G20'deki İslam ülkelerinde ve Avrupa Birliği'nde doğrudan yabancı yatırım, ihracat ve ekonomik büyüme arasındaki nedensel ilişkiler, karşılaştırmalı bir çalışma

This study aimed to compare the economies of the Islamic countries in the G-20 and the European Union countries during the period from 1981 to 2015 through the analysis of the relationship between the economic variables, including economic growth, foreign direct investment (FDI), and exports. The effect of such variables on the economic growth in three Islamic countries as case studies was also investigated using the time series. In addition, the panel data in the case of 12 European Union countries as a sample was used. Accordingly, a historical view from 1981 until 2015 was followed during the study period. In both cases of annual data as well as statistical approach, multiple tests including unit-roots of time series (ADF, PP, KPSS), Paseran test "cross-section dependence test", panel unit root tests, Johansen's co-integration test, Vector Error Correction Model (VAR), Fully Modified Least Squares Test (FMLS), Dynamic Least Squares Test (DOLS), and Granger causality test were applied. The data were obtained from international institutions such as the IMF and the World Bank and divided into two groups (three Islamic countries and twelve European countries) to estimate the causality relationship between the economic variables studied. The results showed that the variables in groups (A) and (B) were co-integrated. Additionally, FDI and exports have a positive long-run effect on economic growth. FDI and exports were positively correlated to economic growth in EU countries. Moreover, the results of Granger causality tests revealed a short-run bidirectional causality between FDI and GDP and a unidirectional causality running from FDI to economic growth in the group (A).