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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.

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Bibliographic Info

Article provided by Chung-Ang Unviersity, Department of Economics in its journal Journal Of Economic Development.

Volume (Year): 34 (2009)
Issue (Month): 2 (December)
Pages: 85-96

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Handle: RePEc:jed:journl:v:34:y:2009:i:2:p:85-96

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Related research

Keywords: FDI Inflows; Economic Growth; Human Capital; Turkey;

Find related papers by JEL classification:

• F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
• F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
• O15 - Economic Development, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration

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1. Nair-Reichert, Usha & Weinhold, Diana, 2001. " Causality Tests for Cross-Country Panels: A New Look at FDI and Economic Growth in Developing Countries," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 63(2), pages 153-71, May.
2. Granger, C. W. J., 1981. "Some properties of time series data and their use in econometric model specification," Journal of Econometrics, Elsevier, vol. 16(1), pages 121-130, May.
3. A. F. Darrat & D. A. Yousef, 2004. "Fertility, human capital, and macroeconomic performance: long-term interactions and short-run dynamics," Applied Financial Economics, Taylor and Francis Journals, vol. 14(8), pages 537-554.
4. Gonzalo, Jesus, 1994. "Five alternative methods of estimating long-run equilibrium relationships," Journal of Econometrics, Elsevier, vol. 60(1-2), pages 203-233.
   
   • Gonzalo, Jesús, . "Five alternative methods of estimating long-run equilibrium relationships," Open Access publications from Universidad Carlos III de Madrid info:hdl:10016/731, Universidad Carlos III de Madrid.
5. Ole Olesen & N. Petersen, 2003. "Introduction," Journal of Productivity Analysis, Springer, vol. 20(3), pages 237-241, November.
6. Hendry, David F., 1995. "Dynamic Econometrics," OUP Catalogue, Oxford University Press, number 9780198283164, July.

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Cited by:

1. Marc Lautier & Francois Moreaub, 2012. "Domestic Investment And Fdi In Developing Countries: The Missing Link," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 37(3), pages 1-23, September.

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