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Doğrudan Yabancı Yatırım Girişlerinde Beşerî Sermayenin Rolü: ECOWAS Ülkeleri Üzerine Bir Panel Çalışması

Yıl 2022, Cilt: 6 Sayı: 3, 1350 - 1366, 14.09.2022
https://doi.org/10.25295/fsecon.1126129

Öz

Bu çalışmanın temel amacı, ECOWAS (Batı Afrika Devletleri Ekonomik Topluluğu) ülkelerinde Doğrudan Yabancı Yatırım (DYY) girişleri üzerinde beşerî sermayenin rolünü ampirik olarak araştırmaktır. DYY, bir ülkedeki ekonomik büyümeyi, istihdamı, teknoloji transferini ve para girişlerini teşvik eden en önemli araçlardan biri olarak görülmektedir. Birçok Afrika ülkesinde, uygulanan reformlara rağmen, DYY girişleri nispeten düşük olmaya devam etmektedir. Afrika ülkelerinde DYY girişlerinin temel belirleyicilerini değerlendiren birçok çalışma, en önemli belirleyicilerden birinin beşerî sermaye olduğunu ortaya koymuştur. Ancak, birçok Afrika ülkesinde beşerî sermaye, dünyanın en az gelişmişleri arasındadır. Bu nedenle, bu çalışmada ECOWAS ülkeleri üzerine DYY girişlerinde beşerî sermayenin rolünü araştırmak için ampirik bir analiz gerçekleştirilmiştir. Bu amaçla, 1991-2015 dönemi için, ECOWAS ülkelerinin on dört üye ülkesi üzerine beşerî sermayenin hem yetişkin okuryazarlık oranı hem de özgürlük derecesi tarafından temsil edildiği bir panel veri seti kullanılmıştır. Ampirik bulgular, yetişkin okuryazarlık oranının istatistiksel olarak anlamlı olmadığını ortaya koyarken, özgürlük derecesinin DYY girişlerinde beşerî sermayenin ana temsilcisi olduğunu ortaya koymuştur.

Kaynakça

  • Ajayi, S. (2006). The Determinants of Foreign Direct Investment in Africa: A Survey of the Evidence. In S. Ajayi, Foreign Direct Investment in Sub-Saharan Africa: Origins, Targets, Impact and Potential. Nairobi: African Economic Research Consortium.
  • Ajide, K. B. (2014). Determinants of Foreign Direct Investment in ECOWAS Countries: The Roles of Governance and Human Capital. The Empirical Econometrics and Quantitative Economics Letters, 3(2), 61 - 74.
  • Alsan, M., Bloom, D. E. & Canning, D. (2006). The Effect of Population Health on Foreign Direct Investment Inflows to Low- and Middle-Income Countries. World Development, 34(4), 613–630.
  • Anyanwu, J. C. (2011). Determinants of Foreign Direct Investment Inflows to Africa, 1980-2007. African Development Bank, Tunis, Tunisia. Working Paper Series No. 136.
  • Asiedu, E. (2002). On the Determinants of Foreign Direct Investment to Developing Countries: Is Africa Different? World Development, 30(1), 107-119.
  • Assunçao, S., Forte, R. & Teixeira, A. A. (2011). Location Determinants of FDI: A Literature Review. FEP Working Papers, No 433.
  • Barro, R. & Lee, J. W. (1993). International Comparisons of Educational Attainment. Journal of Monetary Economics, 32, 363-394.
  • Becker, G. (1964). Human Capital: A Theoretical and Empirical Analysis, with Special Reference to Education. New York: Columbia University Press.
  • Cleeve, E. A. (2008). How Effective are Fiscal Incentives to Attract FDI to Sub-Saharan Africa? Journal of Developing Areas, 42, 135-153.
  • Cyesa, G., Turayishimye, L. & Nkurunziza, J. (2019). The Effect of Human Capital Development on Economic Growth in Rwanda. Economic Policy Research Network (EPRN), EPRN Rwanda Research Paper Series, Vol. 2, April 2019, 16-31.
  • Freedom House (2017). Freedom in the World 2017: The Annual Survey of Political Rights and Civil Liberties. Rowman & Littlefield Publishers INC., New York & Washington, DC. Retrieved January 10, 2019, from https://freedomhouse.org/sites/default /files/FH_FIW_2017_Report_Final.pdf.
  • Hanson, J. R. (1996). Human Capital and Direct Investment in Poor Countries. Explorations in Economic History, 33, 86–106.
  • Hurlin, C. & Mignon, V. (2007). Second Generation Panel Unit Root Tests. Working Papers, HAL Id: halshs-00159842, HAL Open Science.
  • Jadhav, P. (2012). Determinants of Foreign Direct Investment in BRICS Economies: Analysis of Economic, Institutional and Political Factor. Procedia - Social and Behavioral Sciences, 37, 5-14.
  • Lucas, R. (1988). On the Mechanics of Economic Development. Journal of Monetary Economics, 22, 3-42.
  • Malik, K. (2013). The Rise of the South: Human Progress in a Diverse World. UNDP Human Development Report Office. Human Development Report 2013, New York: United Nations Development Programme. Retrieved December 11, 2018, from https://ssrn.com/abstract=2294673.
  • Markusen, J. R. (2002). Multinational Firms and the Theory of International Trade. Boston: The MIT Press.
  • Mincer, J. (1958). Investment in Human Capital and Personal Income Distribution. Journal of Political Economy, 281-302.
  • Miyamoto, K. (2008). Human Capital Formation and Foreign Direct Investment in Developing Countries. OECD Development Centre, Working Paper No. 211.
  • Noorbakhsh, F., Paloni, A. & Youssef, A. (2001). Human Capital and FDI Inflows to Developing Countries: New Empirical Evidence. World Development, 29(9), 1593-1610.
  • Onyeiwu, S. & Shrestha, H. (2004). Determinants of Foreign Direct Investment in Africa. Journal of Developing Societies, 20, 89-106.
  • Reiter, S. L. & Steensma, H. (2010). Human Development and Foreign Direct Investment in Developing Countries: The Influence of FDI Policy and Corruption. World Development, 38(12), 1678-1691.
  • Romer, P. (1986). Increasing Returns and Long-Run Growth. Journal of Political Economy, 5, 1002-1037.
  • Root, F. R. & Ahmed, A. A. (1979). Empirical Determinants of Manufacturing Direct Foreign Investment in Developing Countries. Economic Development and Cultural Change, University of Chicago Press, 27(4), 751-767.
  • Sane, M. (2016). Determinants of Foreign Direct Investment Inflows to ECOWAS Member Countries: Panel Data Modelling and Estimation. Modern Economy, 7 (12), 1517-1542.
  • Schultz, T. W. (1960). Capital Formation by Education. Journal of Political Economy, 571-583.
  • Sichei, M. M. & Kinyondo, G. (2012). Determinants of Foreign Direct Investment in Africa: A Panel Data Analysis. Global Journal of Management and Business Research, 12(18), 85-97.
  • Suliman, A. H. & Mollick, V. (2009). Human Capital Development, War and Foreign Direct Investment in Sub-Saharan Africa. Oxford Development Studies, 37(1), 47-61.
  • UNCTAD (2000). Cross-Border Mergers and Acquisitions and Development. World Investment Report 2000. United Nations, New York & Geneva.
  • UNCTAD (2014). Investing in the SDGs: An Action Plan. World Investment Report 2014, New York and Geneva: United Nations. Retrieved September 24, 2019, from https://unctad.org/system/files/official-document/wir2014_en.pdf
  • UNCTAD (2016). Investor Nationality: Policy Challenges. World Investment Report 2016. United Nations, New York & Geneva: Retrieved September 24, 2019, from https://unctad.org/system/files/official-document/wir2016_en.pdf
  • World Bank (2016). World Development Indicators. Washington: World Bank. Retrieved November 7, 2019, from https://openknowledge.worldbank.org/bitstream /handle/10986/23969/9781464806834.pdf.
  • World Bank (2017). World Development Indicators. Washington: World Bank. Retrieved February 2, 2019, from https://econpapers.repec.org/scripts/redir.pf?u= https%3A%2F%2Fopenknowledge.worldbank.org%2Fbitstream%2Fhandle%2F10986%2F26447%2FWDI-2017-web.pdf%3Fsequence%3D1;h=repec:wbk:wbpubs:26447.

The Role of Human Capital in FDI Inflows: A Panel Study on ECOWAS Countries

Yıl 2022, Cilt: 6 Sayı: 3, 1350 - 1366, 14.09.2022
https://doi.org/10.25295/fsecon.1126129

Öz

The main purpose of this paper is to empirically investigate the role of human capital on the Foreign Direct Investment (FDI) inflows toward ECOWAS countries (Economic Community of West African States). FDI is seen as one of the most important tools that promote economic growth, employment, technology transfer and currencies’ inflows in a country. In many African countries, despite reforms implemented, FDI inflows continue to be relatively low. Many studies evaluating the main determinants of FDI in African countries have revealed that one of the most important determinants is human capital. However, in many African countries, human capital is among the least developed in the world. Therefore, an empirical analysis is conducted to investigate the role of human capital in the inflows of FDI of ECOWAS countries. For this purpose, a panel data is used for the fourteen members of ECOWAS countries over the period 1991-2015 where human capital is proxied by both adult literacy rate and degree of freedom. The empirical findings revealed that the degree of freedom is the main proxy for the human capital while the adult literacy rate is not statistically significant.

Kaynakça

  • Ajayi, S. (2006). The Determinants of Foreign Direct Investment in Africa: A Survey of the Evidence. In S. Ajayi, Foreign Direct Investment in Sub-Saharan Africa: Origins, Targets, Impact and Potential. Nairobi: African Economic Research Consortium.
  • Ajide, K. B. (2014). Determinants of Foreign Direct Investment in ECOWAS Countries: The Roles of Governance and Human Capital. The Empirical Econometrics and Quantitative Economics Letters, 3(2), 61 - 74.
  • Alsan, M., Bloom, D. E. & Canning, D. (2006). The Effect of Population Health on Foreign Direct Investment Inflows to Low- and Middle-Income Countries. World Development, 34(4), 613–630.
  • Anyanwu, J. C. (2011). Determinants of Foreign Direct Investment Inflows to Africa, 1980-2007. African Development Bank, Tunis, Tunisia. Working Paper Series No. 136.
  • Asiedu, E. (2002). On the Determinants of Foreign Direct Investment to Developing Countries: Is Africa Different? World Development, 30(1), 107-119.
  • Assunçao, S., Forte, R. & Teixeira, A. A. (2011). Location Determinants of FDI: A Literature Review. FEP Working Papers, No 433.
  • Barro, R. & Lee, J. W. (1993). International Comparisons of Educational Attainment. Journal of Monetary Economics, 32, 363-394.
  • Becker, G. (1964). Human Capital: A Theoretical and Empirical Analysis, with Special Reference to Education. New York: Columbia University Press.
  • Cleeve, E. A. (2008). How Effective are Fiscal Incentives to Attract FDI to Sub-Saharan Africa? Journal of Developing Areas, 42, 135-153.
  • Cyesa, G., Turayishimye, L. & Nkurunziza, J. (2019). The Effect of Human Capital Development on Economic Growth in Rwanda. Economic Policy Research Network (EPRN), EPRN Rwanda Research Paper Series, Vol. 2, April 2019, 16-31.
  • Freedom House (2017). Freedom in the World 2017: The Annual Survey of Political Rights and Civil Liberties. Rowman & Littlefield Publishers INC., New York & Washington, DC. Retrieved January 10, 2019, from https://freedomhouse.org/sites/default /files/FH_FIW_2017_Report_Final.pdf.
  • Hanson, J. R. (1996). Human Capital and Direct Investment in Poor Countries. Explorations in Economic History, 33, 86–106.
  • Hurlin, C. & Mignon, V. (2007). Second Generation Panel Unit Root Tests. Working Papers, HAL Id: halshs-00159842, HAL Open Science.
  • Jadhav, P. (2012). Determinants of Foreign Direct Investment in BRICS Economies: Analysis of Economic, Institutional and Political Factor. Procedia - Social and Behavioral Sciences, 37, 5-14.
  • Lucas, R. (1988). On the Mechanics of Economic Development. Journal of Monetary Economics, 22, 3-42.
  • Malik, K. (2013). The Rise of the South: Human Progress in a Diverse World. UNDP Human Development Report Office. Human Development Report 2013, New York: United Nations Development Programme. Retrieved December 11, 2018, from https://ssrn.com/abstract=2294673.
  • Markusen, J. R. (2002). Multinational Firms and the Theory of International Trade. Boston: The MIT Press.
  • Mincer, J. (1958). Investment in Human Capital and Personal Income Distribution. Journal of Political Economy, 281-302.
  • Miyamoto, K. (2008). Human Capital Formation and Foreign Direct Investment in Developing Countries. OECD Development Centre, Working Paper No. 211.
  • Noorbakhsh, F., Paloni, A. & Youssef, A. (2001). Human Capital and FDI Inflows to Developing Countries: New Empirical Evidence. World Development, 29(9), 1593-1610.
  • Onyeiwu, S. & Shrestha, H. (2004). Determinants of Foreign Direct Investment in Africa. Journal of Developing Societies, 20, 89-106.
  • Reiter, S. L. & Steensma, H. (2010). Human Development and Foreign Direct Investment in Developing Countries: The Influence of FDI Policy and Corruption. World Development, 38(12), 1678-1691.
  • Romer, P. (1986). Increasing Returns and Long-Run Growth. Journal of Political Economy, 5, 1002-1037.
  • Root, F. R. & Ahmed, A. A. (1979). Empirical Determinants of Manufacturing Direct Foreign Investment in Developing Countries. Economic Development and Cultural Change, University of Chicago Press, 27(4), 751-767.
  • Sane, M. (2016). Determinants of Foreign Direct Investment Inflows to ECOWAS Member Countries: Panel Data Modelling and Estimation. Modern Economy, 7 (12), 1517-1542.
  • Schultz, T. W. (1960). Capital Formation by Education. Journal of Political Economy, 571-583.
  • Sichei, M. M. & Kinyondo, G. (2012). Determinants of Foreign Direct Investment in Africa: A Panel Data Analysis. Global Journal of Management and Business Research, 12(18), 85-97.
  • Suliman, A. H. & Mollick, V. (2009). Human Capital Development, War and Foreign Direct Investment in Sub-Saharan Africa. Oxford Development Studies, 37(1), 47-61.
  • UNCTAD (2000). Cross-Border Mergers and Acquisitions and Development. World Investment Report 2000. United Nations, New York & Geneva.
  • UNCTAD (2014). Investing in the SDGs: An Action Plan. World Investment Report 2014, New York and Geneva: United Nations. Retrieved September 24, 2019, from https://unctad.org/system/files/official-document/wir2014_en.pdf
  • UNCTAD (2016). Investor Nationality: Policy Challenges. World Investment Report 2016. United Nations, New York & Geneva: Retrieved September 24, 2019, from https://unctad.org/system/files/official-document/wir2016_en.pdf
  • World Bank (2016). World Development Indicators. Washington: World Bank. Retrieved November 7, 2019, from https://openknowledge.worldbank.org/bitstream /handle/10986/23969/9781464806834.pdf.
  • World Bank (2017). World Development Indicators. Washington: World Bank. Retrieved February 2, 2019, from https://econpapers.repec.org/scripts/redir.pf?u= https%3A%2F%2Fopenknowledge.worldbank.org%2Fbitstream%2Fhandle%2F10986%2F26447%2FWDI-2017-web.pdf%3Fsequence%3D1;h=repec:wbk:wbpubs:26447.
Toplam 33 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Bölüm Makaleler
Yazarlar

Abdoul-kader Sıdı Gandou 0000-0002-0311-1908

Alper Sönmez 0000-0001-5476-7627

Yayımlanma Tarihi 14 Eylül 2022
Yayımlandığı Sayı Yıl 2022 Cilt: 6 Sayı: 3

Kaynak Göster

APA Sıdı Gandou, A.-k., & Sönmez, A. (2022). The Role of Human Capital in FDI Inflows: A Panel Study on ECOWAS Countries. Fiscaoeconomia, 6(3), 1350-1366. https://doi.org/10.25295/fsecon.1126129

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