FDI and economic growth: the role of local financial markets

• 成果类型: Article
• 署名作者: Alfaro, L; Chanda, A; Kalemli-Ozcan, S; Sayek, S
• 署名单位: University of Houston System; University of Houston; Harvard University; North Carolina State University; International Monetary Fund
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/S0022-1996(03)00081-3
• 发表日期: 2004
• 页码: 89-112
• 关键词: foreign direct investment; capital markets; credit markets; Economic growth; spillovers

摘要

In this paper, we examine the various links among foreign direct investment (FDI), financial markets, and economic growth. We explore whether countries with better financial systems can exploit FDI more efficiently. Empirical analysis, using cross-country data between 1975 and 1995, shows that FDI alone plays an ambiguous role in contributing to economic growth. However, countries with well-developed financial markets gain significantly from FDI. The results are robust to different measures of financial market development, the inclusion of other determinants of economic growth, and consideration of endogeneity. (C) 2003 Elsevier B.V. All rights reserved.