Research Article
BibTex RIS Cite

THE EFFECTS OF OUTWARD FOREIGN DIRECT INVESTMENT ON EXPORTS: THE CASE OF G-20

Year 2022, Volume: 3 Issue: 1, 1 - 15, 25.04.2022

Burak Uğur Bahar Oğul

Abstract

Investing in foreign countries has important macroeconomic effects on the economies of the home countries, but the effect on exports can be positive or negative. The instabilities in foreign direct investment and exports that started after the 2008 global crisis still continue today. Based on this situation, it has become very important to determine the long-term effect of outward foreign direct investment on the export of the home country. In this study, the effect of outward foreign direct investment on home country exports between 1993 and 2018 for G-20 member countries was estimated by dynamic panel data method. The findings showed that a 1% increase in outward foreign direct investment for G-20 economies increased exports by 0.13%. As a result, there is a complementary relationship between outward foreign direct investment and the export of the home country in the G-20 economies.

Keywords

G-20 Outward Foreign Direct Investment Export

References

  • Ağır, H. ve Türkmen, S. (2020). Ekonomik Büyümeye Etkisi Bakımından Doğal Kaynaklar: Dinamik Panel Veri Analizi. Gaziantep University Journal of Social Sciences, 19 (3), 840-852.
  • Ağır, H. Özbek, S. ve Türkmen, S. (2020). Türkiye’de Cari İşlemler Dengesinin Dinamikleri: VAR Analizi, Maliye Araştırmaları Dergisi, 6 (2), 57-66.
  • Ahmad, F., Draz, M. U. ve Yang, S. C. (2016). A Novel Study on OFDI and Home Country Exports: Implications for The ASEAN Region, Journal of Chinese Economic and Foreign Trade Studies, 9 (2), 131-145.
  • Alguacil, M. T. ve Orts, V. (2002). A Multivariate Cointegrated Model Testing For Temporal Causality Between Exports And Outward Foreign İnvestment: The Spanish Case, Applied Economics, 34 (1), 119-132.
  • Alkın, H. ve Türkcan, K. (2018). Türkiye’den Çıkan Doğrudan Yabancı Sermaye Yatırımları ile İhracat Arasındaki İlişki, Ege Academic Review, 18(3), 457-468.
  • Aydın, N. (2018). Türkiye’de Dışa Yabancı Doğrudan Yatırımlar ve İhracat İlişkisi, Finans Politik ve Ekonomik Yorumlar, (638), 59-77.
  • Aydın, N. (2021). Doğrudan Yabancı Yatırım Çıkışlarının Dış Ticaret Üzerindeki Etkisi: Panel Veri Analizi, Hacettepe Üniversitesi Iktisadi ve Idari Bilimler Fakültesi Dergisi, 39(1), 51-70.
  • Baltagi B. H. (2008). Econometric Analysis of Panel Data. John Wiley & Sons.
  • Bhasin, N. ve Paul, J. (2016). Exports And Outward FDI: Are They Complements or Substitutes? Evidence From Asia, Multinational Business Review, 24 (1), 62-78.
  • Bhasin, N. ve Kapoor, K. (2020). Impact of Outward FDI on Home Country Exports, International Journal of Emerging Markets, 16 (6), 1150-1175.
  • Bojnec, Š. ve Fertő, I. (2014). Outward Foreign Direct Investments and Merchandise Exports: The European OECD Countries, Romanian Journal of Economic Forecasting, 17(2), 87-99.
  • Brainard, S. L. (1997). An Empirical Assessment of the Proximity-Concentration Trade-off Between Multinational Sales and Trade, The American Economic Review, 87 (4), 520-544.
  • 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.
  • Chudik, A. ve 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.
  • Choi, H. (2016). The Impact of Outward FDI on Home Country: Kore an Case, Korea Institute International Economic Policy, Korea Institute for International Economic Policy, 1-21.
  • Chow, P. C. Y. (2012) The Effect of Outward Foreign Direct İnvestment on Home Country's Export: A Case Study on Taiwan, 1989–2006, The Journal of International Trade & Economic Development, 21 (5), 725-754.
  • Eberhardt, M. ve Bond, S. (2009). Cross-Section Dependence in Nonstationary Panel Models: A Novel Estimator, Sweden, 29–31 October.
  • Gültekin, E. (2019). OECD Ülkelerinde Yenilenebilir Enerji Tüketiminin Makro Ekonomik Belirleyicileri ve Türkiye İçin Politika, Doktora Tezi, İnönü Üniversitesi, Malatya.
  • G20, https://g20.org/en/about/Pages/whatis.aspx (Erişim Tarihi: 15/10/2021).
  • Helpman, E. (1984). A Simple Theory of International Trade with Multinational Corporations, Journal of Political Economy, 92 (3), 451-471.
  • Kaplan, F. & Aktaş, A. R. (2016). Petrol Bağımlısı Ülkelerde Reel Petrol Fiyatlarının Reel Döviz Kuruna Etkisi. Business and Economics Research Journal, 7(2), 103-113.
  • 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.
  • Karluk, R. (2013). Uluslararası Ekonomi Teori Politika, 10. Baskı, Beta Basım, İstanbul, 908s.
  • KOMMERSKOLLEGIUM, 2008. The Relationship Between International Trade And Foreign Direct İnvestments For Swedish Multinational Enterprises, İsveç, 80s.
  • Ladas, A. (2019). The Effect of Outward Foreign Direct Investment on Exports in Japan During The Lost Decade, 1985-2005, Yüksek Lisans Tezi, City University of New York, New York.
  • Lim, E. G. (2001). Determinants of, and the Relation Between, Foreign Direct Investment and Growth: A Summary of the Recent Literature, IMF Working Paper, (01/175), 28s.
  • Markusen, J. R. (1984). Multinationals, Multi-Plant Economies and The Gains From Trade, Journal of International Economics, 16 (3-4), 205-226.
  • Mccoskey, S. ve Kao, C. (1998). A Residual-based Test of the Null of Cointegration in Panel Data. Econometric Reviews, 17 (1), 57-84.
  • OECD (Ekonomik İşbirliği ile Kalkınma Örgütü). (2007). International Investment Perspectives 2007: Freedom Investment In A Changing World, Paris, 236s. Pesaran, M. H., Ullah, A. ve Yamagata, T. (2008). A Bias-Adjusted LM Test of Error Cross-Section Independence. Econometrics Journal, (11), 105-127.
  • Pesaran, M. H. ve Yamagata, T. (2008). Testing Slope Homogeneity in Large Panels. Journal of Econometrics, (142), 50–93.
  • Protsenko, A. (2003). Vertical and Horizontal Foreign Direct Investments in Transition Countries, PhD Thesis, Münih Ludwig Maximilian University, Münih.
  • Singh, S. (2017). The Relationship between FDI outflows, Exports and GDP in India: An Application of the Autoregressive Distributed Lag Model, Economic Affairs, 62(3), 471-481.
  • Seo, J. S. ve Suh, C. S. (2006). An Analysis of Home Country Trade Effects of Outward Foreign Direct Investment: The Korean experience with ASEAN, 1987-2002, ASEAN Economic Bulletin, 23 (2), 160-170. Smith, L. V., Leybourne, S. T., Kim, T. H. ve Newbold P. (2004). More Powerful Panel Data Unit Root Tests With an Application to Mean Reversion in Real Exchange Rates, Journal of Applied Econometrics, 19 (2):147-170.
  • Tarı, R. (2010). Ekonometri. Kocaeli: Umuttepe Yayınları.
  • TİM (Türkiye İhracatçılar Meclisi). (2019). İhracat 2019 Raporu, İstanbul, 70s.
  • UNCTAD (Birleşmiş Milletler Ticaret ve Kalkınma Konferansı). (2019). World Investment Report 2019 Special Economic Zones, İsviçre, 237s.
  • UNCTAD. (2021). https://unctadstat.unctad.org (Erişim Tarihi: 15/10/2021).
  • Yalçıner, K. (2008). Uluslararası Finansman, 1. Baskı, Gazi Kitabevi, Ankara.
  • Wang, X. (2017). Export Effect of China’s Outward FDI: Provincial Panel Data Analysis, International Business Research, 10(7), 148-154.
  • WTO (Dünya Ticaret Örgütü). (2021). https://data.wto.org/ (Erişim Tarihi: 15/10/2021).
  • Westerlund, J. ve Edgerton, D. L. (2007). A Panel Bootstrap Cointegration Test. Economics Letters, 97 (3), 185–190.
  • Zhao, L., Liu, Z., Wei, W. ve Andreosso-O’Callaghan, B. (2017). FDI Outflows, Exports and Financial Development, Journal of Economic Studies, 44 (6), 987-1002.

DOĞRUDAN YABANCI YATIRIM ÇIKIŞLARININ İHRACAT ÜZERİNE ETKİLERİ: G-20 ÖRNEĞİ

Year 2022, Volume: 3 Issue: 1, 1 - 15, 25.04.2022

Burak Uğur Bahar Oğul

Abstract

Yabancı ülkelere yatırım yapmanın kaynak ülke ekonomileri üzerinde makroekonomik düzeyde önemli etkileri olmasının yanı sıra ihracat üzerinde pozitif ya da negatif etkileri olabilmektedir. 2008 küresel krizinin ardından başlayan doğrudan yabancı yatırım ve ihracattaki istikrarsızlıklar, günümüzde de devam etmektedir. Bu durumdan hareketle doğrudan yabancı yatırım çıkışlarının kaynak ülkenin ihracatı üzerindeki uzun dönemli etkisinin tespit edilmesi oldukça önemli bir hale gelmiştir. Bu çalışmada, G-20 üyesi ülkeler için 1993-2018 yılları arasında doğrudan yabancı yatırım çıkışlarının, kaynak ülke ihracatı üzerindeki etkisi dinamik panel veri yöntemiyle tahmin edilmiştir. Ulaşılan bulgular, G-20 ekonomileri için doğrudan yabancı yatırım çıkışlarındaki %1’lik bir artışın, ihracatı %0.13 oranında artırdığını göstermiştir. Sonuç olarak, G-20 ekonomilerinde doğrudan yabancı yatırım çıkışları ile kaynak ülkenin ihracatı arasında tamamlayıcı bir ilişki vardır.

Keywords

G-20 Doğrudan Yabancı Yatırım Çıkışı İhracat

References

  • Ağır, H. ve Türkmen, S. (2020). Ekonomik Büyümeye Etkisi Bakımından Doğal Kaynaklar: Dinamik Panel Veri Analizi. Gaziantep University Journal of Social Sciences, 19 (3), 840-852.
  • Ağır, H. Özbek, S. ve Türkmen, S. (2020). Türkiye’de Cari İşlemler Dengesinin Dinamikleri: VAR Analizi, Maliye Araştırmaları Dergisi, 6 (2), 57-66.
  • Ahmad, F., Draz, M. U. ve Yang, S. C. (2016). A Novel Study on OFDI and Home Country Exports: Implications for The ASEAN Region, Journal of Chinese Economic and Foreign Trade Studies, 9 (2), 131-145.
  • Alguacil, M. T. ve Orts, V. (2002). A Multivariate Cointegrated Model Testing For Temporal Causality Between Exports And Outward Foreign İnvestment: The Spanish Case, Applied Economics, 34 (1), 119-132.
  • Alkın, H. ve Türkcan, K. (2018). Türkiye’den Çıkan Doğrudan Yabancı Sermaye Yatırımları ile İhracat Arasındaki İlişki, Ege Academic Review, 18(3), 457-468.
  • Aydın, N. (2018). Türkiye’de Dışa Yabancı Doğrudan Yatırımlar ve İhracat İlişkisi, Finans Politik ve Ekonomik Yorumlar, (638), 59-77.
  • Aydın, N. (2021). Doğrudan Yabancı Yatırım Çıkışlarının Dış Ticaret Üzerindeki Etkisi: Panel Veri Analizi, Hacettepe Üniversitesi Iktisadi ve Idari Bilimler Fakültesi Dergisi, 39(1), 51-70.
  • Baltagi B. H. (2008). Econometric Analysis of Panel Data. John Wiley & Sons.
  • Bhasin, N. ve Paul, J. (2016). Exports And Outward FDI: Are They Complements or Substitutes? Evidence From Asia, Multinational Business Review, 24 (1), 62-78.
  • Bhasin, N. ve Kapoor, K. (2020). Impact of Outward FDI on Home Country Exports, International Journal of Emerging Markets, 16 (6), 1150-1175.
  • Bojnec, Š. ve Fertő, I. (2014). Outward Foreign Direct Investments and Merchandise Exports: The European OECD Countries, Romanian Journal of Economic Forecasting, 17(2), 87-99.
  • Brainard, S. L. (1997). An Empirical Assessment of the Proximity-Concentration Trade-off Between Multinational Sales and Trade, The American Economic Review, 87 (4), 520-544.
  • 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.
  • Chudik, A. ve 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.
  • Choi, H. (2016). The Impact of Outward FDI on Home Country: Kore an Case, Korea Institute International Economic Policy, Korea Institute for International Economic Policy, 1-21.
  • Chow, P. C. Y. (2012) The Effect of Outward Foreign Direct İnvestment on Home Country's Export: A Case Study on Taiwan, 1989–2006, The Journal of International Trade & Economic Development, 21 (5), 725-754.
  • Eberhardt, M. ve Bond, S. (2009). Cross-Section Dependence in Nonstationary Panel Models: A Novel Estimator, Sweden, 29–31 October.
  • Gültekin, E. (2019). OECD Ülkelerinde Yenilenebilir Enerji Tüketiminin Makro Ekonomik Belirleyicileri ve Türkiye İçin Politika, Doktora Tezi, İnönü Üniversitesi, Malatya.
  • G20, https://g20.org/en/about/Pages/whatis.aspx (Erişim Tarihi: 15/10/2021).
  • Helpman, E. (1984). A Simple Theory of International Trade with Multinational Corporations, Journal of Political Economy, 92 (3), 451-471.
  • Kaplan, F. & Aktaş, A. R. (2016). Petrol Bağımlısı Ülkelerde Reel Petrol Fiyatlarının Reel Döviz Kuruna Etkisi. Business and Economics Research Journal, 7(2), 103-113.
  • 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.
  • Karluk, R. (2013). Uluslararası Ekonomi Teori Politika, 10. Baskı, Beta Basım, İstanbul, 908s.
  • KOMMERSKOLLEGIUM, 2008. The Relationship Between International Trade And Foreign Direct İnvestments For Swedish Multinational Enterprises, İsveç, 80s.
  • Ladas, A. (2019). The Effect of Outward Foreign Direct Investment on Exports in Japan During The Lost Decade, 1985-2005, Yüksek Lisans Tezi, City University of New York, New York.
  • Lim, E. G. (2001). Determinants of, and the Relation Between, Foreign Direct Investment and Growth: A Summary of the Recent Literature, IMF Working Paper, (01/175), 28s.
  • Markusen, J. R. (1984). Multinationals, Multi-Plant Economies and The Gains From Trade, Journal of International Economics, 16 (3-4), 205-226.
  • Mccoskey, S. ve Kao, C. (1998). A Residual-based Test of the Null of Cointegration in Panel Data. Econometric Reviews, 17 (1), 57-84.
  • OECD (Ekonomik İşbirliği ile Kalkınma Örgütü). (2007). International Investment Perspectives 2007: Freedom Investment In A Changing World, Paris, 236s. Pesaran, M. H., Ullah, A. ve Yamagata, T. (2008). A Bias-Adjusted LM Test of Error Cross-Section Independence. Econometrics Journal, (11), 105-127.
  • Pesaran, M. H. ve Yamagata, T. (2008). Testing Slope Homogeneity in Large Panels. Journal of Econometrics, (142), 50–93.
  • Protsenko, A. (2003). Vertical and Horizontal Foreign Direct Investments in Transition Countries, PhD Thesis, Münih Ludwig Maximilian University, Münih.
  • Singh, S. (2017). The Relationship between FDI outflows, Exports and GDP in India: An Application of the Autoregressive Distributed Lag Model, Economic Affairs, 62(3), 471-481.
  • Seo, J. S. ve Suh, C. S. (2006). An Analysis of Home Country Trade Effects of Outward Foreign Direct Investment: The Korean experience with ASEAN, 1987-2002, ASEAN Economic Bulletin, 23 (2), 160-170. Smith, L. V., Leybourne, S. T., Kim, T. H. ve Newbold P. (2004). More Powerful Panel Data Unit Root Tests With an Application to Mean Reversion in Real Exchange Rates, Journal of Applied Econometrics, 19 (2):147-170.
  • Tarı, R. (2010). Ekonometri. Kocaeli: Umuttepe Yayınları.
  • TİM (Türkiye İhracatçılar Meclisi). (2019). İhracat 2019 Raporu, İstanbul, 70s.
  • UNCTAD (Birleşmiş Milletler Ticaret ve Kalkınma Konferansı). (2019). World Investment Report 2019 Special Economic Zones, İsviçre, 237s.
  • UNCTAD. (2021). https://unctadstat.unctad.org (Erişim Tarihi: 15/10/2021).
  • Yalçıner, K. (2008). Uluslararası Finansman, 1. Baskı, Gazi Kitabevi, Ankara.
  • Wang, X. (2017). Export Effect of China’s Outward FDI: Provincial Panel Data Analysis, International Business Research, 10(7), 148-154.
  • WTO (Dünya Ticaret Örgütü). (2021). https://data.wto.org/ (Erişim Tarihi: 15/10/2021).
  • Westerlund, J. ve Edgerton, D. L. (2007). A Panel Bootstrap Cointegration Test. Economics Letters, 97 (3), 185–190.
  • Zhao, L., Liu, Z., Wei, W. ve Andreosso-O’Callaghan, B. (2017). FDI Outflows, Exports and Financial Development, Journal of Economic Studies, 44 (6), 987-1002.
There are 42 citations in total.

Details

Primary Language Turkish
Subjects Economics
Journal Section Articles
Authors

Burak Uğur 0000-0001-9056-8035

Bahar Oğul

Early Pub Date April 25, 2022
Publication Date April 25, 2022
Acceptance Date January 13, 2022
Published in Issue Year 2022 Volume: 3 Issue: 1

Cite

APA Uğur, B., & Oğul, B. (2022). DOĞRUDAN YABANCI YATIRIM ÇIKIŞLARININ İHRACAT ÜZERİNE ETKİLERİ: G-20 ÖRNEĞİ. Malatya Turgut Özal Üniversitesi İşletme Ve Yönetim Bilimleri Dergisi, 3(1), 1-15.
 Download Cover Image