DOĞRUDAN YABANCI YATIRIMLAR VE PORTFÖY YATIRIMLARI EKONOMİK BÜYÜMEYİ TEŞVİK EDER Mİ? GELİŞMEKTE OLAN ÜLKELERDEN KANITLAR

Amaç – Çalışmanın amacı, doğrudan yabancı yatırımların ve portföy yatırımlarının seçilmiş gelişmekte olan ülkelerin ekonomik büyümesineetkilerini değerlendirmektir. 2008 küresel finansal krizin gelişmekte olan ülkelerin ekonomik büyümelerine etkisi ve ekonomik büyümeninsürekliliği de araştırılmıştır.Yöntem – Doğrudan yabancı yatırımların ve portföy yatırımlarının gelişmekte olan ülkelerdeki ekonomik büyümesine etkileri statik vedinamik panel veri analizleri ile incelenmiştir.Bulgular- Uygulanan statik ve dinamik panel veri modellerine göre doğrudan yabancı yatırımlar ile ekonomik büyüme arasında anlamlı vepozitif yönlü bir ilişki bulunmaktadır. Portföy yatırımların ekonomik büyümeye etkisi istatistiki olarak anlamlı değildir. Ekonomik büyümeyietkileyen diğer değişkenler döviz kuru ve işsizliktir. Dinamik model sonuçlarına göre ekonomik büyüme süreklilik göstermektedir.Sonuç- Doğrudan yabancı yatırımlar gelişmekte olan ülkelerde ekonomik büyümeyi arttırmaktadır. Bu sonuç gelişmekte olan ülkelerindoğrudan yabancı yatırımları arttırmak ve teşvik etmek amaçlı politikalarını desteklemektedir. Gelişmekte olan ülkelere yönelen portföyyatırımlarının ise ekonomik büyümeyle ilişkisi bulunmamıştır. Ayrıca, 2008 küresel finansal krizin gelişmekte olan ülkelerin ekonomikbüyümesini negatif olarak etkilediği sonucuna ulaşılmıştır.

Anahtar Kelimeler:

Gelişmekte olan ülkeler, ekonomik büyüme, doğrudan yabancı yatırımlar, portföy yatırımları

DO FOREIGN DIRECT INVESTMENT AND PORTFOLIO INVESTMENT STIMULATE ECONOMIC GROWTH? EVIDENCE FROM DEVELOPING COUNTRIES

Purpose - The purpose of this paper is to assess the effects of foreign direct investment and portfolio investment on economic growth inselected developing countries. The effect of 2008 global financial crisis on economic growth in developing countries and persistence ofeconomic growth are also investigated.Methodology - The effects of foreign direct investment and portfolio investment on economic growth in selected developing countries areevaluated by static and dynamic panel data analyses.Findings - According to the results of static and dynamic panel data analyses, foreign direct investment is positively associated witheconomic growth. The effect of portfolio investment on economic growth is statistically insignificant. The other variables that affecteconomic growth are foreign exchange rate and unemployment. Economic growth is persistent according to dynamic models.Conclusion - Foreign direct investment stimulates economic growth in developing countries. This result supports the incentive policies ofdeveloping countries to increase foreign direct investment. Portfolio investment is not associated with economic growth. In addition, 2008global financial crisis has negative effect on economic growth in developing countries.

Keywords:

Developing countries, economic growth, foreign direct investment, portfolio investment,

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Yayın Aralığı: Yılda 4 Sayı
Başlangıç: 2014
Yayıncı: PressAcademia

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