Gelişmekte Olan Ülkelerde Doğrudan Yabancı Yatırım ve Ekonomik Büyüme İlişkisi: İnsan Sermayesinin Sağladığı Yayılma Etkilerine İlişkin Yeni Kanıtlar

Gelişmekte olan ülkeler yeterli sermaye birikimine sahip olmadıklarından istenilen seviyede ekonomik büyüme sağlayamazlar. Gelişmekte olan ülkeler bu sermaye eksikliğini yabancı yatırım ve/veya borçla aşmak ister. Doğrudan yabancı yatırım yapan şirketler gittikleri ülkeye, sermaye ile birlikte sahip oldukları ileri teknolojiyi, yeni üretim yöntemlerini, pazarlama ve yönetim becerilerini de beraberinde götürür. Doğrudan yabancı yatırım ülkede sermaye birikimini artırarak ekonomik büyümeyi teşvik etmesi beklenirken, doğrudan yabancı yatırım ile ülkeye giren faydalar tüm ülkeye yayıldığında da ekonomik büyümeyi teşvik edebilir. Bu bağlamda çalışmada, 2000-2017 yılları arasında 19 gelişmekte olan ülkede doğrudan yabancı yatırımların ekonomik büyüme üzerindeki etkisi ve doğrudan yabancı yatırımın insan sermayesi üzerinden sağladığı olası pozitif dışsallıkların etkileri Sistem-GMM tahmincisi aracılığıyla araştırılmıştır. Yapılan tahminler sonucunda, gelişmekte olan ülkelerde doğrudan yabancı yatırımlar ekonomik büyümeyi pozitif etkilemektedir. Ancak doğrudan yabancı yatırımlardan kaynaklı pozitif dışsallıkları yaratmada insan sermayesinin önemli bir kanal olmadığı tespit edilmiştir.

Anahtar Kelimeler:

Doğrudan Yabancı Yatırım, İnsan Sermayesi, Dinamik Panel Veri Analizi, Sistem-GMM, Gelişmekte Olan Ülkeler

The Relationship of Foreign Investment and Economic Growth in Developing Countries: New Evidence on The Spillover Effects Of Human Capital

Developing countries cannot achieve the desired level of economic growth because they do not have sufficient capital accumulation. Developing countries want to overcome this lack of capital with foreign investment and/or debt. Companies that make direct foreign investments bring the advanced technology, new production methods, marketing, and management skills they have with the capital to the country they go to. While foreign direct investment is expected to stimulate economic growth by increasing capital accumulation in the country, the foreign direct investment can encourage economic growth when the benefits entering the country are spread throughout the country. In this context, the effect of foreign direct investment on economic growth in 19 developing countries between 2000-2017 and the effects of possible positive externalities of foreign direct investment through human capital was investigated through the system-GMM estimator. As a result of forecasts, foreign direct investment in developing countries positively affects economic growth. However, it has been found that human capital is not an important channel for creating positive externalities caused by foreign direct investment.

Keywords:

Foreign Direct Investment, Human Capital, Dynamic Panel Data Analysis, System-GMM, Developing Countries,

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