Doğrudan Yabancı Sermaye Yatırımları, Ekonomik Büyüme, İstihdam ve Finansal Gelişme Arasındaki Etkileşimin Analizi: OECD Ülkeleri Örneği

Yıl 2021, Cilt: 10 Sayı: 3, 2582 - 2602, 30.09.2021

Ömer Faruk Öztürk , Yılmaz Bayar

https://doi.org/10.15869/itobiad.932909

Öz

Doğrudan yabancı sermaye yatırımlari, özellikle yetersiz tasarrufa sahip ülkeler için sürdürülebilir ekonomik büyüme ve kalkınma için önem taşımaktadır. Ayrıca, doğrudan yabancı sermaye yatırımları yoluyla transfer edilen sermaye, teknoloji, bilgi ve üretkenliğin, içsel büyüme teorileri kapsamında ev sahibi ülkelerin ekonomik büyümesine katkı sağlayabileceği öne sürülmektedir. Doğrudan yabancı sermaye yatırımları, yeşil alan veya kahverengi alan yatırımları olmak üzere iki türde yapılabilmektedir. Yeşil alan yatırımları şeklindeki doğrudan yabancı sermaye yatırımları istihdama doğrudan veya doğrudan yabancı sermaye yatırımları ekonomik büyümeyi artırarak istihdama dolaylı katkı sağlayabilmektedir. Ayrıca, doğrudan yabancı sermaye yatırımları bir yandan finansal sistemdeki fonları artırarak finansal sektörün gelişimine katkı sağlayabilirken, diğer yandan doğrudan yabancı sermaye yatırımları finans sektörüne rakip oldukları için finans sektörünün gelişimini olumsuz da etkileyebilmektedir. Bununla birlikte ilgili literatür dikkate alındığında; doğrudan yabancı sermaye yatırımı yapan yatırımcıların genellikle belirli bir ekonomik büyüme, istihdam ve finansal sektör gelişimine sahip olan ülkeleri tercih ettikleri görülmektedir. Bu bağlamda, teorik olarak doğrudan yabancı sermaye yatırımları ile ekonomik büyüme, istihdam ve finans sektörünün gelişimi arasında karşılıklı bir etkileşim söz konusu olabilmektedir.
Dünyada 1980’li yıllardan itibaren liberalleşme ve küreselleşmenin hızlanması ile birlikte doğrudan yabancı sermaye yatırımlarında önemli artışlar olmuştur. Birçok ülke doğrudan yabancı sermaye yatırımlarının ekonomik büyüme ve istihdam üzerindeki pozitif etkilerini göz önünde bulundurarak kurumsal ve mali teşviklerle doğrudan yabancı sermaye yatırımı çekmeye çalışmaktadırlar. Bu çalışmada panel nedensellik analizi kullanılarak OECD ülkeleri örnekleminde 1995-2018 döneminde doğrudan yabancı sermaye yatırımları ile ekonomik büyüme, istihdam ve finansal gelişme arasındaki karşılıklı etkileşim incelenmiştir. Çalışma sonucunda ekonomik büyüme ile istihdamdan doğrudan yabancı sermaye yatırımlarına doğru; doğrudan yabancı sermaye yatırımlarından finansal gelişmeye doğru tek yönlü nedensellik olduğu belirlenmiştir. Bir başka deyişle ekonomik büyüme ile istihdamın doğrudan yabancı sermaye yatırımları üzerinde anlamlı bir etkiye sahip olduğu, doğrudan yabancı sermaye yatırımlarının ise finans sektörünün gelişimi üzerinde anlamlı bir etkiye sahip olduğu tespit edilmiştir.

Anahtar Kelimeler

Doğrudan yabancı sermaye yatırımları, Ekonomik büyüme, İstihdam, Finansal Gelişme, Panel nedensellik analizi

Teşekkür

İlginiz için çok teşekkür ederiz.

The Analysis of the Interaction among Foreign Direct Investments, Economic Growth, Employment, and Financial Development: Evidence from OECD Countries

Öz

Foreign direct investments are important especially for the countries with insufficient savings for the sustainable economic growth and development. Furthermore, it is suggested that the capital, technology, know-how, and productivity transferred by foreign direct investments may make a contribution to the economic growth of the host countries in the context of endogenous growth theories. Foreign direct investments can be made in two types as greenfield investments or brownfield investments. The foreign direct investments in terms of greenfield investments may make a contribution to the employment directly or foreign direct investments make a contribution to the employment indirectly through enhancing the economic growth. Furthermore, on the one side, foreign direct investments can make a contribution to the development of financial sector by increasing the funds in the financial system, on the other side foreign direct investments can negatively affect the financial sector development because foreign direct investments are a competitor of financial sector. However, the investors making the foreign direct investments generally prefer a country with a certain level of economic growth, employment and financial sector development given the related literature. In this sense, a mutual interaction among foreign direct investments, economic growth, employment, and financial sector development can exist in theoretical terms.
There have been significant increases in foreign direct investments through the acceleration of liberalization and globalization as of 1980s. Many countries have tried to attract foreign direct investments with institutional and financial incentives, taking into account the positive impact of foreign direct investments on economic growth and employment. In the study, the mutual interaction among foreign direct investments, economic growth, employment, and financial sector development was examined through panel causality analysis in sample of OECD countries for the period of 1995-2018. We revealed a unilateral causality from economic growth and employment to the foreign direct investments and a unilateral causality from foreign direct investments to financial development. In other words, we revealed that economic growth and employment had significant effect on foreign direct investments, but foreign direct investments had a significant effect on financial sector development.

Anahtar Kelimeler

Foreign direct investments, Economic growth, Employment, Financial development, Panel causality analysis

Kaynakça

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