-causality in Heterogeneous Panels." Economic Modelling, 29(4): 1450-1460. Fisher, R.A. (1932). Statistical Methods for Research Workers, Edinburgh: Oliver and Boyd. Ghazalian, P.L. ve Amponsem, F.(2019)."The Effects of Economic Freedom on FDI Inflows: An Empirical Analysis."Applied Economics, 51(11): 1111-1132. Granger, C. W. (1969)."Investigating Causal Relations by Econometric Models and Cross-Spectral Methods." Econometrica: Journal of the Econometric Society, 37(3): 424-438. Gwartney, J. ve Lawson, R. (2001). Economic freedom of the world: 2001 Annual Report. Fraser Institute. Gwartney, J., Lawson, R. ve Hall, J. (2019). Economic Freedom of the World: 2019 Annual Report. Fraser Institute. Hadri, K. (2000). “Testing for Stationarity in Heterogeneous Panel Data.” The Econometrics Journal, 3(2): 148-161. Harris, R. D. ve Tzavalis, E. (1999). “Inference For Unit Roots in Dynamic Panels Where The Time Dimension is Fixed.” Journal of Econometrics, 91(2): 201-226. Herzer, D. (2010).“How Does Foreign Direct Investment Really Affect Developing Countries.” Ibero-America Institute For Economic Research, Discussion Paper: 207. Hossaın, M. S. (2016). “Foreign Direct İnvestment, Economic Freedom and Economic Growth: Evidence From Developing Countries.” International Journal of Economics and Finance, 8(11): 200-214. Im, K. S., Pesaran, M. H. ve Shin, Y. (2003). “Testing for Unit Rootsin Heterogeneous Panels.” Journal of Econometrics, 115(1): 53-74. Imtiaz, S.ve Bashir, M. (2017). “Economic Freedom and Foreign Direct Investment in South Asian Countries”. Theoretical and Applied Economics, 14(2): 281-294. Kapuria-Foreman, V. (2007). “Economic Freedom and Foreign Direct Investment in Developing Countries.” The Journal of Developing Areas, 41(1): 143-154. Khawar, M. (2005). “Foreign Direct Investment and Economic Growth: A Cross-Country Analysis.” Global Economy Journal, 5(1): 1-12. Kizilkaya, O., Ay, A.ve 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 & Applied Economics, 23(3): 127-140. Levin, A. ve C.F. Lin (1993)."Unit Root Test in Panel Data: New Results." Discussion Paper, Department of Economics, University of California at San Diego: 93-56. Levin, A., Lin, C. F. ve Chu, C. S. J. (2002). “Unit Root Tests in Panel Data: Asymptotic and Finite-Sample Properties.” Journal of Econometrics, 108(1): 1-24. Lopez, L., ve Weber, S. (2017). “Testing for Granger Causality in Panel Data.” The Stata Journal, 17(4), 972-984. Maddala, G. S., ve Wu, S. (1999). “A Comparative Study of Unit Root Tests with Panel Data anda New Simple Test.” Oxford Bulletin of Economics and Statistics, 61(1): 631-652. Moon, H. R. ve Perron, B. (2004). “Testing for a Unit Root in Panels with Dynamic Factors.” Journal of Econometrics, 122(1): 81-126. Norton, S. (2002). “Population Growth, Economic Freedom, and The Rule of Law.” PERC Policy Series, PS-24. Bozeman: 143-172. Pearson, D., Nyonna, D. ve Kim, K. J. (2012). “The Relationship Between Economic Freedom, State Growth and Foreign Direct İnvestment in US States.” International Journal of Economics and Finance, 4(10): 140-147. Pesaran M.H. (2004)."General Diagnostic Tests for Cross Section Dependence in Panels."Cambridge WorkingPapers in Economics No. 435, University of Cambridge, and CESifo Working Paper Series: 1229. Pesaran, M.H. (2007). “A Simple Panel Unit Root Test in The Presence of Cross‐Section Dependence.” Journal of Applied Econometrics, 22(2): 265-312. Phillips, P. C. ve Sul, D. (2003). “Dynamic Panel Estimation and Homogeneity Testing Under Cross Section Dependence.” The Econometrics Journal, 6(1): 217-259. Quazi, R. (2007). “Economic Freedom and Foreign Direct Investment in East Asia.” Journal of The Asia Pacific Economy, 12(3): 329-344. Sofuoglu, E., Kizilkaya, O. ve Uysal, D. (2019). “Ekonomik Özgürlükler Ve Doğrudan Yabancı Yatırımlar Arasındaki İlişki: Panel Eşbütünleşme Analizi.” Business and Economics Research Journal, 10(2): 341-355. Subaşat, T. ve Bellos, S. (2011). “Economic Freedom and Foreign Direct Investment: A Panel Gravity Model Approach.” The Empirical Economics Letters, 10(7): 697-704. Şahin, D. (2018). "BRICS-T Ülkelerinde Ekonomik Özgürlükler ve Doğrudan Yabancı Sermaye Yatırımları Arasındaki İlişki: Bootstrap Panel Nedensellik Testi.” Bingöl Üniversitesi Sosyal Bilimler Enstitüsü Dergisi (BUSBED), 8(16): 285-294. Tatoğlu, Y. F. (2018). Panel Veri Ekonometrisi: Stata Uygulamalı. 4. Baskı, İstanbul: Beta Yayınları. Tunçsiper, B., ve Biçen, Ö. F. (2014). “Balkan Ülkelerine ve Türkiye’ye Yönelik Doğrudan Yabancı Sermaye Girişlerinde Ekonomik Özgürlüklerin Belirleyiciliği”, International Conference on Eurasian Economies, 1-3 Temmuz, Skopje Makedonya.
Toplam 1 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Makaleler
Yazarlar

Mehmet Özcan 0000-0001-9082-0894

Gökhan Akar 0000-0001-8401-4052

Yayımlanma Tarihi 31 Aralık 2020
Yayımlandığı Sayı Yıl 2020 Sayı: 36

Kaynak Göster

APA Özcan, M., & Akar, G. (2020). E7 ÜLKELERİNDE EKONOMİK ÖZGÜRLÜK VE DOĞRUDAN YABANCI SERMAYE YATIRIMLARI: PANEL VERİ ANALİZİ. Adıyaman Üniversitesi Sosyal Bilimler Enstitüsü Dergisi(36), 542-570. https://doi.org/10.14520/adyusbd.728635