DOĞRUDAN YABANCI YATIRIMLARIN BELİRLEYİCİLERİ ÜZERİNE BİR ANALİZ: OECD ÖRNEĞİ

Çok uluslu şirketler tarafından gerçekleştirilen doğrudan dış yatırım ya yeni bir tesis kurmak ya da halen mevcut bir şirketi satın almak biçiminde gerçekleştirilmektedir. Bu yatırımların dünyada yaygınlaşması 1950'lerin sonlarına rastlamaktadır. Sermayenin liberalleşmesi beraberinde ulus ötesi yatırımların hız kazanmasına yol açmıştır. Liberalleşen ulusal ekonomiler, ekonomik büyümeleri ve kalkınmaları yolunda, yabancı yatırımların taşıdıkları önemin farkına varmaya başlamışlardır. Bu nedenle mevcut pazar ortamlarını yabancı yatırımcılar için cazip hale getirmeyi amaçlayan çeşitli stratejiler ve politikalar uygulamaya başlamışlardır. Ülkeler yabancı yatırımcıları çekmek için artık birbirleriyle rekabet etmektedirler. Bu çalışmanın teorik kısmında doğrudan yabancı yatırımların önemi, belirleyicileri ve türleri açıklanmaktadır. Ampirik kısımda ise 27 OECD ülkesinde 1994-2006 döneminde DYY'yi belirleyen faktörler, dinamik panel veri analizi yöntemiyle, GMM tahmin tekniği kullanılarak sorgulanmıştır. Çalışma sonucunda, DYY'yi büyüme oranı, altyapı düzeyi ve enflasyonun pozitif olarak etkilediği görülmüştür. Açıklık ve cari denge değişkenlerinin ise teoride beklenenin aksine DYY ile negatif ilişkili olduğu saptanmıştır.

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