THE IMPACT OF FOREIGN DIRECT INVESTMENT ON EXPORT OF HIGH-TECHNOLOGY PRODUCTS: THE ROLE OF FINANCIAL DEVELOPMENT AND REGULATORY QUALITY

Öz

This study aims to reveal whether financial development and regulatory efficiency have a noteworthy role in developing countries ' relationship between foreign direct investment and export of high-tech products. Rich panel data from 70 developing countries for the period 2002-2015 are used in the analysis to examine the relevant relationship. The Generalized Moments Method (GMM) is utilized in the study, since it allows to control the endogeneity relationship between variables. Findings shows that financial development and regulatory quality level affect the contribution of FDI on exports of high-tech products in developing countries. According to results, in countries where regulatory quality and financial development level are higher, FDI may contributes positively to export of high technology products. However, it couldn't be found any significant relationship for countries which have less regulatory quality and financial development level.

Anahtar Kelimeler

• Foreign Direct Investment
• Export of High Technology Products
• Financial Development
• Regulatory Quality
• Developing Countries

Doğrudan Yabancı Yatırımların Yüksek Teknolojili Ürün İhracatına Etkisi: Finansal Gelişme ve Düzenleyici Kalitenin Rolü

Öz

Bu çalışma finansal gelişimin ve düzenleyici kalitenin, gelişmekte olan ülkelerin doğrudan yabancı yatırım ve yüksek teknoloji ürünlerin ihracatı arasındaki ilişkisinde dikkate değer bir rolü olup olmadığını ortaya koymayı amaçlamaktadır. İlgili ilişkiyi incelemek için, analizde 2002-2015 dönemi için gelişmekte olan 70 ülkenin zengin panel verileri kullanılmaktadır. Çalışmada değişkenler arasındaki endojenlik ilişkisinin kontrol edilmesini sağlayan Genelleştirilmiş Momentler Metodu (GMM) kullanılmaktadır. Bulgular, finansal gelişimin ve düzenleyici kalite seviyesinin, gelişmekte olan ülkelerde doğrudan yabancı yatırımların yüksek teknolojili ürün ihracatına katkısını etkilediğini göstermektedir. Sonuçlara göre, düzenleyici kalite ve finansal gelişme düzeyinin daha yüksek olduğu ülkelerde DYY, yüksek teknoloji ürünlerinin ihracatına olumlu katkıda bulunabilir. Ancak, Düzenleyici Kalitesi ve finansal gelişme düzeyi daha az olan ülkeler için anlamlı bir ilişki bulunamamıştır.

Anahtar Kelimeler

• Doğrudan Yabancı Yatırım
• Yüksek Teknolojili Ürün İhracatı
• Finansal Gelişmişlik
• Düzenleyici Kalite
• Gelişmekte Olan Ülkeler

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