TÜRKİYE’DE KURUMSAL KALİTE, REEL GELİR VE DOĞRUDAN YABANCI YATIRIMLAR İLİŞKİSİ
Journal Title: Mehmet Akif Ersoy Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi - Year 2018, Vol 5, Issue 2
Abstract
EXTENDED SUMMARY Background: Generally economy-institutional structure nexus, specifically foreign direct investment (FDI)-institutional structure nexus has been one of the most debated topic in economic literature. There are many papers about determinants of FDI. Pioneer literature has emphasized the importance of economic structure as size of market; population etc. while following literature has emphasized institutional factors as well. On the other hand the UNCTAD (1998) emphasized that institutional factors are one of the important determinant of FDI. Institutions are important for encouraging private entrepreneurship, promoting fair competition, providing reliable information about economic activities and restricting effects of nonmarket actors on market. Turkey has an economic structure which has external dependency on energy and capital goods. Therefore, Turkey's economy endeavors to deal with the current account deficit problem which is long-standing. At this point, the issue of how to finance the current account deficit gains importance. FDI becomes prominent in several options because of being more quality way of the financing of current account deficit. Literature Review: There is a broad literature on relationship between FDI-institutional structure in economics. On one hand, first group of papers employs panel data methods. According to their findings, improvements of institutional quality attract FDI to those countries. Unfortunately, these papers ignore possible cross-section dependency among countries. So, their findings are not robust. On the other hand, second group of papers employ time series methods. There is a consensus about that; there is a significant relationship between FDI and institutional quality in long run. This paper is different from existing literature from several aspects. First, this paper employs more broad time span in order to examine the determinants of FDI. Secondly, this paper employs an institutional quality index (Table 2) that based on ICRG Indicators which is offered by Acaravci and Erdogan (2017). So, this paper distinguishes from its counterparts from those aspects. Data and Methodology: This paper employs ARDL approach for the period of 1990-2015 in order to investigate the both long and short run relationships between FDI, institutional quality and real income at Turkey. The linear-logarithmic model is as follows: Where FDI is real foreign direct investment inflows per capita, GDP is real income per capita and ins is institutional quality. FDI and GDP data have been obtained from World Bank Online Database while ins data has been obtained from ICRG. Moreover, this paper employs ADF, ADF-WS and Lee and Strazicich (2013) unit root tests in order to investigate the stationarity properties of series. Result and Conclusion: This paper initially contains an analytical perspective. This perspective informs the analyses of the evolution of laws on the establishment of the districts within the boundaries of the Metropolitan Municipality in Istanbul after 1980’s. The results of relations between administrative border changes and legalization of spatial transformation have come up for discussion. Empirical results are as follows: i) On one hand, both FDI and GDP variables are not stationary on level but stationary at their first difference while ins variable is stationary on level according to the ADF and ADF-WS test results (Table 3). On the other hand, both FDI and ins variables are not stationary on level but stationary at their first difference while GDP variable is stationary on level according to the Lee and Strazicich (2013) test results (Table 4). ii) There is a stable and long run relationships between FDI, ins and GDP according to the results of ARDL model without structural break (Model : (FDI | GDP, ins)) (table 5-left column). ins variable has a positive and statistically significant coefficient in both long and short run while GDP has a positive and statistically significant coefficient in long run while has a negative and insignificant coefficient in short run. Error correction term (ect) is also significant and has a negative coefficient (-0,83). Furthermore, the diagnostic tests confirm that the ARDL results are robust. iii) If we include the dummy variable (d2000) in to ARDL in order to model structural breaks (Model : (FDI | GDP, ins, d2000)) (Table 5-right column), there is also a long run and stable relationship between FDI, ins and GDP variables. ins variable is still positive and statistically significant in both long and short run. On the contrary GDP and dummy (d2000) variables have statistically insignificant coefficients. But this model has a lower adjusted R2 than the ARDL model without structural break. Overall results indicate that improvements on institutional structure attract more FDI at Turkish economy in both models. Despite the fact that there is a controversial results about effect of GDP on FDI, increasing of market extension will contribute the attracting more FDI to Turkish economy.
Authors and Affiliations
Ali ACARAVCI, Seyfettin ARTAN, Sinan ERDOĞAN, Tunay BOSTAN GÖKTÜRK
Keywords
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- EP ID EP440078
- DOI 10.30798/makuiibf.409819
- Views 153
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TÜRKİYE’DE KURUMSAL KALİTE, REEL GELİR VE DOĞRUDAN YABANCI YATIRIMLAR İLİŞKİSİ
EXTENDED SUMMARY Background: Generally economy-institutional structure nexus, specifically foreign direct investment (FDI)-institutional structure nexus has been one of the most debated topic in economic literature. Ther...