Foreign Direct Investments and Export Relations in Emerging Market Economies: Panel Data Cointegration Analyses (1996-2014)

Öz

The purpose of this study is to deal with the relationship between foreign direct investment (FDI) and export. In this paper, panel data co-integration analyses for 21 emerging markets are driven by the 1996-2014 period. According to Westerlund panel co-integration test results; there are long-term relationships between total merchandise exports and manufacturing exports with FDI in emerging markets. However, long-term and meaningful relationship is concerned only between FDI and manufacturing exports by taking into account the cross-sectional dependence. The obtained results can be interpreted that FDI’s may be the seeking of resources such as raw materials and labour rather than being market-oriented in the emerging markets.

Anahtar Kelimeler

• Foreign Direct Investments,Export,Emerging Market Economies,Panel Data Analysis

Yükselen Piyasa Ekonomilerinde Doğrudan Yabancı Yatırımlar ve İhracat İlişkisi: Panel Veri Eşbütünleşme Analizleri (1996-2014)

Öz

Bu çalışmanın amacı, doğrudan yabancı yatırım (DYY) ile ihracat arasındaki ilişkileri ele almaktır. Çalışmada 1996-2014 dönemi dikkate alınarak, 21 yükselen piyasa ekonomisi için panel veri eşbütünleşme analizleri gerçekleştirilmiştir. Westerlund panel veri eşbütünleşme testleri sonuçlarına göre, yükselen piyasa ekonomilerinde DYY’ler ile hem toplam mal ihracatı hem de imalat sanayi ihracatı arasında uzun dönemli ilişkiler söz konusudur. Bununla birlikte, yatay kesit bağımlılığı dikkate alan test sonuçlarına göre sadece imalat sanayi ihracatı ile DYY’ler arasında uzun dönemli ve anlamlı ilişkiler mevcuttur. Elde edilen bu sonuçlar, yükselen piyasa ekonomilerinde DYY’lerin, pazara yönelik olmaktan ziyade hammadde ve işgücü gibi üretim kaynağı arama amaçlı olduklarına yorumlanabilir.

Anahtar Kelimeler

• Doğrudan Yabancı Yatırımlar,İhracat,Yükselen Piyasa Ekonomileri,Panel Veri Analizleri

Kaynakça

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