Evidence For The Relationship Between Financial Development, Financial Stability and Foreign Direct Investments

Purpose – In this study, the effect of the financial development and financial stability variables on foreign direct investment were investigated for Turkey. Design/methodology/approach – The stationary of the series will be investigated by the ADF unit root test which developed by Dickey and Fuller (1981). And then, series will be examined with Rolling Windows Causality and Parameter Estimation Methods which developed by Balcılar et al. (2010). Findings – Empirical findings suggests that financial stability has a positive effect on the foreign direct investments especially after 2013; coefficient increased over 1 for foreign direct investments in some of the periods. Discussion – It can be understood from here that a 1% increase in financial stability can affect foreign direct investments by more than 1%. On the other hand, the causality relationship between financial development and direct foreign investments is meaningful only for the 2009- 2010 periods.

Kaynakça

Adeniyi, O., and Omisakin, O. (2012). Foreign direct investment, economic growth and financial sector development in small open developing economies. Economic Analysis and Policy, 42(1), 105-128.

Akdiş, M. (1985). Dünya’da ve Türkiye’de Yabancı Sermaye Yatırımları ve Beklentiler. YASED Yayınları, 1985.

Aktaş, C. (2011). Finansal İstikrar Analizi Bağlamında Türkiye İçin Finansal İstikrar Endeksi Önerisi. Yayımlanmamış Doktora Tezi, Ankara Üniversitesi Sosyal Bilimler Enstitüsü, Ankara

Albulescu, C. T., Briciu, L., & Coroiu, S. I. (2010). Determinants of foreign direct investment in CEECs: the role of financial stability. Scientific Annals of the “Alexandru Ioan Cuza”. Economic Sciences Section, Special Issue, 85-96.

Ang, J. B. (2008). Determinants of Foreign Direct Investment in Malaysia. Journal of Policy Modeling, 30, ss.185–189.

Bal, H. and Akça, E. (2016). Doğrudan Yabancı Sermaye Yatırımlarının Belirleyicileri: Seçilmiş Doğu Asya ve Pasifik Ülkelerinden Ampirik Bulgular. Sosyoekonomi, 24 (30), 91-112.

Balcılar, M., Özdemir, Z.A. ve Arslantürk, Ö. (2010). Economic Growth and Energy Consumption Causal Nexus a Viewed Through a Bootstrap Rolling Window. Energy Economics, 32, 1398-1410

Berköz, L and Turk, S. S. (2007). Yabancı Yatırımların Yer Seçimini Etkileyen Faktörler: Türkiye Örneği. itüdergisi Mimarlık, Planlama, Tasarım, 6 (2), ss. 59–72.

Bevan, A. and Estrin, S. (2004). The Determinants of Foreign Direct Investment into European Transition Economies. Journal of Comparative Economics, 32, ss. 775–787.

Çinko, L. (2009). Doğrudan Yabancı Sermaye Hareketlerinin Makroekonomik Etkileri. Marmara Üniversitesi İ.İ.B.F. Dergisi, 16(1).

Dıckey, D. A. and Fuller, W. A. (1981). Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root. Econometrica, 49, ss. 1057-1072.

Dunning, J.H. (1981). Explaining the International Direct Investment Position of Countries: Towards a Dynamic or Developmental Approach. Weltwirtschaftliches Archiv, 117, ss. 30–64.

Dutta, N., and Roy, S. (2011). Foreign Direct Investment, Financial Development And Political Risks. The Journal of Developing Areas, 44(2), 303-327. Retrieved from http://www.jstor.org/stable/23215253

Ekinci, A. (2011). Doğrudan Yabancı Yatırımların Ekonomik Büyüme ve İstihdama Etkisi: Türkiye Uygulaması 1980-2010. Eskişehir Osmangazi Üniversitesi İİBF Dergisi, Ekim, 2011, 6(2), ss. 71-96.

Erdal, F. and Tatoğlu, E. (2002). Locational Determınants of Foreıgn Dırect Investment in An Emergıng Market Economy: Evıdence From Turkey. Multinational Business Review, 10 (1), ss. 1–7.

Ezeoha, A. E., and Cattaneo, N. (2012). FDI flows to Sub-Saharan Africa: The impact of finance, institutions, and natural resource endowment. Comparative Economic Studies, 54(3), 597-632

Fakhreddin, F., Nezakati, H., and Vaighan, B. M. (2011). The determinants of FDI inflow in manufacturing sector of Malaysia. Journal for International Business and Entrepreneurship Development, 5(4), 299- 314.

İnançlı, S., Altıntaş, N. and İnal, V. (2016). Finansal Gelişme ve Ekonomik Büyüme İlişkisi: D8 Örneği. Kastamonu Üniversitesi İİBF Dergisi, 14, 36 – 49.

Janicki, H. P. and Wunnava, P. V. (2004). Determinants of Foreign Direct Investment:Empirical Evidence from EU Accession Candidates. Applied Economics, 36, ss. 505–509.

Kar, M. and Tatlisöz, F. (2008). Türkiye’de Doğrudan Yabancı Sermaye Hareketlerini Belirleyen Faktörlerin Ekonometrik Analizi. KMU İİBF Dergisi, 10 (14), ss. 1-23.

Karagöz, K. (2007). Türkiye’de Doğrudan Yabancı Yatırım Girişlerini Belirleyen Faktörler: 1970:2005. Journal of Yasar University. 2(8), ss. 927-948.

Konstantinos, S., Alexandros, G., Emmanuel, S. and Chatsivasileladou, S. (2010) Financial development and economic growth: an empirical research from Greece – Cointegration Test. International Conference on Applied Economics.

Korgaonkar, C. (2012). Analysis of the impact of financial development on foreign direct investment: A data mining approach. Journal of Economics and Sustainable Development, 3(6). 70-79.

Nasser, O., and Gomez, X. G. (2009). Do well-functioning financial systems affect the FDI flows to Latin America? International Research Journal of Finance and Economics, 29, 60-75.

Niels Hermes and Robert Lensink (2003), “Foreign Direct Investment, Financial Development and Economic Growth”, Journal of Development Studies, Vol.38

Nunnenkamp, P. (2002). Determinants of FDI in Developing Countries: Has Globalization Changed the Rules of the Game. Kiel Working Paper, No.1122, ss.1–44.

Nur, H. B. and Dilber, İ. (2017). Gelişmekte Olan Ülkelerde Doğrudan Yabancı Yatırımları Belirleyen Temel Unsurlar. Dokuz Eylül Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 32 (2), ss. 15 – 45.

Onyeiwu, S. and Hemanta, S. (2004). Determinants of Foreign Direct Investment in Africa. Journal of Developing Societies, 20 (12), ss. 90–106.

Root, F. and Ahmed, A. (1979). Empirical Determinants of Manufacturing Direct Foreign Investment Developing Countries. Economic Development and Cultural Change. 27, ss. 751–767.

Rosenstein – Rodan, P.N. (1961). International Aid For Underdeveloped Countries. Center For International Studies. Massachusetts Institute of Technology, Cambridge.

Torun, N. (2015). Birim Kök Testlerinin Performanslarının Karşılaştırılması. İstanbul Üniversitesi, Sosyal Bilimler Enstirüsü, Ekonometri Anabilimdalı, Yüsek Lisans Tezi.

United Nations Conference on Trade and Development UNCTAD, (2008): World Investment Report: Transnational Corporations and the Infrastructure Challenge.

Xose, R. and Pallas, J. (2008). Determinants of Foreign Direct Investment in Spain. Applied Economics, Taylor & Francis Journals, 40(19), ss. 2443-2450.

YASED (1983). Dış Ülkelerde Yabancı Sermaye Tecrübesi. Seminer 1, Öztürk Matbaası, İstanbul.

Yılmazer , M. (2010). Doğrudan Yabancı Yatırımlar, Dış Ticaret ve Ekonomik Büyüme İlişkisi: Türkiye Üzerine Bir Deneme. Celal Bayar Üniversitesi SBE Dergisi, 8 (1).

Yol M. A. and Teng, N. T. (2009). Estimating the Domestic Determinants of Foreign Direct Investment Flows in Malaysia:Evidence from Cointegration and Error-Correction Model. Jurnal Pengurusan, 28, 2009, ss.3-22.

Zadeh, H.A. and Madani, Y. (2012) Financial market development, fdi and economic growth in Iran. Journal of Basic and Applied Scientific Research 2(1): 228-230.

Zakaria, Z. (2007). The causality relationship between financial development and foreign direct investment. Jurnal Kemanusiaan, 10. 1-23.

Zukarnain Zakaria (2007), “The causality relationship between financial development and foreign direct investment”, Jurnal Kemanusiaan bil.10, December 2007

Kaynak Göster