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논문 기본 정보
- 자료유형
- 학술저널
- 저자정보
- 발행연도
- 2016.1
- 수록면
- 53 - 76 (24page)
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This paper examines how capital account liberalization (CAL) affects Foreign Direct Investment (FDI) inflows. We use the System Generalized-Method-of-Moments (GMM) estimator developed for the dynamic panel model for a sample of 17 Middle East North and Africa (MENA) countries from 1985 to 2009. Our findings reveal that the positive impact of CAL on FDI depends on the political stability in a host country. Furthermore, results show that enhancing democratic institutions, enforcing property rights, reducing the risk of expropriation and the religious tension seem to be some of the most promising policies in terms of attracting FDI in the region. Also, we find that foreign investors value the quality of institutions more than the level of corruption or bureaucracy quality in the location choice.
Our results are robust by using a different database of institutional qualities. Research findings are relevant for MENA countries given that many of them have engaged in a process of liberalization and have weak institutions.
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참고문헌 (30)
참고문헌 신청
Aizenman, J / 2004 / Endogenous Financial and Trade Openness / Review of Development Economics 13(2):175~189
Alfaro, L / 2008 / Why Doesn’t Capital Flow from Rich to Poor Countries? An Empirical Investigation / The Review of Economics and Statistics 90:347~368
Arellano, M / 1991 / Some Tests of Specification for Panel Data : Monte Carlo Evidence and an Application to Employment Equations / The Review of Economic Studies 58(2):277~297
Arellano, M / 1995 / Another Look at the Instrumental Variable Estimation of Error-Components Models / Journal of Econometrics 68(1):29~51
Asiedu, E / 2004 / Capital Controls and Foreign Direct Investment / World Development 32(3):479~490
Alfaro, L / 2008 / Why Doesn’t Capital Flow from Rich to Poor Countries? An Empirical Investigation / The Review of Economics and Statistics 90:347~368
Arellano, M / 1991 / Some Tests of Specification for Panel Data : Monte Carlo Evidence and an Application to Employment Equations / The Review of Economic Studies 58(2):277~297
Arellano, M / 1995 / Another Look at the Instrumental Variable Estimation of Error-Components Models / Journal of Econometrics 68(1):29~51
Asiedu, E / 2004 / Capital Controls and Foreign Direct Investment / World Development 32(3):479~490
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