PL EN


Preferencje help
Widoczny [Schowaj] Abstrakt
Liczba wyników
2020 | 12 | nr 3 | 273--299
Tytuł artykułu

Is Foreign Direct Investment a Real Driving Force of Economic Growth? A Panel Data Analysis

Treść / Zawartość
Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
The purpose of this empirical study is to find the relationship between economic growth and foreign direct investment (FDI) in the Commonwealth of Independent States (CIS) and Central and Eastern European Countries (CEECs) using endogenous technological change model. First, we combine the CIS and CEECs into one group to test our hypothesis, and then we test each group separately to account for heterogeneity and draw a conclusion whether FDI is indeed a driving force of the economy. Panel data have been used from 2003 to 2014 and different panel estimation methods have been applied. Additionally, we use the Generalized Method of Moments (GMM) panel estimator to control for endogeneity problem. The present study finds that FDI is an important factor explaining economic growth in the pooled group and CEECs, although it is not significant in the case of CIS. (original abstract)
Rocznik
Tom
12
Numer
Strony
273--299
Opis fizyczny
Twórcy
  • Pusan National University, Busan, South Korea
autor
  • Pusan National University, Busan, South Korea
Bibliografia
  • [1] Acemoglu D., Johnson S., Robinson J. A., (2005), Institutions as the Fundamental Cause of Long-Run Growth, [in:] Handbook of Economic Growth, [ed.:] Aghion P. and Durlauf S. N., Elsevier, B.V: North Holland, 385-472.
  • [2] Agosin M. R., Machado R., (2005), Foreign Investment in Developing Countries: Does it Crowd in Domestic Investment? Oxford Development Studies 33(2), 149- 162.
  • [3] Alfaro L., Chanda A., Kalemli-Ozcan S., Sayek S., (2004), FDI and Economic Growth: the Role of Local Financial Markets, Journal of International Economics 64, 89-112.
  • [4] Arellano M., Bond S., (1991), Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations, Review of Economic Studies 58, 277-97.
  • [5] Barro R.J., Sala-i-Martin X., (2004), Economic Growth, 2nd ed., Cambridge, MA, McGraw-Hill.
  • [6] Beck N., Katz J. N., (1995), What to do (and not to do) with time series crosssection data, American Political Science Review 89(3), 634-647.
  • [7] Bhagwati J. N., (1978), Anatomy and Consequences of Exchange Control Regimes, vol. I, Studies in International Economic Relations, No. 10, New York, National Bureau of Economic Research.
  • [8] Blomstrom M., Lipsey R. E., Zejan M., (1992), What Explains Developing Country Growth? NBER working paper no. 4132, Cambridge, MA, National Bureau of Economic Research.
  • [9] Borensztein E. G., Gregorio J. D., Lee J. W., (1998), How Does Foreign Direct Investment Affect Economic Growth, Journal of International Economics 45(1), 115-135.
  • [10] Carkovic, M., Levine R., (2003), Does Foreign Direct Investment Accelerate Economic Growth? University of Minnesota, Working Paper.
  • [11] Carbonell, J. B. Werner R. A., (2018), Does Foreign Direct Investment Generate Economic Growth? A New Empirical Approach Applied to Spain, Economic Geography 94(4), 425-456.
  • [12] Comin D., Hobijn B., Rovito E., (2006), Five Facts You Need to Know about Technology Diffusion, NBER working paper no. 11928, Cambridge, MA, National Bureau of Economic Research.
  • [13] Curwin, K. D., Mahutga M. C., (2014), Foreign Direct Investment and Economic Growth: New Evidence from Post-Socialist Transition Countries, Social Forces 92(3), 1159-1187.
  • [14] De Mello L. R., (1997), Foreign Direct Investment in Developing Countries and Growth: A Selective Survey, The Journal of Development Studies 34(1), 1-34.
  • [15] De Mello L. R., (1999), Foreign Direct Investment-led Growth: Evidence from Time Series and Panel Data, Oxford Economics Papers 51, 133-151.
  • [16] Eller M., Haiss P., Steiner K., (2006), Foreign Direct Investment in the Financial Sector and Economic Growth in Central and Eastern Europe: The Crucial Role of the Efficiency Channel, Emerging Markets Review 7, 300-319.
  • [17] Findlay R., (1978), Relative backwardness, direct foreign investment and transfer of technology, Quarterly Journal of Economics 92, 1-16.
  • [18] Jimborean R., Kelber A., (2014), Foreign Direct Investment Drivers and Growth in Central and Eastern Europe in the Aftermath of the 2007 Global Financial Crisis, Working Paper, No. 488, Banque de France, Paris.
  • [19] Gorg H., Greenaway D., (2004), Much Ado About Nothing? Do Domestic Firms Really Benefit from Foreign Direct Investment? World Bank Research Observer 19(2), 171-97.
  • [20] Grossman G., Helpman E., (1989), Comparative advantage and long-run growth, NBER working paper no. 2809, Cambridge, MA, National Bureau of Economic Research.
  • [21] Hamm P., King L. P., Stuckler D., (2012), Mass Privatization, State Capacity, and Economic Growth in Post-Communist Countries, American Sociological Review 77(2), 295-324.
  • [22] Helpman E., (1997), R&D and Productivity: the International Connection, NBER working paper no. 6101, Cambridge, MA, National Bureau of Economic Research.
  • [23] Hermes N., Lensink R., (2003), Foreign Direct Investment, Financial Development and Economic Growth, Journal of Development Studies 40(1), 142- 163.
  • [24] Herzer D., (2012), How Does Foreign Direct Investment Really Affect Developing Countries' Growth? Review of International Economics 20(2), 396-414.
  • [25] Hlavacek P., Bal-Domanska B., (2016), Impact of Foreign Direct Investment on Economic Growth in Central and Eastern European Countries, Inzinerine Ekonomika-Engineering Economics 24(3), 294-303.
  • [26] Kornecki L., Raghavan V., (2011), Inward FDI Stock and Growth in Central and Eastern Europe, International Trade Journal 25(5), 539-57.
  • [27] Kottaridi C., (2005), The 'Core-Periphery' Pattern of FDI-led Growth and Production Structure in the EU, Applied Economics 37, 99-113.
  • [28] Krugman P., (1979), A Model of Innovation, Technology Transfer, and the World Distribution of Income, Journal of Political Economy 87(2), 253-266.
  • [29] Mencinger J., (2003), Does foreign direct investment always enhance economic growth? Kyklos 56(4), 491-508.
  • [30] Moundigbaye M., Rea W. S., Reed W. R., (2018), Which panel data estimator should I use? A corrigendum and extension, Economics - The Open-Access, Open-Assessment E-Journal 12(4), 1-31.
  • [31] Mukoyama T., (2004), Diffusion and Innovation of New Technologies under Skill Heterogeneity, Journal of Economic Growth 9, 451-479.
  • [32] Nair-Reichert U., Weinhold D., (2001), Causality tests for cross-country panels: a new look at FDI and economic growth in developing countries, Oxford Bulletin of Economics and Statistics 63(2), 153-171.
  • [33] Okafor G., Webster A., (2015), Foreign Direct Investment in Transition Economies of Europe and the Former Soviet Union, [in:] Palgrave Dictionary of Emerging Markets and Transition Economics, [ed.:] Hölscher J. and Tomann H., London, Palgrave Macmillan, 413-434.
  • [34] Prochniak M., (2011), Determinants of Economic Growth in Central and Eastern Europe: The Global Crisis Perspective, Post-Communist Economies 23(4), 449- 68.
  • [35] Romer P., (1990), Endogenous Technological Change, Journal of Political Economy 98(5), S71-S102.
  • [36] Sapienza E., (2010), Foreign Direct Investment and Growth in Central, Eastern, and Southern Europe, Investigacion Economica 69, 99-138.
  • [37] Sargan J. D., (1958), The Estimation of Economic Relationships Using Instrumental Variables, Econometrica 26, 393-415.
  • [38] Tarzi Sh., (2005), Foreign direct investment flows into developing countries: impact of location and government policy, The Journal of Social, Political and Economic Studies 30(4), 497-515.
  • [39] Wang J. Y., (1990), Growth, Technology Transfer, and the Long-Run Theory of International Capital Movements, Journal of International Economics 29, 255- 271.
  • [40] Wang J.Y., Blomstrom M., (1992), Foreign Investment and Technology Transfer, European Economic Review 36, 137-155.
  • [41] Weber E., (2011), Foreign and Domestic Growth Drivers in Eastern Europe, Economic Systems 35, 512-522.
Typ dokumentu
Bibliografia
Identyfikator YADDA
bwmeta1.element.ekon-element-000171607513

Zgłoszenie zostało wysłane

Zgłoszenie zostało wysłane

Musisz być zalogowany aby pisać komentarze.
JavaScript jest wyłączony w Twojej przeglądarce internetowej. Włącz go, a następnie odśwież stronę, aby móc w pełni z niej korzystać.