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2014 | nr 38 | 97--126
Tytuł artykułu

Relationship between foreign direct investment stock and foreign portfolio investment stock. Do they really matter for GDP in Poland, Germany, and Great Britain?

Treść / Zawartość
Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
In this paper we discuss and investigate mutual relationship between FDI and FPI stocks in 3 countries. The standard theoretical economic paradigm sharply differentiates between the two, treating them rather as substitutes from foreign investor's perspective. Yet, some recent empirical attempts reveal that there are important similarities in their determinants and thus suggest their complementarity. Furthermore, we contribute by assessing FDI & FPI stocks' impact on real GDPs. In this paper we present estimates of vector error correction (VEC) models' parameters for three countries, in various settings. We find a number of interesting points - in case of Poland there seem to exist some significant long-run dependences between real GDP and stocks of FDI and FPI, which to some extent stands in opposition to inferences derived from analogical models constructed for two well-developed countries, the United Kingdom and Germany. (original abstract)
Rocznik
Numer
Strony
97--126
Opis fizyczny
Twórcy
  • University of Warsaw, Poland, student
autor
  • University of Warsaw, Poland, student
Bibliografia
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  • Amiram D., M. M. Frank. 2012. The Effects of Investor-Level Dividend Taxes on the Allocation of Foreign Portfolio Investment around the World. On-line: http://ssrn.com/abstract=1539422
  • Asiedu E. 2005. Foreign Direct Investment in Africa: The Role of Natural Resources, Market Size, Government Policy, Institutions and Political Instability. Available at SSRN: http://ssrn.com/abstract=717361
  • Blomstrom M., A. Kokko. 2003. The Economics of Foreign Direct Investment Incentives. NBER Working Paper No. w9489.
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  • Carkovic M., R. Levine. 2002. Does Foreign Direct Investment Accelerate Economic Growth? Available on-line: http://www.worldbank.org/research/conferences/financial_globalization/fdi.pdf
  • Claessens S., M. Dooley, A. Warner. 1995. "Portfolio capital flows: hot or cold?". The World Bank Economic Review, vol. 9, no. 1, pp. 153-174.
  • Dunning J. H., J. R. Dilyard. 1999. "Towards a general paradigm of foreign direct and foreign portfolio investment". Transnational Corporations, vol. 8, no. 1, pp. 1-52.
  • Durham J. B. 2003. Foreign Portfolio Investment, Foreign Bank Lending, and Economic Growth. FRB International Finance Discussion Paper No. 757.
  • Errunza V. 2002. "Foreign Portfolio Equity Investments, Financial Liberalization, and Economic Development". Review of International Economics, vol. 9, no. 4, pp. 703-726.
  • Evans K. 2002. Foreign Portfolio and Direct Investment: Complementarity, Differences, and Integration. Prepared for Global Forum on International Investment in Shanghai.
  • Goldstein I., A. Razin. 2006. "An information-based trade-off between foreign direct investment and foreign portfolio investment". Journal of International Economics, vol. 70, no. 1, pp. 271-295.
  • Gorton G. B. 2010. Slapped by the Invisible Hand: The Panic of 2007. Oxford University Press. New York.
  • Humanicki M., R. Kelm, K. Olszewski. 2013. Foreign Direct Investment and Foreign Portfolio Investment in the contemporary globalized world: should they be still treated separately? NBP Working Paper no. 167.
  • Hsu C.-C., J.-Y. Wu. 2008. "Does Foreign Direct Investment Promote Economic Growth? Evidence from a Threshold Regression Analysis." Economics Bulletin, vol. 15, no. 12, pp. 1-10.
  • Johansen S. 1995. "Likelihood-Based Inference in Cointegrated Vector Autoregressive Models". Oxford University Press.
  • Kim W., S.-J. Wei. 2002. "Foreign portfolio investors before and during a crisis". Journal of International Economics, vol. 56, no. 1, pp. 77-96.
  • Pfeffer B. 2008. FDI and FPI - Strategic Complements? MAGKS Joint Discussion Paper Series in Economics, 12. Universität Marburg.
  • Razin A., E. Sadka. 2003. "Gains from FDI inflows with incomplete information". Economic Letters, vol. 78, no. 1, pp. 71-77.
  • Romer P. 1993. "Idea gaps and object gaps in economic development". Journal of Monetary Economics, vol. 32, pp. 543-573.
  • Rothenberg, T. J. 1971. "Identification in parametric models". Econometrica, vol. 39, pp. 577-591.
  • Shen C.-H., C.-C. Lee, C.-C. Lee. 2010. "What makes international capital flows promote economic growth? An international cross-country analysis". Scottish Journal of Political Economy, vol. 57, pp. 515-546.
  • Wilkins M. 1999. "Two literatures, two storylines: is a general paradigm of foreign portfolio and foreign direct investment feasible?". Transnational Corporations, vol. 8, no. 1, pp. 53-116.
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171331983

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