Ev Sahibi Ekonomilere gelen Doğrudan Yabancı Yatırımlar ve Ortalama Ücret Düzeyleri Arasındaki İlişki: Panel VAR Analizi

Bu çalışma, ev sahibi ekonomilere giren doğrudan yabancı yatırım (FDI) stokları ile ortalama ücret seviyeleri arasındaki ilişkiyi bulmayı amaçlamaktadır. Bu amaçla, OECD ve geçiş ekonomileri olmak üzere iki ayrı örneklem üzerinde Panel VAR analizi gerçekleştirilmektedir. İncelenen dönem 1990 ile 2017 arasını kapsamaktadır. Ampirik bulgular, ev sahibi ekonomilere giren FDI stokları ile ortalama ücret seviyeleri arasında pozitif bir ilişki olduğunu ortaya koymaktadır. Değişkenler arasında iki taraflı bir Granger nedenselliği tespit edilmiştir. Bununla birlikte, ücret değişiminin %41'i OECD ülkelerine giren FDI ile açıklanırken, geçiş ekonomilerindeki ücretlerdeki değişimin ancak %16'sı bu ekonomilere yönelen FDI akışları ile açıklanabilir. Geçiş ekonomilerinin hangi özelliklerinden dolayı FDI’ın ücretleri göreceli olarak az etkilediği daha derin analizler gerektirmektedir. Fakat, yatırımların geçiş ekonomilerinde ucuz işgücü gerektiren sektörlere yönelmesi, gelişmiş ekonomilerde ise yüksek nitelikli işgücünü gerektiren endüstrileri tercih etmesi bu durumun açıklaması olabilir.

Anahtar Kelimeler:

DYY, Ortalama ücretler, OECD, Geçiş ekonomileri, Panel VAR

The Linkage between Inward FDI and Average Wage Levels in the Host Economies: A Panel VAR Analysis

This study aims to find the association between inward foreign direct investment (FDI) stocks and average wage levels in the host economies. To this end, Panel VAR analysis is conducted on two separate samples, namely OECD and transition economies. The period under investigation is from 1990 to 2017. Empirical findings show that there is a positive relationship between inward FDI stocks and average wage levels in the host economies. Bilateral Granger causality exists between the variables. However, while 41% of the wage variation is explained by FDI inflow to OECD countries, only 16% of the variation in average wages in the transition economies can be explained by FDI flows to these economies. Although due to which characteristics of transition economies, the FDI affects wages less, requires deeper analysis. Due to which characteristics of transition economies the FDI affects wages relatively less requires deeper analysis. However, the fact that investments are directed towards sectors requiring cheap labor in transition economies and preferring industries that require high-skilled labor in developed economies may explain this situation.

Keywords:

FDI, Average wage levels, OECD, Transition economies, Panel VAR,

PDF

___

Banga, R. (2005). Liberalisation and wage inequality in India, Working paper, No. 156, Indian Council for Research on International Economic Relations (ICRIER), New Delhi.
Barry, F., Görg, H., & Strobl, E. (2005). Foreign direct investment and wages in domestic firms in Ireland: Productivity spillovers versus labour‐market crowding out. International Journal of the Economics of Business, 12(1), 67-84.
Bhandari, B. (2007). Effect of inward foreign direct investment on income inequality in transition countries. Journal of Economic Integration, 888-928.
Bruno, G. S., Crinò, R., & Falzoni, A. M. (2004). Foreign direct investment, wage inequality and skilled labour demand in EU accession countries. Centro Studi Luca d'Agliano Development Studies Working Paper, (188).
Driffield, N., & Taylor, K. (2000). FDI and the labour market: a review of the evidence and policy implications. Oxford Review of Economic Policy, 16(3), 90-103.
Driffield, N., & Taylor, K. (2006). Wage spillovers, inter-regional effects and the impact of inward investment. Spatial Economic Analysis, 1(2), 187-205.
Driffield, N., & Girma, S. (2003). Regional foreign direct investment and wage spillovers: Plant level evidence from the UK electronics industry. Oxford Bulletin of Economics and Statistics, 65(4), 453-474.
Feenstra, R. C., & Hanson, G. H. (1997). Foreign direct investment and relative wages: Evidence from Mexico's maquiladoras. Journal of international economics, 42(3-4), 371-393.
Figini, P., & Görg, H. (2011). Does foreign direct investment affect wage inequality? An empirical investigation. The World Economy, 34(9), 1455-1475.
Ge, Y. (2006). The effect of foreign direct investment on the urban wage in China: an empirical examination. Urban Studies, 43(9), 1439-1450.
Girma, S., & Görg, H. (2007). Evaluating the foreign ownership wage premium using a difference-in-differences matching approach. Journal of International Economics, 72(1), 97-112.
Glass, A. J., & Saggi, K. (1999). FDI policies under shared factor markets. Journal of International Economics, 49(2), 309-332.
Gopinath, M., & Chen, W. (2003). Foreign direct investment and wages: a cross-country analysis. Journal of International Trade & Economic Development, 12(3), 285-309.
Harrison, A., & Hanson, G. (1999). Who gains from trade reform? Some remaining puzzles. Journal of development Economics, 59(1), 125-154.
Hayami, H., Nakamura, M., & Nakamura, A. (2012). Wages, overseas investment and ownership: Implications for internal labor markets in Japan. The International Journal of Human Resource Management, 23(14), 2959-2974.
IMF. (2000). Transition Economies: An IMF Perspective on Progress and Prospects. Retrieved on November 1, .2020 from https://www.imf.org/external/np/exr/ib/2000/110300.htm
Krishna, P., Poole, J. P., & Senses, M. Z. (2014). Wage effects of trade reform with endogenous worker mobility. Journal of International Economics, 93(2), 239-252.
Lipsey, R. E., & Sjöholm, F. (2004). FDI and wage spillovers in Indonesian manufacturing. Review of World Economics, 140(2), 321-332.
Maddala, G. S., & Wu, S. (1999). A comparative study of unit root tests with panel data and a new simple test. Oxford Bulletin of Economics and statistics, 61(S1), 631-652.
Nguyen, D. T. H. (2019). Inward foreign direct investment and local wages: The case of Vietnam’s wholesale and retail industry. Journal of Asian Economics, 65, 101134.
Nguyen, D. T. H., Sun, S., & Beg, A. R. A. (2019). How does FDI affect domestic firms’ wages? theory and evidence from Vietnam. Applied Economics, 51(49), 5311-5327.
Pesaran, M. H. (2007). A simple panel unit root test in the presence of cross‐section dependence. Journal of applied econometrics, 22(2), 265-312.
Taylor, K., & Driffield, N. (2005). Wage inequality and the role of multinationals: Evidence from UK panel data. Labour Economics, 12(2), 223-249.
Tomohara, A., & Yokota, K. (2011). Foreign direct investment and wage inequality: is skill upgrading the culprit?. Applied Economics Letters, 18(8), 773-781.
UNCTAD. (2020a). UNCTADSTAT. Retrieved on October 1, 2020 from https://unctadstat.unctad.org/wds/TableViewer/summary.aspx?ReportId=96740
UNCTAD. (2020b). UNCTADSTAT. Retrieved on October 1, 2020 from https://unctadstat.unctad.org/wds/ReportFolders/reportFolders.aspx
UNECE. (2020). UNECE Statistical Database. Retrieved on October 1, 2020 from https://w3.unece.org/PXWeb2015/pxweb/en/STAT/STAT__20-ME__3-MELF/60_en_MECCWagesY_r.px/