BibTex RIS Kaynak Göster
Yıl 2017, Cilt: 12 Sayı: 46, 123 - 135, 25.04.2017

Öz

Kaynakça

  • Abdouli, Mohamed and Hammami, Sami, 2015. “The Impact of FDI Inflows and Environmental Quality on Economic Growth: An Empirical Study for The MENA Countries.” Journal of Knowledge Economy, 2:1-25.
  • Ağayev, Seymur, 2010. “Doğrudan Yabancı Sermaye Yatırımları ve Ekonomik Büyüme İlişkisi: Geçiş Ekonomileri Örneğinde Panel Eştümleşme ve Panel Nedensellik Analizleri.” Gazi Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 12(1):159-184.
  • Angelopolou, Anastasia and Liargovas, Panagiotis, 2014. “Foreign Direct Investment and Growth: EU, EMU and Transition Economies.” Journal of Economic Integration, 29(3):470-495.
  • Asteriou Dimitrio; Xeni, Dassiou; Dionysius Glycopantis, 2005. “FDI and Growth: Evidence from A Panel of European Transition Countries”, Spoudai, 55(1): 9-30.
  • Becker, Torbjörn; Daianu, D.; Darvas, Zsolt.; Gligorov, Vladimir.; Landesmann, Micheal; Petrovic, Pavle; Pisani-Ferry, Jean; Rosati, Dariusz; Sapir, A.; Di Mauro, Beatrice, Weder, 2010. Whither Growth in Central and Eastern Europe? Policy Lessons for An Integrated Europe. Bruegel: Brussels, Belgium, Volume XI.
  • Bevan, Alan, A. and Estrin, Saul, 2004. “The Determinants of Foreign Direct Investment Into European Transition Economies.” Journal of Comparative Economics, 32:775-787.
  • Bhandari, Rabindra; Dhakal, Darhmendra; Pradhan, Gyan; Upadhyaya, Kamal, 2007. “Foreign Aid, FDI, and Economic Growth in East European Countries.” Economics Bulletin, 6(13):1-9.
  • Boudier-Bensebaa, Fabienne, 2008. “FDI-assisted Development in the Light of the Investment Development Path Paradigm: Evidence from Central and Eastern European Countries.” Trans. Corp. 17:37–67, http://unctad.org/en/Docs/iteiit20081a3_en.pdf 15.05.2016.
  • Breuss, Fritz and Egger, Peter, 1999. “How Reliable Are Estimations of East–West Trade Potentials Based on Cross Section Gravity Analysis?” Empirica, 26 (2):81-94.
  • Campos, Nauro F. and Kinoshita, Yuko, 2002. “Foreign Direct Investment as Technology Transferred: Some Panel Data Evidence from the Transition Economies.” William Davidson Working Paper, 70(3):659-763
  • Dimitri, Dimitri G.; Horvath, Balasz; Ribakova, Elina, Wu, Yi, 2007. “Foreign Direct Investment in European Transition Economies - The Role of policies.” Journal of Comparative Economics, 35:369-386.
  • Dumetriscu, Elena-Ivona and Christophe, Hurlin, 2012. “Testing for Granger Non-causality in Heterogeneous Panels.” Economic Modelling. 29(4):1450-1460.
  • Estrin, Saul and Uvalic, Milica, 2014. “FDI into Transition Economies: Are the Balkans Different?” Econ Transit, 22:281–312, http://www.lse.ac.uk/europeanInstitute/LEQS%20Discussion%20Paper%20Series/LEQSPaper64.pdf, 16.05.2016.
  • Feenstra, Robert C.; Markusen, James R.; Rose, Andrew K. 2001. “Using the Gravity Equation to Differentiate Among Alternative Theories of Trade.” Canadian Journal of Economics, 34(2):430–447.
  • Iwasaki, Ichiro and Tokunaga, Masahiro, 2013. “Macroeconomic Impacts of FDI in Transition Economies: A Meta Study.” 7th MAYER-Net Colloquim, University of Greenwich, http://www.gre.ac.uk/__data/assets/pdf_file/0007/822706/Ichiro-Iwasaki-and-Masahiro-Tokunaga Macroeconomic-Impacts-of-FDI-in-Transition-Economies-A-Meta-Study.pdf, 16.05.2016..
  • Jimborean, Ramona and Kelber, Anna, 2014. “Foreign Direct Investment Drivers and Growth in Central and Eastern Europe in the Aftermath of the 2007 Global Financial Crisis.” Working Paper 488; Banque de France: Paris, France, 1-31.
  • Jollife, Ian T. 2002. Principal Component Analysis. Second ed. Springer Series in Statistics. New York: Springer-Verlag New York.
  • Kalamy, Ahmed, 2002. “Evaluation of FDI Flows into The MENA Region.” Presented paper in the Ninth Annual Conference on Regional Trade, Finance and Labor, organized by the Economic Research Forum, https://www.researchgate.net/publication/264839474_Evaluation_of_FDI_flows_into_the_MENA_Region, 27.05.2016.
  • Kosová, Renáta, 2010. “Do Foreign Firms Crowd Out Domestic Firms? Evidence from The Czech Republic.” Review of Economics and Statistics, 92(44):861-881.
  • Lyroudi Katerina; Papanastasiou, John; Vamvakidis, Athanasios, 2004. “Foreign Direct Investment and Economic Growth in Transition Economies, South Eastern Europe” Journal of Economics, 2(1):97-110.
  • Mišun, Jan and Vladimír, Tomšík, 2002. “Does Foreign Direct Investment Crowd In or Crowd Out Domestic Investment?” Eastern European Economics, 40(2):38-56.
  • Navaretti, Giorgio Barba and Venables, Anthony J., 2004. Multinational Firms in the World Economy. Princeton Univ. Press, Princeton and Oxford. With Frank G. Barry, Karolina Ekholm, Anna M. Falzoni, Jan I. Haaland, Karen Helene Midelfart, and Alessandro Turrini.
  • Pesaran, Hasem, M. 2004. “General Diagnostic Tests for Cross Section Dependence in Panels.” Working Paper No:0435, University of Cambridge.
  • Pesaran, Hashem, M. 2006. “Estimation and Inference in Large Heterogeneous Panels with A Multifactor Error Structure.” Econometrica, 74(4):967-1012.
  • Pesaran, Hashem, M. 2007. “A Simple Panel Unit Root Test in the Presence of Cross Section Dependence.” Journal of Applied Econometrics, 22(2): 265-312.
  • Pesaran, Hashem, M. 2013. “Large Panel Data Models with Cross-sectional Dependence: A Survey.” A Course on Panel Data Models, University of Cambridge, 1-67.
  • Pesaran, Hasem, M., and Takashi, Yamagata (2008). Testing slope homogeneity in large panels. Journal of Econometrics. 142:50–93.
  • Popescu, Gheorge, H. 2014. “FDI and Economic Growth in Central and Eastern Europe.” Sustainability, 6:8149-8163.
  • Ray, Sarpabriya, 2012. “Impact of Foreign Investment on Economic Growth in India: A Co-integration Analysis.” Advances in Information Technology and Management, 2(1):187-201.
  • Teker, Suat; Tuzla, Hayri; Pala, Aynur, (2014). “Foreign Direct Investments: Asian and European Transition Economies.” International Journal of Economics and Financial Issues, 4(1):71-82.
  • Tintin, Cem, 2013. “The Determinants of Foreign Direct Investment Inflows in the Central and Eastern European Countries: The Importance of Institutions.” Communist and Post-Communist Studies, 46(2):287–298.
  • Westerlund, Joakim, 2008. “Panel Co-integration Tests of The Fisher Effect.” Journal of Applied Econometrics, 23:193-233

FDI and Economic Growth in European Transition Economies: Panel Data Analysis

Yıl 2017, Cilt: 12 Sayı: 46, 123 - 135, 25.04.2017

Öz

 The main purpose of this paper is to investigate relationship between foreign direct investment and economic growth based on 14 European Transition Economies for the period 1995 to 2014. Empirical model includes GDP per capita growth (% annual), foreign direct investment, net inflows (% GDP) and composite index of control variables which developed with PCA. Firstly homogeneity and cross sectional dependence among units are examined with Delta and  tests and it is found that all series have heterogeneity and cross sectional dependency. For that reason, second generation Multifactor error structure (Pesaran et al, 2013) panel unit root test is used and it is also taken into account effect of unobserved common factors as a prerequisite of CCE Model just after proving the co-integration relationship and causality between variables via of Durbin-Hausmann (Westerlund, 2008) co-integration and Dumetriscu-Hurlin (2012) causality tests. Obtained results strongly support one-way causality from foreign direct investments and composite index to economic growth. Unfortunately, there is no causality between foreign direct investments and composite index of control variables. Our findings indicate that foreign direct investments contribute negatively to economic growth in contrast to theory points out but control variables contribute positively at European transition countries.

Kaynakça

  • Abdouli, Mohamed and Hammami, Sami, 2015. “The Impact of FDI Inflows and Environmental Quality on Economic Growth: An Empirical Study for The MENA Countries.” Journal of Knowledge Economy, 2:1-25.
  • Ağayev, Seymur, 2010. “Doğrudan Yabancı Sermaye Yatırımları ve Ekonomik Büyüme İlişkisi: Geçiş Ekonomileri Örneğinde Panel Eştümleşme ve Panel Nedensellik Analizleri.” Gazi Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 12(1):159-184.
  • Angelopolou, Anastasia and Liargovas, Panagiotis, 2014. “Foreign Direct Investment and Growth: EU, EMU and Transition Economies.” Journal of Economic Integration, 29(3):470-495.
  • Asteriou Dimitrio; Xeni, Dassiou; Dionysius Glycopantis, 2005. “FDI and Growth: Evidence from A Panel of European Transition Countries”, Spoudai, 55(1): 9-30.
  • Becker, Torbjörn; Daianu, D.; Darvas, Zsolt.; Gligorov, Vladimir.; Landesmann, Micheal; Petrovic, Pavle; Pisani-Ferry, Jean; Rosati, Dariusz; Sapir, A.; Di Mauro, Beatrice, Weder, 2010. Whither Growth in Central and Eastern Europe? Policy Lessons for An Integrated Europe. Bruegel: Brussels, Belgium, Volume XI.
  • Bevan, Alan, A. and Estrin, Saul, 2004. “The Determinants of Foreign Direct Investment Into European Transition Economies.” Journal of Comparative Economics, 32:775-787.
  • Bhandari, Rabindra; Dhakal, Darhmendra; Pradhan, Gyan; Upadhyaya, Kamal, 2007. “Foreign Aid, FDI, and Economic Growth in East European Countries.” Economics Bulletin, 6(13):1-9.
  • Boudier-Bensebaa, Fabienne, 2008. “FDI-assisted Development in the Light of the Investment Development Path Paradigm: Evidence from Central and Eastern European Countries.” Trans. Corp. 17:37–67, http://unctad.org/en/Docs/iteiit20081a3_en.pdf 15.05.2016.
  • Breuss, Fritz and Egger, Peter, 1999. “How Reliable Are Estimations of East–West Trade Potentials Based on Cross Section Gravity Analysis?” Empirica, 26 (2):81-94.
  • Campos, Nauro F. and Kinoshita, Yuko, 2002. “Foreign Direct Investment as Technology Transferred: Some Panel Data Evidence from the Transition Economies.” William Davidson Working Paper, 70(3):659-763
  • Dimitri, Dimitri G.; Horvath, Balasz; Ribakova, Elina, Wu, Yi, 2007. “Foreign Direct Investment in European Transition Economies - The Role of policies.” Journal of Comparative Economics, 35:369-386.
  • Dumetriscu, Elena-Ivona and Christophe, Hurlin, 2012. “Testing for Granger Non-causality in Heterogeneous Panels.” Economic Modelling. 29(4):1450-1460.
  • Estrin, Saul and Uvalic, Milica, 2014. “FDI into Transition Economies: Are the Balkans Different?” Econ Transit, 22:281–312, http://www.lse.ac.uk/europeanInstitute/LEQS%20Discussion%20Paper%20Series/LEQSPaper64.pdf, 16.05.2016.
  • Feenstra, Robert C.; Markusen, James R.; Rose, Andrew K. 2001. “Using the Gravity Equation to Differentiate Among Alternative Theories of Trade.” Canadian Journal of Economics, 34(2):430–447.
  • Iwasaki, Ichiro and Tokunaga, Masahiro, 2013. “Macroeconomic Impacts of FDI in Transition Economies: A Meta Study.” 7th MAYER-Net Colloquim, University of Greenwich, http://www.gre.ac.uk/__data/assets/pdf_file/0007/822706/Ichiro-Iwasaki-and-Masahiro-Tokunaga Macroeconomic-Impacts-of-FDI-in-Transition-Economies-A-Meta-Study.pdf, 16.05.2016..
  • Jimborean, Ramona and Kelber, Anna, 2014. “Foreign Direct Investment Drivers and Growth in Central and Eastern Europe in the Aftermath of the 2007 Global Financial Crisis.” Working Paper 488; Banque de France: Paris, France, 1-31.
  • Jollife, Ian T. 2002. Principal Component Analysis. Second ed. Springer Series in Statistics. New York: Springer-Verlag New York.
  • Kalamy, Ahmed, 2002. “Evaluation of FDI Flows into The MENA Region.” Presented paper in the Ninth Annual Conference on Regional Trade, Finance and Labor, organized by the Economic Research Forum, https://www.researchgate.net/publication/264839474_Evaluation_of_FDI_flows_into_the_MENA_Region, 27.05.2016.
  • Kosová, Renáta, 2010. “Do Foreign Firms Crowd Out Domestic Firms? Evidence from The Czech Republic.” Review of Economics and Statistics, 92(44):861-881.
  • Lyroudi Katerina; Papanastasiou, John; Vamvakidis, Athanasios, 2004. “Foreign Direct Investment and Economic Growth in Transition Economies, South Eastern Europe” Journal of Economics, 2(1):97-110.
  • Mišun, Jan and Vladimír, Tomšík, 2002. “Does Foreign Direct Investment Crowd In or Crowd Out Domestic Investment?” Eastern European Economics, 40(2):38-56.
  • Navaretti, Giorgio Barba and Venables, Anthony J., 2004. Multinational Firms in the World Economy. Princeton Univ. Press, Princeton and Oxford. With Frank G. Barry, Karolina Ekholm, Anna M. Falzoni, Jan I. Haaland, Karen Helene Midelfart, and Alessandro Turrini.
  • Pesaran, Hasem, M. 2004. “General Diagnostic Tests for Cross Section Dependence in Panels.” Working Paper No:0435, University of Cambridge.
  • Pesaran, Hashem, M. 2006. “Estimation and Inference in Large Heterogeneous Panels with A Multifactor Error Structure.” Econometrica, 74(4):967-1012.
  • Pesaran, Hashem, M. 2007. “A Simple Panel Unit Root Test in the Presence of Cross Section Dependence.” Journal of Applied Econometrics, 22(2): 265-312.
  • Pesaran, Hashem, M. 2013. “Large Panel Data Models with Cross-sectional Dependence: A Survey.” A Course on Panel Data Models, University of Cambridge, 1-67.
  • Pesaran, Hasem, M., and Takashi, Yamagata (2008). Testing slope homogeneity in large panels. Journal of Econometrics. 142:50–93.
  • Popescu, Gheorge, H. 2014. “FDI and Economic Growth in Central and Eastern Europe.” Sustainability, 6:8149-8163.
  • Ray, Sarpabriya, 2012. “Impact of Foreign Investment on Economic Growth in India: A Co-integration Analysis.” Advances in Information Technology and Management, 2(1):187-201.
  • Teker, Suat; Tuzla, Hayri; Pala, Aynur, (2014). “Foreign Direct Investments: Asian and European Transition Economies.” International Journal of Economics and Financial Issues, 4(1):71-82.
  • Tintin, Cem, 2013. “The Determinants of Foreign Direct Investment Inflows in the Central and Eastern European Countries: The Importance of Institutions.” Communist and Post-Communist Studies, 46(2):287–298.
  • Westerlund, Joakim, 2008. “Panel Co-integration Tests of The Fisher Effect.” Journal of Applied Econometrics, 23:193-233
Toplam 32 adet kaynakça vardır.

Ayrıntılar

Bölüm Makaleler
Yazarlar

Yağmur Sağlam

Yayımlanma Tarihi 25 Nisan 2017
Yayımlandığı Sayı Yıl 2017 Cilt: 12 Sayı: 46

Kaynak Göster

APA Sağlam, Y. (2017). FDI and Economic Growth in European Transition Economies: Panel Data Analysis. Yaşar Üniversitesi E-Dergisi, 12(46), 123-135.
AMA Sağlam Y. FDI and Economic Growth in European Transition Economies: Panel Data Analysis. Yaşar Üniversitesi E-Dergisi. Nisan 2017;12(46):123-135.
Chicago Sağlam, Yağmur. “FDI and Economic Growth in European Transition Economies: Panel Data Analysis”. Yaşar Üniversitesi E-Dergisi 12, sy. 46 (Nisan 2017): 123-35.
EndNote Sağlam Y (01 Nisan 2017) FDI and Economic Growth in European Transition Economies: Panel Data Analysis. Yaşar Üniversitesi E-Dergisi 12 46 123–135.
IEEE Y. Sağlam, “FDI and Economic Growth in European Transition Economies: Panel Data Analysis”, Yaşar Üniversitesi E-Dergisi, c. 12, sy. 46, ss. 123–135, 2017.
ISNAD Sağlam, Yağmur. “FDI and Economic Growth in European Transition Economies: Panel Data Analysis”. Yaşar Üniversitesi E-Dergisi 12/46 (Nisan 2017), 123-135.
JAMA Sağlam Y. FDI and Economic Growth in European Transition Economies: Panel Data Analysis. Yaşar Üniversitesi E-Dergisi. 2017;12:123–135.
MLA Sağlam, Yağmur. “FDI and Economic Growth in European Transition Economies: Panel Data Analysis”. Yaşar Üniversitesi E-Dergisi, c. 12, sy. 46, 2017, ss. 123-35.
Vancouver Sağlam Y. FDI and Economic Growth in European Transition Economies: Panel Data Analysis. Yaşar Üniversitesi E-Dergisi. 2017;12(46):123-35.