메뉴 건너뛰기




Volumn 12, Issue 2, 2009, Pages 249-271

FDI, financial development, and economic growth: international evidence

Author keywords

economic growth; financial development; foreign direct investment; panel causality; panel cointegration

Indexed keywords


EID: 71649085653     PISSN: 15140326     EISSN: 16676726     Source Type: Journal    
DOI: 10.1016/S1514-0326(09)60015-5     Document Type: Article
Times cited : (154)

References (50)
  • 1
    • 84977737410 scopus 로고
    • Purchasing power parity in the long run
    • Abuaf N., and Jorion P. Purchasing power parity in the long run. Journal of Finance 45 (1990) 157-174
    • (1990) Journal of Finance , vol.45 , pp. 157-174
    • Abuaf, N.1    Jorion, P.2
  • 4
    • 33746962225 scopus 로고    scopus 로고
    • Energy-GDP relationship revisited: An example from GCC countries using panel causality
    • Al-Iriani M.A. Energy-GDP relationship revisited: An example from GCC countries using panel causality. Energy Policy 34 (2006) 3342-3350
    • (2006) Energy Policy , vol.34 , pp. 3342-3350
    • Al-Iriani, M.A.1
  • 5
    • 0036221554 scopus 로고    scopus 로고
    • Determining the number of factors in approximate factor models
    • Bai J., and Ng S. Determining the number of factors in approximate factor models. Econometrica 70 (2002) 191-221
    • (2002) Econometrica , vol.70 , pp. 191-221
    • Bai, J.1    Ng, S.2
  • 9
    • 0001397560 scopus 로고
    • Pitfalls and opportunities: What macroeconomics should know about unit roots
    • Blanchard O.J., and Fischer S. (Eds), MIT Press, Cambridge, MA
    • Campbell J.Y., and Perron P. Pitfalls and opportunities: What macroeconomics should know about unit roots. In: Blanchard O.J., and Fischer S. (Eds). NBER macroeconomic annual (1991), MIT Press, Cambridge, MA
    • (1991) NBER macroeconomic annual
    • Campbell, J.Y.1    Perron, P.2
  • 10
    • 33645933802 scopus 로고    scopus 로고
    • Does foreign direct investment accelerate economic growth?
    • Moran T.H., Graham E.M., and Blomström M. (Eds), Institute for International Economics, Washington, D.C.
    • Carkovic M.V., and Levine R. Does foreign direct investment accelerate economic growth?. In: Moran T.H., Graham E.M., and Blomström M. (Eds). Does Foreign Direct Investment Promote Development? (2005), Institute for International Economics, Washington, D.C.
    • (2005) Does Foreign Direct Investment Promote Development?
    • Carkovic, M.V.1    Levine, R.2
  • 11
    • 0034022291 scopus 로고    scopus 로고
    • The role of foreign capital in domestic manufacturing productivity: Empirical evidence from Asian economies
    • Chamarbagwala R., Ramaswamy S., and Wunnava P.V. The role of foreign capital in domestic manufacturing productivity: Empirical evidence from Asian economies. Applied Economics 32 (2000) 393-398
    • (2000) Applied Economics , vol.32 , pp. 393-398
    • Chamarbagwala, R.1    Ramaswamy, S.2    Wunnava, P.V.3
  • 12
    • 0037326360 scopus 로고    scopus 로고
    • Do foreign direct investment and gross domestic investment promote economic growth?
    • Choe J.I. Do foreign direct investment and gross domestic investment promote economic growth?. Review of Development Economics 7 (2003) 44-57
    • (2003) Review of Development Economics , vol.7 , pp. 44-57
    • Choe, J.I.1
  • 13
    • 33749499348 scopus 로고    scopus 로고
    • Foreign direct investment, economic growth, and financial sector development
    • Choong C.-K., Yusop Z., and Soo S.-O. Foreign direct investment, economic growth, and financial sector development. ASEAN Economic Bulletin 21 (2004) 278-289
    • (2004) ASEAN Economic Bulletin , vol.21 , pp. 278-289
    • Choong, C.-K.1    Yusop, Z.2    Soo, S.-O.3
  • 14
    • 33645933281 scopus 로고    scopus 로고
    • FDI and growth: What causes what?
    • Chowdhury A., and Mavrotas G. FDI and growth: What causes what?. World Economy 29 (2006) 9-19
    • (2006) World Economy , vol.29 , pp. 9-19
    • Chowdhury, A.1    Mavrotas, G.2
  • 15
    • 0942267342 scopus 로고    scopus 로고
    • Financial development and economic growth: Evidence from panel unit root and cointegration tests
    • Christopoulos D., K., and Tsionas E.G. Financial development and economic growth: Evidence from panel unit root and cointegration tests. Journal of Development Economics 73 (2004) 55-74
    • (2004) Journal of Development Economics , vol.73 , pp. 55-74
    • Christopoulos D.,, K.1    Tsionas, E.G.2
  • 16
    • 0034239547 scopus 로고    scopus 로고
    • The saving retention coefficient in the long run and in the short run: Evidence from panel data
    • Coiteux M., and Olivier S. The saving retention coefficient in the long run and in the short run: Evidence from panel data. Journal of International Money and Finance 19 (2000) 535-548
    • (2000) Journal of International Money and Finance , vol.19 , pp. 535-548
    • Coiteux, M.1    Olivier, S.2
  • 17
    • 0031430669 scopus 로고    scopus 로고
    • Foreign direct investment in developing countries and growth: A selective survey
    • De Mello L.R. Foreign direct investment in developing countries and growth: A selective survey. Journal of Development Studies 34 (1997) 1-34
    • (1997) Journal of Development Studies , vol.34 , pp. 1-34
    • De Mello, L.R.1
  • 18
    • 0345436095 scopus 로고    scopus 로고
    • Foreign direct investment-led growth: Evidence from time series and panel data
    • De Mello L.R. Foreign direct investment-led growth: Evidence from time series and panel data. Oxford Economic Papers 51 (1999) 133-151
    • (1999) Oxford Economic Papers , vol.51 , pp. 133-151
    • De Mello, L.R.1
  • 19
    • 0002377523 scopus 로고
    • A primer on cointegration with an application to money and income
    • Rao B.B. (Ed), Macmillan Press, Basingstoke
    • Dickey D.A., Jansen D.W., and Thorton D.L. A primer on cointegration with an application to money and income. In: Rao B.B. (Ed). Cointegration for the Applied Economist (1994), Macmillan Press, Basingstoke
    • (1994) Cointegration for the Applied Economist
    • Dickey, D.A.1    Jansen, D.W.2    Thorton, D.L.3
  • 20
    • 0141922664 scopus 로고    scopus 로고
    • Growth and finance
    • Driffill J. Growth and finance. Manchester School 71 (2003) 363-380
    • (2003) Manchester School , vol.71 , pp. 363-380
    • Driffill, J.1
  • 21
    • 1542750491 scopus 로고    scopus 로고
    • Absorptive capacity and the effects of foreign direct investment and equity foreign portfolio investment on economic growth
    • Durham J.B.J.B. Absorptive capacity and the effects of foreign direct investment and equity foreign portfolio investment on economic growth. European Economic Review 48 (2004) 285-306
    • (2004) European Economic Review , vol.48 , pp. 285-306
    • Durham, J.B.J.B.1
  • 23
    • 0000013567 scopus 로고
    • Cointegration and error correction: representation, estimation, and testing
    • Engle R.F., and Granger C.W.J. Cointegration and error correction: representation, estimation, and testing. Econometrica 55 (1987) 257-276
    • (1987) Econometrica , vol.55 , pp. 257-276
    • Engle, R.F.1    Granger, C.W.J.2
  • 24
    • 1342290953 scopus 로고    scopus 로고
    • The productivity-bias hypothesis and the PPP theorem: New evidence from panel vector autoregressive models
    • Ericsson J., and Irandoust M. The productivity-bias hypothesis and the PPP theorem: New evidence from panel vector autoregressive models. Japan and the World Economy 16 (2004) 121-138
    • (2004) Japan and the World Economy , vol.16 , pp. 121-138
    • Ericsson, J.1    Irandoust, M.2
  • 26
    • 0037564565 scopus 로고    scopus 로고
    • On the power of panel cointegration tests: A Monte Carlo comparison
    • Gutierrez L. On the power of panel cointegration tests: A Monte Carlo comparison. Economics Letters 80 (2003) 105-111
    • (2003) Economics Letters , vol.80 , pp. 105-111
    • Gutierrez, L.1
  • 27
    • 0000260582 scopus 로고    scopus 로고
    • Testing for stationarity in heterogeneous panel data
    • Hadri K. Testing for stationarity in heterogeneous panel data. Econometrics Journal 3 (2000) 148-161
    • (2000) Econometrics Journal , vol.3 , pp. 148-161
    • Hadri, K.1
  • 28
    • 0344704051 scopus 로고    scopus 로고
    • Foreign direct investment, financial development and economic growth
    • Hermes N., and Lensink R. Foreign direct investment, financial development and economic growth. Journal of Development Studies 40 (2003) 142-163
    • (2003) Journal of Development Studies , vol.40 , pp. 142-163
    • Hermes, N.1    Lensink, R.2
  • 29
  • 30
    • 0346703006 scopus 로고    scopus 로고
    • Spurious regression and residual-based tests for cointegration in panel data
    • Kao C. Spurious regression and residual-based tests for cointegration in panel data. Journal of Econometrics 90 (1999) 1-44
    • (1999) Journal of Econometrics , vol.90 , pp. 1-44
    • Kao, C.1
  • 31
    • 0038978166 scopus 로고    scopus 로고
    • International R&D spillovers: An application of estimation and inference in panel cointegration
    • Kao C., and Chiang M.-H. International R&D spillovers: An application of estimation and inference in panel cointegration. Oxford Bulletin of Economics and Statistics 61 (1999) 691-709
    • (1999) Oxford Bulletin of Economics and Statistics , vol.61 , pp. 691-709
    • Kao, C.1    Chiang, M.-H.2
  • 32
    • 35448971123 scopus 로고    scopus 로고
    • On the estimation and inference of a cointegrated regression in panel data
    • Kao C., and Chiang M.-H. On the estimation and inference of a cointegrated regression in panel data. Advances of Econometrics 15 (2000) 7-51
    • (2000) Advances of Econometrics , vol.15 , pp. 7-51
    • Kao, C.1    Chiang, M.-H.2
  • 33
    • 34247482883 scopus 로고
    • Finance and growth: Schumpeter might be right
    • King R.G., and Levine R. Finance and growth: Schumpeter might be right. Quarterly Journal of Economics 108 (1993) 717-738
    • (1993) Quarterly Journal of Economics , vol.108 , pp. 717-738
    • King, R.G.1    Levine, R.2
  • 34
    • 34248645054 scopus 로고
    • Finance, entrepreneurship, and growth: Theory and evidence
    • King R.G., and Levine R. Finance, entrepreneurship, and growth: Theory and evidence. Journal of Monetary Economics 32 (1993) 513-542
    • (1993) Journal of Monetary Economics , vol.32 , pp. 513-542
    • King, R.G.1    Levine, R.2
  • 37
    • 0001062569 scopus 로고    scopus 로고
    • Likelihood-based cointegration tests in heterogeneous panels
    • Larsson R., Lyhagen J., and Lothgren M. Likelihood-based cointegration tests in heterogeneous panels. Econometrics Journal 4 (2001) 109-142
    • (2001) Econometrics Journal , vol.4 , pp. 109-142
    • Larsson, R.1    Lyhagen, J.2    Lothgren, M.3
  • 38
    • 67549138840 scopus 로고    scopus 로고
    • Inflationary threshold effects in the relationship between financial development and economic growth: Evidence from Taiwan and Japan
    • Lee C.-C., and Wong S.-Y. Inflationary threshold effects in the relationship between financial development and economic growth: Evidence from Taiwan and Japan. Journal of Economics Development 30 (2005) 49-69
    • (2005) Journal of Economics Development , vol.30 , pp. 49-69
    • Lee, C.-C.1    Wong, S.-Y.2
  • 39
    • 0000391884 scopus 로고    scopus 로고
    • Unit Root tests in panel data: Asymptotic and finite-sample properties
    • Levin A., and Lin C.-F. Unit Root tests in panel data: Asymptotic and finite-sample properties. Journal of Econometrics 108 (2002) 1-24
    • (2002) Journal of Econometrics , vol.108 , pp. 1-24
    • Levin, A.1    Lin, C.-F.2
  • 40
    • 0000329790 scopus 로고    scopus 로고
    • Financial development and economic growth: Views and agenda
    • Levine R. Financial development and economic growth: Views and agenda. Journal of Economic Literature 35 (1997) 688-726
    • (1997) Journal of Economic Literature , vol.35 , pp. 688-726
    • Levine, R.1
  • 41
    • 0000706085 scopus 로고
    • A simple positive semi-definite: Heteroskedasticity and autocorrelation consistent covariance matrix
    • Newey W.K., and West K.D. A simple positive semi-definite: Heteroskedasticity and autocorrelation consistent covariance matrix. Econometrica 55 (1987) 703-708
    • (1987) Econometrica , vol.55 , pp. 703-708
    • Newey, W.K.1    West, K.D.2
  • 42
    • 0030425764 scopus 로고    scopus 로고
    • Alternative econometric approaches for analysing the role of the financial sector in economic growth: Time-series evidence from LDCs
    • Odedokun M.O. Alternative econometric approaches for analysing the role of the financial sector in economic growth: Time-series evidence from LDCs. Journal of Development Economics 50 (1996) 119-146
    • (1996) Journal of Development Economics , vol.50 , pp. 119-146
    • Odedokun, M.O.1
  • 43
    • 34248672166 scopus 로고    scopus 로고
    • Financial intermediation and economic growth in developing countries
    • Odedokun M.O. Financial intermediation and economic growth in developing countries. Journal of Economic Studies 25 (1998) 203-224
    • (1998) Journal of Economic Studies , vol.25 , pp. 203-224
    • Odedokun, M.O.1
  • 44
    • 0041110046 scopus 로고    scopus 로고
    • Critical values for cointegration tests in heterogeneous panels with multiple regressors
    • Pedroni P. Critical values for cointegration tests in heterogeneous panels with multiple regressors. Oxford Bulletin of Economics and Statistics 61 (1999) 653-670
    • (1999) Oxford Bulletin of Economics and Statistics , vol.61 , pp. 653-670
    • Pedroni, P.1
  • 46
    • 2542568123 scopus 로고    scopus 로고
    • Panel cointegration: Asymptotic and finite sample properties of pooled time series tests with an application to the PPP hypothesis
    • Pedroni P. Panel cointegration: Asymptotic and finite sample properties of pooled time series tests with an application to the PPP hypothesis. Econometric Theory 20 (2004) 597-625
    • (2004) Econometric Theory , vol.20 , pp. 597-625
    • Pedroni, P.1
  • 47
    • 0000275069 scopus 로고    scopus 로고
    • Equity markets and growth: Cross-country evidence on timing and outcomes, 1980-1995
    • Rousseau P.L., and Wachtel P. Equity markets and growth: Cross-country evidence on timing and outcomes, 1980-1995. Journal of Banking and Finance 24 (2000) 1933-1957
    • (2000) Journal of Banking and Finance , vol.24 , pp. 1933-1957
    • Rousseau, P.L.1    Wachtel, P.2
  • 48
    • 20144376873 scopus 로고    scopus 로고
    • Saving behaviour in OECD countries: Evidence from panel cointegration tests
    • Sarantis N., and Stewart C. Saving behaviour in OECD countries: Evidence from panel cointegration tests. Manchester School 69 (2001) 22-41
    • (2001) Manchester School , vol.69 , pp. 22-41
    • Sarantis, N.1    Stewart, C.2
  • 49
    • 33750555090 scopus 로고    scopus 로고
    • Same financial development yet different economic growth - Why?
    • Shen C.-H., and Lee C.-C. Same financial development yet different economic growth - Why?. Journal of Money, Credit and Banking 38 (2006) 1907-1944
    • (2006) Journal of Money, Credit and Banking , vol.38 , pp. 1907-1944
    • Shen, C.-H.1    Lee, C.-C.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.