Araştırma Makalesi
Yıl 2022,
Cilt: 4 Sayı: 4, 65 - 79, 31.10.2022
Öz
Kaynakça
- Adams, Samuel and Klobodu Edem Kwame Mensah (2018). “Capital flows and economic growth revisited: Evidence from five sub-Saharan African countries”. International Review of Applied Economics, 32(5): 620-640. Doi: 10.1080/02692171.2017.1355357.
- Adekunle, Wasiu and Mubaraq Sulaimon (2018). A re-examination of the relationship between foreign capital flows and economic growth in Nigeria. MPRA Paper.
- Afsar, Muharrem (2007). The causality relationship between economic growth and foreign direct investment in Türkiye. Business & Economics Society International (B&ESI) Conference.
- Aizenman, Joshua, Yothin Jinjarak and Donghyun Park (2011). Capital flows and economic growth in the era of financial integration and crisis, 1990-2010. Working Paper. NBER.
- Apergis, Nicholas (2015). “Asymmetric real exchange rate pass-through and poverty in China: Evidence from a nonlinear model”. Applied Economics Letters, 22(12). Doi: 10.1080/13504851.2014.990615.
- Ates, Sanli (2013). “Türkiye’de fiziksel sermaye yatirimlarinin buyume oranina uzun donemli etkileri (Long-term effects of physical capital investments on the growth rate in Türkiye). Marmara Üniversitesi İ.İ.B. Dergisi, 34(1): 63-85.
- Berument, M. Hakan, Zulal S. Denaux and Furkan Emirmahmutoglu (2015). “The effects of capital inflows on Turkish macroeconomic performance”. Empirica, 42(4): 813-824. Doi: 10.1007/s10663-015-9278-2.
- Borensztein, Eduardo, Jose de Gregorio and Lee, Jong-Wha (1998). “How does foreign direct investment affect economic growth? Journal of International Economics, Vol 45: 115–135.
- Chang, Ha-Joon (2014). Ekonomi Rehberi: Ekonomi Hakkinda Size Soylenenler ve Soylenmeyenler (The Economy Guide: What You Have Been Told About The Economy And What You Haven’t). (Translated by Mihriban Dogan) Ankara: Say Yayınları.
- Choong, Chee-Keong, Ahmad Zubaidi Baharumshah, Zulkornain Yusop and Muzafar Shah Habibullah (2010). “Private capital flows, stock market and economic growth in developed and developing countries: A comparative analysis. Japan and the World Economy, 22(2): 107–117.
- Demir, Omer (2022). Ekonomik buyume ve uluslararasi sermaye akımları uzerine ampirik bir inceleme (An empirical study on economic growth and international capital flows). PhD thesis. Adana: Cukuruva University.
- Durham, J. Benson (2004). “Absorptive capacity and the effects of foreign direct investment and equity foreign portfolio investment on economic growth”. European Economic Review, 48(2): 285 – 306. Doi: 10.1016/S0014-2921(02)00264-7. Insel, Aysu and Nesrin Sungur (2003). Sermaye akımlarının temel makroekonomik gostergeler uzerindeki etkiler: Turkiye ornegi –1989: III-1999: IV (Effects of capital flows on basic macroeconomic indicators: The case of Türkiye -1989: III-1999: IV). Türkiye Ekonomi Kurumu.
- Jones, Charles I. (1995). “Time series tests of endogenous growth models”. The Quarterly Journal of Economics, 110(2): 495-525. Kozul-Wright, Richard and Rayment Paul (2008). The Resistible Rise of Market Fundamentalism: Rethinking Development Policy in an Unbalanced World. London: Zed Books.
- Lucas, Robeert E. (1988). “On the mechanics of economic development”. Journal of Monetary Economics, 22(1): 3-42. Doi: 10.1016/0304-3932(88)90168-7.
- Rebelo, Sergio (1991). “Long-run policy analysis and long-run growth”. Journal of Political Economy, 99(3): 500–521.
- Romer, Paul M. (1986). “Increasing returns and long-run growth”. Journal of Political Economy, 94(5): 1002–1037.
- Soto, Marcelo (2000). Capital flows and growth in developing countries: Recent empirical evidence. OECD Development Centre Working Papers. OECD Publishing.
- Temiz, Dilek and Aytac Gokmen (2013). “FDI inflow as an international business operation by MNCs and economic growth: An empirical study on Türkiye”. International Business Review, 23(1): 145-154. Doi: 10.1016/j.ibusrev.2013.03.003.
TESTING THE LONG-RUN GROWTH EFFECTS OF FOREIGN DIRECT INVESTMENT IN TÜRKIYE: EVIDENCE FROM ARDL & NARDL ANALYSIS
Öz
This study examines the linear and nonlinear effects of foreign direct investment on the long-run economic growth in Türkiye for the period of 1970-2020, within the framework of a simple endogenous growth model represented by a production function in the form of Cobb-Douglas, where the assumptions of constant returns to scale and decreasing productivity are valid for all collectible capital inputs. For this purpose, the study investigates whether the changes in fixed capital and foreign direct investment rates affect the GDP per capita growth rate linearly and non-linearly by using the ARDL & NARDL approach. The findings show that there is a linear and a nonlinear cointegration relationship between the foreign direct investment rate and GDP per capita growth rate, but the foreign direct investment rate does not make significant contributions to the growth rate in the long run. According to another finding, positive and negative shocks in the foreign direct investment rate, depending on the contraction and expansion periods of the Turkish economy, do not significantly and asymmetrically affect the growth rate in the long run.
Anahtar Kelimeler
Economic growth Foreign direct investment ARDL & NARDL approach
Kaynakça
- Adams, Samuel and Klobodu Edem Kwame Mensah (2018). “Capital flows and economic growth revisited: Evidence from five sub-Saharan African countries”. International Review of Applied Economics, 32(5): 620-640. Doi: 10.1080/02692171.2017.1355357.
- Adekunle, Wasiu and Mubaraq Sulaimon (2018). A re-examination of the relationship between foreign capital flows and economic growth in Nigeria. MPRA Paper.
- Afsar, Muharrem (2007). The causality relationship between economic growth and foreign direct investment in Türkiye. Business & Economics Society International (B&ESI) Conference.
- Aizenman, Joshua, Yothin Jinjarak and Donghyun Park (2011). Capital flows and economic growth in the era of financial integration and crisis, 1990-2010. Working Paper. NBER.
- Apergis, Nicholas (2015). “Asymmetric real exchange rate pass-through and poverty in China: Evidence from a nonlinear model”. Applied Economics Letters, 22(12). Doi: 10.1080/13504851.2014.990615.
- Ates, Sanli (2013). “Türkiye’de fiziksel sermaye yatirimlarinin buyume oranina uzun donemli etkileri (Long-term effects of physical capital investments on the growth rate in Türkiye). Marmara Üniversitesi İ.İ.B. Dergisi, 34(1): 63-85.
- Berument, M. Hakan, Zulal S. Denaux and Furkan Emirmahmutoglu (2015). “The effects of capital inflows on Turkish macroeconomic performance”. Empirica, 42(4): 813-824. Doi: 10.1007/s10663-015-9278-2.
- Borensztein, Eduardo, Jose de Gregorio and Lee, Jong-Wha (1998). “How does foreign direct investment affect economic growth? Journal of International Economics, Vol 45: 115–135.
- Chang, Ha-Joon (2014). Ekonomi Rehberi: Ekonomi Hakkinda Size Soylenenler ve Soylenmeyenler (The Economy Guide: What You Have Been Told About The Economy And What You Haven’t). (Translated by Mihriban Dogan) Ankara: Say Yayınları.
- Choong, Chee-Keong, Ahmad Zubaidi Baharumshah, Zulkornain Yusop and Muzafar Shah Habibullah (2010). “Private capital flows, stock market and economic growth in developed and developing countries: A comparative analysis. Japan and the World Economy, 22(2): 107–117.
- Demir, Omer (2022). Ekonomik buyume ve uluslararasi sermaye akımları uzerine ampirik bir inceleme (An empirical study on economic growth and international capital flows). PhD thesis. Adana: Cukuruva University.
- Durham, J. Benson (2004). “Absorptive capacity and the effects of foreign direct investment and equity foreign portfolio investment on economic growth”. European Economic Review, 48(2): 285 – 306. Doi: 10.1016/S0014-2921(02)00264-7. Insel, Aysu and Nesrin Sungur (2003). Sermaye akımlarının temel makroekonomik gostergeler uzerindeki etkiler: Turkiye ornegi –1989: III-1999: IV (Effects of capital flows on basic macroeconomic indicators: The case of Türkiye -1989: III-1999: IV). Türkiye Ekonomi Kurumu.
- Jones, Charles I. (1995). “Time series tests of endogenous growth models”. The Quarterly Journal of Economics, 110(2): 495-525. Kozul-Wright, Richard and Rayment Paul (2008). The Resistible Rise of Market Fundamentalism: Rethinking Development Policy in an Unbalanced World. London: Zed Books.
- Lucas, Robeert E. (1988). “On the mechanics of economic development”. Journal of Monetary Economics, 22(1): 3-42. Doi: 10.1016/0304-3932(88)90168-7.
- Rebelo, Sergio (1991). “Long-run policy analysis and long-run growth”. Journal of Political Economy, 99(3): 500–521.
- Romer, Paul M. (1986). “Increasing returns and long-run growth”. Journal of Political Economy, 94(5): 1002–1037.
- Soto, Marcelo (2000). Capital flows and growth in developing countries: Recent empirical evidence. OECD Development Centre Working Papers. OECD Publishing.
- Temiz, Dilek and Aytac Gokmen (2013). “FDI inflow as an international business operation by MNCs and economic growth: An empirical study on Türkiye”. International Business Review, 23(1): 145-154. Doi: 10.1016/j.ibusrev.2013.03.003.
Toplam 18 adet kaynakça vardır.
Ayrıntılar
| Birincil Dil | İngilizce |
|---|---|
| Bölüm | Research Articles |
| Yazarlar | |
| Yayımlanma Tarihi | 31 Ekim 2022 |
| Yayımlandığı Sayı | Yıl 2022 Cilt: 4 Sayı: 4 |
