Ekonomik Özgürlüğün Doğrudan Yabancı Yatırımlar, Gayrı Safi Yurtiçi Hasıla ve Vergi Gelirleri Üzerindeki Etkisi: OECD Ülkelerinden Kanıtlar

Yıl 2022, , 87 - 109, 20.02.2022

Ahmet Köstekçi

https://doi.org/10.21076/vizyoner.953264

Öz

Bu çalışmanın amacı, ekonomik özgürlüğün doğrudan yabancı yatırımlar, gayrı safi yurtiçi hasıla (GSYH) ve vergi gelirleri üzerindeki etkisini araştırmaktır. Değişkenler arasındaki ilişkinin test edilmesi için 1995-2019 dönemi temel alınarak 37 OECD ülkesinden oluşan bir veri seti kullanılmıştır. Seriler arasında eşbütünleşme ilişkisinin Banerjee ve Carrion-i-Silvestre (2017) panel eşbütünleşme testiyle incelendiği çalışmada, panelin genelinde tüm modellerde eşbütünleşme ilişkisinin olduğu belirlenmiştir. Eşbütünleşme katsayı tahmin sonuçlarına göre ekonomik özgürlük, doğrudan yabancı yatırımları negatif ve GSYH’yi pozitif yönde etkilemiştir. Ekonomik özgürlüğün vergi gelirleri üzerindeki etkisi pozitif ancak istatistiksel olarak anlamsız çıkmıştır. Konya (2006) ve Dumitrescu ve Hurlin (2012) panel nedensellik testlerine göre, OECD ülkelerinde ekonomik özgürlükten doğrudan yabancı yatırımlara, GSYH’ye ve vergi gelirlerine doğru nedensellik ilişkilerinin olduğu görülmüştür. Panelin geneli için ve bireysel olarak elde edilen bulgular, hipotezi kısmen desteklerken, bu sonuçların tüm OECD ülkeleri için genelleştirilmeyeceğini de ortaya koymuştur.  

Anahtar Kelimeler

Ekonomik Özgürlük, Doğrudan Yabancı Yatırımlar, GSYH, Vergi Gelirleri, Panel Veri Analizi

The Effect of Economic Freedom on Foreign Direct Investment, Gross Domestic Product and Tax Revenues: Evidence from OECD Countries

Öz

The aim of the study is to investigate the effect of economic freedom on foreign direct investment, gross domestic product (GDP) and tax revenues. A data set which consistf of 37 OECD countries based on the period 1995-2019 is used to examine the relationship between variables. In the research, where the cointegration relation between the series is examined with the Banerjee and Carrion-i-Silvestre (2017) panel cointegration test, it is determined that there is a cointegration relationship in all models throughout the panel. According to the cointegration coefficient estimation results, economic freedom affected foreign direct investments negatively and GDP positively. The effect of economic freedom on tax revenues is positive but statistically insignificant. According to the panel causality tests of Konya (2006) and Dumitrescu and Hurlin (2012), in OECD countries it is observed that there are causality relations from economic freedom to foreign direct investments, GDP and tax revenues. While the findings of the panel and results obtained on individual basis partially support the hypothesis, it also revealed that these results cannot be generalized to all OECD countries. 

Anahtar Kelimeler

Economic Freedom, Foreign Direct Investment, GDP, Tax Revenues, Panel Data Analysis

Kaynakça

• Acemoglu, D., Johnson, S ve Robinson, J. A. (2005), Institutions as a fundamental cause of long-run growth. P. Aghion ve S.vN. Durlauf, (Ed.), Handbook of economic growth içinde (s. 385–472), Elsevier.
• Agosin, M. R. ve Mayer, R. (2000). Foreign direct investment in developing countries (Discussion Paper: 146). UNCTAD Discussion Paper.
• Aitken, B. J. ve Harrison, A. E. (1999). Do domestic firms benefit from direct foreign investment? Evidence from Venezuela. American Economic Review, 89(3), 605-618.
• Ak, M. Z. ve İnal, V. (2019). Yükselen piyasa ekonomilerinde ticari açıklık, finansal gelişme ve ekonomik büyüme: Bir panel nedensellik analizi. Journal of Econometrics and Statistics, 31, 1-16.
• Akıncı, M., Akıncı, G. Y. ve Yılmaz, O. (2014). Ekonomik özgürlüklerin iktisadi büyüme üzerindeki etkileri: Bir panel veri analizi. Anadolu Üniversitesi Sosyal Bilimler Dergisi, 14(2), 81-96.
• Alabede, J. O. (2018). Economic freedom and tax revenue performance in Sub-Saharan Africa. Journal of Financial Reporting and Accounting, 16(4), 610-638.
• Ayal, E. B. ve Karras, G. (1998). Components of economic freedom and growth: An empirical study. Journal of Developing Areas, 32(3), 327-38.
• Azman-Saini, W. N. W., Baharumshah, A. Z. ve Law, S. H. (2010). Foreign direct investment, economic freedom and economic growth: International evidence. Economic Modelling, 27(5), 1079-1089.
• Bahtiyar, E. ve Odabaş, H. (2020). Vergi gelirlerini etkileyen bir faktör olarak ekonomik özgürlükler: OECD ülkeleri üzerinde bir analiz. Eskişehir Osmangazi Üniversitesi Sosyal Bilimler Dergisi, 21(1), 137-161.
• Baltagi, B. H., Feng, Q. ve Kao, C. (2012). A lagrange multiplier test for cross-sectional dependence in a fixed effects panel data model. Journal of Econometrics, 170(1), 164-177.
• Banerjee, A. ve Carrion-i-Sivestre, J.A. (2017). Testing for panel cointegration using common correlated effects estimators. Journal of Time Series Analysis, 38(4), 610-636.
• Barro, R. J. (1997). Determinants of economic growth: A cross country empirical study. The MIT Press.
• Barry, F.ve Bradley, J. (1997). FDI and trade: The Irish host-country experience. Economic Journal, 107, 1798-1811.
• Bengoa, M. ve Sanchez-Robles, B. (2003). Foreign direct investment, economic freedom and growth: New evidence from Latin America, European Journal of Political Economy, 19(3), 529-545.
• Berggren, N. ve Nilsson, T. (2020). Economic freedom as a driver of trust and tolerance. J. Gwartney, R. Lawson, J. Hall, ve R. Murphy, (Ed.), Economic freedom of the world: 2020 edition içinde (s. 187-212), Fraser Institute.
• Borensztein, E., De Gregorio, J. ve Lee, J. W., (1998). How does foreign direct investment affect growth?, Journal of International Economics, 45, 115-135.
• Breitung, J. (2005). A parametric approach to the estimation of cointegration vectors in panel data. Econometric Reviews, 24, 151-173.
• Breusch, T. S. ve Pagan, A. R. (1980). The lagrange multiplier test and its applications to model specification in econometrics. The Review of Economic Studies, 47(1), 239-253.
• Carlsson, F. ve Lundström, S. (2001). Economic freedom and growth: Decomposing the effects (No. 33). Göteborg University Working Paper in Economics.
• Cole, J. H. (2005). Economic freedom and world economic growth: evidence and implications. Revista Latinoamericana de Desarrollo Económico, 5, 101-123.
• Corbi, R. B. (2007). The components of economic freedom, income and growth: An empirical analysis. Estudos Economicos, 37(3), 515-545.
• Çiftçi, C. ve Durusu-Çiftçi, D. (2021). Economic freedom, foreign direct investment and economic growth: The role of sub-components of freedom. Journal of International Trade&Economic Development, https://doi.org/10.1080/09638199.2021.1962392.
• Dam, M. M. ve Şanlı, O. (2019). Ekonomik özgürlüğün büyüme üzerindeki etkisi: BRIC-T ülkeleri üzerine bir panel ARDL analizi. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 33(4), 1027-1044.
• Dawson, J. W. (2003). Causality in the freedom-growth relationship. European Journal of Political Economy, 19(3), 479-495.
• Dioda, L. (2012). Structural determinants of tax revenue in Latin America and the Caribbean. 1990-2009. Comisión Económica para América Latina y el Caribe, 41.
• Dumitrescu, E. I. ve Hurlin, C. (2012). Testing for granger non-causality in heterogeneous panels. Economic Modelling, 29(4), 1450-1460.
• Easton, S. T. ve Walker, M. A. (1997). Income, growth, and economic freedom. American Economic Review, 87(2), 328-32.
• Egger, P. ve Winner, H. (2004). Economic freedom and taxation: is there a trade-off in the locational competition between countries?, Public Choice, 118, 271-288.
• Gövdeli, T. (2018). Ekonomik özgürlük, turizm ve ekonomik büyüme: BRICST ülkelerinde Konya bootstrap nedensellik analizi. International Journal of Economic and Administrative Studies, (Prof. Dr. Harun Terzi Özel Sayısı), 379-390.
• Grieve, R. H. (1983). Adam Smith’s wealth of nations: the legacy of a Great Scottish economist. K. P. D. Ingham ve J. Love, (Ed.), Understanding the Scottish economy içinde (s. 41-54), Wiley–Blackwell.
• Gwartney, J. (2009). Institutions, economic freedom and cross-country differences in performance. Southern Economic Journal, 75(4), 937-956.
• Gwartney, J. D., Lawson, R. A. ve Holcombe, R. G. (1999). Economic freedom and the environment for economic growth. Journal of Institutional and Theoretical Economics, 155(4), 643-663.
• Gwartney, J. ve Lawson, R. (2004). Economic freedom of the world: 2004 annual report. The Fraser Institute.
• Gwartney, J., Lawson, R. A., Hall, J. C., Murphy, R., Berggren, N., McMahon, F. ve Nilsson, T. (2020). Economic freedom of the world: 2020 annual report. Fraser Institute.
• Haan, J. ve Sturm, J. E. (2000). On the relationship between economic freedom and economic growth. European Journal of Political Economy, 16, 215-241.
• Hausmann, R. ve Fernández-Arias, F. (2001). Foreign direct investment: good cholesterol? B. Jorge, J. Macedo ve E. Iglesias, (Ed.), Foreign direct investments versus other flows to Latin America içinde (s. 19-49), Paris: OECD Publishing.
• Hayek, F. A. (1979). Law, legislation, and liberty, the political order of a free people, Vol. 3, Routledge and Kegan Paul.
• Herzer, D., Klasen, S. ve Nowak-Lehmann F. (2008). In search of FDI-led growth in developing countries: The way forward. Economic Modelling, 25, 793-810.
• Hossain, S. (2016). Foreign direct investment, economic freedom and economic growth: Evidence from developing countries. International Journal of Economics and Finance, 8(11), 200-214.
• Islam, A., Rashid, M. H. U., Hossain, S. Z. ve Hashmi, R. (2020). Public policies and tax evasion: Evidence from SAARC countries. Heliyon, 6(11), 1-10.
• Kobeissi, N. (2005). Impact of governance, legal system and economic freedom on foreign investment in the Mena Region. Journal of Comparative International Management, 8(1), 20-41.
• Konya, L. (2006). Exports and growth: granger causality analysis on OECD countries. Economic Modelling, 23(6), 978-992.
• Krugman, P. (2000). Fire-sale FDI. S. Edwards, (Ed.), Capital flows and the emerging economies içinde (s. 43-58), The University of Chicago Press.
• Kutbay, H. (2020). Ekonomik özgürlük ve vergi gelir performansı arasındaki ilişki: yükselen piyasa ekonomileri için panel veri analizi. Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 40, 303-318.
• Lim, E. G. (2001). Determinants of, and the relation between foreign direct investment and growth: A summary of the recent literatüre (WP/01/175). IMF Working Papers.
• Lipsey, R. (1999). The location and characteristics of U.S. affiliates in Asia (No. 6876). NBER Working Paper.
• Malanski, L. K. ve Povoa, A. C. S. (2021). Economic growth and corruption in emerging markets: Does economic freedom matter?. International Economics, 166, 58-70.
• Mark, N. C., Ogaki, M. ve Sul, D. (2005). Dynamic seemingly unrelated cointegration regression. The Review of Economic Studies, 72(3), 797-820.
• Nezhad, M. Z., Ansari, M. S. ve Moradi, M. (2016). Determinants of tax revenue: does liberalization boost or decline it?. Journal of Economic Cooperation and Development, 3(2), 103-126.
• Odabaş, H. (2016). Foreign direct investment inflows on tax revenues in the transition economies of European Union. Global Journal on Humanities and Social Sciences, 2, 17-22.
• OECD. (2020). Global revenue statisics. https://stats.oecd.org/ adresinden 1 Aralık 2020 tarihinde alınmıştır.
• Öztürk Çetenek, Ö. ve Yılmaz Uzlaşır, S. (2019). Doğrudan yabancı yatırım ve ekonomik özgürlük ilişkisi: OECD ülkeleri üzerine bir nedensellik ilişkisi. Nevşehir Hacı Bektaş Veli Üniversitesi SBE Dergisi, 9(2), 350-360.
• Pesaran, M. H. (2004). General diagnostic tests for cross section dependence in panels (No. 0435). University of Cambridge Working Paper.
• Pesaran, M. H. (2006). Estimation and inference in large heterogeneous panels with a multifactor error structure. Econometrica, 74(4), 967-1012.
• Pesaran, M. H. (2007). A simple panel unit root test in the presence of cross section dependence. Journal of Applied Econometrics, (22), 365-312.
• Pesaran, M. H. ve Yamagata, T. (2008). Testing slope homogenity in large panels. Journal of Econometrics, 142(1), 50-93.
• Pesaran, M. H., Smithc, L. V. ve Yamagata, T. (2013). Panel unit root tests in the presence of a multifactor error structure. Journal of Econometrics, 175, 94-115.
• Pesaran, M. H., Ullah, A. ve Yamagata, T. (2008). A bias-adjusted LM test of error cross-section independence. Econometrics Journal, 11, 105-127.
• Rabushka, A. (1991). Freedom house survey of economic freedoms. W. E Block, (Ed.), Economic freedom: toward a theory of measurement içinde (s. 57-86), The Fraser Institute.
• Roy, S. ve Mandal, K. (2012). Empirical evidence on the relationship between foreign direct investment and economic growth: A cross-country exploration in Asia. Seoul Journal of Economics, 25(4), 413-439.
• Sağdıç, E. N., Yıldız, F. ve Sayın, H. H. (2020). Doğrudan yabancı yatırımlar, vergi gelirleri ve ekonomik büyüme ilişkisi: Kırılgan beşli ülkeler örneği. Süleyman Demirel Üniversitesi Vizyoner Dergisi, 11(28), 680-699.
• Savaşan, F. ve Dursun, İ. (2006). Ekonomik özgürlükler ve doğrudan yabancı yatırımlar: İstatistiksel bir analiz. Selçuk Üniversitesi İİBF Sosyal ve Ekonomik Araştırmalar Dergisi, 6(12), 29-52.
• Sayari, N., Sari R. ve Shawkat H. (2018). The impact of value added components of GDP and FDI on economic freedom in Europe. Economic Systems, 42, 282-94.
• Sooreea-Bheemul, B., Rasool, U. S. ve Sooreea, R. (2020). Does economic freedom matter to foreign direct investment in Sub-Sahran Africa?. International Journal of Economics and Financial Issues, 10(3), 195-207.
• Subasat, T. ve Bellos, S. K. (2011). Economic freedom and foreign direct investment: A panel gravity model approach. The Empirical Economics Letters, 10(7), 697-704.
• Sudha, B. (2013). Foreign direct investment. International Journal of Scientific Research, 2(4), 175-177.
• Swamy, P. A. (1970). Efficient inference in a random coefficient regression model. Econometrica: Journal of the Econometric Society, 38(2), 311-323.
• Şenalp, B. (2019). FDI and economic growth: the role of economic freedom. Journal of Economic Policy Researches, 6(1), 54-73.
• Taş, C. ve Ulusoy, V. (2021). Economic freedom and endogenous economic growth. TESAM Akademi Dergisi, 8(2), 265-296.
• Tekin, A., Güney, T. ve Sağdıç, E. N. (2018). The effect of economic freedom on tax evosion and social walfare: An empirical evidence. Yönetim ve Ekonomi, 25(1), 1-13.
• The Heritage Foundation. (2020). Index of economic freedom. https://www.heritage.org/index/visualize adresinden 20 Kasım 2020 tarihinde alınmıştır.
• UNCTAD. (1999). Foreign direct investment and the challenge of development. World Investment Report.
• UNCTAD. (2021). Global investment trend monitors. https://unctad.org/webflyer/global-investment-trend-monitor-no-38 adresinden 26 Ocak 2021 tarihinde alınmıştır.
• World Bank. (2020). World development indicators. https://data.worldbank.org/ adresinden 1 Aralık 2020 tarihinde alınmıştır.