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1.
This study investigates the effects of foreign capital inflows and economic growth on stock market capitalization in 18 Asian countries by using the panel data from the period of 2000–2010. The ARDL bound testing cointegration approach confirms the valid long run relationship between the considered variables. Results indicate that foreign direct investment has significant negative and economic growth has significant positive relationship with the stock market capitalization, whereas, the results of workers’ remittances is found insignificant in long run. The error correction model confirms the significant positive relationship of economic growth and workers’ remittances while, FDI has negative and significant impact on stock market capitalization in short run. Results of causality test based on Toda and Yamamoto (J Econom 66: 225–250, 1995) show the bidirectional causal relationship of foreign direct investment and economic growth with stock market capitalization. However, no causal relationship is found in between workers’ remittances and stock market capitalization. It is suggested that investor should not idealize the inflow of workers’ remittances to invest in Asian stock markets in long run. Simultaneously, size of the economy is a better leading indicator for Asian stock markets. On the other hand, inflows of FDI may mislead the investor to invest. Investor should keep on eye whether FDI come in the competition of domestic market or not? If this happens so investor should not invest in the stock market of host country. 相似文献
2.
The study examines and highlights the impact of selected foreign inflows (aid, trade, FDI, debt and remittances) on the economic growth of the South Asian Association for Regional Cooperation (SAARC) countries. The existent literature lacks a comprehensive analysis of the SAARC countries as countries like Afghanistan, Bhutan and the Maldives have largely been ignored due to the shorter time periods of available data. The study is empirical in nature and utilizes panel data techniques on macroeconomic data for the period 2008–2015. Foreign aid and foreign direct investment are found to impact economic growth positively. Foreign debt and trade flows are found to adversely affect economic growth. No relationship is established between the flow of remittances and the economic growth of these countries. The obtained results are robust to different proxy variables and the addition of macroeconomic variables. For the first time, the study provides policy implications based on the data of all SAARC countries. The study recommends focusing on increasing the inflows of resources in the form of aid and foreign direct investment (FDI) from the developed world to achieve higher economic growth. 相似文献
3.
The literature on the spillover effects of trade and inflows of foreign direct investment (FDI) has concentrated on technological externalities. Little effort has been directed towards identifying their efficiency externalities. This paper measures the efficiency externalities of trade and various forms of foreign investment for a sample of 20 OECD countries between 1982 and 2000 using a stochastic frontier approach. Trade and all foreign investment inflows are found to enhance efficiency, whereas outflows of FDI are found to exacerbate inefficiency. The efficiency externalities from foreign investment are contingent on the absorptive capacity of the host economies. Copyright © 2008 John Wiley & Sons, Ltd. 相似文献
4.
We document the one-way relationship between individual new energy consumption and economic growth in China through the autoregressive distributed lag (ARDL) model from 2004 to 2017. Our results show that individual new energy consumption has a positive effect on economic growth. Moreover, the urbanization rate, import and export trade volume and foreign direct investment all affect the individual new energy consumption in the short run. The outcome of the causality test reveals a one-way Granger causal relationship from individual new energy consumption to economic growth, from the urbanization rate, and from the import and export trade volume to new energy consumption. 相似文献
5.
This study investigates the relationship of foreign capital inflows, namely foreign direct investment, workers’ remittances, and external debt with economic growth of Pakistan by employing time series data from 1976 to 2015. Cointegration results indicate that foreign capital inflows and economic growth have a significant relationship with economic growth in the long run. Ordinary least square results indicate foreign direct investment has a significant and negative effect on economic growth, whereas a significant positive effect of remittances and external debts on economic growth is found. Rolling windows analysis highlights the yearly effect of three different models. Two different sensitivity analyses confirmed that initial results are robust. The final section concludes the study and provides some policy implications. 相似文献
6.
Sèna Kimm Gnangnon 《Economic Affairs》2017,37(1):66-84
This paper investigates two questions: how does multilateral trade liberalisation affect inward foreign direct investment, and does this impact (if any) depend on the domestic trade policy? The analysis uses a panel data set comprising 171 countries spanning the period 1995–2012. Results indicate that multilateral trade policy liberalisation is conducive to higher FDI inflows in host countries. Furthermore, our evidence suggests that domestic trade policy almost always positively drives inward FDI in a context of multilateral trade policy liberalisation. Countries which initially have the most restrictive trade policy regimes appear to be the greatest beneficiaries of FDI inflows when they liberalise their trade policy in the context of multilateral trade liberalisation. 相似文献
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8.
Causality Tests for Cross-Country Panels: a New Look at FDI and Economic Growth in Developing Countries 总被引:2,自引:0,他引:2
The remarkable increase in FDI flows to developing countries over the last decade has focused attention on whether this source of financing enhances overall economic growth. We use a mixed fixed and random (MFR) panel data estimation method to allow for cross country heterogeneity in the causal relationship between FDI and growth and contrast our findings with those from traditional approaches. We find that the relationship between investment, both foreign and domestic, and economic growth in developing countries is highly heterogeneous and that estimation methods which assume homogeneity across countries can yield misleading results. Our results suggest there is some evidence that the efficacy of FDI in raising future growth rates, although heterogeneous across countries, is higher in more open economies. 相似文献
9.
A.S. Bhalla 《Economics of Planning》1998,31(2-3):151-173
Two major factors account for a country’s growing integration with the global economy: trade and foreign investment; expansion
of exports, and foreign direct investment (FDI). Growth of exports became a dominant source of industrial growth during the
1980s in most developing countries (see Helleiner, 1995). Most of these countries including China and India, have replaced
the old import-substitution policy by an export promotion strategy. Both domestic and international factors played an important
role in the shift of national policies to repay debts. The process of globalization already underway necessitated export orientation
for improving technology, management practices, marketing and international competitiveness. This paper aims at exploring
the contributions of exports and FDI to growth and economic liberalization in China and lndia. The first section briefly reviews
similarities and differences in the two economies. The second section deals with growth, composition and direction of foreign
trade. The third section examines the role of FDI, and its sources and composition by sector, industry, and by overseas ethnic
Chinese and Indians. Trade and FDI linkages are examined in the fourth section which also contains a brief case study of Guangdong
(China).
This revised version was published online in July 2006 with corrections to the Cover Date. 相似文献
10.
Imtiaz Arif Lubna Khan Syed Ali Raza Faiza Maqbool 《Journal of Transnational Management》2017,22(4):273-282
This study attempts to explore the relationship between economic growth and external resources in the case of emerging and growth-leading economies (EAGLE). Among these economies, a panel of eight countries was studied over the period of 1986–2014. Empirical analyses were performed using panel cointegration and pooled mean group framework. Our findings support positive long- and short-run relationships between imports and gross domestic product (GDP). The results also reveal a negative and significant long-run relationship between foreign direct investment and GDP, whereas no significant evidence has been noted for the short run. Moreover, remittances in EAGLE countries have failed to justify any contribution to GDP in both long and short runs. 相似文献
11.
外商直接投资与经济增长的关系一直是国内外学者研究的热点。本文运用向量自回归(VAR)模型、脉冲响应函数、方差分解等计量经济学方法,基于2002年至2011年的季度数据,对外商直接投资与经济增长的关系进行了实证研究。结果表明:从长期来看,外商直接投资的增加有助于促进经济增长,但是短期这种促进作用并不明显;经济增长有助于外商直接投资的增加。 相似文献
12.
The recent general equilibrium theory of trade and multinationals emphasizes the importance of third countries and the complex integration strategies of multinationals. Little has been done to test this theory empirically. This paper attempts to rectify this situation by considering not only bilateral determinants, but also spatially weighted third-country determinants of foreign direct investment (FDI). Since the dependency among host markets is particularly related to multinationals’ trade between them, we use trade costs (distances) as spatial weights. Using panel data on U.S. industries and host countries observed over the 1989–1999 period, we estimate a “complex FDI” version of the knowledge-capital model of U.S. outward FDI by various recently developed spatial panel data generalized moments (GM) estimators. We find that third-country effects are significant, lending support to the existence of various modes of complex FDI. 相似文献
13.
14.
M.W. Luke Chan Keqiang Hou Xing Li Dean C. Mountain 《The Quarterly Review of Economics and Finance》2014,54(4):579-589
Moving beyond traditional one- or possibly two-way causality involving foreign direct investment (FDI), a systematic approach is implemented for delineating both short- and long-run flows of causality involving FDI and a comprehensive set of FDI's possible determinants. Granger causality procedures incorporating error correction terms are implemented, using provincial panel data from China. In both the short and long run, growth in GDP directly influences FDI, while growth in local infrastructure and local investment provide indirect but not direct influence. 相似文献
15.
《Economic Systems》2020,44(1):100739
This study examines the nonlinear relationship between Islamic banking development, major macroeconomic variables and economic growth in Islamic countries. Using the panel smooth transition model, the results show a positive nonlinear relationship between Islamic banking development and economic growth. Moreover, the relationship between the macroeconomic variables and economic growth is asymmetric and regime-dependent. Further, by using the dynamic panel quantile model, we show that for many cases the Islamic banking variables lead economic growth across the quantiles. More specifically, foreign direct investment, oil production and inflation have a positive impact on economic growth during the normal financial development state, while government consumption, one-lag economic growth, terms of trade and financial development have a negative impact on economic growth for this state. The human capital index, education and the rule of law have an insignificant impact, regardless of the prevailing regime. The results for the separated oil-importing and oil-exporting economies are generally consistent with the combined sample regarding the Islamic banking development variables. As for the macro variables, they have a positive and significant (insignificant) effect on EG for the oil-importing (oil-exporting) economies for almost all models. 相似文献
16.
《Economic Systems》2002,26(4):371-379
In the last decade, outward foreign direct investment (FDI) from transition countries (TCs) has emerged. The new multinational corporations (MNCs) from TCs are quite different from the former “red multinationals” (1), we describe the emergence of these new MNCs (2) and then provide econometric testing of the relationship between outward FDI and the level of economic development in home country that fits with TCs (3). 相似文献
17.
This paper investigates the importance of institutions as a determinant of growth and foreign direct investment (FDI) in 25 transition countries for 1990–1998. It introduces some novel institutional measures, performs extensive sensitivity tests, and checks for reverse causation. Estimation results suggest that state institutions in particular are quite robustly important for growth and FDI. The relationship between institutions and growth is likely to be a causation, that between institutions and FDI less so. The significance of macroeconomic stabilization and liberalization is also confirmed, but multicollinearity problems make it impossible to properly judge their importance relative to that of institutions. 相似文献
18.
Cynthia J. Brown 《Entrepreneurship & Regional Development》2013,25(2):175-191
This study analyses the impact of foreign direct investment on small business employment along the border in Mexico between 1987 and 1996. During this period, unprecedented levels of foreign direct investment flowed to Mexico, most notably to the northern border region. At the same time, it appears that internal migration of workers from the interior to the border occurred in response to employment generated by this investment. Utilizing 1987 and 1996 data from the Encuesta Nacional de Empleo Urbano, bivariate probit models of employment and small/ large firm employment for the border and interior regions are estimated. The results suggest that the increased employment share captured by large firms in the border may have hindered growth in the small business sector. A better understanding of the impact of FDI flows on small businesses may help policymakers in developing countries as they strive to create broad-based economic growth. 相似文献
19.
In the last decade, outward foreign direct investment (FDI) from transition countries (TCs) has emerged. The new multinational corporations (MNCs) from TCs are quite different from the former “red multinationals” (1), we describe the emergence of these new MNCs (2) and then provide econometric testing of the relationship between outward FDI and the level of economic development in home country that fits with TCs (3). 相似文献