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An analysis of the determinants of foreign direct investment in Turkey: the role of the institutional context

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  • dumludag, devrim

Abstract

This paper tries to empirically verify the argument that institutional factors such as enforcement mechanisms, political and economic stability, stable and reliable, transparent legal and regulatory framework and corruption are critical in explaining the behaviour of the foreign direct investment infl ows in Turkey. The main objective of the study is to ascertain the nature of the obstacles and impediments to the greater fl ow of foreign direct investments into Turkish economy for the recent period by focusing on the results of a questionnaire applied to the executives of 52 multinational corporations operating in Turkey in 2006.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 32060.

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Date of creation: Dec 2007
Date of revision: Feb 2008
Publication status: Published in Journal of Business Economics and Management 10.1(2009): pp. 15-30
Handle: RePEc:pra:mprapa:32060

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Keywords: Foreign Direct Investment; Institutions; Turkey; Developing Economies;

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References

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  1. Mauro, Paolo, 1995. "Corruption and Growth," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 110(3), pages 681-712, August.
  2. Wheeler, David & Mody, Ashoka, 1992. "International investment location decisions : The case of U.S. firms," Journal of International Economics, Elsevier, Elsevier, vol. 33(1-2), pages 57-76, August.
  3. Robert E. Hall & Charles I. Jones, 1999. "Why Do Some Countries Produce So Much More Output Per Worker Than Others?," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 114(1), pages 83-116, February.
  4. Robert E. Lipsey, 2001. "Foreign Direct Investment and the Operations of Multinational Firms: Concepts, History, and Data," NBER Working Papers 8665, National Bureau of Economic Research, Inc.
  5. James R. Markusen, 1995. "The Boundaries of Multinational Enterprises and the Theory of International Trade," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 9(2), pages 169-189, Spring.
  6. Stephen Knack & Philip Keefer, 1995. "Institutions And Economic Performance: Cross-Country Tests Using Alternative Institutional Measures," Economics and Politics, Wiley Blackwell, Wiley Blackwell, vol. 7(3), pages 207-227, November.
  7. Peter Nunnenkamp, 2002. "Determinants of FDI in Developing Countries: Has Globalization Changed the Rules of the Game?," Kiel Working Papers 1122, Kiel Institute for the World Economy.
  8. Daron Acemoglu & Simon Johnson & James Robinson, 2002. "The Rise of Europe: Atlantic Trade, Institutional Change and Economic Growth," NBER Working Papers 9378, National Bureau of Economic Research, Inc.
  9. Gastanaga, Victor M. & Nugent, Jeffrey B. & Pashamova, Bistra, 1998. "Host Country Reforms and FDI Inflows: How Much Difference do they Make?," World Development, Elsevier, Elsevier, vol. 26(7), pages 1299-1314, July.
  10. Noorbakhsh, Farhad & Paloni, Alberto & Youssef, Ali, 2001. "Human Capital and FDI Inflows to Developing Countries: New Empirical Evidence," World Development, Elsevier, Elsevier, vol. 29(9), pages 1593-1610, September.
  11. Smarzynska Javorcik, Beata, 1999. "Composition of Foreign Direct Investment and Protection of Intellectual Property Rights in Transition Economies," CEPR Discussion Papers, C.E.P.R. Discussion Papers 2228, C.E.P.R. Discussion Papers.
  12. Li, Quan & Resnick, Adam, 2003. "Reversal of Fortunes: Democratic Institutions and Foreign Direct Investment Inflows to Developing Countries," International Organization, Cambridge University Press, Cambridge University Press, vol. 57(01), pages 175-211, December.
  13. Acemoglu, Daron & Johnson, Simon & Robinson, James A., 2005. "Institutions as a Fundamental Cause of Long-Run Growth," Handbook of Economic Growth, Elsevier, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 6, pages 385-472 Elsevier.
  14. Oxley, Joanne E., 1999. "Institutional environment and the mechanisms of governance: the impact of intellectual property protection on the structure of inter-firm alliances," Journal of Economic Behavior & Organization, Elsevier, Elsevier, vol. 38(3), pages 283-309, March.
  15. Shang-Jin Wei, 1997. "Why is Corruption So Much More Taxing Than Tax? Arbitrariness Kills," NBER Working Papers 6255, National Bureau of Economic Research, Inc.
  16. Henry Loewendahl & Ebru Ertugal-Loewendahl, 2001. "Turkey’s Performance in Attracting Foreign Direct Investment: Implications of EU Enlargement," Economics Working Papers, European Network of Economic Policy Research Institutes 008, European Network of Economic Policy Research Institutes.
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Cited by:
  1. Aristovnik, Aleksander & Djurić, Sandra, 2010. "Twin deficits and the Feldstein-Horioka puzzle: a comparison of the EU member states and candidate countries," MPRA Paper 24149, University Library of Munich, Germany.

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