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Güneydoğu Asya Uluslar Birliği (ASEAN) Ekonomilerinde Finansal Gelişme ve Doğrudan Yabancı Yatırımların Ekonomik Büyüme Üzerindeki Etkisi

Year 2025, Issue: 106, 173 - 194, 15.04.2025

Şerif Canbay

https://doi.org/10.25095/mufad.1646036

Abstract

Bu çalışma, Güneydoğu Asya Uluslar Birliği'nin Kurucu Beşlisi’ni oluşturan Endonezya, Malezya, Filipinler, Singapur ve Tayland’da doğrudan yabancı yatırımlar ve finansal gelişmişliğin ekonomik büyüme üzerindeki nedensel ilişkisini incelemektedir. 1980-2021 dönemi için panel bootstrap nedensellik testi kullanılarak yapılan analiz, doğrudan yabancı yatırımlar ve finansal gelişmişlik değişkenlerinin ekonomik büyüme üzerindeki etkilerinin ülkeden ülkeye değiştiğini göstermektedir. Elde edilen bulgulara göre, Endonezya’da doğrudan yabancı yatırımlar büyümeyi pozitif yönde etkilerken, finansal gelişmişlik ekonomik büyüme üzerinde negatif bir etkiye sahiptir. Malezya’da benzer şekilde doğrudan yabancı yatırımlar büyümeyi teşvik ederken, finansal gelişmişliğin büyüme üzerindeki etkisi negatif yönlüdür. Filipinler’de finansal gelişmişlik büyümeyi desteklerken, doğrudan yabancı yatırımların büyümeye olumsuz etkisi gözlemlenmiştir. Singapur ve Tayland’da hem doğrudan yabancı yatırımlar hem de finansal gelişmişlik büyüme üzerinde olumsuz etkiye sahiptir.

Keywords

ASEAN Ülkeleri Ekonomik Büyüme Finansal Gelişme Doğrudan Yabancı Yatırımlar (FDI)

References

  • Abdul-Bahri, Ezzahra Nabil - Shaari Md Nor, Azman Haji - Sarmidi, Tamat - Haji Mohd Nor, Nur Hafizah (2019). “The role of financial development in the relationship between foreign direct investment and economic growth: A nonlinear approach”. Review of Pacific Basin Financial Markets and Policies, 22, 2, 1950009. https://doi.org/10.1142/S0219091519500097
  • Aitken, Brian J. - Harrison, Ann E. (1999). “Do domestic firms benefit from direct foreign investment? Evidence from Venezuela”. American Economic Review, 89, 3, 605-618. https://doi.org/10.1257/aer.89.3.605
  • Ak, Mehmet Zeki - Altıntaş, Nurullah - Şimşek, Ahmet Salih (2016). “Türkiye’de finansal gelişme ve ekonomik büyüme ilişkisinin nedensellik analizi”. Doğuş Üniversitesi Dergisi, 17, 2, 151-160.
  • Alfaro, Laura - Chanda, Areendam - Kalemli-Ozcan, Sebnem - Sayek, Selin (2004). “FDI and economic growth: The role of local financial markets”. Journal of International Economics, 64, 1, 89-112. https://doi.org/10.1016/S0022-1996(03)00081-3
  • An, Thi Hong Thuy - Chen, Shu-Hua - Yeh, Kuan-Chieh (2025). “Does financial development enhance the growth effect of FDI? A multidimensional analysis in emerging and developing Asia”. International Journal of Emerging Markets, 20, 1, 92-134. https://doi.org/10.1108/IJOEM-03-2022-0495
  • Arcand, Jean-Louis - Berkes, Enrico - Panizza, Ugo (2015). “Too much finance?”. Journal of Economic Growth, 20, 105-148. https://doi.org/10.1007/s10887-015-9115-2
  • Arestis, Philip - Sawyer, Malcolm (2005). Financial Liberalization. Palgrave Macmillan. https://doi.org/10.1057/9780230522381_1
  • Asean Secretariat - UNCTAD (2022). ASEAN Investment Report 2022 – Pandemic Recovery and Investment Facilitation. ASEAN Secretariat. https://asean.org/book/asean-investment-report-2022
  • Asteriou, Dimitrios - Moudatsou, Argiro (2014). “FDI, finance and growth: Further empirical evidence from a panel of 73 countries”. Applied Economics and Finance, 1, 2, 48-57.
  • Balasubramanyam, Vudayagiri N. - Salisu, Mohammad - Sapsford, David (1996). “Foreign direct investment and growth in EP and IS countries”. The Economic Journal, 106, 434, 92-105.
  • Baltagi, Badi H. - Feng, Qu - Kao, Chihwa (2012). “A Lagrange multiplier test for cross-sectional dependence in a fixed effects panel data model”. Journal of Econometrics, 170, 1, 164-177.
  • Barro, Robert J. - Sala-i-Martin, Xavier (2004). Economic Growth. MIT Press.
  • Beck, Thorsten - Levine, Ross - Loayza, Norman (2000). “Finance and the sources of growth”. Journal of Financial Economics, 58, 1-2, 261-300. https://doi.org/10.1016/S0304-405X(00)00072-6
  • Bevan, Alan A. - Estrin, Saul (2004). “The determinants of foreign direct investment into European transition economies”. Journal of Comparative Economics, 32, 4, 775-787. https://doi.org/10.1016/j.jce.2004.08.006
  • Borensztein, Eduardo - De Gregorio, José - Lee, Jong-Wha (1998). “How does foreign direct investment affect economic growth?”. Journal of International Economics, 45, 1, 115-135. https://doi.org/10.1016/S0022-1996(97)00033-0
  • Bommadevara, Rajendra - Sakharkar, Abhay (2021). “Do good institutions and economic uncertainty matter to foreign direct investment?”. Asian Economic and Financial Review, 11, 471-487. https://doi.org/10.18488/JOURNAL.AEFR.2021.116.471.487
  • Breusch, Trevor S. - Pagan, Adrian R. (1980). “The Lagrange multiplier test and its applications to model specification in econometrics”. The Review of Economic Studies, 47, 1, 239-253. https://doi.org/10.2307/2297111
  • Buchanan, Bonnie G. - Le, Quan Vu - Rishi, Meenakshi (2012). “Foreign direct investment and institutional quality: Some empirical evidence”. International Review of Financial Analysis, 21, 81-89. https://doi.org/10.1016/j.irfa.2011.10.001
  • Demetriades, Panicos O. - Hussein, Kul B. A. (1996). “Does financial development cause economic growth? Time-series evidence from 16 countries”. Journal of Development Economics, 51, 2, 387-411. https://doi.org/10.1016/S0304-3878(96)00421-X
  • Globerman, Steven - Shapiro, Daniel (2003). “Governance infrastructure and US foreign direct investment”. Journal of International Business Studies, 34, 19-39. https://doi.org/10.1057/palgrave.jibs.8400001
  • Greenwood, Jeremy - Jovanovic, Boyan (1990). “Financial development, growth, and the distribution of income”. Journal of Political Economy, 98, 5, 1076-1107. https://doi.org/10.1086/261720
  • Hussey, Andrew (1991). “Regional development and cooperation through ASEAN”. Geographical Review, 87-98. https://doi.org/10.2307/215178
  • IMF (2024). Global Financial Stability Report: Steadying the Course: Uncertainty, Artificial Intelligence, and Financial Stability. Washington, DC.
  • IMF (2025). IMF Data Portal. Erişim tarihi: [15.02.2025]. https://data.imf.org/?sk=f8032e80-b36c-43b1-ac26-493c5b1cd33b
  • İnançlı, Selim - Altıntaş, Nurullah - İnal, Veysel (2016). “Finansal gelişme ve ekonomik büyüme ilişkisi: D-8 örneği”. Kastamonu Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 14, 4, 36-49.
  • Kawai, Masahiro - Naknoi, Kanda (2015). “ASEAN economic integration through trade and foreign direct investment: Long-term challenges”. ADBI Working Paper, No. 545, Asian Development Bank Institute (ADBI). https://doi.org/10.2139/ssrn.2672782
  • King, Robert G. - Levine, Ross (1993). “Finance, entrepreneurship, and growth: Theory and evidence”. Journal of Monetary Economics, 32, 3, 513-542. https://doi.org/10.1016/0304-3932(93)90028-E
  • Kónya, László (2006). “Exports and growth: Granger causality analysis on OECD countries with a panel data approach”. Economic Modelling, 23, 6, 978-992. https://doi.org/10.1016/j.econmod.2006.04.008
  • Lensink, Robert - Morrissey, Oliver (2006). “Foreign direct investment: Flows, volatility, and the impact on growth”. Review of International Economics, 14, 3, 478-493. https://doi.org/10.1111/j.1467-9396.2006.00596.x
  • Levine, Ross (1997). “Financial development and economic growth: Views and agenda”. Journal of Economic Literature, 35, 2, 688-726.
  • Levine, Ross (2005). “Finance and growth: Theory and evidence”. in Aghion, Philippe - Durlauf, Steven N. (Eds.), Handbook of Economic Growth, Vol. 1A, Elsevier, 865–933. https://doi.org/10.1016/S1574-0684(05)01012-9
  • Levine, Ross - Zervos, Sara (1998). “Stock markets, banks, and economic growth”. American Economic Review, 88, 3, 537-558.
  • Li, Quan - Resnick, Adam (2003). “Reversal of fortunes: Democratic institutions and foreign direct investment inflows to developing countries”. International Organization, 57, 1, 175-211. https://doi.org/10.1017/S0020818303571077
  • McKinnon, Ronald I. (1973). Money and Capital in Economic Development. The Brookings Institution.
  • Orhangazi, Özgür (2008). “Financialisation and capital accumulation in the non-financial corporate sector: A theoretical and empirical investigation on the US economy: 1973–2003”. Cambridge Journal of Economics, 32, 6, 863-886. https://doi.org/10.1093/cje/ben009
  • Pesaran, M. Hashem (2021). “General diagnostic tests for cross-sectional dependence in panels”. Empirical Economics, 60, 1, 13-50. https://doi.org/10.1007/s00181-020-01875-7
  • Palley, Thomas I. (2013). Financialization: The Economics of Finance Capital Domination. Palgrave Macmillan.
  • Pesaran, M. Hashem - Ullah, Aman - Yamagata, Takashi (2008). “A bias-adjusted LM test of error cross-section independence”. The Econometrics Journal, 11, 1, 105-127. https://doi.org/10.1111/j.1368-423X.2007.00227.x
  • Pesaran, M. Hashem - Yamagata, Takashi (2008). “Testing slope homogeneity in large panels”. Journal of Econometrics, 142, 1, 50-93. https://doi.org/10.1016/j.jeconom.2007.05.010
  • Rodríguez, Xose A. - Pallas, Josep (2008). “Determinants of foreign direct investment in Spain”. Applied Economics, 40, 19, 2443–2450. https://doi.org/10.1080/00036840701367606
  • Rousseau, Peter L. - Wachtel, Paul (2011). “What is happening to the impact of financial deepening on economic growth?”. Economic Inquiry, 49, 1, 276-288. https://doi.org/10.1111/j.1465-7295.2009.00197.x
  • Sahoo, Sarbeswar (2024). “FDI, financial development and economic growth: Evidence from select Indian states”. The Indian Economic Journal. https://doi.org/10.1177/00194662241265488
  • Schneider, Friedrich - Frey, Bruno S. (1985). “Economic and political determinants of foreign direct investment”. World Development, 13, 2, 161-175.
  • Shan, Jordan Z. - Morris, Alan G. - Sun, Fiona (2001). “Financial development and economic growth: An egg‐and‐chicken problem?”. Review of International Economics, 9, 3, 443-454. https://doi.org/10.1111/1467-9396.00291
  • Shaw, Edward (1973). Financial Deepening in Economic Development. Oxford University Press.
  • Sims, Christopher A. (1980). “Macroeconomics and reality”. Econometrica, 48, 1, 1-48. https://doi.org/10.2307/1912017
  • Solow, Robert M. (1956). “A contribution to the theory of economic growth”. The Quarterly Journal of Economics, 70, 1, 65-94. https://doi.org/10.2307/1884513
  • Swamy, Paravastu A. V. B. (1970). “Efficient inference in a random coefficient regression model”. Econometrica, 38, 2, 311-323.
  • WB (2025). World Development Indicators. Erişim tarihi: [15.02.2025]. https://databank.worldbank.org/source/world-development-indicators
  • Zellner, Arnold (1962). “An efficient method of estimating seemingly unrelated regressions and tests for aggregation bias”. Journal of the American Statistical Association, 57, 298, 348-368. https://doi.org/10.1080/01621459.1962.10480664

The Impact of Financial Development and Foreign Direct Investments on Economic Growth in the Economies of the Association of Southeast Asian Nations (ASEAN)

Year 2025, Issue: 106, 173 - 194, 15.04.2025

Şerif Canbay

https://doi.org/10.25095/mufad.1646036

Abstract

This study examines the causal relationship between foreign direct investment (FDI), financial development, and economic growth in the Founding Five of the Association of Southeast Asian Nations (ASEAN): Indonesia, Malaysia, the Philippines, Singapore, and Thailand. Using the panel bootstrap causality test for the period 1980–2021, the analysis reveals that the impact of FDI and financial development on economic growth varies across countries. The findings indicate that in Indonesia, FDI positively influences economic growth, whereas financial development has a negative impact. Similarly, in Malaysia, FDI fosters economic growth, while financial development negatively affects growth. In the Philippines, financial development supports economic growth, whereas FDI has a negative impact. In both Singapore and Thailand, FDI and financial development negatively influence economic growth.

Keywords

ASEAN Countries Economic Growth Financial Development Foreign Direct Investment (FDI)

References

  • Abdul-Bahri, Ezzahra Nabil - Shaari Md Nor, Azman Haji - Sarmidi, Tamat - Haji Mohd Nor, Nur Hafizah (2019). “The role of financial development in the relationship between foreign direct investment and economic growth: A nonlinear approach”. Review of Pacific Basin Financial Markets and Policies, 22, 2, 1950009. https://doi.org/10.1142/S0219091519500097
  • Aitken, Brian J. - Harrison, Ann E. (1999). “Do domestic firms benefit from direct foreign investment? Evidence from Venezuela”. American Economic Review, 89, 3, 605-618. https://doi.org/10.1257/aer.89.3.605
  • Ak, Mehmet Zeki - Altıntaş, Nurullah - Şimşek, Ahmet Salih (2016). “Türkiye’de finansal gelişme ve ekonomik büyüme ilişkisinin nedensellik analizi”. Doğuş Üniversitesi Dergisi, 17, 2, 151-160.
  • Alfaro, Laura - Chanda, Areendam - Kalemli-Ozcan, Sebnem - Sayek, Selin (2004). “FDI and economic growth: The role of local financial markets”. Journal of International Economics, 64, 1, 89-112. https://doi.org/10.1016/S0022-1996(03)00081-3
  • An, Thi Hong Thuy - Chen, Shu-Hua - Yeh, Kuan-Chieh (2025). “Does financial development enhance the growth effect of FDI? A multidimensional analysis in emerging and developing Asia”. International Journal of Emerging Markets, 20, 1, 92-134. https://doi.org/10.1108/IJOEM-03-2022-0495
  • Arcand, Jean-Louis - Berkes, Enrico - Panizza, Ugo (2015). “Too much finance?”. Journal of Economic Growth, 20, 105-148. https://doi.org/10.1007/s10887-015-9115-2
  • Arestis, Philip - Sawyer, Malcolm (2005). Financial Liberalization. Palgrave Macmillan. https://doi.org/10.1057/9780230522381_1
  • Asean Secretariat - UNCTAD (2022). ASEAN Investment Report 2022 – Pandemic Recovery and Investment Facilitation. ASEAN Secretariat. https://asean.org/book/asean-investment-report-2022
  • Asteriou, Dimitrios - Moudatsou, Argiro (2014). “FDI, finance and growth: Further empirical evidence from a panel of 73 countries”. Applied Economics and Finance, 1, 2, 48-57.
  • Balasubramanyam, Vudayagiri N. - Salisu, Mohammad - Sapsford, David (1996). “Foreign direct investment and growth in EP and IS countries”. The Economic Journal, 106, 434, 92-105.
  • Baltagi, Badi H. - Feng, Qu - Kao, Chihwa (2012). “A Lagrange multiplier test for cross-sectional dependence in a fixed effects panel data model”. Journal of Econometrics, 170, 1, 164-177.
  • Barro, Robert J. - Sala-i-Martin, Xavier (2004). Economic Growth. MIT Press.
  • Beck, Thorsten - Levine, Ross - Loayza, Norman (2000). “Finance and the sources of growth”. Journal of Financial Economics, 58, 1-2, 261-300. https://doi.org/10.1016/S0304-405X(00)00072-6
  • Bevan, Alan A. - Estrin, Saul (2004). “The determinants of foreign direct investment into European transition economies”. Journal of Comparative Economics, 32, 4, 775-787. https://doi.org/10.1016/j.jce.2004.08.006
  • Borensztein, Eduardo - De Gregorio, José - Lee, Jong-Wha (1998). “How does foreign direct investment affect economic growth?”. Journal of International Economics, 45, 1, 115-135. https://doi.org/10.1016/S0022-1996(97)00033-0
  • Bommadevara, Rajendra - Sakharkar, Abhay (2021). “Do good institutions and economic uncertainty matter to foreign direct investment?”. Asian Economic and Financial Review, 11, 471-487. https://doi.org/10.18488/JOURNAL.AEFR.2021.116.471.487
  • Breusch, Trevor S. - Pagan, Adrian R. (1980). “The Lagrange multiplier test and its applications to model specification in econometrics”. The Review of Economic Studies, 47, 1, 239-253. https://doi.org/10.2307/2297111
  • Buchanan, Bonnie G. - Le, Quan Vu - Rishi, Meenakshi (2012). “Foreign direct investment and institutional quality: Some empirical evidence”. International Review of Financial Analysis, 21, 81-89. https://doi.org/10.1016/j.irfa.2011.10.001
  • Demetriades, Panicos O. - Hussein, Kul B. A. (1996). “Does financial development cause economic growth? Time-series evidence from 16 countries”. Journal of Development Economics, 51, 2, 387-411. https://doi.org/10.1016/S0304-3878(96)00421-X
  • Globerman, Steven - Shapiro, Daniel (2003). “Governance infrastructure and US foreign direct investment”. Journal of International Business Studies, 34, 19-39. https://doi.org/10.1057/palgrave.jibs.8400001
  • Greenwood, Jeremy - Jovanovic, Boyan (1990). “Financial development, growth, and the distribution of income”. Journal of Political Economy, 98, 5, 1076-1107. https://doi.org/10.1086/261720
  • Hussey, Andrew (1991). “Regional development and cooperation through ASEAN”. Geographical Review, 87-98. https://doi.org/10.2307/215178
  • IMF (2024). Global Financial Stability Report: Steadying the Course: Uncertainty, Artificial Intelligence, and Financial Stability. Washington, DC.
  • IMF (2025). IMF Data Portal. Erişim tarihi: [15.02.2025]. https://data.imf.org/?sk=f8032e80-b36c-43b1-ac26-493c5b1cd33b
  • İnançlı, Selim - Altıntaş, Nurullah - İnal, Veysel (2016). “Finansal gelişme ve ekonomik büyüme ilişkisi: D-8 örneği”. Kastamonu Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 14, 4, 36-49.
  • Kawai, Masahiro - Naknoi, Kanda (2015). “ASEAN economic integration through trade and foreign direct investment: Long-term challenges”. ADBI Working Paper, No. 545, Asian Development Bank Institute (ADBI). https://doi.org/10.2139/ssrn.2672782
  • King, Robert G. - Levine, Ross (1993). “Finance, entrepreneurship, and growth: Theory and evidence”. Journal of Monetary Economics, 32, 3, 513-542. https://doi.org/10.1016/0304-3932(93)90028-E
  • Kónya, László (2006). “Exports and growth: Granger causality analysis on OECD countries with a panel data approach”. Economic Modelling, 23, 6, 978-992. https://doi.org/10.1016/j.econmod.2006.04.008
  • Lensink, Robert - Morrissey, Oliver (2006). “Foreign direct investment: Flows, volatility, and the impact on growth”. Review of International Economics, 14, 3, 478-493. https://doi.org/10.1111/j.1467-9396.2006.00596.x
  • Levine, Ross (1997). “Financial development and economic growth: Views and agenda”. Journal of Economic Literature, 35, 2, 688-726.
  • Levine, Ross (2005). “Finance and growth: Theory and evidence”. in Aghion, Philippe - Durlauf, Steven N. (Eds.), Handbook of Economic Growth, Vol. 1A, Elsevier, 865–933. https://doi.org/10.1016/S1574-0684(05)01012-9
  • Levine, Ross - Zervos, Sara (1998). “Stock markets, banks, and economic growth”. American Economic Review, 88, 3, 537-558.
  • Li, Quan - Resnick, Adam (2003). “Reversal of fortunes: Democratic institutions and foreign direct investment inflows to developing countries”. International Organization, 57, 1, 175-211. https://doi.org/10.1017/S0020818303571077
  • McKinnon, Ronald I. (1973). Money and Capital in Economic Development. The Brookings Institution.
  • Orhangazi, Özgür (2008). “Financialisation and capital accumulation in the non-financial corporate sector: A theoretical and empirical investigation on the US economy: 1973–2003”. Cambridge Journal of Economics, 32, 6, 863-886. https://doi.org/10.1093/cje/ben009
  • Pesaran, M. Hashem (2021). “General diagnostic tests for cross-sectional dependence in panels”. Empirical Economics, 60, 1, 13-50. https://doi.org/10.1007/s00181-020-01875-7
  • Palley, Thomas I. (2013). Financialization: The Economics of Finance Capital Domination. Palgrave Macmillan.
  • Pesaran, M. Hashem - Ullah, Aman - Yamagata, Takashi (2008). “A bias-adjusted LM test of error cross-section independence”. The Econometrics Journal, 11, 1, 105-127. https://doi.org/10.1111/j.1368-423X.2007.00227.x
  • Pesaran, M. Hashem - Yamagata, Takashi (2008). “Testing slope homogeneity in large panels”. Journal of Econometrics, 142, 1, 50-93. https://doi.org/10.1016/j.jeconom.2007.05.010
  • Rodríguez, Xose A. - Pallas, Josep (2008). “Determinants of foreign direct investment in Spain”. Applied Economics, 40, 19, 2443–2450. https://doi.org/10.1080/00036840701367606
  • Rousseau, Peter L. - Wachtel, Paul (2011). “What is happening to the impact of financial deepening on economic growth?”. Economic Inquiry, 49, 1, 276-288. https://doi.org/10.1111/j.1465-7295.2009.00197.x
  • Sahoo, Sarbeswar (2024). “FDI, financial development and economic growth: Evidence from select Indian states”. The Indian Economic Journal. https://doi.org/10.1177/00194662241265488
  • Schneider, Friedrich - Frey, Bruno S. (1985). “Economic and political determinants of foreign direct investment”. World Development, 13, 2, 161-175.
  • Shan, Jordan Z. - Morris, Alan G. - Sun, Fiona (2001). “Financial development and economic growth: An egg‐and‐chicken problem?”. Review of International Economics, 9, 3, 443-454. https://doi.org/10.1111/1467-9396.00291
  • Shaw, Edward (1973). Financial Deepening in Economic Development. Oxford University Press.
  • Sims, Christopher A. (1980). “Macroeconomics and reality”. Econometrica, 48, 1, 1-48. https://doi.org/10.2307/1912017
  • Solow, Robert M. (1956). “A contribution to the theory of economic growth”. The Quarterly Journal of Economics, 70, 1, 65-94. https://doi.org/10.2307/1884513
  • Swamy, Paravastu A. V. B. (1970). “Efficient inference in a random coefficient regression model”. Econometrica, 38, 2, 311-323.
  • WB (2025). World Development Indicators. Erişim tarihi: [15.02.2025]. https://databank.worldbank.org/source/world-development-indicators
  • Zellner, Arnold (1962). “An efficient method of estimating seemingly unrelated regressions and tests for aggregation bias”. Journal of the American Statistical Association, 57, 298, 348-368. https://doi.org/10.1080/01621459.1962.10480664
There are 50 citations in total.

Details

Primary Language Turkish
Subjects Finance, Financial Econometrics, Investment and Portfolio Management
Journal Section Articles
Authors

Şerif Canbay 0000-0001-6141-7510

Publication Date April 15, 2025
Submission Date February 24, 2025
Acceptance Date March 21, 2025
Published in Issue Year 2025 Issue: 106

Cite

APA Canbay, Ş. (2025). Güneydoğu Asya Uluslar Birliği (ASEAN) Ekonomilerinde Finansal Gelişme ve Doğrudan Yabancı Yatırımların Ekonomik Büyüme Üzerindeki Etkisi. Muhasebe Ve Finansman Dergisi(106), 173-194. https://doi.org/10.25095/mufad.1646036
AMA Canbay Ş. Güneydoğu Asya Uluslar Birliği (ASEAN) Ekonomilerinde Finansal Gelişme ve Doğrudan Yabancı Yatırımların Ekonomik Büyüme Üzerindeki Etkisi. Muhasebe ve Finansman Dergisi. April 2025;(106):173-194. doi:10.25095/mufad.1646036
Chicago Canbay, Şerif. “Güneydoğu Asya Uluslar Birliği (ASEAN) Ekonomilerinde Finansal Gelişme Ve Doğrudan Yabancı Yatırımların Ekonomik Büyüme Üzerindeki Etkisi”. Muhasebe Ve Finansman Dergisi, no. 106 (April 2025): 173-94. https://doi.org/10.25095/mufad.1646036.
EndNote Canbay Ş (April 1, 2025) Güneydoğu Asya Uluslar Birliği (ASEAN) Ekonomilerinde Finansal Gelişme ve Doğrudan Yabancı Yatırımların Ekonomik Büyüme Üzerindeki Etkisi. Muhasebe ve Finansman Dergisi 106 173–194.
IEEE Ş. Canbay, “Güneydoğu Asya Uluslar Birliği (ASEAN) Ekonomilerinde Finansal Gelişme ve Doğrudan Yabancı Yatırımların Ekonomik Büyüme Üzerindeki Etkisi”, Muhasebe ve Finansman Dergisi, no. 106, pp. 173–194, April 2025, doi: 10.25095/mufad.1646036.
ISNAD Canbay, Şerif. “Güneydoğu Asya Uluslar Birliği (ASEAN) Ekonomilerinde Finansal Gelişme Ve Doğrudan Yabancı Yatırımların Ekonomik Büyüme Üzerindeki Etkisi”. Muhasebe ve Finansman Dergisi 106 (April 2025), 173-194. https://doi.org/10.25095/mufad.1646036.
JAMA Canbay Ş. Güneydoğu Asya Uluslar Birliği (ASEAN) Ekonomilerinde Finansal Gelişme ve Doğrudan Yabancı Yatırımların Ekonomik Büyüme Üzerindeki Etkisi. Muhasebe ve Finansman Dergisi. 2025;:173–194.
MLA Canbay, Şerif. “Güneydoğu Asya Uluslar Birliği (ASEAN) Ekonomilerinde Finansal Gelişme Ve Doğrudan Yabancı Yatırımların Ekonomik Büyüme Üzerindeki Etkisi”. Muhasebe Ve Finansman Dergisi, no. 106, 2025, pp. 173-94, doi:10.25095/mufad.1646036.
Vancouver Canbay Ş. Güneydoğu Asya Uluslar Birliği (ASEAN) Ekonomilerinde Finansal Gelişme ve Doğrudan Yabancı Yatırımların Ekonomik Büyüme Üzerindeki Etkisi. Muhasebe ve Finansman Dergisi. 2025(106):173-94.
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