Cilt: 15 - Sayı : 1
DOĞRUDAN YABANCI SERMAYE YATIRIMLARI, YABANCI PORTFÖY YATIRIMLARI VE EKONOMİK BÜYÜME ARASINDAKİ ETKİLEŞİM: SAHRA ALTI AFRİKA ÜLKELERİ ÜZERİNE
THE INTERACTION BETWEEN FOREIGN DIRECT INVESTMENT, FOREIGN PORTFOLIO INVESTMENT AND ECONOMIC GROWTH: THE CASE OF SUB- SAHARAN AFRICAN COUNTRIES
Adem GÖK,Deniz GÜVERCİN

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Sahra Altı Afrika’da yabancı yatırımların ekonomik büyümeyi etkilemesini inceleyen literatürde birbiriyle çelişen görüşler mevcuttur. Bazı araştırmacılar Sahra Altı Afrika’da yer alan gelişmekte olan ülkelerin sermaye akışlarını liberalleştirdikleri zaman, yüksek seviyedeki volatilite, artan cari hesap açıkları, gelişmiş finansal piyasaların yokluğu ve düzenleyici çerçevenin düşük kalitesinden dolayı ekonomik kayıplara uğrayacaklarını öne sürmektedirler. Oysa, bazı çalışmalar Sahra Altı Afrika’daki düşük seviye birikmiş tasarruflarına çare olmak için yabancı yatırımın ekonomik büyümeyi arttırıcı etkisine odaklanmıştır. Çalışma, Sahra Altı Afrika’daki ülkeler için yabancı portföy yatırımlarının ve doğrudan yabancı sermaye yatırımlarının ekonomik büyümeye etkisi konusunda yeni bulgular getirmektedir. Endojenlik sorunu nedeniyle, üç eşzamanlı denklem sistemini tahmin etmek için panel VAR metodolojisini kullanılmıştır. 1990-2016 arasında Sahra Altı Afrika’daki 25 ülkeyi analiz ederek, Sahra Altı Afrika’da doğrudan yabancı sermaye yatırımları ve yabancı portföy yatırımlarının tamamlayıcı olduğunu ve her ikisinin büyümeyi pozitif anlamlı etkilediğini bulunmuştur.
There are contradicting arguments in the literature examining the influence of foreign investment on economic growth in Sub Saharan Africa. Some researchers claim that high level of volatility, rising current account deficit, lack of developed financial markets and low quality of regulatory framework would generate economic losses for developing countries in Sub Saharan Africa when they liberalized their capital flows. However, some studies focus on growth enhancing effect of foreign investment to be a remedy for low capacity of accumulated savings in Sub Saharan Africa. The current study brings new evidence about the role of foreign portfolio investment and foreign direct investment on economic growth for countries in Sub Saharan Africa. Due to the endogenenity issue, we have used panel VAR methodology to estimate three simultaneous equations system. By analyzing 25 Sub Saharan African countries over the 1990-2016 period, we found that foreign direct investment and foreign portfolio investment are complements and they have positive significant impacts on economic growth.
Anahtar Kelimeler: Ekonomik Büyüme, DYSY, YPY
Anahtar Kelimeler: Economic Growth, FDI, FPI

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Adem GÖK,Deniz GÜVERCİN