Doğrudan Yabancı Sermaye Yatırımları, Ekonomik Büyüme, İstihdam ve Finansal Gelişme Arasındaki Etkileşimin Analizi: OECD Ülkeleri Örneği

Yıl 2021, , 2582 - 2602, 30.09.2021

Ömer Faruk Öztürk , Yılmaz Bayar

https://doi.org/10.15869/itobiad.932909

Öz

Doğrudan yabancı sermaye yatırımlari, özellikle yetersiz tasarrufa sahip ülkeler için sürdürülebilir ekonomik büyüme ve kalkınma için önem taşımaktadır. Ayrıca, doğrudan yabancı sermaye yatırımları yoluyla transfer edilen sermaye, teknoloji, bilgi ve üretkenliğin, içsel büyüme teorileri kapsamında ev sahibi ülkelerin ekonomik büyümesine katkı sağlayabileceği öne sürülmektedir. Doğrudan yabancı sermaye yatırımları, yeşil alan veya kahverengi alan yatırımları olmak üzere iki türde yapılabilmektedir. Yeşil alan yatırımları şeklindeki doğrudan yabancı sermaye yatırımları istihdama doğrudan veya doğrudan yabancı sermaye yatırımları ekonomik büyümeyi artırarak istihdama dolaylı katkı sağlayabilmektedir. Ayrıca, doğrudan yabancı sermaye yatırımları bir yandan finansal sistemdeki fonları artırarak finansal sektörün gelişimine katkı sağlayabilirken, diğer yandan doğrudan yabancı sermaye yatırımları finans sektörüne rakip oldukları için finans sektörünün gelişimini olumsuz da etkileyebilmektedir. Bununla birlikte ilgili literatür dikkate alındığında; doğrudan yabancı sermaye yatırımı yapan yatırımcıların genellikle belirli bir ekonomik büyüme, istihdam ve finansal sektör gelişimine sahip olan ülkeleri tercih ettikleri görülmektedir. Bu bağlamda, teorik olarak doğrudan yabancı sermaye yatırımları ile ekonomik büyüme, istihdam ve finans sektörünün gelişimi arasında karşılıklı bir etkileşim söz konusu olabilmektedir.
Dünyada 1980’li yıllardan itibaren liberalleşme ve küreselleşmenin hızlanması ile birlikte doğrudan yabancı sermaye yatırımlarında önemli artışlar olmuştur. Birçok ülke doğrudan yabancı sermaye yatırımlarının ekonomik büyüme ve istihdam üzerindeki pozitif etkilerini göz önünde bulundurarak kurumsal ve mali teşviklerle doğrudan yabancı sermaye yatırımı çekmeye çalışmaktadırlar. Bu çalışmada panel nedensellik analizi kullanılarak OECD ülkeleri örnekleminde 1995-2018 döneminde doğrudan yabancı sermaye yatırımları ile ekonomik büyüme, istihdam ve finansal gelişme arasındaki karşılıklı etkileşim incelenmiştir. Çalışma sonucunda ekonomik büyüme ile istihdamdan doğrudan yabancı sermaye yatırımlarına doğru; doğrudan yabancı sermaye yatırımlarından finansal gelişmeye doğru tek yönlü nedensellik olduğu belirlenmiştir. Bir başka deyişle ekonomik büyüme ile istihdamın doğrudan yabancı sermaye yatırımları üzerinde anlamlı bir etkiye sahip olduğu, doğrudan yabancı sermaye yatırımlarının ise finans sektörünün gelişimi üzerinde anlamlı bir etkiye sahip olduğu tespit edilmiştir.

Anahtar Kelimeler

Doğrudan yabancı sermaye yatırımları, Ekonomik büyüme, İstihdam, Finansal Gelişme, Panel nedensellik analizi

Teşekkür

İlginiz için çok teşekkür ederiz.

The Analysis of the Interaction among Foreign Direct Investments, Economic Growth, Employment, and Financial Development: Evidence from OECD Countries

Öz

Foreign direct investments are important especially for the countries with insufficient savings for the sustainable economic growth and development. Furthermore, it is suggested that the capital, technology, know-how, and productivity transferred by foreign direct investments may make a contribution to the economic growth of the host countries in the context of endogenous growth theories. Foreign direct investments can be made in two types as greenfield investments or brownfield investments. The foreign direct investments in terms of greenfield investments may make a contribution to the employment directly or foreign direct investments make a contribution to the employment indirectly through enhancing the economic growth. Furthermore, on the one side, foreign direct investments can make a contribution to the development of financial sector by increasing the funds in the financial system, on the other side foreign direct investments can negatively affect the financial sector development because foreign direct investments are a competitor of financial sector. However, the investors making the foreign direct investments generally prefer a country with a certain level of economic growth, employment and financial sector development given the related literature. In this sense, a mutual interaction among foreign direct investments, economic growth, employment, and financial sector development can exist in theoretical terms.
There have been significant increases in foreign direct investments through the acceleration of liberalization and globalization as of 1980s. Many countries have tried to attract foreign direct investments with institutional and financial incentives, taking into account the positive impact of foreign direct investments on economic growth and employment. In the study, the mutual interaction among foreign direct investments, economic growth, employment, and financial sector development was examined through panel causality analysis in sample of OECD countries for the period of 1995-2018. We revealed a unilateral causality from economic growth and employment to the foreign direct investments and a unilateral causality from foreign direct investments to financial development. In other words, we revealed that economic growth and employment had significant effect on foreign direct investments, but foreign direct investments had a significant effect on financial sector development.

Anahtar Kelimeler

Foreign direct investments, Economic growth, Employment, Financial development, Panel causality analysis

Kaynakça

• Aghion, P., Bloom, N., Blundell, R., Grıffith, R. Ve Howitt, P. (2005). “Competition And İnnovation: An İnverted-U Relationship” The Quarterly Journal Of Economics, 120(2): 701-728.
• Agrawal, P. (2015). “The Role Of Exports İn India's Economic Growth”. The Journal Of International Trade & Economic Development, 24(6): 835-859.
• Agrawal, P., (2000). “Savings, İnvestment And Growth İn South Asia”. India: India Gandhi Institute Of Development Research.
• Agrawal, P., (2001). “The Relationship Between Savings And Growth: Cointegration And Causality: Evidence From Asia”. Applied Economics, 33(4): 499–513.
• Agrawal, P., Sahoo, P., Radjan, K.D. (2010). “Savings Behavior İn India: Cointegration And Causality Evidence”. Singapore Economic Review, 55(2): 273-295.
• Alfaro, L. (2003). “Foreign Direct İnvestment And Growth: Does The Sector Matter”. Harvard Business School, 1-31.
• Alfaro, L. (2016). “Gains From Foreign Direct Investment: Macro And Micro Approaches World Bank's Abcde Conference”. The World Bank Economic Review, Lhw007.
• Alfaro, L. Ve Charlton, A. (2013). “Growth And The Quality Of Foreign Direct Investment”. In The Industrial Policy Revolution I (Pp. 162-204). Palgrave Macmillan Uk.
• Alfaro, L. Ve Charrlton, A. (2007), “Growth And The Quality Of Foreign Direct Investment: Is All Fdı Equal?”, Cep Discussion Papers No 830,November 2007.
• Alfaro, L., Chanda, A., Kalemli-Ozcan, S., Sayek, S. (2004). “Fdı And Economic Growth: The Role Of Local Financial Markets”. Journal Of İnternational Economics, 64(1): 89-112.
• Alfaro, L., Chanda, A., Kalemli-Ozcan, S., Sayek, S. (2006). “How Does Foreign Direct İnvestment Promote Economic Growth? Exploring The Effects Of Financial Markets On Linkages (No. W12522)”. National Bureau Of Economic Research.
• Anoruo, E. Ve Ahmad, Y. (2001). “Causal Relationship Between Domestic Savings And Economic Growth: Evidence From Seven African Countries”. African Development Review, 13(2): 238–249.
• Anwar, S., Nguyen, L. P. (2010). “Foreign Direct İnvestment And Economic Growth İn Vietnam”. Asia Pacific Business Review, 16(1–2): 183–202. Http://Dx.Doi.Org/10.1080/10438590802511031.
• Asghar, N., Nasreen, S. (2011). “Relationship Between Fdı And Economic Growth İn Selected Asian Countries: A Panel Data Analysis”. Review Of Economics & Finance, 84–96.
• Azman-Saını, W. N. W., Law, S. H., Ahmad, A. H. (2010). “Fdı And Economic Growth: New Evidence On The Role Of Financial Markets”. Economics Letters, 107(2): 211-213.
• Bajo-Rubıo, O. Ve Dıaz-Mora, C. (2015). “On The Employment Effects Of Outward Fdı: The Case Of Spain, 1995–2011”. Applied Economics, 47(21): 2127-2141.
• Baldwın, R. E. (1995). “The Effects Of Trade And Foreign Direct İnvestment On Employment And Relative Wages” (No. W5037). National Bureau Of Economic Research.
• Bayar, Y. (2014a). “Effects Of Foreign Direct İnvestment İnflows And Domestic İnvestment On Economic Growth: Evidence From Turkey”. International Journal Of Economics And Finance, 6(4), 69.
• Bayar, Y. (2014b). “Savings, Foreign Direct İnvestment İnflows And Economic Growth İn Emerging Asian Economies”. Asian Economic And Financial Review,4(8), 1106-1122.
• Bayar, Y., Gavriletea, M.D. (2018). “Foreign Direct Investment Inflows And Financial Development İn Central And Eastern European Union Countries: A Panel Cointegration And Causality”. International Journal Of Financial Studies, 6(2), 55. Https://Doi.Org/10.3390/İjfs6020055
• Bayar, Y., Sasmaz, M. U. (2017). “Impact Of Foreign Direct İnvestments On Unemployment İn Emerging Market Economies: A Co-İntegration Analysis”. International Journal Of Business And Economic Sciences Applied Research (Ijbesar), 10(3).
• Becker, B., Drıffıeld, N., Lancheros, S., Love, J. (2015). “Employment Effects Of Fdı İn Hot Labour Markets: A Cross-Country Analysis”. In Academy Of Management Proceedings (Vol. 2015, No. 1, P. 18223). Academy Of Management.
• Blomstrom, M. (1991). “Host Country Benefits Of Foreign İnvestment (No. W3615)”. National Bureau Of Economic Research.
• Borenszteın, E., De Gregorıo, J., Lee, J. W. (1998). “How Does Foreign Direct İnvestment Affect Economic Growth?”. Journal Of İnternational Economics, 45(1): 115-135.
• Bronzını, R. (2015). “The Effects Of Extensive And İntensive Margins Of Fdı On Domestic Employment: Microeconomic Evidence From Italy”. The Be Journal Of Economic Analysis & Policy, 15(4): 2079-2109.
• Carroll, C.D. Ve Weıll, D.N. (1994). “Saving And Growth: A Reinterpretation”. Carnegie-Rochester Conference Series On Public Policy, (40): 133-192.
• Chang, S. C. (2010). “Estimating Relationships Among Fdı İnflow, Domestic Capital, And Economic Growth Using The Threshold Error Correction Approach”. Emerging Markets Finance & Trade, 46(1): 6–15.
• Chowdhary, R., Ve Kushwaha, V. (2013). “Domestic İnvestment, Foreign Direct İnvestment And Economic Growth İn India Since Economic Reforms”. Journal Of Transformative Entrepreneurship, 1(2): 74-82.
• Cleeve, E.A., Debrah,Y., Yıheyıs, Z. (2015). “Human Capital And Fdı Inflow: An Assessment Of The African Case”, World Development, 74, 1-14, Https://Doi.Org/10.1016/J.Worlddev.2015.04.003
• De Mello, L. R. (1999). “Foreign Direct İnvestment-Led Growth: Evidence From Time Series And Panel Data”. Oxford Economic Papers, 51(1): 133-151.
• Desbordes, R., Wei, S.J. (2014). “The Effects Of Financial Development On Foreign Direct Investment”. World Bank Group Policy Research Working Paper 7065
• Dhar, B., Roy, S.S. (1996). “Foreign Direct Investment And Domestic Savings-Investment Behaviour: Developing Countries' Experience”. Economic And Political Weekly, 31 (35/37), 2547-2551.
• Domar, E., (1946). “Capital Expansion, Rate Of Growth And Employment”. Econometrica, 14(2).
• Dumitrescu, E. I., Hurlın, C., (2012). “Testing For Granger Noncausality İn Heterogeneous Panels”. Economic Modelling, 29(4), 1450-1460. Doı: 10.1016/J.Econmod.2012.02.014
• Dünya Bankası (2021a). “Foreign Direct İnvestment, Net İnflows” (Bop, Current Us$), Https://Data.Worldbank.Org/İndicator/Bx.Klt.Dınv.Cd.Wd
• Dünya Bankası (2021b). “Foreign Direct İnvestment, Net İnflows” (% Of Gdp), Https://Data.Worldbank.Org/İndicator/Bx.Klt.Dınv.Wd.Gd.Zs
• Dünya Bankası (2021c). “Gdp Per Capita Growth” (Annual %), Https://Data.Worldbank.Org/İndicator/Ny.Gdp.Pcap.Kd.Zg
• Dünya Bankası (2021ç). “Employment To Population Ratio”, 15+, Total (%) (Modeled Ilo Estimate), Https://Data.Worldbank.Org/İndicator/Sl.Emp.Totl.Sp.Zs
• Ekinci, A. Ve Gül, E. (2007). “Türkiye’de Yurtiçi Tasarruflar Ve Ekonomik Büyüme Arasındaki İlişki: Uygulamalı Bir Analiz (1960-2004)”. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, (19): 167-184.
• Estrın, S. (2017). “Foreign Direct İnvestment And Employment İn Transition Economies”. Iza World Of Labor, 330, Https://Doi.Org/10.15185/İzawol.330
• Federıco, S. Ve Mınerva, G. A. (2008). “Outward Fdı And Local Employment Growth İn Italy”, Review Of World Economics.
• Feldsteın, M. (1994). “Taxes, Leverage And The National Return On Outbound Foreign Direct İnvestment (No. W4689)”. National Bureau Of Economic Research.
• Globerman, S. Ve Shapıro, D. (2004). “Assessing International Mergers And Acquisitions As A Mode Of Foreign Direct Investment. Governance, Multinationals And Growth: A Conference Honouring Edward A. Safarian, Rotman School Of Management”, Toronto.
• Granger, C. (1969). “Investigating Causal Relations By Econometric Models And Cross-Spectral Methods”. Econometrica 37(3), 424-438. Doı: 10.2307/1912791
• Greenıdge, K., Ve Mıller, C. (2010). “Causal Chains Between Savings İnvestment And Growth: Evidence For Latin America And The Caribbean”. Business. Finance & Economics İn Emerging Economies, 5(2): 121-170.
• Gülmez, A., Yardımcıoglu F., (2013). “Brıcs Ülkeleri İle Türkiye’nin Ekonomik Büyümesinde Ulusal Ve Yabancı Tasarrufların Etkisi: Panel Veri Analizi”. C.Ü. İktisadi Ve İdari Bilimler Dergisi, 14(1): 47-68.
• Harrod, R.F., (1939). “An Essay İn Dynamic Theory”. The Economic Journal, 49(193): 14–33.
• Haskel, J. H., Pereira S.C., Slaughter M. J. (2007). “Does Inward Foreign Direct Investment Boost The Productivity Of Domestic Firms?”. The Review Of Economics And Statistics, August, 89(3), 482–496.
• Hermes, N., Lensınk, R. (2003). “Foreign Direct İnvestment, Financial Development And Economic Growth”. The Journal Of Development Studies, 40(1): 142-163.
• Hetes, R., Moldovan, N., Mıru, O. (2009). “Foreign Direct İnvestments And Economic Growth İn Central And Eastern European Countries”. Megatrend Review, 6(2): 239– 252.
• Iamsiraroj, S., Ulubaşoğlu, M.A. (2015). “Foreign Direct İnvestment And Economic Growth: A Real Relationship Or Wishful Thinking?”, Economic Modelling,51, 200-213, Https://Doi.Org/10.1016/J.Econmod.2015.08.009.
• Imf (2020). “Financial Development Index Database”, Https://Data.İmf.Org/?Sk=F8032e80-B36c-43b1-Ac26-493c5b1cd33b
• Islam, M.A., Khan, M.A., Popp, J., Sroka, W., Oláh, J. (2020). “Financial Development And Foreign Direct Investment”. The Moderating Role Of Quality Institutions. Sustainability, , 12, Https://Doi.Org/10.3390/Su12093556
• Jangılı, R. (2011). “Causal Relationship Between Saving, İnvestment And Economic Growth For India–What Does The Relation İmply?”.
• Johnson, A. (2006). “The Effects Of Fdı İnflows On Host Country Economic Growth. The Royal Institute Of Technology”. Centre Of Excellence For Studies İn Science And Innovation Http://Www. İnfra. Kth. Se/Cesis/Research/Publications/Working Papers.
• Jude, C., Pop Sılaghı, M.I. (2016). “Employment Effects Of Foreign Direct İnvestment: New Evidence From Central And Eastern European Countries”. International Economics, 145, 32-49, Https://Doi.Org/10.1016/J.İnteco.2015.02.003.
• Keynes, J. M., Waeger, F. (1936). “Allgemeine Theorie Der Beschäftigung, Des Zinses Und Des Geldes” (Vol. 6). Berlin: Duncker & Humblot.
• Lall, S., Ve Streeten, P. (1977). “Foreign İnvestment, Transnationals And Developing Countries”. Springer.
• Levine, R. (1997). Financial Development And Economic Growth: Views And Agenda. Journal Of Economic Literature, 35, 688–726.
• Levıne, R., Ve Carkovıc, M. (2002). “Finance And Growth: New Evidence And Policy Analyses For Chile”. Central Bank Of Chile, (157): 343-376.
• Lı,X., Lıu, X. (2005). “Foreign Direct Investment And Economic Growth: An Increasingly Endogenous Relationship”. World Development, 33(3), 393-407, Https://Doi.Org/10.1016/J.Worlddev.2004.11.001.
• Lıpsey, R. E. (2004). “Home-And Host-Country Effects Of Foreign Direct İnvestment. In Challenges To Globalization: Analyzing The Economics” (Pp. 333-382). University Of Chicago Press.
• Lucas, R.E., 1988. “On The Mechanics Of Economic Development”. Journal Of Monetary Economics, (22): 3–42.
• Lyroudı, K., Papanastasıou, J., Ve Vamvakıdıs, A. (2004). “Foreign Direct İnvestment And Economic Growth İn Transition Economies”. South-Eastern Europe Journal Of Economics, 2(1): 97-110.
• Marıottı, S., Mutınellı, M., Pıscıtello, L. (2003). “Home Country Employment And Foreign Direct İnvestment: Evidence From The Italian Case”. Cambridge Journal Of Economics, 27(3): 419-431.
• Melenaıte, D., Remeıkıene, R. (2016). “The Assesment Of The Impact Of Foreign Direct Investment On Lithuanian’s Competitiveness”. Vadyba, (1): 15.
• Mencınger, J. (2003). “Does Foreign Direct İnvestment Always Enhance Economic Growth?” Kilkos, 56(4): 491–508.
• Mohamed, M. R., Sıngh, K. S. J., Lıew, C. Y. (2013). “Impact Of Foreign Direct İnvestment & Domestic İnvestment On Economic Growth Of Malaysia”. Malaysian Journal Of Economic Studies, 50 (1): 21–35.
• Moosa, I. A. (2002). “Foreign Direct Investment: Theory”. Evidence And Practice, Hampshire.
• Mun, H. W., Lın, T. K., Man, Y. K. (2008). “Fdı And Economic Growth Relationship: An Empirical Study On Malaysia”. International Business Research, 1(2): 11–18.
• Odhıambo, N. M. (2009). “Finance-Growth-Poverty Nexus İn South Africa: A Dynamic Causality Linkage”. The Journal Of Socio-Economics, 38(2): 320-325.
• Oecd (2003). “The Sources Of Economic Growth İn Oecd Countries”. Paris.
• Oecd. (2002). “Foreign Direct İnvestment For Development: Maximising Benefits, Minimising Costs”. France: Oecd Publications Service
• Okwu, A.T., Osenı, I.O., Obıakor, R.T. (2020). “Does Foreign Direct Investment Enhance Economic Growth? Evidence From 30 Leading Global Economies”. Global Journal Of Emerging Market Economies, 12(2), 217–230. Https://Doi.Org/10.1177/0974910120919042
• Oseı, M.J., Kım, J. (2020). “Foreign Direct Investment And Economic Growth: Is More Financial Development Better?”. Economic Modelling, 93, 154-161. Https://Doi.Org/10.1016/J.Econmod.2020.07.009.
• Özcan, B., Arı, A. (2010), “Doğrudan Yabancı Yatırımların Belirleyicileri Üzerine Bir Analiz: Oecd Örneği,” Ekonometri Ve İstatistik, 12, 65-88.
• Pesaran, M. H. (2004). “General Diagnostic Tests For Cross Section Dependence İn Panels”. University Of Cambridge, Working Paper, Cwpe 0435.
• Pesaran, M. H., (2006). “Estimation And İnference İn Large Heterogeneous Panels With A Multifactor Error Structure”. Econometrica 74(4), 967-1012. Doı: 10.1111/J.1468-0262.2006.00692.X
• Pesaran, M.H., Ullah, A., Yamagata, T. (2008). “A Bias-Adjusted Lm Test Of Error Cross-Section Independence”, Econometrics Journal, 11,105-127. Doi: 10.1111/J.1368-423x.2007.00227.X
• Pesaran, M.H., Yamagata, T. (2008). “Testing Slope Homogeneity İn Large Panels”. Journal Of Econometrics 142, 50-93. Doı: 10.1016/J.Jeconom.2007.05.010
• Rebelo, S. (1991). “Long-Run Policy Analysis And Long-Run Growth”. Journal Of Political Economy, 99(3): 500-521.
• Romer, P.M., (1986). “Increasing Returns And Long Run Growth. Journal Of Political Economy”. (94): 1002-1037.
• Saucedo, E., Ozuna, T., Zamora, H. (2020). “The Effect Of Fdı On Low And High-Skilled Employment And Wages İn Mexico: A Study For The Manufacture And Service Sectors”. J Labour Market Res, 54, 9. Https://Doi.Org/10.1186/S12651-020-00273-X
• Shahzad, A., Al-Swidi, A.K. (2013), “Effect Of Macroeconomic Variables On The Fdı İnflows: The Moderating Role Of Political Stability: An Evidence From Pakistan,” Asian Social Science, 9(6), 270-279.
• Sılajdzıc, S., Ve Mehıc, E. (2016). “Absorptive Capabilities, Fdı, And Economic Growth İn Transition Economies”. Emerging Markets Finance And Trade, 52(4): 904-922.
• Solow, R. M. (1956). “A Contribution To The Theory Of Economic Growth”. The Quarterly Journal Of Economics, 70(1): 65-94.
• Soumare, I., Tachana, F. T. (2015). “Causality Between Fdı And Financial Market Development: Evidence From Emerging Markets”. The World Bank Economic Review, 29(Suppl 1), S205-S216.
• Soumıa, Z., Abderrezzak, B. (2013). “The Determinants Of Foreign Direct İnvestment And Their İmpact On Growth: Panel Data Analysis For Amu Countries”. International Journal Of Innovation And Applied Studies, 2(3): 300–313.
• Stıglıtz, J.E. (2000). “Capital Market Liberalization, Economic Growth, And Instability”. World Development, 28(6): 1075-1086.
• Swan, T.W., 1956. “Economic Growth And Capital Accumulation”. Economic Record, 32(2): 334–361.
• Tang, C.F. Ve Chang, K.S. (2012). “A Multivariate Analysis Of The Nexus Between Savings And Economic Growth İn The Asean-5 Economies”. Margin-The Journal Of Applied Economic Research, 6(3): 385-406.
• Tang, C.F. Ve Chua, S.Y. (2012). “The Savings Growth Nexus For The Malaysian Economy: A View Through Rolling Sub-Samples”. Applied Economics, 44: 4173– 4185.
• Tang, C.F. Ve H.H. Lean, (2013). “The Role Of Savings On Economic Growth İn Malaysia: A View From Generalized Variance Decomposition Analysis”. Economic Computation And Economic Cybernetics Studies And Research, 47(3): 199-214.
• Tang, C.F. Ve Tan, B.W. (2014). “A Revalidation Of The Savings–Growth Nexus İn Pakistan”. Economic Modelling, (36): 370–377.
• Tıwarı, A. K., Ve Mutascu, M. (2011). “Economic Growth And Fdı İn Asia: A Paneldata Approach”. Economic Analysis And Policy, 41(2), 173-187.
• Vaıtsos, C. V. (1976). “Employment Problems And Transnational Enterprises İn Developing Countries: Distortions And İnequality”. Ilo.
• Verma, R., (2007). “Savings, İnvestment And Growth İn India”. South Asia Economic Journal. 8(1): 87-98.
• Zhang, K. H. (2014). “How Does Foreign Direct İnvestment Affect İndustrial Competitiveness? Evidence From China”. China Economic Review, (30), 530-539.