DOĞRUDAN YABANCI YATIRIMLAR, VERGİ GELİRLERİ VE EKONOMİK BÜYÜME İLİŞKİSİ: KIRILGAN BEŞLİ ÜLKELER ÖRNEĞİ.

The aim of the study is to test the relationship between tax revenues, foreign direct investments and economic growth, using panel cointegration and panel causality analyses for fragile five countries (Brazil, Indonesia, India, South Africa, Turkey) for the period of 1980-2018. Panel cointegration test results show that there is long term relationship between the variables. Panel VECM causality test results also show that there is a bidirectional causal relationship between tax revenues and economic growth in the long term while there is a one-way causality relationship from economic growth to tax revenues in the short term. Moreover, panel VECM causality analysis results show that there is a one-way causality relationship from foreign direct investments to both economic growth and tax revenues in the long term. These findings reveal that economic policies regarding the economic growth, tax revenues and foreign direct investments for these countries is more effective in the long term. [ABSTRACT FROM AUTHOR]