Dynamic Linkages between FDI Inflows and Domestic Investment: A Panel Cointegration Approach |
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| Authors: | Nicholas Apergis Costantinos P Katrakilidis Nikolaos M Tabakis |
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| Institution: | (1) Department of International and European Economic and Political Studies, University of Macedonia, 156 Egnatia Str., 54006 Thessaloniki, Greece;(2) Department of Economics, Aristotle University of Thessaloniki, P.O. Box 213, , 54124 Thessaloniki, Greece;(3) Department of Farm Management, Technological Educational Institute of Thessaloniki (T.E.I.), P.O. Box 141, , 57400 Thessaloniki, Greece |
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| Abstract: | This paper analyzes the dynamic relationship between FDI inflows and domestic investment for a panel of selected countries by means of panel cointegration and causality techniques. Specifically, the paper provides empirical evidence regarding the existence of possible crowding in or crowding out effects between FDI inflows and domestic investment, accounting for the location and the level of development of the host countries.The paper was presented at the International Atlantic Economic Conference in London, March 9–13, 2005. The authors wish to thank the participants of the Macroeconomic Topics session for their valuable comments on an earlier draft. We would also like to express our gratitude to G. Chortareas and G. Konteos for helpful comments and suggestions. Nevertheless, the usual disclaimer applies. |
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| Keywords: | FDI inflows domestic investment panel cointegration |
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