Sectoral FDI cycles in South and East Asia |
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| Institution: | 1. CUNY Brooklyn College, School of Business, Department of Economics, United States;2. CUNY Graduate Center, Ph.D. Program in Economics, United States;3. Asian Institute of Management, Republic of the Philippines;1. School of Economics and Finance, Curtin Business School, Australia;2. School of Business & Law, Edith Cowan University, Australia;1. University of Adelaide, Australia;2. The Johns Hopkins University Bologna Center, Italy;1. Laboratoire d′économie et développement, Faculté des Sciences Economiques, Commerciales et des Sciences de Gestion, Université de Bejaia, 06000 Bejaia, Algeria;2. Economic Analysis Department, Facultad de CC. Económicas y Empresariales, University of Seville, Ramon y Cajal 1, 41018 Seville, Spain;3. Universidad Autónoma de Chile, Chile;1. Department of Econometrics, Faculty of Economics and Administrative Sciences, Atatürk University, Yakutiye, Erzurum, Turkey;2. Department of Economics, Faculty of Economics and Administrative Sciences, Kafkas University, Merkez, KARS, Turkey;1. School of Economics, Tianjin University of Commerce, Tianjin, 300134, China;2. School of Economics and Management, Dalian University of Technology, Dalian, PR China;3. Department of Business Administration, ILMA University, Karachi, Pakistan;4. School of Finance and Economics, Jiangsu University, Jiangsu, 212013, China;5. School of Management and Economics, Beijing Institute of Technology, Beijing, 100081, China;6. Center for Energy and Environmental Policy Research, Beijing Institute of Technology, Beijing, 100081, China |
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| Abstract: | This study aims to analyze how sectoral foreign direct investment (FDI) inflows in South and East Asian economies respond to changes in the business cycles of the host countries, as measured by their output gaps. We focus on 15 economies during the period 1980–2011 and examine inflows of FDI in extractive industries, manufacturing and services in addition to aggregate FDI by using a dynamic panel Blundell–Bond GMM methodology. We find evidence of countercyclical behavior of services FDI and acyclical behavior of both extractive industries FDI and manufacturing FDI. The coutercyclical behavior of services FDI in South and East Asia has important policy implications. |
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| Keywords: | Sectoral FDI FDI cycles Output gap |
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