The Linkages Between Democracy, Terrorism and Foreign Direct Investments in Developed and Developing Countries

Yıl 2022, Cilt: 30 Sayı: 51, 119 - 136, 31.01.2022

Necmettin Çelik , Rıza Bayrak

https://doi.org/10.17233/sosyoekonomi.2022.01.06

Cited By: 2

Öz

In this study, the linkages between political dynamics and foreign direct investment inwards to 118 developed and developing countries over the 2002-2017 period were analysed by the System GMM Panel Model to avoid the potential endogeneity problem. Findings indicate that the most vital positive determinant of FDI inwards is trade liberalization or trade openness. Also, there is no statistically significant relationship between countries’ democratization and freedom level and FDI inwards. However, terrorism hinders FDI directly, especially in developed countries. Therefore, the decision of foreign investors might mainly depend on economic dynamics, which are related to them and host countries rather than politics.

Anahtar Kelimeler

Democracy, Political Rights, Civil Liberties, Terrorism, Foreign Direct Investments, System GMM Panel Model

Gelişmiş ve Gelişmekte Olan Ülkelerde Demokrasi, Terörizm ve Doğrudan Yabancı Yatırımlar Arasındaki İlişkiler

Öz

Bu çalışmada, 2002-2017 döneminde 118 gelişmiş ve gelişmekte olan ülkeye yönelik yabancı doğrudan yatırımlarla politik dinamikler arasındaki ilişki, olası bir içsellik sorunundan kaçınmak adına, Sistem GMM Panel Modeli tahmicisine dayalı olarak analiz edilmiştir. Bulgular, bir ülkeye yönelik FDI girişlerinin en güçlü pozitif yönlü belirleyicisinin dış ticaret liberilizasyonu ya da dışa açıklık düzeyi olduğunu göstermektedir. Bununla birlikte, bir ülkenin demokratik gelişmişlik ve özgürlük seviyesiyle o ülkeye yönelik FDI girişleri arasında istatistiksel olarak anlamlı bir ilişkiye rastlanılmamıştır. Ancak, terör olaylarının FDI girişleri üzerinde, özellikle gelişmiş ülkelerde, saptırıcı etkiler yarattığı görülmektedir. Bu açıdan bakıldığında, yabancı yatırımcıların yatırım yeri kararlarında politik belirleyicilerden ziyade kendileri ve yatırım yapacakları ülkelere ilişkin iktisadi belirleyicilerin etkili olduğu anlaşılmaktadır.

Anahtar Kelimeler

Demokrasi, Politik Haklar, Sivil Özgürlükler, Terörizm, Doğrudan Yabancı Yatırımlar, Sistem GMM Panel Modeli

Kaynakça

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