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Foreign Direct Investments and Human Capital Nexus: An Application on BRICS-T Countries

Yıl 2020, Cilt: 35 Sayı: 4, 725 - 739, 31.12.2020
https://doi.org/10.24988/ije.202035405

Öz

This paper aims to analyze the effect of human capital on FDI inflows within the framework of Lucas Paradox. Trade openness, market size, natural resource wealth and inflation rate which are intensively processed in the literature are used as explanatory variables in terms of being possible determinants of FDI inflows. The findings indicate that the human capital positively affects FDI inflows in BRICS-T countries. On the other hand, positive correlation is found between natural resource wealth and FDI inflows, while negative correlation is found between inflation rate and FDI inflows. Trade openness and market size have produced contradictory results.

Kaynakça

  • BAL, H., ALGAN, N., DEMİRAL, M. (2014). Gelişmekte olan Ülkeler Küresel Sermayeyi Çekme Konusunda Niçin Başarısız Olmaktadırlar? Balkan Ülkeleri İçin Lucas Paradoksunun Yeniden İncelenmesi. International Conference on Euroasian Economies 2014.
  • BECKER, G. S. (1994). Human Capital: A Theoretical and Empirical Analysis with Special Reference to Education, The University of Chicago Press, 15-28.
  • BREUSCH, T.S., PAGAN, A.R. (1980). The Langrange Multiplier Test and its Applications to Model Specification in Econometrics, Rev. Econ. Stud., 47, 239-253.
  • CHECCHI, D., DE SİMONE, G., FAINI, R. (2007). Skilled Migration, FDI and Human Capital Investment. IZA Discussion Paper, No.2795.
  • CLEEVE E.A., DEBRAH, Y., YIHESIS, Z. (2015). Human Capital and FDI Inflow: An Assessment of the African Case, World Development, 74, 1-14.
  • COLEMAN, J. S. (1988). Social Capital in the Creation of Human Capital. The American Journal of Sociology, 94, 95-120.
  • COUGHLIN, C. C., SEGEV, E. (2000). Foreign Direct Investment in China: A Spatial Econometric Study. Blackwell Publishers.
  • DUNNING, J. H., DILYARD, J.R. (1999). Towards a General Paradigm of Foreign Direct and Foreign Portfolio Investment. Transnational Cooperations, 8(1).
  • HANSON, J.R. (1996). Human Capital and Direct Investment in Poor Countries. Explorations in Economic History, 33(1), 86-106.
  • IM, K.S., PESERAN, M.H., SHIN, Y. (2003). Testing For Unit Roots in Heterogeneous Panels. Journal of Econometrics, 115(1), 53-74.
  • JOHNSON, A. (2006). The Effects of FDI Inflows on Host Country Economic Growth. CESIS Electronic Working Paper Series, Paper No. 58.
  • KHACHOO, A.Q., KHAN, M.I. (2012). Determinants of FDI Inflows to Developing Countries: A Panel Data Analysis. Munich Personal Repec Archive, Paper No.37278.
  • KARAGÖZ, K. (2007). Türkiye’de Doğrudan Yabancı Yatırım Girişlerini Belirleyen Faktörler. Journal of Yasar University, 8(2), 927-948.
  • KASTRATI, S. (2013). The Effects of Foreign Direct Investment for Host Country’s Economy. European Journal of Interdisciplinary Studies, 5(1).
  • KUMARI, R., SHARMA, A.K. (2017). Determinants of Foreign Direct Investment in Developing Countries: A Panel Data Study. International Journal of Emerging Markets, 12(4), 658-682.
  • LEVIN, A., LIN, C.F., CHU, C.S.J. (2002). Unit Root Tests in Panel Data: Asymptotic and Finite-Sample Properties. Journal of Econometrics, 108(1), 1-24.
  • LIPSEY, R.E., SJOHOLM, F. (2005). The Impact of Inward FDI on Host Countries: Why Such Different Answers. Institute for International Economics Center for Global Development, 23-43.
  • LUCAS, R. E. Jr. (1990). Why Doesn't Capital Flow from Rich to Poor Countries? The American Economic Review, 80(2), 92-96.
  • MADDALA, G.S., WU, S. (1999). A Comparative Study of Unit Root Tests with Panel Data and a New Simple Test. Oxford Bulletin of Economics and Statistics, Special Issue.
  • MAJEED, M.T., AHMAD, E. (2008). Human Capital Development and FDI in Developing Countries. Munich Personal Repec Archive.
  • MINA, W. (2007). The Location Determinants of FDI in the GCC Countries. Journal of Multinational Financial Management, No.17, 336-348.
  • MIYAMOTO, K. (2003). Human Capital Formation and Foreign Direct Investment in Developing Countries. OECD Development Centre, Working Paper No. 211.
  • NARULA, R. (1996). Multinational Investment and Economic Structure: Globalization and Competitiveness, London: Routledge, https://doi.org/10.4324/9780203011362
  • NOORBAKSH F., PALONİ, A., YOUSSEF, A. (2001). Human Capital and FDI Inflows to Developing Countries: New Empirical Evidence. World Development, 29(9), 1593-1610.
  • NUNNENKAMP, P. (2002). Determinants of FDI in developing countries: has globalization changed the rules of the game? Kiel Working Paper, No.1122.
  • PESERAN, H.M. (2004). General Diagnostic Tests for Cross Section Dependence in Panels. Working Paper, No: 0435, University of Cambiridge.
  • PESERAN H.M. (2006). Estimation and Inference in Large Heterogeneous Panels with a Multifactor Error Structure. Econometrica, 74(4), 967-1012.
  • PESERAN, M.H. (2007). A Simple Panel Unit Root Test in the Presence of Cross-Section Dependence. Journal of Applied Econometrics, 22, 265-312.
  • PESERAN, M.H., ULLAH, A., YAMAGATA, T. (2008). A Bias-Adjusted LM Test of Error Crosssection Independence. The Econometrics Journal, 11(1), 105-127.
  • PESERAN, M.H., YAMAGATA, T. (2008). Testing Slope Homogeneity in large panels. Journal of Econometrics, 142(1), 50-93.
  • ROOT, F.R., AHMED, A. (1979). Empirical Determinants of Manufacturing Direct Foreign Investment in Developing Countries Economic Development and Cultural Change, 27, No.24.
  • SCHNEIDER, F., FREY, B. (1985). Economic and Political Determinants of Foreign Direct Investment. World Development, 13(2).
  • SCHULTZ, T. W. (1961). Investment in Human Capital. The American Economic Review, 51(1), 1-17.
  • SULIMAN, A. H. MOLLICK, A.V. (2009). Human Capital Development, War and FDI in Sub-Saharan Africa. Oxford Development Studies.
  • TATOĞLU, F. Y. (2017). Panel Zaman Serileri Analizi, Beta Basım Yayım Dağıtım A.Ş, 1. Baskı, İstanbul.
  • UNCTAD, (2018). World Investment Report.
  • UNDP. (2016). Human Development Report 2016.
  • UNDP. (2018). Human Development Indices and Indicators: 2018 Statistical Update.
  • WESTERLUND, J. (2008). Panel Cointegration Tests of the Fisher Effect. Journal of Applied Econometrics, 23, 193-233.
  • ZHUANG, H. (2017). The Effect of Foreign Direct Investment on Human Capital Development in East Asia. Journal of The Asia Pacific Economy, 22(2), 195-211.

Doğrudan Yabancı Yatırımlar ve Beşerî Sermaye İlişkisi: BRICS-T Ülkeleri Üzerine Bir Uygulama

Yıl 2020, Cilt: 35 Sayı: 4, 725 - 739, 31.12.2020
https://doi.org/10.24988/ije.202035405

Öz

Bu çalışmada, Lucas Paradoksu çerçevesinde BRICS-T ülkeleri özelinde beşerî sermayenin DYY girişleri üzerindeki etkisinin 1993-2017 dönemi için test edilmesi amaçlanmıştır. DYY girişlerinin geleneksel belirleyicileri olması bakımından ticarete açıklık, piyasa büyüklüğü, doğal kaynak zenginliği ve enflasyon oranı da modelde kullanılmıştır. Değişkenler arasında eşbütünleşme ilişkisinin tespitinden hareketle elde edilen uzun dönemli tahminci bulguları, BRICS-T ülkelerinde beşerî sermayenin DYY girişlerini pozitif yönde ve anlamlı bir şekilde etkilediğini göstermektedir. Diğer yandan doğal kaynak zenginliği ile DYY girişleri arasında pozitif, enflasyon oranı ve DYY girişleri arasında ise negatif yönlü ilişki tespit edilmiştir. Ticarete açıklık ve piyasa büyüklüğü değişkenleri kullanılan tahmincilere göre farklı sonuçlar ortaya koymuştur.

Kaynakça

  • BAL, H., ALGAN, N., DEMİRAL, M. (2014). Gelişmekte olan Ülkeler Küresel Sermayeyi Çekme Konusunda Niçin Başarısız Olmaktadırlar? Balkan Ülkeleri İçin Lucas Paradoksunun Yeniden İncelenmesi. International Conference on Euroasian Economies 2014.
  • BECKER, G. S. (1994). Human Capital: A Theoretical and Empirical Analysis with Special Reference to Education, The University of Chicago Press, 15-28.
  • BREUSCH, T.S., PAGAN, A.R. (1980). The Langrange Multiplier Test and its Applications to Model Specification in Econometrics, Rev. Econ. Stud., 47, 239-253.
  • CHECCHI, D., DE SİMONE, G., FAINI, R. (2007). Skilled Migration, FDI and Human Capital Investment. IZA Discussion Paper, No.2795.
  • CLEEVE E.A., DEBRAH, Y., YIHESIS, Z. (2015). Human Capital and FDI Inflow: An Assessment of the African Case, World Development, 74, 1-14.
  • COLEMAN, J. S. (1988). Social Capital in the Creation of Human Capital. The American Journal of Sociology, 94, 95-120.
  • COUGHLIN, C. C., SEGEV, E. (2000). Foreign Direct Investment in China: A Spatial Econometric Study. Blackwell Publishers.
  • DUNNING, J. H., DILYARD, J.R. (1999). Towards a General Paradigm of Foreign Direct and Foreign Portfolio Investment. Transnational Cooperations, 8(1).
  • HANSON, J.R. (1996). Human Capital and Direct Investment in Poor Countries. Explorations in Economic History, 33(1), 86-106.
  • IM, K.S., PESERAN, M.H., SHIN, Y. (2003). Testing For Unit Roots in Heterogeneous Panels. Journal of Econometrics, 115(1), 53-74.
  • JOHNSON, A. (2006). The Effects of FDI Inflows on Host Country Economic Growth. CESIS Electronic Working Paper Series, Paper No. 58.
  • KHACHOO, A.Q., KHAN, M.I. (2012). Determinants of FDI Inflows to Developing Countries: A Panel Data Analysis. Munich Personal Repec Archive, Paper No.37278.
  • KARAGÖZ, K. (2007). Türkiye’de Doğrudan Yabancı Yatırım Girişlerini Belirleyen Faktörler. Journal of Yasar University, 8(2), 927-948.
  • KASTRATI, S. (2013). The Effects of Foreign Direct Investment for Host Country’s Economy. European Journal of Interdisciplinary Studies, 5(1).
  • KUMARI, R., SHARMA, A.K. (2017). Determinants of Foreign Direct Investment in Developing Countries: A Panel Data Study. International Journal of Emerging Markets, 12(4), 658-682.
  • LEVIN, A., LIN, C.F., CHU, C.S.J. (2002). Unit Root Tests in Panel Data: Asymptotic and Finite-Sample Properties. Journal of Econometrics, 108(1), 1-24.
  • LIPSEY, R.E., SJOHOLM, F. (2005). The Impact of Inward FDI on Host Countries: Why Such Different Answers. Institute for International Economics Center for Global Development, 23-43.
  • LUCAS, R. E. Jr. (1990). Why Doesn't Capital Flow from Rich to Poor Countries? The American Economic Review, 80(2), 92-96.
  • MADDALA, G.S., WU, S. (1999). A Comparative Study of Unit Root Tests with Panel Data and a New Simple Test. Oxford Bulletin of Economics and Statistics, Special Issue.
  • MAJEED, M.T., AHMAD, E. (2008). Human Capital Development and FDI in Developing Countries. Munich Personal Repec Archive.
  • MINA, W. (2007). The Location Determinants of FDI in the GCC Countries. Journal of Multinational Financial Management, No.17, 336-348.
  • MIYAMOTO, K. (2003). Human Capital Formation and Foreign Direct Investment in Developing Countries. OECD Development Centre, Working Paper No. 211.
  • NARULA, R. (1996). Multinational Investment and Economic Structure: Globalization and Competitiveness, London: Routledge, https://doi.org/10.4324/9780203011362
  • NOORBAKSH F., PALONİ, A., YOUSSEF, A. (2001). Human Capital and FDI Inflows to Developing Countries: New Empirical Evidence. World Development, 29(9), 1593-1610.
  • NUNNENKAMP, P. (2002). Determinants of FDI in developing countries: has globalization changed the rules of the game? Kiel Working Paper, No.1122.
  • PESERAN, H.M. (2004). General Diagnostic Tests for Cross Section Dependence in Panels. Working Paper, No: 0435, University of Cambiridge.
  • PESERAN H.M. (2006). Estimation and Inference in Large Heterogeneous Panels with a Multifactor Error Structure. Econometrica, 74(4), 967-1012.
  • PESERAN, M.H. (2007). A Simple Panel Unit Root Test in the Presence of Cross-Section Dependence. Journal of Applied Econometrics, 22, 265-312.
  • PESERAN, M.H., ULLAH, A., YAMAGATA, T. (2008). A Bias-Adjusted LM Test of Error Crosssection Independence. The Econometrics Journal, 11(1), 105-127.
  • PESERAN, M.H., YAMAGATA, T. (2008). Testing Slope Homogeneity in large panels. Journal of Econometrics, 142(1), 50-93.
  • ROOT, F.R., AHMED, A. (1979). Empirical Determinants of Manufacturing Direct Foreign Investment in Developing Countries Economic Development and Cultural Change, 27, No.24.
  • SCHNEIDER, F., FREY, B. (1985). Economic and Political Determinants of Foreign Direct Investment. World Development, 13(2).
  • SCHULTZ, T. W. (1961). Investment in Human Capital. The American Economic Review, 51(1), 1-17.
  • SULIMAN, A. H. MOLLICK, A.V. (2009). Human Capital Development, War and FDI in Sub-Saharan Africa. Oxford Development Studies.
  • TATOĞLU, F. Y. (2017). Panel Zaman Serileri Analizi, Beta Basım Yayım Dağıtım A.Ş, 1. Baskı, İstanbul.
  • UNCTAD, (2018). World Investment Report.
  • UNDP. (2016). Human Development Report 2016.
  • UNDP. (2018). Human Development Indices and Indicators: 2018 Statistical Update.
  • WESTERLUND, J. (2008). Panel Cointegration Tests of the Fisher Effect. Journal of Applied Econometrics, 23, 193-233.
  • ZHUANG, H. (2017). The Effect of Foreign Direct Investment on Human Capital Development in East Asia. Journal of The Asia Pacific Economy, 22(2), 195-211.
Toplam 40 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular Ekonomi
Bölüm Makaleler
Yazarlar

Bilal Çayır 0000-0001-5340-6635

Ekrem Erdem 0000-0002-5876-8747

Yayımlanma Tarihi 31 Aralık 2020
Gönderilme Tarihi 17 Şubat 2020
Kabul Tarihi 27 Aralık 2020
Yayımlandığı Sayı Yıl 2020 Cilt: 35 Sayı: 4

Kaynak Göster

APA Çayır, B., & Erdem, E. (2020). Doğrudan Yabancı Yatırımlar ve Beşerî Sermaye İlişkisi: BRICS-T Ülkeleri Üzerine Bir Uygulama. İzmir İktisat Dergisi, 35(4), 725-739. https://doi.org/10.24988/ije.202035405

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