DOĞRUDAN YABANCI YATIRIMIN FİNANSAL GELİŞME ÜZERİNDEKİ ETKİSİ: OECD ÖRNEĞİ

Doğrudan yabancı yatırımın (DYY), finansal gelişme üzerindeki etkisi, mevcut literatürde nispeten az ilgi görmüştür. Ayrıca, bu ilişkiyi inceleyen mevcut çalışmalar henüz bir fikir birliğine varamamıştır. Literatürdeki bu boşluğu gidermek ve literatüre katkıda bulunmak için bu çalışmada, 1990-2020 yılları arasında OECD ülkelerinde doğrudan yabancı yatırımın finansal gelişme üzerindeki etkisi sabit etkiler modeli ve sistem genelleştirilmiş momentler yöntemi (GMM) kullanılarak araştırılmıştır. Bulgular, DYY girişlerinin ev sahibi ülkedeki gelişmiş bir finansal sistemle ilişkili olduğunu göstermektedir. Buna ek olarak, bu çalışma, DYY'nin finansal gelişme endeksinin iki temel bileşeni olan finansal kurumlar endeksi ve finansal piyasalar endeksi üzerindeki etkisini de araştırmaktadır. Regresyon analizi, DYY'nin finansal piyasalar endeksi üzerindeki olumlu etkisinin, finansal kurumlar endeksi üzerindeki olumlu etkisinden yaklaşık olarak iki daha fazla olduğunu ortaya koymaktadır. Doğrudan yabancı yatırım ile finansal gelişme arasındaki olası çift yönlü ilişkiden kaynaklanabilecek potansiyel içsellik sorunun üstesinden gelmek için ise, GMM modeli kullanılmıştır ki bu model de sabit etkiler modelinden elde edilen sonuçları desteklemektedir. Ancak, DYY'nin finansal kurumlar endeksi ve finansal piyasalar endeksi üzerindeki etkisi, önceki sonucun aksine birbirine yakın bulunmuştur.

Anahtar Kelimeler:

Doğrudan yabancı yatırımlar, finansal gelişmişlik, sistem GMM

EFFECT OF FOREIGN DIRECT INVESTMENT ON FINANCIAL DEVELOPMENT: THE CASE OF OECD

The effect of foreign direct investment (FDI) on financial development has received relatively little attention in the existing literature. Furthermore, the current studies examining this relationship have yet to reach a consensus. To address this gap and contribute to the literature, this study employs the fixed effects model and the system generalized method of moments (GMM) to explore the impact of FDI on financial development within OECD countries from 1990-2020. In light of the findings, the study indicates that FDI inflows are linked to an improved financial system in the host country. In addition, this study explores the impact of FDI on the two key components of the financial development index, specifically the financial institutions index and the financial markets index. The regression analysis reveals that the beneficial influence of FDI on the financial markets index is roughly twice that on the financial institutions index. To deal with potential issues of endogeneity that may arise from the possible bidirectional relationship between FDI and financial development, the study employs the system GMM model, which supports the results obtained from the fixed effect model. However, the effect of FDI on the financial institutions index and financial markets index is found to be comparable in contrast to previous research.

Keywords:

Foreign direct investment, financial development, system GMM,

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