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Dynamic Linkages Among Foreign Direct Investment, Public Investment And Private Investment: Evidence From Turkey

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  • SAGLAM, B. Bayraktar
  • Yalta, A.Y

Abstract

This study seeks to provide evidence on the dynamic interactions among foreign direct investment (FDI), private domestic investment and public domestic investment in Turkey for the period 1970-2009 using a multivariate VAR framework. Our findings indicate that there is no long-run relationship between FDI, public investment and private investment, indicating the poor contribution of FDI to the Turkish investment path. The lack of interaction between FDI and domestic investment, which impedes the contribution of FDI to economic growth from capital accumulation channel, questions the benefits of FDI. These results suggest that special emphasis should be given to improving investment climate.

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Bibliographic Info

Article provided by Euro-American Association of Economic Development in its journal Applied Econometrics and International Development.

Volume (Year): 11 (2011)
Issue (Month): 2 ()
Pages:

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Handle: RePEc:eaa:aeinde:v:11:y:2011:i:2_6

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Related research

Keywords: foreign direct investment; private investment; public investment.;

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References

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  1. Léonce Ndikumana & Sher Verick, 2007. "The Linkages between FDI and Domestic Investment: Unravelling the Developmental Impact of Foreign Investment," UMASS Amherst Economics Working Papers 2007-13, University of Massachusetts Amherst, Department of Economics.
  2. L.R. de Mello Jr., 1996. "Foreign Direct Investment-Led Growth: Evidence from Time Series and Panel Data," Studies in Economics 9615, Department of Economics, University of Kent.
  3. Manuel R. AGOSIN & Ricardo MAYER, 2000. "Foreign Investment In Developing Countries, Does It Crowd In Domestic Investment?," UNCTAD Discussion Papers 146, United Nations Conference on Trade and Development.
  4. Van Loo, Frances, 1977. "The Effect of Foreign Direct Investment on Investment in Canada," The Review of Economics and Statistics, MIT Press, vol. 59(4), pages 474-81, November.
  5. Engle, Robert F & Granger, Clive W J, 1987. "Co-integration and Error Correction: Representation, Estimation, and Testing," Econometrica, Econometric Society, vol. 55(2), pages 251-76, March.
  6. Samih GÜVEN, 2001. "Sermaye Hareketlerinin Nedenleri, Etkileri Ve Türkiye Örneği," Iktisat Isletme ve Finans, Bilgesel Yayincilik, vol. 16(185), pages 79-98.
  7. Nigel Driffield & Dylan Hughes, 2003. "Foreign and Domestic Investment: Regional Development or Crowding Out?," Regional Studies, Taylor & Francis Journals, vol. 37(3), pages 277-288.
  8. Luiz de Mello, 1997. "Foreign direct investment in developing countries and growth: A selective survey," Journal of Development Studies, Taylor & Francis Journals, vol. 34(1), pages 1-34.
  9. Guncavdi, Oner & Bleaney, Michael & McKay, Andrew, 1998. "Financial liberalisation and private investment: evidence from Turkey," Journal of Development Economics, Elsevier, vol. 57(2), pages 443-455.
  10. Borensztein, E. & De Gregorio, J. & Lee, J-W., 1998. "How does foreign direct investment affect economic growth?1," Journal of International Economics, Elsevier, vol. 45(1), pages 115-135, June.
  11. Jan Mišun & Vladimr Tomšk, 2002. "Does Foreign Direct Investment Crowd in or Crowd out Domestic Investment?," Eastern European Economics, M.E. Sharpe, Inc., vol. 40(2), pages 38-56, March.
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Cited by:
  1. KARGI, Bilal, 2014. "Portfolio in Turkish Economy, and A Long Termed Relation Between Foreign Direct Investments and The Growth, and The Structural Breakage Analysis (1980-2012)," MPRA Paper 56086, University Library of Munich, Germany.
  2. Azarhoushang, Behzad & Rukavina, Marko, 2014. "Resource curse: A comparative study," IPE Working Papers 30/2014, Berlin School of Economics and Law, Institute for International Political Economy (IPE).

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