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DOĞRUDAN YABANCI YATIRIM GİRİŞLERİNİN İHRACAT ÜZERİNE ETKİLERİ: G-20 ÜYESİ GELİŞMİŞ VE GELİŞMEKTE OLAN EKONOMİLERİN KARŞILAŞTIRILMASI

Year 2022, Volume: 3 Issue: 1, 69 - 86, 20.04.2022
https://doi.org/10.53280/jer.1022140

Abstract

Doğrudan yabancı yatırımları artırmaya yönelik politikaların temel amacı ulusal ekonomiyi canlandırmak, büyümeyi sürdürülebilir hale getirmek olmakla birlikte, bu amacın gerçekleşme kanallarından biri de ihracat kanalıdır. Doğrudan yabancı yatırımlar ev sahibi ülkenin ihracatını; sermaye, teknoloji, yönetim bilgisi, know how ve özellikle küresel piyasalara erişimi sağlayarak genişletmektedir.2008 küresel krizinin ardından başlayan doğrudan yabancı yatırım ve ihracattaki istikrarsızlıklar günümüzde de devam etmektedir. Bu durumdan hareketle doğrudan yabancı yatırım girişlerinin ihracat üzerindeki uzun dönemli etkisinin tespit edilmesi oldukça önemli bir hale gelmiştir. Bu çalışmada, G-20 üyesi gelişmiş ve gelişmekte olan ülkeler için 1994-2017 yılları arasında doğrudan yabancı yatırım girişlerinin ihracat üzerindeki etkisi dinamik panel veri yöntemiyle tahmin edilmiştir. Analizler sonucu elde edilen bulgular, gelişmiş ekonomilerde doğrudan yabancı yatırım girişlerinin ihracatı etkilemediğini, gelişmekte olan ekonomilerde ise, doğrudan yabancı yatırım girişlerinin ihracat üzerinde pozitif etkili olduğunu göstermektedir.

References

  • Ağır, H. & Türkmen, S. (2020). Ekonomik Büyümeye Etkisi Bakımından Doğal Kaynaklar: Dinamik Panel Veri Analizi. Gaziantep University Journal of Social Sciences, 19 (3), 840-852.
  • Bai, J. S. & Ng, S. (2010). Panel Unit Root Tests With Cross-Section Dependence: A Further Investigation. Econometric Theory, 26(4), 1088-1114.
  • Baltagi B. H. (2008). Econometric Analysis of Panel Data. John Wiley & Sons.
  • Barrios, S., Görg, H. & Strobl, E. (2005). Foreign Direct Investment, Competition and Industrial Development In The Host Country. European Economic Review, 49(7), 1761-1784.
  • BIS (Uluslar arası Ödemeler Bankası), The New BIS Effective Exchange Trade Indices, https://www.bis.org/publ/qtrpdf/r_qt0603e.pdf (Erişim Tarihi: 04.10.2020).
  • Bozdağlıoğlu, E.Y. (2010). Türkiye’ye Gelen Doğrudan Yabancı Sermaye Yatırımlarının Türkiye’nin İhracat Performansına Etkilerinin Analizi, Doktora Tezi, Adnan Menderes Üniversitesi Sosyal Bilimler Enstitüsü, Aydın.
  • Breusch, T. S., & 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.
  • Brouthers, L., Werner, S. & Wilkinson, T. (1996). The Aggregate Impact of Firms' FDI Strategies On The Trade Balances Of Host Countries. Journal of International Business Studies, 27(2), 359-373.
  • Chudik, A. & Pesaran, M. H. (2013). Common Correlated Effects Estimation of Heterogeneous Dynamic Panel Data Models with Weakly Exogenous Regressors, Federal Reserve Bank of Dallas Globalization and Monetary Policy Institute, Working Paper No. 146, 61p.
  • Çelik, H., Yılmaz, H. & Erdemli, M. (2020). Doğrudan Yabancı Yatırımların Dış Ticaret Üzerindeki Etkisi: G8 Ülkeleri için Ampirik Bir Uygualama. Finans Ekonomi ve Sosyal Araştırmalar Dergisi, 5(3), 369-376.
  • Ekholm, K., Forslid, R. & Markusen, J. (2003a). Export Platform Foreign Direct Investment, 1-42, https://www.cerge-ei.cz/pdf/events/papers/040422_t.pdf (Erişim Tarihi: 22.01.2021).
  • Ekholm, K., Forslid, R. & Markusen, J. (2003b). Export Platform Foreign Direct Investment, NBER Working Paper Series, 1-44, http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.198.8225&rep=rep1&type=pdf (Erişim Tarihi: 18.06.2020).
  • G20, https://g20.org/en/about/Pages/whatis.aspx (Erişim Tarihi: 21.09.2020).
  • Gorokhov, M. (2011). The Effects of Inward FDI on Chinese Exports, Master Thesis, Lund University School of Economic and Management, Sweeden.
  • Gökçe, T. O. (2018). BRIC Ülkelerinde ve Türkiye'de Doğrudan Yabancı Yatırımların Makroekonomik Etkileri, Yüksek Lisans Tezi, İstanbul Ticaret Üniversitesi Dış Ticaret Enstitüsü, İstanbul.
  • Hood, N. & Young, S. (1979). The Economics of Multinational Enterprise, London: Longman, 412s.
  • Ibrahimova, U. (2010). The Effect of Inward Foreign Direct Investments on Export Performance of Developing Countries: Evidence From Nine Members of CIS, Master Thesis, Central European University Department of Economics, Hungary.
  • Kar, M., Ağır, H. & Türkmen, S. (2019). Seçilmiş Gelişmekte Olan Ülkelerde Elektrik Tüketiminin Ekonomik Büyümeye Etkisinin Panel Ekonometrik Analizi. Uluslararası Ekonomik Araştırmalar Dergisi, 5 (3), 38-48.
  • Kastratović, R. 2020. The Impact of Foreign Direct Investment on Host Country Exports: A Meta‐Analysis. World Economy, (43), 3142-3183.
  • Kneller, R. & Pisu, M. (2004). Export-oriented FDI in the UK. Oxford Review of Economic Policy, 20 (3), 424–439.
  • Kneller, R. & Pisu, M. (2005). Industrial Linkages and Export Spillovers from FDI, The University of Nottingham Research Paper Series, https://www.nottingham.ac.uk/gep/documents/papers/2005/05-20.pdf (Erişim Tarihi: 18.06.2020).
  • Kojıma, K. (1985). Japanese and American Direct Investment in Asia: A Comparative Analysis, Hitotsubashi Journal of Economics, 26 (1), 1-35.
  • Kutan, A. M. & Vuksic, G. (2007). Foreign Direct Investment and Export Performance: Empirical Evidence. Comparative Economic Studies, 49 (3), 430-445.
  • Lee, S. W. (2007). Foreign Direct Investment and Export Performance, Master Thesis, University of Wollongong, Australia.
  • Loo, F. V. (1977). The Effect of Foreign Direct Investment in Canada. The Review of Economics and Statistics, 59 (4), 474-481.
  • Majeed, M. & Ahmad, E. (2007). FDI and Exports in Developing Countries: Theory and Evidence. The Pakistan Development Review, 46(4), 735-750.
  • Mccoskey, S. & Kao, C. (1998). A Residual-based Test of the Null of Cointegration in Panel Data. Econometric Reviews, 17 (1), 57-84.
  • Njong, A. M. & Raymond, T. (2011). Investigating The Effects Of Foreign Direct Investment On Export Growth In Cameroon. International Journal Of Current Research, 3 (5), 184-191.
  • OECD (Ekonomik İşbirliği ile Kalkınma Örgütü), (2007). International Investment Perspectives 2007: Freedom Investment In A Changing World, Paris, 236s.
  • Özbostancı, F. (2016). Bric Ülkeleri Ve Türkiye’ye Yapılan Doğrudan Yabancı Yatırımların, Ülkelerin İhracatı Üzerine Etkileri: Panel Veri Analizi, Yüksek Lisans Tezi, Süleyman Demirel Üniversitesi Sosyal Bilimler Enstitüsü, Isparta.
  • Pesaran, M. H. (2004). General Diagnostic Tests for Cross Section Dependence In Panels. Cambridge: 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. & Yamagata, T. (2008). Testing Slope Homogeneity in Large Panels. Journal of Econometrics, (142), 50–93.
  • Pesaran, M. H., Ullah, A. & Yamagata, T. (2008). A Bias-Adjusted LM Test of Error Cross-Section Independence. Econometrics Journal, (11), 105-127.
  • UNCTAD (Birleşmiş Milletler Ticaret ve Kalkınma Konferansı), (2019). World Investment Report 2019 Special Economic Zones, İsviçre, 237s.
  • UNCTAD, https://unctadstat.unctad.org (Erişim Tarihi: 12.03.2020).
  • Vernon, R. (1966). International Investment and International Trade in the Product Cycle. The Quarterly Journal of Economics, 80 (2), 190–207.
  • Yalçıner, K. (2008). Uluslararası Finansman, 1. Baskı, Gazi Kitabevi, Ankara.
  • Westerlund, J. & Edgerton, D. L. (2007). A Panel Bootstrap Cointegration Test. Economics Letters, 97 (3), 185–190.
  • WORLD BANK (Dünya Bankası), World Development Indicators, https://databank.worldbank.org/source/world-development-indicators#, (Erişim Tarihi: 04.10.2020).
  • WTO (Dünya Ticaret Örgütü), https://data.wto.org/ (Erişim Tarihi: 27.09.2020).
  • Yılmaz, M. İ. (2015). Bir Doğrudan Yabancı Yatırım Türü Olarak Birleşme ve Satın Almaların İhracat Etkisi; Türkiye Örneği, Yüksek Lisans Tezi, Sakarya Üniversitesi Sosyal Bilimler Enstitüsü, Sakarya.
  • Zhang, K. H. (2005). How Does FDI Affect a Host Country’s Export Performance?The Case of China, 1-18, https://faculty.washington.edu/karyiu/confer/xian05/papers/zhang.pdf (Erişim Tarihi 26.05.2019).
  • Zhang, K. H. & Song, S. (2000). Promoting Exports The Role Of Inward FDI in China. China Economic Review, 11 (4), 385-396.

THE EFFECTS OF INWARD FOREIGN DIRECT INVESTMENT ON EXPORTS: COMPARISON OF G-20 MEMBER DEVELOPED AND DEVELOPING ECONOMIES

Year 2022, Volume: 3 Issue: 1, 69 - 86, 20.04.2022
https://doi.org/10.53280/jer.1022140

Abstract

Although the main goal of the policies aimed at increasing foreign direct investment is to stimulate the national economy and make growth sustainable, one of the channels for realizing this goal is the export channel. Foreign direct investment expands the host country's exports by providing capital, technology, management knowledge, know-how and, in particular, access to global markets. Foreign direct investment and export instability, which began after the 2008 global crisis, still continue. Based on this situation, it has become very important to determine the long-term impact of inward foreign direct investment on exports. In this study, the effect of inward foreign direct investment on exports between the years 1994-2017 for the developed and developing countries of the G-20 was estimated using the dynamic panel data method. The findings obtained as a result of the analysis show that inward foreign direct investment do not affect exports in developed economies, while inward foreign direct investment in developing economies have a positive effect on exports.

References

  • Ağır, H. & Türkmen, S. (2020). Ekonomik Büyümeye Etkisi Bakımından Doğal Kaynaklar: Dinamik Panel Veri Analizi. Gaziantep University Journal of Social Sciences, 19 (3), 840-852.
  • Bai, J. S. & Ng, S. (2010). Panel Unit Root Tests With Cross-Section Dependence: A Further Investigation. Econometric Theory, 26(4), 1088-1114.
  • Baltagi B. H. (2008). Econometric Analysis of Panel Data. John Wiley & Sons.
  • Barrios, S., Görg, H. & Strobl, E. (2005). Foreign Direct Investment, Competition and Industrial Development In The Host Country. European Economic Review, 49(7), 1761-1784.
  • BIS (Uluslar arası Ödemeler Bankası), The New BIS Effective Exchange Trade Indices, https://www.bis.org/publ/qtrpdf/r_qt0603e.pdf (Erişim Tarihi: 04.10.2020).
  • Bozdağlıoğlu, E.Y. (2010). Türkiye’ye Gelen Doğrudan Yabancı Sermaye Yatırımlarının Türkiye’nin İhracat Performansına Etkilerinin Analizi, Doktora Tezi, Adnan Menderes Üniversitesi Sosyal Bilimler Enstitüsü, Aydın.
  • Breusch, T. S., & 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.
  • Brouthers, L., Werner, S. & Wilkinson, T. (1996). The Aggregate Impact of Firms' FDI Strategies On The Trade Balances Of Host Countries. Journal of International Business Studies, 27(2), 359-373.
  • Chudik, A. & Pesaran, M. H. (2013). Common Correlated Effects Estimation of Heterogeneous Dynamic Panel Data Models with Weakly Exogenous Regressors, Federal Reserve Bank of Dallas Globalization and Monetary Policy Institute, Working Paper No. 146, 61p.
  • Çelik, H., Yılmaz, H. & Erdemli, M. (2020). Doğrudan Yabancı Yatırımların Dış Ticaret Üzerindeki Etkisi: G8 Ülkeleri için Ampirik Bir Uygualama. Finans Ekonomi ve Sosyal Araştırmalar Dergisi, 5(3), 369-376.
  • Ekholm, K., Forslid, R. & Markusen, J. (2003a). Export Platform Foreign Direct Investment, 1-42, https://www.cerge-ei.cz/pdf/events/papers/040422_t.pdf (Erişim Tarihi: 22.01.2021).
  • Ekholm, K., Forslid, R. & Markusen, J. (2003b). Export Platform Foreign Direct Investment, NBER Working Paper Series, 1-44, http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.198.8225&rep=rep1&type=pdf (Erişim Tarihi: 18.06.2020).
  • G20, https://g20.org/en/about/Pages/whatis.aspx (Erişim Tarihi: 21.09.2020).
  • Gorokhov, M. (2011). The Effects of Inward FDI on Chinese Exports, Master Thesis, Lund University School of Economic and Management, Sweeden.
  • Gökçe, T. O. (2018). BRIC Ülkelerinde ve Türkiye'de Doğrudan Yabancı Yatırımların Makroekonomik Etkileri, Yüksek Lisans Tezi, İstanbul Ticaret Üniversitesi Dış Ticaret Enstitüsü, İstanbul.
  • Hood, N. & Young, S. (1979). The Economics of Multinational Enterprise, London: Longman, 412s.
  • Ibrahimova, U. (2010). The Effect of Inward Foreign Direct Investments on Export Performance of Developing Countries: Evidence From Nine Members of CIS, Master Thesis, Central European University Department of Economics, Hungary.
  • Kar, M., Ağır, H. & Türkmen, S. (2019). Seçilmiş Gelişmekte Olan Ülkelerde Elektrik Tüketiminin Ekonomik Büyümeye Etkisinin Panel Ekonometrik Analizi. Uluslararası Ekonomik Araştırmalar Dergisi, 5 (3), 38-48.
  • Kastratović, R. 2020. The Impact of Foreign Direct Investment on Host Country Exports: A Meta‐Analysis. World Economy, (43), 3142-3183.
  • Kneller, R. & Pisu, M. (2004). Export-oriented FDI in the UK. Oxford Review of Economic Policy, 20 (3), 424–439.
  • Kneller, R. & Pisu, M. (2005). Industrial Linkages and Export Spillovers from FDI, The University of Nottingham Research Paper Series, https://www.nottingham.ac.uk/gep/documents/papers/2005/05-20.pdf (Erişim Tarihi: 18.06.2020).
  • Kojıma, K. (1985). Japanese and American Direct Investment in Asia: A Comparative Analysis, Hitotsubashi Journal of Economics, 26 (1), 1-35.
  • Kutan, A. M. & Vuksic, G. (2007). Foreign Direct Investment and Export Performance: Empirical Evidence. Comparative Economic Studies, 49 (3), 430-445.
  • Lee, S. W. (2007). Foreign Direct Investment and Export Performance, Master Thesis, University of Wollongong, Australia.
  • Loo, F. V. (1977). The Effect of Foreign Direct Investment in Canada. The Review of Economics and Statistics, 59 (4), 474-481.
  • Majeed, M. & Ahmad, E. (2007). FDI and Exports in Developing Countries: Theory and Evidence. The Pakistan Development Review, 46(4), 735-750.
  • Mccoskey, S. & Kao, C. (1998). A Residual-based Test of the Null of Cointegration in Panel Data. Econometric Reviews, 17 (1), 57-84.
  • Njong, A. M. & Raymond, T. (2011). Investigating The Effects Of Foreign Direct Investment On Export Growth In Cameroon. International Journal Of Current Research, 3 (5), 184-191.
  • OECD (Ekonomik İşbirliği ile Kalkınma Örgütü), (2007). International Investment Perspectives 2007: Freedom Investment In A Changing World, Paris, 236s.
  • Özbostancı, F. (2016). Bric Ülkeleri Ve Türkiye’ye Yapılan Doğrudan Yabancı Yatırımların, Ülkelerin İhracatı Üzerine Etkileri: Panel Veri Analizi, Yüksek Lisans Tezi, Süleyman Demirel Üniversitesi Sosyal Bilimler Enstitüsü, Isparta.
  • Pesaran, M. H. (2004). General Diagnostic Tests for Cross Section Dependence In Panels. Cambridge: 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. & Yamagata, T. (2008). Testing Slope Homogeneity in Large Panels. Journal of Econometrics, (142), 50–93.
  • Pesaran, M. H., Ullah, A. & Yamagata, T. (2008). A Bias-Adjusted LM Test of Error Cross-Section Independence. Econometrics Journal, (11), 105-127.
  • UNCTAD (Birleşmiş Milletler Ticaret ve Kalkınma Konferansı), (2019). World Investment Report 2019 Special Economic Zones, İsviçre, 237s.
  • UNCTAD, https://unctadstat.unctad.org (Erişim Tarihi: 12.03.2020).
  • Vernon, R. (1966). International Investment and International Trade in the Product Cycle. The Quarterly Journal of Economics, 80 (2), 190–207.
  • Yalçıner, K. (2008). Uluslararası Finansman, 1. Baskı, Gazi Kitabevi, Ankara.
  • Westerlund, J. & Edgerton, D. L. (2007). A Panel Bootstrap Cointegration Test. Economics Letters, 97 (3), 185–190.
  • WORLD BANK (Dünya Bankası), World Development Indicators, https://databank.worldbank.org/source/world-development-indicators#, (Erişim Tarihi: 04.10.2020).
  • WTO (Dünya Ticaret Örgütü), https://data.wto.org/ (Erişim Tarihi: 27.09.2020).
  • Yılmaz, M. İ. (2015). Bir Doğrudan Yabancı Yatırım Türü Olarak Birleşme ve Satın Almaların İhracat Etkisi; Türkiye Örneği, Yüksek Lisans Tezi, Sakarya Üniversitesi Sosyal Bilimler Enstitüsü, Sakarya.
  • Zhang, K. H. (2005). How Does FDI Affect a Host Country’s Export Performance?The Case of China, 1-18, https://faculty.washington.edu/karyiu/confer/xian05/papers/zhang.pdf (Erişim Tarihi 26.05.2019).
  • Zhang, K. H. & Song, S. (2000). Promoting Exports The Role Of Inward FDI in China. China Economic Review, 11 (4), 385-396.
There are 44 citations in total.

Details

Primary Language Turkish
Subjects Economics
Journal Section Research Articles
Authors

Burak Uğur 0000-0001-9056-8035

Seyhan Taş 0000-0002-9671-4838

Early Pub Date April 20, 2022
Publication Date April 20, 2022
Published in Issue Year 2022 Volume: 3 Issue: 1

Cite

APA Uğur, B., & Taş, S. (2022). DOĞRUDAN YABANCI YATIRIM GİRİŞLERİNİN İHRACAT ÜZERİNE ETKİLERİ: G-20 ÜYESİ GELİŞMİŞ VE GELİŞMEKTE OLAN EKONOMİLERİN KARŞILAŞTIRILMASI. Journal of Economics and Research, 3(1), 69-86. https://doi.org/10.53280/jer.1022140

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