Testing for causality between FDI and economic growth using heterogeneous panel data

References

• Agarwal, P. 2000. Economic Impact of Foreign Direct Investment in South Asia, Mimeo. A.K. Bombay, India: Indira Gandhi Institute of Development Research, Gen.
   Google Scholar
• Alfaro, L., A. Chanda, S. Kalemli-Ozcan, and S. Sayek. 2004. “FDI and Economic Growth: The Role of Local Financial Markets.” Journal of International Economics 64: 89–112.
   Web of Science ®Google Scholar
• Asiedu, E. 2002. “On the Determinants of Foreign Direct Investment to Developing Countries: Is Africa Different?” World Development 30 (1): 107–119.
   Web of Science ®Google Scholar
• Asiedu, E. 2003. “Policy Reform and Foreign Direct Investment to Africa: Absolute Progress but Relative Decline.” Development Policy Review 22 (1): 41–48.
   Google Scholar
• Barro, R. J. 1991. “Economic Growth in a Cross Section of Countries.” Quarterly Journal of Economics 106 (2): 407–443.
   Web of Science ®Google Scholar
• Barro, R. J., and Xavier Sala-I-Martin. 1995. Economic Growth. Boston: McGraw-Hill.
   Google Scholar
• Bengoa, M., and B. Sanchez-Robles. 2003. “Foreign Direct Investment,Economic Freedom and Growth: new Evidence From Latin America.” European Journal of Political,Economy 19: 529–545.
   Google Scholar
• Blomström, M., A. Kokko, and M. Zejan. 1992. Host Country Competition and Technology Transfer by Multinationals, NBER Working Papers 4131, National Bureau of Economic Research, Inc.
   Google Scholar
• Blomström, M., R. E. Lipsey, and M. Zejan. 1996. “Is Fixed Investment the Key to Economic Growth?” Quarterly Journal of Economics 111 (1): 269–276.
   Web of Science ®Google Scholar
• Borenztein, E., J. DeGregorio, and J. W. Lee. 1998. “How Does Foreign Direct Investment Affect Economic Growth.” Journal of International Economics 45: 115–135.
   Web of Science ®Google Scholar
• Busse, M., and J. L. Groizard. 2008. “FDI, Regulations and Growth.” The World Economy 31 (7): 861–886.
   Web of Science ®Google Scholar
• Calvo, M. B., and B. S. Robles. 2003. “Foreign Direct Investment, Economic Freedom and Growth: new Evidence From Latin-America.” European Journal of Political Economy 19 (3): 529–545.
   Google Scholar
• Campos, N. F., and Y. Kinoshita. 2002. “Foreign Direct Investment as Technology Transferred: Some Panel Evidence From the Transition Economies.” The Manchester School 70 (3): 398–419.
   Web of Science ®Google Scholar
• Carkovic, M., and R. Levine. 2005. “Does Foreign Direct Investment Accelerate Economic Growth?” In Does Foreign Direct Investment Promote Development?, edited by T. H. Moran, E. M. Graham, and M. Blomstrom, 195–220. Washington, DC: Institute for International Economics and Center for Global Development. Washington, DC.
   Google Scholar
• Caves, R. 1996. Multinational Enterprises and Economic Analysis. Cambridge: Cambridge University Press.
   Google Scholar
• Chakrabarti, A. 2001. “The Determinants of Foreign Direct Investment: Sensitivity Analyses of Cross-Country Regressions.” Kyklos 54 (1): 89–113.
   Web of Science ®Google Scholar
• Chakraborty, C., and P. Basu. 2002. “Foreign Direct Investment and Growth in India: a Cointegration Approach.” Applied Economics 34: 1061–1073.
   Web of Science ®Google Scholar
• Chan, V. 2000. “Foreign Direct Investment and Economic Growth in Taiwan’s Manufacturing Industries.” In The Role of FDI in East Asia Economic Development, edited by K. Kruger, and I. Takatoshi. Chicago: Chicago University Press.
   Google Scholar
• Chanegriha, M., C. Stewart, and C. Tsoukis. 2017. “Identifying the Robust Economic, Geographical and Political Determinants of FDI: an Extreme Bounds Analysis.” Empirical Economics 52 (2): 759–776.
   Web of Science ®Google Scholar
• Choe, J. I. 2003. “Do Foreign Direct Investment and Gross Domestic Investment Promote Economic Growth?” Review of Development Economics 7: 44–57.
   Google Scholar
• Chowdhury, A., and G. Mavrotas. 2005. FDI and Growth: A Causal Relationship, United Nations University, WIDER, Research Paper No: 2005/25.
   Google Scholar
• De Mello, L. F. Jr. 1997. “Foreign Direct Investment in Developing Countries and Growth: A Selective Survey.” Journal of Development Studies 34 (1): 1–34.
   Web of Science ®Google Scholar
• De Mello, L. F. Jr. 1999. “Foreign Direct Investment-led Growth: Evidence From Time Series and Panel Data.” Oxford Economic Papers 51 (1): 133–151.
   Web of Science ®Google Scholar
• Dutt, A., M. Duttaray, and K. Mukhopadhyay. 2008. “Foreign Direct Investment and Economic Growth in Less Developed Countries: An Empirical Study of Causality and Mechanisms.” Applied Economics 40: 1927–1939.
   Web of Science ®Google Scholar
• Ehigiamusoe, K., and H. H. Lean. 2019. “Foreign Capital Inflows and Economic Growth in Nigeria: Any Nexus.” Journal of African Business 20 (4): 455–471.
   Web of Science ®Google Scholar
• Ericsson, J., and M. Irandoust. 2001. “On the Causality Between Foreign Direct Investment and Output: A Comparative Study.” The International Trade Journal 15 (1): 1–26.
   Google Scholar
• Felipe, J. 1997. Total Factor Productivity Growth in East Asia: A Critical Survey. ADB EDRC Report Series N. 65.
   Google Scholar
• Fisher, R. A. 1932. Statistical Methods for Research Workers. Edinburgh: Oliver & Boyd.
   Google Scholar
• Fisher, R. A. 1948. “Combining Independent Tests of Significance.” American Statistician 2 (5): 30–31.
   Google Scholar
• Gao, T. 2005. “Foreign Direct Investment and Growth Under Economic Integration.” Journal of International Economics 67: 157–174.
   Web of Science ®Google Scholar
• Ghosh, M., and W. Wang. 2009. “Does FDI Accelerate Economic Growth?” Global Economy Journal 9 (4): 1–21.
   Google Scholar
• Gorg, H., and D. Greenaway. 2004. “Much Ado About Nothing? Do Domestic Firms Really Benefit From Foreign Direct Investment?” World Bank Research Observer 19: 171–197.
   Web of Science ®Google Scholar
• Granger, C. W. J. 1969. “Investigating Causal Relations by Econometric Models and Cross-spectral Methods.” Econometrica 37 (3): 424–438.
   Web of Science ®Google Scholar
• Granger, C. W. J. 1980. “Testing for Causality: A Personal Viewpoint.” Journal of Economic Dynamics and Control 2: 329–352.
   Web of Science ®Google Scholar
• Greene, W. H. 2000. Econometric Analysis. Englewood Cliffs, NJ: Prentice-Hall International.
   Google Scholar
• Gursoy, F., A. Sekreter, and H. Kalyoncu. 2013. “FDI and Economic Growth Relationship Based on Cross-Country Comparison.” International Journal of Economics and Financial Issues 3 (2): 519–524.
   Google Scholar
• Hanck, C. 2013. “An Intersection Test for Panel Unit Roots.” Econometric Reviews 32 (2): 183–203.
   Web of Science ®Google Scholar
• Holtz-Eakin, D., W. Newey, and H. Rosen. 1988. “Estimating Vector Autoregressions with Panel Data.” Econometrica 56: 1371–1395.
   Web of Science ®Google Scholar
• Hommel, G. 1988. “A Stagewise Rejective Multiple Test Procedure Based on a Modified Bonferroni Test.” Biometrika 75 (2): 383–386.
   Web of Science ®Google Scholar
• Hood III, M. V., Q. Kidd, and I. L. Morris. 2008. “Two Sides of the Same Coin? Employing Grange Causality Tests in a Time Series Cross-Section Framework.” Political Analysis 16: 324–344.
   Web of Science ®Google Scholar
• Hsiao, F. S. T. 2006. “FDI, Exports and GDP in East and Southeast Asia — Panel Data Versus Time-Series Causality Analyses.” Journal of Asian Economics 17 (4): 1082–1106.
   Google Scholar
• Hurlin, C. 2004a. Testing Granger Causality in Heterogeneous Panel Data Models with Fixed Coefficients. Mimeo: University of Orléans.
   Google Scholar
• Hurlin, C. 2004b. A Note on Causality Tests in Panel Data Models with Random Coefficients. Miméo: University of Orléans.
   Google Scholar
• Hurlin, C. 2008. Testing for Granger Non-Causality in Heterogeneous Panels, Working Paper LEO, No. 2007-10, University of Orléans.
   Google Scholar
• Hurlin, C., and B. Venet. 2001. Granger Causality Tests in Panel Data Models with Fixed Coefficients. Mimeo: University Paris IX.
   Google Scholar
• Lensink, R., and O. Morrissey. 2006. “Foreign Direct Investment: Flows, Volatility, and the Impact on Growth.” Review of International Economics 14 (3): 478–493.
   Google Scholar
• Lucas, R. 1988. “On the Mechanics of Economic Development.” Journal of Monetary Economics 22 (1): 3–42.
   Web of Science ®Google Scholar
• Mankiw, N. G., D. Romer, and D. Weil. 1992. “Acontribution to the Empirics of Economic Growth.” Quaterly Journal of Economics 107: 407–437.
   Web of Science ®Google Scholar
• Mencinger, J. 2003. “Does Foreign Direct Investment Always Enhance Economic Growth?” Kyklos 56 (4): 491–509.
   Web of Science ®Google Scholar
• Mody, A., and A. Murshid. 2002. Growing Up with Capital Flows. IMF Working WP/02/75. Washington, DC: IMF.
   Google Scholar
• OECD. 2002. Foreign Direct Investment for Development: Maximising Benefits, Minimizing Costs. Paris: OECD publishing.
   Google Scholar
• Ozturk, I. 2007. “Foreign Direct Investment-Growth Nexus: A Review of the Recent Literature.” International Journal of Applied Econometrics and Quantitative Studies 4 (2): 79–98.
   Google Scholar
• Ozturk, I., and H. Kalyoncu. 2007. “Foreign Direct Investment and Growth: An Empirical Investigation Based on Cross-Country Comparison.” Economia Internazionale 60 (1): 75–82.
   Google Scholar
• Parsons, Christopher, and Sheridan Titman. 2008. “Capital Structure and Corporate Strategy.” Chap. 13 in Handbook of Corporate Finance: Empirical Corporate Finance. Vol. 2., edited by B. Espen Eckbo, 203–234. North-Holland Publishing Company.
   Google Scholar
• Saas, M. 2003. Competitiveness and Economic Policies Related to Foreign Direct Investment. Working Paper, Hungarian Ministry of Finance.
   Google Scholar
• Simes, R. J. 1986. “An Improved Bonferroni Procedure for Multiple Tests of Significance.” Biometrika 73 (3): 751–754.
   Web of Science ®Google Scholar
• Sooreea-Bheemul, B., and R. Sooreea. 2013. “Missing Causality Links Between Foreign Direct Investment, Exports, Domestic Investment and Economic Growth.” International Journal of Business and Emerging Markets 5 (4): 322–340.
   Google Scholar
• Xu, B. 2000. “Multinational Enterprises, Technology Diffusion, and Host Country Productivity Growth.” Journal of Development Economics 62: 477–493.
   Web of Science ®Google Scholar
• Zhang, K. H. 2001. “How Does Foreign Direct Investment Affect Economic Growth in China?” Economics of Transition 9 (3): 679–693.
   Web of Science ®Google Scholar