FDI and economic growth: the role of local financial markets

被引：1055

作者：

Alfaro, L

Chanda, A

Kalemli-Ozcan, S ^{[1
]}

Sayek, S

机构：

[1] Univ Houston, Dept Econ, Houston, TX 77204 USA

[2] Harvard Univ, Sch Business, Boston, MA 02163 USA

[3] N Carolina State Univ, Dept Econ, Raleigh, NC 27695 USA

[4] IMF, Washington, DC 20341 USA

来源：

JOURNAL OF INTERNATIONAL ECONOMICS | 2004年 / 64卷 / 01期

关键词：

foreign direct investment; capital markets; credit markets; economic growth; spillovers;

D O I：

10.1016/S0022-1996(03)00081-3

中图分类号：

F [经济];

学科分类号：

02 ;

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.

引用

页码：89 / 112

页数：24

共 54 条

[1] Do domestic firms benefit from direct foreign investment? Evidence from Venezuela [J].