The Impacts of Outward FDI on Income Inequality in Selected OECD countries

Öz

In today’s world, where globalization is rapidly advancing, the spread of foreign direct investments across the world has caused the income distribution in these countries to deteriorate. With this globalization process, the concept of income inequality has become more and more important. For this purpose, the effect of foreign direct investment outflows (ODI) on income inequality has been analyzed with annual data covering the period 2003-2018 for 10 countries selected from OECD countries. In the study, the stationarity of the variables was checked with panel unit root tests and it was decided to use the panel ARDL model. According to the findings obtained, foreign direct investment outflows in countries affect the income distribution inequality statistically and positively.

Anahtar Kelimeler

• ODI
• GINI Coefficient
• Panel ARDL
• OECD Countries

Seçilmiş OECD Ülkelerinde Doğrudan Yabancı Yatırım Çıkışlarının Gelir Eşitsizliği Üzerindeki Etkileri

Öz

Küreselleşmenin hızla ilerlediği günümüzde doğrudan yabancı yatırımların dünya ülkelerinin geneline yayılması bu ülkelerdeki gelir dağılımının bozulmasına neden olmuştur. Bu küreselleşme süreciyle birlikte gelir eşitsizliği kavramı da giderek daha önemli hale gelmiştir. Bu amaçla çalışmada doğrudan yabancı sermaye yatırım çıkışlarının (ODI) gelir eşitsizliği üzerindeki etkisi OECD ülkelerinden seçilen 10 ülke için 2003-2018 dönemini kapsayan yıllık verilerle incelenmiştir. Çalışmada öncelikle panel birim kök testleri ile değişkenlerin durağanlıkları kontrol edilmiş ve panel ARDL modelinin kullanılmasına karar verilmiştir. Elde edilen bulgulara göre, panelin geneli için ülkelerdeki doğrudan yabancı sermaye yatırım çıkışları gelir dağılımı eşitsizliğini istatistiksel olarak anlamlı ve pozitif etkilemektedir.

Anahtar Kelimeler

• ODI
• GINI Katsayısı
• Panel ARDL
• OECD

Kaynakça

1. Ameer, W. ve Mansour, M.A. (2017). Outward Foreign Direct Investment and Domestic Investment: Evidence from Industrialized Economies Using Panel Data Analysis. International Journal of Economics, Commerce and Research, 7(4), 85–90.
2. Aizenman, J. ve Noy, I (2006). FDI and Trade—Two-way Linkages? The Quarterly Review of Economics and Finance, 46(3), 317–337.
3. Baltagi, B. H. (2008). Econometric Analysis of Panel Data, John Wiley and Sons Ltd. 4th Edition, Chichester, England.
4. Barba, N. G. ve Castellani, D. (2004). Investments Abroad and Performance at Home: Evidence from Italian Multinationals. CEPR Discussion Papers, No. 4284.
5. Chintrakarn, P, Herzer, D. ve Nunnenkamp, P. (2011). FDI and Income Inequality: Evidence from a Panel of US States. Economic Inquiry, 50(3), 788–801.
6. Choi, I. (2001). Unit Root Tests for Panel Data. Journal of International Money and Finance, 20, 249–272.
7. Cingano, F. (2014). Trends in Income Inequality and its Impact on Economic Growth. OECD Social, Employment and Migration Working Papers, No. 163.
8. Demetriades, P. ve Rousseau, P. L. (2011). The Changing Face of Financial Development, Paper Presented at the MMF Conference, University of Birmingham.

9. Figini, P. ve Görg, H. (2011). Does Foreign Direct Investment Affect Wage Inequality? An Empirical Investigation. The World Economy, Vol:34, Issuse:9:1455-1475.
10. Güloğlu, B. ve İspir, S. (2011). Yeni Gelişmeler Işığında Türkiye'de Satın Alma Gücü Paritesi Hipotezinin Panel Birim Kök Sınaması, içinde, Makro Ekonomik Zaman Serileri Analizi, Eşbütünleşme ve Modelleme Yöntemleri. İzmir: DEU Yayınları.
11. Herzer, D. (2008). The Long-Run Relationship Between Outward FDI and Domestic Output: Evidence from Panel Data. Economics Letters, 100(1) :146–149.
12. Herzer, D. (2011). The Long-Run Relationship Between Outward Foreign Direct Investment and Total Factor Productivity: Evidence For Developing Countries. The Journal of Development Studies, 47(5), 767–785.
13. Herzer, D. ve Nunnenkamp, P. (2013). Inward and Outward FDI and Income Inequality: Evidence from Europe. Review of World Economics, Vol. 149:395–422.
14. Huang, C., Teng, K. ve Tsai, P. (2010). Inward and Outward Foreign Direct Investment and Poverty: East Asia vs. Latin America. Review of World Economics, Vol. 146:763–779.
15. Huang, C., Teng, K. ve Tsai, P. (2016). Inward and Outward Foreign Direct Investment and Inequality: Evidence from a Group of Middle-Income Countries. Global Economy Journal, Vol. 16, No. 3: 511-538.
16. Im, K. S., Pesaran, H. M. ve Yongcheol, S. (2003). Testing for Unit Roots in Heterogeneous Panels. Journal of Econometrics, 115, 53-74.
17. Kılıçaslan, Y., Önder, G., Karal, Z. & Üçdoğruk Gürel Y. (2018). Türkiye’nin Yurt Dışı Yatırımları Neden? Nereye? Nasıl?. Ankara: Efil Yayınevi.
18. Konukman, A. ve Çiftçi, C. (2008). Küreselleşmenin Gelir Dağılımı Üzerindeki Etkileri, Ekonomik Yaklaşım, Cilt: 19, Özel Sayı, ss. 59-83.
19. Liu, W, Tsai, P. ve Tsay, C. (2015). Domestic Impacts of Outward FDI in Taiwan: Evidence from Panel Data of Manufacturing Firms, International Review of Economics & Finance, Vol:39: 469-484.
20. Maddala, G. S. ve Wu, S. (1999). A Comparative Study of Unit Root Tests with Panel Data and a New Simple Test, Oxford Bulletın of Economics and Statistics, Special Issue 0305-9049.
21. Narayan, P. H. ve Narayan, S. (2006). Savings Behaviour in Fiji: An Empirical Assessment Using The ARDL Approach to Cointegration. International Journal of Social Economics, 33(7), 468-480.
22. Pesaran, H. ve Smith, R. (1995). Estimating Long-Run Relationships from Dynamic Heterogeneous Panels, Journal of Econometrics, 68(1), 79-113.
23. Pesaran, H. (1997). The Role of Econometric Theory in Modelling the Long Run, Economic Journal, 107(440), 178-191.
24. Pesaran, M. H. ve Shin, Y. (1999). An Autoregressive Distributed-Lag Modelling Approach to Cointegration Analysis. Econometric Society Monographs, 31, 371-413.
25. Pesaran, M.H., Shin, Y. ve Smith, R.P., (1999). Pooled Mean Group Estimation of Dynamic Heterogeneous Panels. Journal of the American Statistical Association, 94(446), 621-634.
26. Samargandi, N., Fidrmuc, J. ve Ghosh, S. (2013). Is the Relationship between Financial Development and Economic Growth Monotonic for Middle Income Countries? Economics and Finance Working Paper Series.
27. Topal, M., Eyduran, E., Yağanoğlu, A.M., Sönmez, A. Y. ve Keskin S. (2010). Çoklu Doğrusal Bağlantı Durumunda Ridge ve Temel Bileşenler Regresyon Analiz Yöntemlerinin Kullanımı. Atatürk Üniversitesi Ziraat Fakültesi Dergisi, 41 (1), 53-57.
28. Tsai, P. ve Huang, C. (2007). Openness, Growth and Poverty: The Case of Taiwan. World Development, Vol. 35, No. 11: 1858–1871.