Doğrudan Yabancı Sermaye Yatırımlarının Belirleyicileri: Orta Gelir Düzeyine Sahip Ülkeler Üzerine Bir Uygulama

ÇalıĢmanın amacı, Doğrudan Yabancı Sermaye Yatırımlarını (DYSY) etkileyen ekonomik faktörlerin araĢtırılmasıdır. Bu doğrultuda 1998-2013 periyodunda, Dünya Bankası gelir gruplandırmasına göre orta gelir düzeyine sahip ülkelere yönelen DYSY ele alınmıĢtır. Ekonomik büyüme oranı, piyasa büyüklüğü, dıĢ ticaret hacmi, makro ekonomik istikrarsızlık, altyapı düzeyi, nüfus ve doğal kaynak bolluğu ülkelere yönelik DYSY’nı etkilemesi muhtemel değiĢkenler olarak kullanılmıĢtır. Bu faktörlerin DYSY üzerindeki etkisi panel veri analizi ile ampirik olarak sınanmıĢtır. UlaĢılan ampirik sonuçlara göre ekonomik büyüme oranı, dıĢ ticaret hacmi, piyasa büyüklüğü ve nüfus değiĢkenlerinin DYSY üzerinde anlamlı ve pozitif etkileri olduğu gözlenmiĢtir. Ancak piyasa büyüklüğü ve nüfus değiĢkenlerinin DYSY üzerindeki etkisinin daha büyük olduğu sonucuna ulaĢılmıĢtır. Makro ekonomik istikrarsızlık, altyapı düzeyi ve doğal kaynak bolluğunun ise DYSY’na etki etmediği, çalıĢmada ulaĢılan bir diğer sonuçtur.

Anahtar Kelimeler:

DYSY, panel veri analizi, piyasa büyüklüğü, nüfus

Determinants of Foreign Direct Investments: An Empirical Analysis on Middle Income Countries

The aim of this study is to investigate the economic factors affecting foreign direct investments (FDI). In this context, FDI for middle-income countries have dealt with in the 1998-2013 period. Middle-income countries classified by the World Bank were examined. Economic growth rate, market size, foreign trade volume, macro economic instability, infrastructure, population and abundance of natural resource are used as the possible factors that could influence the FDI. These factors’ impact on FDI had been tested empirically with panel data analysis. According to empirical results it was observed that economic growth rate, foreign trade volume, market size and population had significant and positive impact on FDI. But the impact of market size and population on FDI was greater than economic growth rate and foreign trade volume impact. It was also observed that macro economic instability, infrastructure and abundance of natural resource had no impact on FDI.

Keywords:

FDI, panel data analysis, market size, population,

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