GELİŞMEKTE OLAN ÜLKELERE YÖNELİK ULUSLARARASI SERMAYE HAREKETLERİNİN EKONOMİK BÜYÜME ÜZERİNDEKİ ETKİSİ: PANEL VERİ ANALİZİ

1980’lerden sonra yaşanan finansal serbestleşme politikaları nedeniyle uluslararası sermaye hareketlerinde meydana gelen büyük artışlar gelişmekte olan ülkelerde ekonomik büyümenin önemli bir kaynağı olan sermaye birikimini sağlarken, teknik bilgi ve beşeri sermaye gibi büyüme üzerinde önemli etkileri olan dinamikleri de harekete geçirmiştir. Yapılan ampirik çalışmalarda sermaye hareketlerinin ekonomik büyüme üzerindeki etkisinin ülkeden ülkeye farklı olabileceği görülmektedir. Bu çalışmada, panel veri test ve tahmin yöntemleri kullanılarak gelişmekte olan ülkelere giren uluslararası sermaye hareketlerinin bu ülkelerin ekonomik büyümesi üzerindeki etkileri 1980–2005 dönemi için analiz edilmiştir. Yapılan tahminler sonucunda, teorik ve ampirik literatürle tutarlı biçimde, doğrudan yabancı yatırımlar ve portföy yatırımlarının ekonomik büyüme üzerindeki etkisi pozitif bulunurken, kısa vadeli sermaye yatırımlarının ekonomik büyüme üzerindeki etkisi negatif bulunmuştur

Anahtar Kelimeler:

Uluslararası sermaye hareketleri, ekonomik büyüme

The Effects of International Capital Movements through Developing Countries on Economic Growth: The Panel Data Analysis

While huge increases in international capital movements due to financial liberalization policies after 1980s have increased capital accumulation of developing countries, they have also triggered some growth affecting dynamics such as technological information and human capital. The empirical studies suggest that capital inflows might have different effects on countries’ economic growths. In this study, using panel data test and estimation techniques, the effects of international capital movements on economic growth of developing countries are investigated for the period 1980-2005. The results are consistent with theoretical and empirical literature revealing that while foreign direct investment and portfolio investment have positive effects, short term capital investments have negative effects on economic growth of countries in the sample

Keywords:

International capital movements, economic growth,

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