THE IMPACT OF FOREIGN DIRECT INVESTMENT ON FINANCIAL INCLUSION: AN EMPIRICAL INVESTIGATION

Öz

Literatürde birçok çalışma, doğrudan yabancı yatırımın (DYY) farklı ülkelerin finansal gelişimi ve ekonomik büyümesi üzerindeki sonuçlarını ele almaktadır. Ancak DYY'nin finansal kapsayıcılık üzerindeki etkisinin yeterince çalışılmadığı ve henüz uygun bir ampirik çalışmada yer almadığı kabul edilmektedir. Bu nedenle, bu çalışmada doğrudan yabancı yatırımın (DYY) farklı kantillerine karşılık gelen finansal erişim üzerindeki etkisini, 2005-2016 döneminde maksimum 99 ülke için parametrik olmayan analiz yöntemi olan kantil regresyon analiz yöntemini Markov Zinciri Monte Carlo (MCMC) optimizasyonu ile kullanarak ampirik olarak araştırmaktadır. Bulgular, DYY’nin finansal içerme üzerindeki etkisinin, finansal içerme düzeyine bağlı olarak ülkeler arasında değişiklik gösterdiğini göstermektedir. Spesifik olarak, DYY'nin finansal kapsayıcılık ile tüm kantillerde pozitif ve istatistiksel olarak anlamlı bir ilişkisi olduğu tespit edilmiştir. Bu da DYY'nin düşük, orta veya yüksek düzeyde finansal kapsayıcılık olmasına bakılmaksızın finansal kapsayıcılığı arttırdığını göstermektedir. Çalışma, karar vericilerin finansal katılımın iyileştirilmesine yönelik politikalar geliştirirken DYY’ı dikkate almaları gerektiğini önermektedir.

Anahtar Kelimeler

• Panel Kantil Regresyon
• Finansal Kapsayıcılık
• Doğrudan Yabancı Yatırımları
• MCMC Optimizasyon Yaklaşımı

DOĞRUDAN YABANCI YATIRIMLARIN FİNANSAL KAPSAYICILIK ÜZERİNE ETKİSİ ÜZERİNE AMPİRİK BİR ARAŞTIRMA

Öz

Many studies discuss the result of foreign direct investment on the financial development and economic growth of different countries, but the FDI's effect on financial inclusion is considered understudied and not yet subjected to proper empirical evaluation. Therefore, this paper empirically examines the impact of foreign direct investment (FDI) on financial inclusion corresponding to its different quantiles for a maximum sample of 99 countries over the period 2005- 2016 by using the non-parametric analysis, namely the non-parametric quantile regression approach with Markov Chain Monte Carlo (MCMC) optimization that allows examining the impact of FDI on financial inclusion at a different level of financial inclusion. The results suggest that the impact of FDI on financial inclusion varies across countries based on the level of financial inclusion. Specifically, the FDI has a positive and statistically significant association with financial inclusion in all quantiles indicating that FDI does increase financial inclusion regardless of having low, medium, or high levels of financial inclusion. The study recommends that decision-makers need to consider FDI while developing policies for the improvement of financial inclusion.

Anahtar Kelimeler

• Panel Quantile Regression
• Financial Inclusion
• Foreign Direct Investment
• MCMC) Optimization Approach

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