The nexus among foreign investment,domestic capital and economic growth: Empirical evidence from the MENA region |
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Affiliation: | 1. Faculty of Economics and Management, University of Sfax, Street of Airport, km 4.5, LP 1088, Sfax 3018, Tunisia;2. Faculty of Economics and Management, University of Sousse, Riadh city, LP 307, Sousse 4023, Tunisia |
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Abstract: | The objective of this paper is to estimate an econometric model for analyzing the interrelationship among foreign direct investment, domestic capital and economic growth in 13 MENA countries by using a ‘growth model’ framework and simultaneous-equation models estimated by the generalized method of moments (GMM) during the period 1990–2010. Our empirical results show that there is bi-directional causal relationship between foreign investment and economic growth, as well as domestic capital and economic growth, and there is uni-directional causal relationship from foreign direct investment to domestic capital for the region as a whole. |
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Keywords: | Foreign investment Domestic capital Economic growth GMM-estimator |
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