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    A PANEL ANALYSIS FOR DETERMINING THE VARIABLES AFFECT FDI INFLOWS TOWARDS FRAGILE FIVE COUNTRIES
    (2020) Ayhan, Fatih; Balan, Feyza; Unvan, Yüksel Akay
    Globalization is increasing since the mid-1990s. Along with the globalization, increased internationaltrade caused the foreign direct investment (FDI) inflows for economies. Economists often emphasize that FDIcontributes developing countries to confront the international competition by boosting their economy, increasingproductivity and export capacity. This paper aims to investigate the factors that affect the FDI flows towards theFragile Five countries (Turkey, Brazil, India, Indonesia, South Africa) for 1994-2017 through panel data analysis.The results from the panel ordinary least square indicate that political freedom as a proxy variable of institutionalquality, real exchange rate, and the degree of productive knowledge and capability of the Fragile Five countriesare statistically significant determinants of FDI attraction. Thus, developing countries, aiming to increase FDIinflows have to strengthen their political conditions and stabilization of their exchange rates. As well as, it isimportant to increase these countries’ export shares of the more complex product in order to be able to attractmore FDI.
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    Öğe
    The relationship between financial risk, financial openness, trade openness, and financial development in Southern Mediterranean countries
    (Inderscience Publishers, 2024) Ayhan, Fatih; Arıca, Feyza
    This study mainly aims to find the effects of financial openness, trade openness, and financial risk on financial development for nine Southern Mediterranean countries over the period 1984–2014 with panel analysis. Westerlund’s (2007) panel cointegration and error correction test is applied. The findings of common correlated effects (CCE) estimation show that financial openness positively affects financial development in Egypt, Tunisia, and Turkey, while it negatively affects financial development in Algeria and Lebanon. Additionally, according to the estimation results, a lower financial risk causes higher financial development in Algeria and Turkey. When the relationship between financial development and trade openness is investigated, while trade openness affects financial development negatively in Libya, it has a positive effect in Jordan, Tunisia, and Turkey. We conclude that financial openness and trade openness is beneficial to financial development for developing economies, while financial risk harms the financial development of economies. To overcome the economic bottlenecks in developing countries, policymakers should take action to reduce the financial risk levels of the economies and remove financial and trade barriers so as to increase financial development.