Nexus Between Financing Sources Of Investments And Economic Growth: A Case Study For Turkey

The aim of the study is to analyze and interpret the nexus between domestic and foreign capital that are used as financing sources of investments and economic growth in Turkey. In this context, “Domestic Savings” was handled as a variable of domestic capital, “Foreign Direct Investments, Portfolio Investments, Grants and Loans” were handled as variables of foreign capital and “Gross Domestic Product” was handled as a variable of economic growth in analysis. The nexus between financing sources of investments and economic growth was analyzed through Toda-Yamamoto (1995) approach which can be applied if stability levels of variables differ from each other. Annual datas were used that cover 42 years between 1974 and 2015. According to results of analysis, gross domestic product is Granger cause of foreign direct investments in Turkey. Grants, portfolio investments and short-term loans have no causality relation with economic growth. Results show that long-term loans is Granger causes of domestic savings. Finally, two-way causality relation between domestic savings and gross domestic product was determined.Bu çalışmanın amacı, ülkelerin yatırımların finansman kaynakları olarak kullandıkları yerli ve yabancı sermayenin ekonomik büyüme ile ilişkisinin Türkiye açısından analiz edilmesi ve yorumlanmasıdır. Bu doğrultuda, çalışmada yapılan analizlerde yerli sermaye değişkeni olarak “Yurtiçi tasarruflar”, yabancı sermaye değişkeni olarak “Doğrudan Yabancı Yatırımlar, Portföy Yatırımları, Dış Yardımlar ve Krediler”, ekonomik büyüme değişkeni olarak da “Gayri Safi Yurtiçi Hasıla” kullanılmıştır. Çalışmada, söz konusu yatırım finansman kaynakları ile ekonomik büyüme arasındaki nedensellik ilişkisi, değişkenlerin durağanlık düzeylerinin birbirlerinden farklı olduğu durumlarda uygulanabilen Toda-Yamamoto (1995) yaklaşımı ile araştırılmıştır. Veriler, 1974 ve 2015 yılları arasını kapsayan 42 yıllık veriden oluşmaktadır. Analiz sonuçlarına göre, Türkiye’de gayrisafi yurtiçi hasıla doğrudan yabancı yatırımların Granger nedenidir. Yardımlar, portföy yatırımları ve kısa vadeli krediler ile gayri safi yurtiçi hasıla arasında herhangi bir nedensellik ilişkisi tespit edilmemiştir. Analiz sonuçları, uzun vadeli kredilerin yurtiçi tasarrufların nedeni olduğunu göstermektedir. Yurtiçi tasarruflar ve gayrisafi yurtiçi hasıla arasında ise çift yönlü nedensellik ilişkisi tespit edilmiştir.The aim of the study is to analyze and interpret the nexus between domestic and foreign capital that are used as financing sources of investments and economic growth in Turkey. In this context, “Domestic Savings” was handled as a variable of domestic capital, “Foreign Direct Investments, Portfolio Investments, Grants and Loans” were handled as variables of foreign capital and “Gross Domestic Product” was handled as a variable of economic growth in analysis. The nexus between financing sources of investments and economic growth was analyzed through Toda-Yamamoto (1995) approach which can be applied if stability levels of variables differ from each other. Annual datas were used that cover 42 years between 1974 and 2015. According to results of analysis, gross domestic product is Granger cause of foreign direct investments in Turkey. Grants, portfolio investments and short-term loans have no causality relation with economic growth. Results show that long-term loans is Granger causes of domestic savings. Finally, two-way causality relation between domestic savings and gross domestic product was determined