Research Article
BibTex RIS Cite

EKONOMİK ÖZGÜRLÜKLERİN DOĞRUDAN YABANCI YATIRIM ÜZERİNDEKİ ETKİSİ: MSCI ÜLKELERİ ÜZERİNE BİR UYGULAMA

Year 2021, Volume: 9 Issue: 2, 159 - 165, 22.12.2021

Abstract

Son yıllarda dünyamızda yaşanan gelişmeler ülkeler arasındaki ekonomik sınırların ortadan kalkmasını, ticaretin küreselleşmesini ve sermayenin uluslararası alanda serbest dolaşımını beraberinde getirmiştir. Başta gelişmekte olan ülkeler olmak üzere dünyadaki çoğu ülke, küresel ekonomiyle daha fazla bütünleşme sağlamak, kendi imkanlarıyla gerçekleştirmesi zor olan yatırımları gerçekleştirmek gibi nedenlerle kendi sınırları içinde Doğrudan Yabancı Yatırımı çekme yarışına girmişlerdir. Heritage Endeksi’nde en üst sıralarda yer alan ülkeler, Dünya'daki toplam Doğrudan Yabancı Yatırım miktarının büyük bir bölümünü kendine çekmiş ve bu sayede hızlı bir refah ve gelişme trendi yakaladıkları bilinmektedir. Bu makale, 2010-2020 için seçilen MSCI ülkelerinde (Türkiye, Çek Cumhuriyeti, Hindistan, Macaristan, Polonya, Meksika, Malezya, Endonezya, Çin, Brezilya, Rusya ve Güney Afrika) Heritage Endeksi’nin Doğrudan Yabancı Yatırım alımı üzerindeki etkisini ampirik olarak incelemektedir. Çalışma sonucunda sermayenin dünyaya yatırım yapması ve yatırımları sağlıklı bir şekilde işletmesi için uygun ekonomileri belirlemek amacıyla puanlanan ve sıralanan Heritage Endeksi'nin Doğrudan Yabancı Yatırım’ın üzerinde anlamlı bir şekilde etkilediği tespit edilmiştir.

References

  • Bengoa, M., Sanchez-Robles, B., (2003). Foreign direct investment, economic freedom and growth: new evidence from Latin America. European journal of political economy, 19(3), pp. 529-545.
  • Büyükoğlu, B. Ekşi, İ:H:, Buyuran, B. (2021). Ekonomik Özgürlüklerin Borçlanma Faiz Oranları Üzerindeki Etkiler, 24. Finans Sempozyumu, Sakarya.
  • Choong, C.-K., Baharumshah, A.Z., Yusop, Z., Habibullah, M.S. (2010). Private capital flows, stock market and economic growth in developed and developing countries: a comparative analysis. Japan and the World Economy 22, 107–117.
  • Cung, N. H., Nhung, N. T. H. (2020). Impact of Economic Freedom and Corruption Perceptions Index on Foreign Direct Investment in Vietnam. European Scientific Journal, 16(7), 25-37.
  • De Mello, L.R. (1999). Foreign direct investment in developing countries and growth: a selected survey. Journal of Development Studies 34 (1), 1–34.
  • Dkhılı, H. And Dhıab, L. (2018). The Relationship between Economic Freedom and FDI versus Economic Growth: Evidence from the GCC Countries, Journal of Risk and Financial Management, 11(4), p. 81. doi: 10.3390/jrfm11040081.
  • Ericsson, J., Irandoust, M. (2001). On the causality between foreign direct investment and output: a comparative study. International Trade Journal, 15, 1–26.
  • Haydaroglu, C. (2016). The effect of foreign direct investment and economic freedom on economic growth: the case of BRICS countries. Research in World Economy, 7(1), 1-10.
  • Heritage foundation (2016). 2018 Index of Economic Freedom | The Heritage Foundation, Heritage foundation. Available at: https://www.heritage.org/index/about (Erişim Tarihi: 27 November 2021).
  • Herzer, D., Klasen, S., Nowak-Lahman, D. (2008). In search of FDI-led growth in developing countries. Economic Modelling, 25, 793–810.
  • Júlio, P., Pinheiro-Alves, R. and Tavares, J., (2013). Foreign direct investment and institutional reform: evidence and an application to Portugal. Portuguese Economic Journal, 12(3), pp. 215-250.
  • Kapuria-Foreman, V., (2007). Economic freedom and foreign direct investment in developing countries. The Journal of Developing Areas, 41(1), pp. 143-154.
  • Moran, T.H. (1998). Foreign Direct Investment and Development: The New Policy Agenda for Developing Countries and Economies in Transition. Washington D.C, Institute of International Economics.
  • Moussa, M., Çaha, H. Karagöz, M. (2016). Review of Economic Freedom Impact on FDI : New Evidence from Fragile and Conflict Countries, Procedia Economics and Finance. 38(October 2015), pp. 163–173. doi: 10.1016/S2212-5671(16)30187-3.
  • Nasir, Z. M., Hassan, A. (2011). Economic freedom, exchange rates stability and FDI in South Asia. The Pakistan Development Review, 423-432.
  • Ohlin, B.G., (1933), Interregional and International Trade, Cambridge: Harvard University Press
  • Ozel, B. (2018). The Impact of Heritage Index With Selected Indicators on Turkish Foreign Direct Investment. Bingol University Journal of Economics and Administrative Sciences, 2(2), 47-60.
  • Quazi, R., (2007). Economic freedom and foreign direct investment in East Asia. Journal of the Asia Pacific Economy, 12(3), pp. 329-344.
  • Sambharya, R.B. Rasheed, A.A., (2015). Does economic freedom in host countries lead to increased foreign direct investment? Competitiveness Review, 25(1), pp. 2-24
  • Smith, S. (1997). Restrictive Policy toward Multinationals: Argentina and Korea, Case Studies in Economic Development, Second Edition, 178-189.
  • Sooreea-Bheemul, B., Rasool, U. S., Sooreea, R. (2020). Does Economic Freedom Matter to Foreign Direct Investment in Sub-Saharan Africa. International Journal of Economics and Financial Issues, 10(3).
  • Subasat, T., & Bellos, S. (2011). Economic freedom and foreign direct investment in Latin America: A panel gravity model approach. Economics Bulletin, 31(3), 2053-2065.
  • Imtiaz, S., & Bashir, M. F. (2017). Economic freedom and foreign direct investment in South Asian countries. Theoretical & Applied Economics, 24(2).

THE IMPACT OF ECONOMIC FREEDOMS ON FOREIGN DIRECT INVESTMENT: AN APPLICATION ON MSCI COUNTRIES

Year 2021, Volume: 9 Issue: 2, 159 - 165, 22.12.2021

Abstract

The developments in our world in recent years have brought about the disappearance of economic borders between countries, the globalization of trade and the free movement of capital in the international arena. Most countries in the world, especially developing countries, have entered the race to attract FDI within their borders for reasons such as ensuring greater integration with the global economy and realizing investments that are difficult to realize by their own means. Countries that are at the top of the Heritage Index have attracted a large part of the total amount of Foreign Direct Investment in the world, and it is known that they have caught a rapid prosperity and development trend. This article empirically examines the impact of the Heritage Index on Foreign Direct Investment uptake in selected MSCI countries (Turkey, Czech Republic, India, Hungary, Poland, Mexico, Malaysia, Indonesia, China, Brazil, Russia and South Africa) for 2010-2020. As a result of the study, it has been determined that the Heritage Index, which is scored and ranked in order to determine the suitable economies for capital to invest in the world and to operate the investments in a healthy way, has a significant effect on Foreign Direct Investment.

References

  • Bengoa, M., Sanchez-Robles, B., (2003). Foreign direct investment, economic freedom and growth: new evidence from Latin America. European journal of political economy, 19(3), pp. 529-545.
  • Büyükoğlu, B. Ekşi, İ:H:, Buyuran, B. (2021). Ekonomik Özgürlüklerin Borçlanma Faiz Oranları Üzerindeki Etkiler, 24. Finans Sempozyumu, Sakarya.
  • Choong, C.-K., Baharumshah, A.Z., Yusop, Z., Habibullah, M.S. (2010). Private capital flows, stock market and economic growth in developed and developing countries: a comparative analysis. Japan and the World Economy 22, 107–117.
  • Cung, N. H., Nhung, N. T. H. (2020). Impact of Economic Freedom and Corruption Perceptions Index on Foreign Direct Investment in Vietnam. European Scientific Journal, 16(7), 25-37.
  • De Mello, L.R. (1999). Foreign direct investment in developing countries and growth: a selected survey. Journal of Development Studies 34 (1), 1–34.
  • Dkhılı, H. And Dhıab, L. (2018). The Relationship between Economic Freedom and FDI versus Economic Growth: Evidence from the GCC Countries, Journal of Risk and Financial Management, 11(4), p. 81. doi: 10.3390/jrfm11040081.
  • Ericsson, J., Irandoust, M. (2001). On the causality between foreign direct investment and output: a comparative study. International Trade Journal, 15, 1–26.
  • Haydaroglu, C. (2016). The effect of foreign direct investment and economic freedom on economic growth: the case of BRICS countries. Research in World Economy, 7(1), 1-10.
  • Heritage foundation (2016). 2018 Index of Economic Freedom | The Heritage Foundation, Heritage foundation. Available at: https://www.heritage.org/index/about (Erişim Tarihi: 27 November 2021).
  • Herzer, D., Klasen, S., Nowak-Lahman, D. (2008). In search of FDI-led growth in developing countries. Economic Modelling, 25, 793–810.
  • Júlio, P., Pinheiro-Alves, R. and Tavares, J., (2013). Foreign direct investment and institutional reform: evidence and an application to Portugal. Portuguese Economic Journal, 12(3), pp. 215-250.
  • Kapuria-Foreman, V., (2007). Economic freedom and foreign direct investment in developing countries. The Journal of Developing Areas, 41(1), pp. 143-154.
  • Moran, T.H. (1998). Foreign Direct Investment and Development: The New Policy Agenda for Developing Countries and Economies in Transition. Washington D.C, Institute of International Economics.
  • Moussa, M., Çaha, H. Karagöz, M. (2016). Review of Economic Freedom Impact on FDI : New Evidence from Fragile and Conflict Countries, Procedia Economics and Finance. 38(October 2015), pp. 163–173. doi: 10.1016/S2212-5671(16)30187-3.
  • Nasir, Z. M., Hassan, A. (2011). Economic freedom, exchange rates stability and FDI in South Asia. The Pakistan Development Review, 423-432.
  • Ohlin, B.G., (1933), Interregional and International Trade, Cambridge: Harvard University Press
  • Ozel, B. (2018). The Impact of Heritage Index With Selected Indicators on Turkish Foreign Direct Investment. Bingol University Journal of Economics and Administrative Sciences, 2(2), 47-60.
  • Quazi, R., (2007). Economic freedom and foreign direct investment in East Asia. Journal of the Asia Pacific Economy, 12(3), pp. 329-344.
  • Sambharya, R.B. Rasheed, A.A., (2015). Does economic freedom in host countries lead to increased foreign direct investment? Competitiveness Review, 25(1), pp. 2-24
  • Smith, S. (1997). Restrictive Policy toward Multinationals: Argentina and Korea, Case Studies in Economic Development, Second Edition, 178-189.
  • Sooreea-Bheemul, B., Rasool, U. S., Sooreea, R. (2020). Does Economic Freedom Matter to Foreign Direct Investment in Sub-Saharan Africa. International Journal of Economics and Financial Issues, 10(3).
  • Subasat, T., & Bellos, S. (2011). Economic freedom and foreign direct investment in Latin America: A panel gravity model approach. Economics Bulletin, 31(3), 2053-2065.
  • Imtiaz, S., & Bashir, M. F. (2017). Economic freedom and foreign direct investment in South Asian countries. Theoretical & Applied Economics, 24(2).
There are 23 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Berna Doğan Başar 0000-0001-7134-3930

Publication Date December 22, 2021
Acceptance Date December 7, 2021
Published in Issue Year 2021 Volume: 9 Issue: 2

Cite

APA Doğan Başar, B. (2021). EKONOMİK ÖZGÜRLÜKLERİN DOĞRUDAN YABANCI YATIRIM ÜZERİNDEKİ ETKİSİ: MSCI ÜLKELERİ ÜZERİNE BİR UYGULAMA. Journal of International Management Educational and Economics Perspectives, 9(2), 159-165.
AMA Doğan Başar B. EKONOMİK ÖZGÜRLÜKLERİN DOĞRUDAN YABANCI YATIRIM ÜZERİNDEKİ ETKİSİ: MSCI ÜLKELERİ ÜZERİNE BİR UYGULAMA. Journal of International Management Educational and Economics Perspectives. December 2021;9(2):159-165.
Chicago Doğan Başar, Berna. “EKONOMİK ÖZGÜRLÜKLERİN DOĞRUDAN YABANCI YATIRIM ÜZERİNDEKİ ETKİSİ: MSCI ÜLKELERİ ÜZERİNE BİR UYGULAMA”. Journal of International Management Educational and Economics Perspectives 9, no. 2 (December 2021): 159-65.
EndNote Doğan Başar B (December 1, 2021) EKONOMİK ÖZGÜRLÜKLERİN DOĞRUDAN YABANCI YATIRIM ÜZERİNDEKİ ETKİSİ: MSCI ÜLKELERİ ÜZERİNE BİR UYGULAMA. Journal of International Management Educational and Economics Perspectives 9 2 159–165.
IEEE B. Doğan Başar, “EKONOMİK ÖZGÜRLÜKLERİN DOĞRUDAN YABANCI YATIRIM ÜZERİNDEKİ ETKİSİ: MSCI ÜLKELERİ ÜZERİNE BİR UYGULAMA”, Journal of International Management Educational and Economics Perspectives, vol. 9, no. 2, pp. 159–165, 2021.
ISNAD Doğan Başar, Berna. “EKONOMİK ÖZGÜRLÜKLERİN DOĞRUDAN YABANCI YATIRIM ÜZERİNDEKİ ETKİSİ: MSCI ÜLKELERİ ÜZERİNE BİR UYGULAMA”. Journal of International Management Educational and Economics Perspectives 9/2 (December 2021), 159-165.
JAMA Doğan Başar B. EKONOMİK ÖZGÜRLÜKLERİN DOĞRUDAN YABANCI YATIRIM ÜZERİNDEKİ ETKİSİ: MSCI ÜLKELERİ ÜZERİNE BİR UYGULAMA. Journal of International Management Educational and Economics Perspectives. 2021;9:159–165.
MLA Doğan Başar, Berna. “EKONOMİK ÖZGÜRLÜKLERİN DOĞRUDAN YABANCI YATIRIM ÜZERİNDEKİ ETKİSİ: MSCI ÜLKELERİ ÜZERİNE BİR UYGULAMA”. Journal of International Management Educational and Economics Perspectives, vol. 9, no. 2, 2021, pp. 159-65.
Vancouver Doğan Başar B. EKONOMİK ÖZGÜRLÜKLERİN DOĞRUDAN YABANCI YATIRIM ÜZERİNDEKİ ETKİSİ: MSCI ÜLKELERİ ÜZERİNE BİR UYGULAMA. Journal of International Management Educational and Economics Perspectives. 2021;9(2):159-65.