EFFECT OF CORRUPTION ON FDI IN TRANSITION ECONOMIES: EVIDENCE FROM CAUSALITY ANALYSIS

Year 2017, Issue: 19, 25 - 42, 30.03.2017

Oktay Kızılkaya

https://doi.org/10.18092/ulikidince.296977

Abstract

New opportunities are emerging for
countries which want to invest abroad with the diffusion of globalization. Most
countries lay emphasis on some factors which make them profitable to attract
foreign direct investment for possible sustainable economic growth. The
decision of a company which is investing in foreign countries instead of their
country can be explained with various reasons. Countries with least corruption level provide convenient
atmosphere for foreign investors. These countries are expected to attract
desired amount of FDI. Within this
perspective, corruption and FDI relation for Central and Eastern (1996-2013)
and former Soviet Union (1998-2013) countries called “Transition Economies”
were analyzed separately in this study. At first, a positive effect of corruption on FDI was found and then a negative effect
emerged, this relation was unidirectional and from corruption to FDI. According to findings of this study, raising foreign
direct investment inflows is seen as an important strategy for countries to
reduce corruption.

Keywords

Corruption, FDI, Central and Eastern Europe Countries, The Former Soviet Union Countries, Heterogeneous Panel Causality

EFFECT OF CORRUPTION ON FDI IN TRANSITION ECONOMIES: EVIDENCE FROM CAUSALITY ANALYSIS

Abstract

Küreselleşme ile birlikte yurt dışında yatırım yapmak
isteyen firmalara yönelik olarak yeni fırsatlar ortaya çıkmaktadır. Çoğu ülke
ekonomik büyümeyi sürdürülebilir kılmak için DYY’yi (Doğrudan Yabancı
Yatırımlar) çekmede avantajlı konumda olduğu bazı faktörler üzerinde
durmaktadır. Bir firmanın kendi ülkesi dışında başka ülkede yatırım yapma
kararı farklı gerekçelerle açıklanabilir. Fakat en az yolsuzluk seviyesine
sahip ülkelerden yatırımlar için daha elverişli bir yatırım iklimi
sağlamasından dolayı arzu edilen miktarda DYY çekebilmesi beklenmektedir. Bu
bakış çerçevesinde çalışmada yolsuzluk ve DYY arasındaki ilişki “Geçiş
Ekonomileri” olarak adlandırılan Orta ve Doğu Avrupa ülkeleri (1996-2013) ile
Eski Sovyetler Birliği ülkeleri (1998-2013) için panel veri yöntemi ile ayrı
ayrı araştırılmıştır. Çalışmada yolsuzluğun DYY üzerinde önce pozitif ardından
negatif bir etkisi olduğu görülmüş ve bu ilişkinin yolsuzluktan DYY’ye doğru
tek yönlü olduğu bulgusuna ulaşılmıştır. Çalışmanın bulgularına göre ülkelerin
DYY girişlerini artırmaları için yolsuzluğun azaltılması önemli bir strateji
olarak görülmektedir.

Keywords

Yolsuzluk, DYY, Orta ve Doğu Avrupa Ülkeleri, Eski Sovyet Birliği Ülkeleri, Heterojen Panel Nedensellik

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