Capital Flows and Growth in Developing Countries: A Dynamic Panel Data Analysis

References

• Al-Marhubi , F. 2005 . Openness and governance: evidence across countries . Oxford Development Studies , 33 : 453 – 471 .
   Google Scholar
• Ang , J. B. and McKibbin , W. J. 2007 . Financial liberalization, financial sector development and growth: evidence from Malaysia . Journal of Development Economics , 84 : 215 – 233 .
   Web of Science ®Google Scholar
• Arellano , M. and Bond , S. R. 1991 . Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations . Review of Economic Studies , 58 : 277 – 297 .
   Web of Science ®Google Scholar
• Arellano , M. and Bover , O. 1995 . Another look at the instrumental variable estimation of error components models . Journal of Econometrics , 68 : 29 – 52 .
   Web of Science ®Google Scholar
• Balasubramanyam , V. N. , Salisu , M. and Sapsford , D. 1996 . Foreign direct investment and growth in EP countries and IS countries . The Economic Journal , 106 : 92 – 105 .
   Web of Science ®Google Scholar
• Balasubramanyam , V. N. , Salisu , M. and Sapsford , D. 1999 . FDI as an engine of growth . The Journal of International Trade and Economic Development , 8 : 27 – 40 .
   Google Scholar
• Baltagi , B. H. 2001 . Econometric Analysis of Panel Data , New York : John Wiley and Sons .
   Google Scholar
• Barclay , L. A. 2004 . FDI-facilitated development: the case of the natural gas industry of Trinidad and Tobago . Oxford Development Studies , 32 : 485 – 505 .
   Google Scholar
• Bende-Nabende , A. , Ford , J. , Santoso , B. and Sen , S. 2003 . The interaction between FDI, output and the spillover variables: co-integration and VAR analyses for APEC, 1965–99 . Applied Economics Letters , 10 : 165 – 172 .
   Web of Science ®Google Scholar
• Blomstrom , M. , Lipsey , R. and Zejan , M. 1996 . Is fixed investment the key to economic growth? . Quarterly Journal of Economics , 111 : 269 – 276 .
   Web of Science ®Google Scholar
• Blundell , R. W. and Bond , S. R. 1998 . Initial conditions and moment restrictions in dynamic panel data models . Journal of Econometrics , 87 : 115 – 143 .
   Web of Science ®Google Scholar
• Borensztein , E. , De Gregorio , J. and Lee , J. W. 1998 . How does foreign direct investment affect economic growth? . Journal of International Economics , 45 : 115 – 135 .
   Web of Science ®Google Scholar
• Carkovic, M. & Levine, R. (2002) Does Foreign Direct Investment Accelerate Economic Growth?, University of Minnesota Department of Finance Working Paper, available at: http://ssrn.com/abstract = 314924 (http://ssrn.com/abstract=314924)
   Google Scholar
• Crespo , N. and Fontoura , M. P. 2007 . Determinant factors of FDI spillovers—what do we really know? . World Development , 35 : 410 – 425 .
   Web of Science ®Google Scholar
• De Gregorio , J. 1992 . Economic growth in Latin America . Journal of Development Economics , 39 : 59 – 83 .
   Web of Science ®Google Scholar
• De Mello , L. R. 1997 . FDIs in developing countries and growth: a selective survey . Journal of Development Studies , 34 : 115 – 135 .
   Google Scholar
• Dollar , D. and Kraay , A. 2003 . Institutions, trade, and growth . Journal of Monetary Economics , 50 : 133 – 162 .
   Web of Science ®Google Scholar
• Dunning , J. H. and Narula , R. 2000 . Industrial development, globalization and multinational enterprises: new realities for developing countries . Oxford Development Studies , 28 : 141 – 167 .
   Google Scholar
• Durham , J. B. 2004 . Absorptive capacity and the effects of foreign direct investment and equity foreign portfolio investment on economic growth . European Economic Review , 48 : 285 – 306 .
   Web of Science ®Google Scholar
• Edwards, S. (2000) Capital flows and economic performance: are emerging economies different?, University of California at Los Angeles Working Paper, available at: www.utdt.edu/download.php?fname = 115332207239457100.pdf (www.utdt.edu/download.php?fname=115332207239457100.pdf)
   Google Scholar
• Eichengreen , B. 2001 . Capital account liberalisation: what do cross-country studies tell us? . The World Bank Economic Review , 15 : 341 – 365 .
   Web of Science ®Google Scholar
• Gruben , W. C. and Mcleod , D. 1998 . Capital flows, savings, and growth in the 1990s . The Quarterly Review of Economics and Finance , 38 : 287 – 301 .
   Google Scholar
• Gyimah-Brempong , K. , Paddison , O. and Mitiku , W. 2006 . Higher education and economic growth in Africa . Journal of Development Studies , 42 : 509 – 529 .
   Web of Science ®Google Scholar
• Harrison , A. E. , Love , I. and McMillian , M. S. 2004 . Global capital flows and financing constraints . Journal of Development Economics , 75 : 269 – 301 .
   Web of Science ®Google Scholar
• Hermes , N. and Lensink , R. 2003 . FDI, financial development and growth . Journal of Development Studies , 40 : 142 – 163 .
   Web of Science ®Google Scholar
• Hsiao , C. 2003 . Analysis of Panel Data , Cambridge : Cambridge University Press .
   Google Scholar
• International Monetary Fund . 1992 . Measurement of International Capital Flows , Washington, DC : International Monetary Fund .
   Google Scholar
• International Monetary Fund . 2002 . International Financial Statistics , Washington, DC : International Monetary Fund .
   Google Scholar
• Lall , S. 1996 . Paradigms of development: the East Asian miracle debate . Oxford Development Studies , 24 : 111 – 132 .
   Google Scholar
• Levine , R. 2001 . International financial liberalization and growth . Review of International Economics , 9 : 688 – 702 .
   Google Scholar
• Li , X. and Liu , X. 2005 . FDI and growth: an increasingly endogenous relationship . World Development , 33 : 393 – 407 .
   Web of Science ®Google Scholar
• Lucas , R. E. 1988 . On the mechanics of economic development . Journal of Monetary Economics , 22 : 3 – 42 .
   Web of Science ®Google Scholar
• Lucas , R. E. Jr. 1990 . Why doesn't capital flow from rich to poor countries? . American Economic Review , 80 : 92 – 96 .
   Web of Science ®Google Scholar
• MacDonald , R. and Nagayasu , J. 2000 . The long-run relationship between real exchange rates and real interest rate differentials: a panel study . IMF Staff Papers , 47 : 116 – 128 .
   Google Scholar
• Mankiw , N. G. , Romer , D. and Weil , D. N. 1992 . A contribution to the empirics of growth . Quarterly Journal of Economics , 107 : 407 – 437 .
   Web of Science ®Google Scholar
• Mishra , D. , Mody , A. and Murshid , A. P. 2001 . Private capital flows and growth . Finance & Development , 38 : 2 – 5 .
   Google Scholar
• Nair-Reichert , U. and Weinhold , D. 2001 . Causality tests for cross-country panels: a new look at FDI and growth in developing countries . Oxford Bulletin of Economics and Statistics , 63 : 153 – 171 .
   Web of Science ®Google Scholar
• Nunnenkamp , P. 2004 . To what extent can FDI help achieve international development goals? . World Economy , 27 : 657 – 677 .
   Web of Science ®Google Scholar
• Obstfeld , M. 1994 . Risk-taking, global diversification, and growth . American Economic Review , 84 : 1310 – 1329 .
   Web of Science ®Google Scholar
• Pack , H. 1994 . Endogenous growth theory: intellectual appeal and empirical shortcomings . Journal of Economic Perspectives , 8 : 55 – 72 .
   PubMed Web of Science ®Google Scholar
• Rodrik , D. , Subramanian , A. and Trebbi , F. 2004 . Institutions rule: the primacy of institutions over geography and integration in economic development . Journal of Economic Growth , 9 : 131 – 165 .
   Web of Science ®Google Scholar
• Romer , P. M. 1986 . Increasing returns and long run growth . Journal of Political Economy , 94 : 1002 – 1037 .
   Web of Science ®Google Scholar
• Romer , P. M. 1990 . Endogenous technological change . Journal of Political Economy , 98 : s71 – s102 .
   Web of Science ®Google Scholar
• Romer , P. M. 1993 . Idea gaps and object gaps in economic development . Journal of Monetary Economics , 32 : 543 – 573 .
   Web of Science ®Google Scholar
• Sargan , J. D. 1958 . The estimation of economic relationships using instrumental variables . Econometrica , 26 : 393 – 415 .
   Web of Science ®Google Scholar
• Sargan , J. D. 1980 . Some tests of dynamic specification for a single equation . Econometrica , 48 : 879 – 897 .
   Web of Science ®Google Scholar
• Strulik , H. 2007 . Too much of a good thing? The quantitative economics of R&D driven growth revisited . Scandinavian Journal of Economics , 109 : 369 – 386 .
   Web of Science ®Google Scholar
• Tamura , R. 2006 . Human capital and economic growth . Journal of Development Economics , 79 : 26 – 72 .
   Web of Science ®Google Scholar
• Van Marrewijk , C. and Berden , K. G. 2007 . On the static and dynamic costs of trade restrictions for small developing countries . Journal of Development Economics , 84 : 46 – 60 .
   Google Scholar
• Velde , D. W. and Xenogiani , T. 2007 . Foreign direct investment and international skill inequality . Oxford Development Studies , 35 : 83 – 104 .
   Google Scholar
• White , H. 1982 . Instrumental variables regression with independent observations . Econometrica , 50 : 483 – 499 .
   Web of Science ®Google Scholar
• World Bank . 2001 . Global Development Finance , Washington, DC : World Bank .
   Google Scholar
• World Bank . 2004 . World Development Indicators , Washington, DC : World Bank .
   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