GROWTH CONSEQUENCES OF FOREIGN DIRECT INVESTMENT: SOME RESULTS FOR TURKEY
1
조회
0
다운로드
2
인용
0
참고문헌
키워드
초록
Turkey has become the dominant recipient of FDI inflows in the Western Asian region. We explore if such inflows have promoted growth as expected. Our analysis of the FDI/growth nexus focuses both on the long-and short-run relations and allows for the possibility that growth also responds to other factors. The results support the theoretical priors and support the existence of a robust long-run relationship linking real economic growth with FDI inflows, economic openness and human capital. Among the three growth ingredients, only human capital accumulation (good education) appears capable of stimulating economic growth in the short-run as well. The results further imply that programs to attract larger FDI inflows to Turkey should persist for some time before they can produce noticeable economic benefits.
Abstract
Turkey has become the dominant recipient of FDI inflows in the Western Asian region. We explore if such inflows have promoted growth as expected. Our analysis of the FDI/growth nexus focuses both on the long-and short-run relations and allows for the possibility that growth also responds to other factors. The results support the theoretical priors and support the existence of a robust long-run relationship linking real economic growth with FDI inflows, economic openness and human capital. Among the three growth ingredients, only human capital accumulation (good education) appears capable of stimulating economic growth in the short-run as well. The results further imply that programs to attract larger FDI inflows to Turkey should persist for some time before they can produce noticeable economic benefits.
참고문헌 (40)
- Alfaro, L, "FDI and Economic Growth:The Role of Local Financial Markets", Journal of International Economics, 통권 : 64, pp.89~112 (2004)
- Barro,R.J, "Economic Growth in a Cross-section of Countries", Quarterly Journal of Economics, 통권 : 106, pp.103~125 (1991)
- Barro, R, "Economic Growth" (1995), McGraw-Hill
- Bashir, A.M., "Human Capital, Investment and Growth: Some Results from an Endogenous Growth Model", Journal of Economics and Finance, 통권 : 18, pp.223~251 (1994)
- Benhabib, J, "The Role of Human Capital in Economic Development", Journal of Monetary Economics, 통권 : 34, pp.143~174 (1994)
- What Explains Growth in Developing Countries, "Blomstrom, M", ~, pp.NBER Discussion Paper, 1924 (1994)
- Borensztein, E, "How Does Foreign Investment Affect Growth?", Journal of International Economics, 통권 : 45, pp.115~135 (1998)
- Cheung, Y.W, "Finite Sample Sizes of Johansen’s Likelihood Ratio Tests for Cointegration", Oxford Bulletin of Economics and Statistics,, 통권 : 55, pp.313~328 (1993)
- De Mello, L, "Foreign Direct Investment in Developing Countries and Growth: A Selective Survey", Journal of Development Studies, 통권 : 34, pp.1~34 (1997)
- Darrat,A.F, "Tax and Spend,or Spend and Tax? An Inquiry into the Turkish Budgetary Process", Southern Economic Journal, 통권 : 64, pp.940~956 (1998)
- Darrat, A.F, "Fertility, Human Capital and Macroeconomic Performance: Long-Term Interactions and Short-Run Dynamics", Applied Financial Economics, 통권 : 14, pp.537~554 (2004)
- Engle, R.F, "Cointegration and Error-Correction:Representation,Estimation,and Testing", Econometrica, 통권 : 55, pp.251~276 (1987)
- Gilbert,C.L, "Professor Hendry’s Econometric Methodology", Oxford Bulletin of Economics and Statistic, 통권 : 48, pp.283~307 (1986)
- Gonzalo,J, "Five Alternative Methods of Estimating Long-Run Equilibrium Relationships", Journal of Econometrics, 통권 : 60, pp.203~223 (1994)
- Granger,C.W.J, "Some Properties of Time Series Data and Their Use in Econometric Model Specification", Journal of Econometrics, 통권 : 16, pp.121~130 (1981)
- Granger,C.W.J, "Developments in the Study of Cointegrated Economic Variables", Oxford Bulletin of Economics and Statistics, 통권 : 48, pp.213~228 (1986)
- Sources of East Asian Growth: Some Evidence from Cross-country Studies, "Hahn, C.H.", the World Bank, ~, pp.Paper presented to the Global Research Project, (2000)
- Harris, R, "Using Cointegration Analysis in Econometric Modeling" (1995), London: Prentice-Hall Publishers
- Hendry,D.F, "Dynamic Econometrics,New" (1995), New York: Oxford University Press.
- Jin,J.C, "Can Openness be an Engine of Sustained High Growth Rates and Inflation? Evidence from Japan and Korea", International Review of Economics and Finance, 통권 : 15, pp.228~240 (2006)
- Johansen, S., "Maximum Likelihood Estimation and Inferences on Cointegration with Application to the Demand for Money", Oxford Bulletin of Economics and Statistics, 통권 : 52, pp.169~210 (1990)
- Kentor, J, "Foreign Capital Dependence and Development:A New Direction", American Sociological Review, 통권 : 68, pp.301~313 (2003)
- Trade Policy and Economic Development:How We Learn, "Krueger,A.O", ~, pp.NBER Working Paper, 5896. (1997)
- Krueger,A.O, "Asia Trade and Growth Lessons", American Economic Review, 통권 : 80, pp.108~112 (1990)
- Foreign Direct Investment: Flows, Volatility and Growth in Developing Countries, "Lensink, R.", University of Nottingham, ~, pp.CREDIT Research Paper (2001)
- Loungani,P, "Capital Flows", IMF Research Bulletin, 통권 : 3 (2002)
- Mankiw, N.G, "A Contribution to the Empirics of Economic Growth", Quarterly Journal of Economics, 통권 : 107, pp.402~437 (1992)
- Transparency, Liberalization and Financial Crises, "Mehrez, G", ~, pp.World Bank Policy Research Working Paper, 2286 (1999)
- Nair-Reichert, U, "Causality Tests for Cross-Country Panels:A New Look at FDI and Economic Growth in Developing Countries", Oxford Bulletin of Economics and Statistics, 통권 : 63, pp.153~171 (2001)
- Foreign Direct Investment:Who Gains?, , ODI, ~, pp.ODI Briefing Paper (2002)
- OECD, "Foreign Direct Investment and the Environment:An Overview of the Literature" (1999), Paris: OECD.
- OECD, "The OECD Guidelines for Multinational Enterprises" (2000), Paris: OECD
- Ram, R, "Foreign Direct Investment and Economic Growth:Evidence from Cross-Country Data for the 1990s", Economic Development and Cultural Change, 통권 : 51, pp.205~215 (2002)
- R.J. Barro, "Modern Business Cycle Theory" (1989), Harvard University Press.
- I Just ran Four Million Regressions, "Sala-i-Martin,X", ~, pp.NBER Working Paper, 6252 (1997)
- Stock, J.H, "Introduction to Econometrics" (2003), Boston: Addison Wesley Publishers.
- Singh,A, "Capital Account Liberalization,Free Long-Term Capital Flows,Financial Crises,and Economic Development", Eastern Economic Journal, 통권 : 29, pp.191~216 (2003)
- Soysa, I, "False Prophet or Genuine savior? Assessing the Effects of Economic Openness on Sustainable Development", London School of Economics, ~, pp.Unpublished Manuscript (2004)
- UNCTAD, "World Investment Report" (2007), The United Nations
- Zhang,K, "FDI and Economic Growth:Evidence from Ten East Asian Economies", Economia Internazionak, 통권 : 54, pp.517~535 (1999)
