Financial Competitiveness, Financial Openness and Bilateral Foreign Direct Investment

References

• Abiad, A., E. Detragiache, and T. Tressel. 2010. A new database of financial reforms. Imf Staff Papers 57 (2):281–302. doi:10.1057/imfsp.2009.23.
   Google Scholar
• Alfaro, L., S. Kalemli-Ozcan, and V. Volosovych. 2008. Why doesn’t capital flow from rich to poor countries? An empirical investigation. Review of Economics & Statistics 90 (2):347–68. doi:10.1162/rest.90.2.347.
   Web of Science ®Google Scholar
• Asiedu, E. 2006. Foreign direct investment in Africa: The role of natural resources, market size, government policy, institutions and political instability. World Economy 29 (1):63–77. doi:10.1111/twec.2006.29.issue-1.
   Web of Science ®Google Scholar
• Asiedu, E., and D. Lien. 2004. Capital controls and foreign direct investment. World Development 32 (3):479–90. doi:10.1016/j.worlddev.2003.06.016.
   Web of Science ®Google Scholar
• Asiedu, E., and D. Lien. 2011. Democracy, foreign direct investment and natural resources. Journal of International Economics 84 (1):99–111. doi:10.1016/j.jinteco.2010.12.001.
   Web of Science ®Google Scholar
• Barrell, R., and A. Nahhas. 2018. Economic integration and bilateral FDI stocks: The impacts of NAFTA and the EU. Working paper Series No. 1814, School of Economics, London.
   Google Scholar
• Beck, T., A. Demirgüç-Kunt, and R. Levine. 2010. Financial institutions and markets across countries and over time: The updated financial development and structure database. The World Bank Economic Review 24 (1):77–92. doi:10.1093/wber/lhp016.
   Web of Science ®Google Scholar
• Bénassy Quéré, A., M. Coupet, and T. Mayer. 2010. Institutional determinants of foreign direct investment. World Economy 30 (5):764–82. doi:10.1111/j.1467-9701.2007.01022.x.
   Google Scholar
• Bergrstrand, J. H., and P. Egger. 2011. Gravity equations and economic frictions in theworld economy. In: Bernhofen, D., Falvey, R., Greenaway, D., Krieckemeier (Eds.), Palgrave Handbook of International Trade. NewYork, NY: Palgrave Macmillan Press.
   Google Scholar
• Binici, M., M. Hutchison, and M. Schindler. 2010. Controlling capital? Legal restrictions and the asset composition of international financial flows. Journal of International Money and Finance 29 (4):666–84. doi:10.1016/j.jimonfin.2010.01.001.
   Web of Science ®Google Scholar
• Blonigen, B. A. 2005. A review of the empirical literature on FDI determinants. Atlantic Economic Journal 33 (4):383–403. doi:10.1007/s11293-005-2868-9.
   Google Scholar
• Blundell, R., and S. Bond. 1998. Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics 87 (1):115–143.
   Web of Science ®Google Scholar
• Brainard, S. L. 1997. An empirical assessment of the proximity-concentration trade-off between multinational sales and trade. American Economic Review 87 (4):520–44.
   Web of Science ®Google Scholar
• Busse, M., and C. Hefeker. 2007. Political risk, institutions and foreign direct investment. European Journal of Political Economy 23 (2):397–415. doi:10.1016/j.ejpoleco.2006.02.003.
   Google Scholar
• Chakrabarti, A. 2001. The determinants of foreign direct investments: Sensitivity analyses of cross‐country regressions. Kyklos 54 (1):89–114. doi:10.1111/kykl.2001.54.issue-1.
   Web of Science ®Google Scholar
• Chaney, T. 2016. Liquidity constrained exporters. Journal of Economic Dynamics & Control 72:141–54. doi:10.1016/j.jedc.2016.03.010.
   Web of Science ®Google Scholar
• Chinn, M., and H. Ito. 2006. What matters for financial development? Capital controls, institutions, and interactions. Journal of Development Economics 81 (1):163–92. doi:10.1016/j.jdeveco.2005.05.010.
   Web of Science ®Google Scholar
• Chinn, M. D., and H. Ito. 2008. A new measure of financial openness. Journal of Comparative Policy Analysis: Research and Practice 10 (3):309–22. doi:10.1080/13876980802231123.
   Google Scholar
• Čihák, M., A. Demirgüçkunt, E. Feyen, and R. Levine. 2012. Benchmarking financial systems around the world. Policy Research Working Paper 6175, World Bank, Washington, DC.
   Google Scholar
• Claessens, S., and L. Laven. 2003. Financial development. Property Rights, and Growth. Journal Of Financial Economic 65 (3):337–63.
   Google Scholar
• Daude, C., and E. Stein. 2007. The quality of institutions and foreign direct investment. Economics and Politics 19 (3):317–44. doi:10.1111/j.1468-0343.2007.00318.x.
   Google Scholar
• Daude, C., and M. Fratzscher. 2008. The pecking order of cross-border investment. Journal of International Economics 74 (1):94–119. doi:10.1016/j.jinteco.2007.05.010.
   Web of Science ®Google Scholar
• Dunning, J. H. 1981. Explaining the international direct investment position of countries: Towards a dynamic or developmental approach. Weltwirtschaftliches Archiv 117 (1):30–64. doi:10.1007/BF02696577.
   Google Scholar
• Dunning, J. H. 1986. The investment development cycle revisited. Weltwirtschaftliches Archiv 122 (4):667–76. doi:10.1007/BF02707854.
   Google Scholar
• Faeth, I. 2009. Determinants of foreign direct investment – A tale of nine theoretical models. Journal of Economic Surveys 23 (1):165–96. doi:10.1111/joes.2009.23.issue-1.
   Web of Science ®Google Scholar
• Fernández, A., M. W. Klein, A. Rebucci, M. Schindler, and M. Uribe. 2016. Capital control measures: A new dataset. Imf Economic Review 64 (3):548–74. doi:10.1057/imfer.2016.11.
   Web of Science ®Google Scholar
• Frenkel, M., K. Funke, and G. Stadtmann. 2004. A panel analysis of bilateral FDI flows to emerging economies. Economic Systems 28 (3):281–300. doi:10.1016/j.ecosys.2004.01.005.
   Google Scholar
• Gelos, R. G., and S. J. Wei. 2005. Transparency and international portfolio holdings. Journal of Finance 60 (6):2987–3020. doi:10.1111/j.1540-6261.2005.00823.x.
   Web of Science ®Google Scholar
• Greenaway, D., and R. Kneller. 2007. Firm heterogeneity, exporting and foreign direct investment. The Economic Journal 117 (517):F134–F161. doi:10.1111/j.1468-0297.2007.02018.x.
   Web of Science ®Google Scholar
• Grossman, G. M., and E. Helpman. 2004. Managerial incentives and the international organization of production. Journal of International Economics 63 (2):237–62. doi:10.1016/S0022-1996(03)00072-2.
   Web of Science ®Google Scholar
• Hajzler, C. 2014. Resource-based FDI and expropriation in developing economies. Journal of International Economics 92 (1):124–46. doi:10.1016/j.jinteco.2013.10.004.
   Web of Science ®Google Scholar
• Head, K., and J. Ries. 2008. FDI as an outcome of the market for corporate control: Theory and evidence. Journal of International Economics 74 (1):2–20. doi:10.1016/j.jinteco.2007.04.004.
   Web of Science ®Google Scholar
• Head, K., and T. Mayer. 2014. Gravity equations: Workhorse, toolkit, and cookbook. Handbook of International Economics (4): 131–95.
   Google Scholar
• Helpman, E., M. J. Melitz, and S. R. Yeaple. 2004. Export versus FDI with heterogeneous firms. The American Economic Review 94 (1):300–16. doi:10.1257/000282804322970814.
   Web of Science ®Google Scholar
• Henry, P. B. 2000. Do stock market liberalizations cause investment booms. Journal Of Financial Economics 58 (1):201–334.
   Web of Science ®Google Scholar
• Javorcik, B. S., and S. J. Wei. 2009. Corruption and cross-border investment in emerging markets: Firm-level evidence. Journal of International Money & Finance 28 (4):605–24. doi:10.1016/j.jimonfin.2009.01.003.
   Web of Science ®Google Scholar
• Koenker, R., and G. Bassett. 1978. Regression quantiles. Econometrica 46 (1):33–50. doi:10.2307/1913643.
   Web of Science ®Google Scholar
• Lucas, R. E. 1990. Why doesn’t capital flow from rich to poor countries? The American Economic Review 80 (2):92–96.
   Web of Science ®Google Scholar
• Manova, K. 2013. Credit constraints, heterogeneous firms, and international trade. The Review of Economic Studies 80 (2):711–44. doi:10.1093/restud/rds036.
   Web of Science ®Google Scholar
• Mayer, T., and S. Zignago. 2011. Notes on CEPII distances measures: The GeoDist database. CEPII Working Paper 25.
   Google Scholar
• Mendoza, E., G. V. Quadrini, and J. V. Rios-Rull. 2009. Financial integration, financial development, and global imbalances. Journal of Political Economy 117 (3):371–416. doi:10.1086/599706.
   Web of Science ®Google Scholar
• Moghadam, R., J. D. Ostry, and R. Sheehy. (2011). Assessing Reserve Adequacy, IMF Policy Papers, February 14.
   Google Scholar
• Montiela, P., and C. M. Reinhartb. 1999. Do capital controls and macroeconomic policies influence the volume and composition of capital flows? Evidence from the 1990s. Mpra Paper 18 (18):619–35.
   Google Scholar
• Nieuwerburgh, S. V., and L. Veldkamp. 2009. Information immobility and the home bias puzzle. The Journal of Finance 64 (3):1187–215. doi:10.1111/j.1540-6261.2009.01462.x.
   Web of Science ®Google Scholar
• Obstfeld, M., J. C. Shambaugh, and A. M. Taylor. 2010. Financial stability, the trilemma, and international reserves. American Economic Journal: Macroeconomics 2 (2):57–94.
   Web of Science ®Google Scholar
• Paniagua, J., E. Figueiredo, and J. Sapena. 2015. Quantile regression for the FDI gravity equation. Journal of Business Research 68 (7):1512–18. doi:10.1016/j.jbusres.2015.01.043.
   Web of Science ®Google Scholar
• Portes, R., and H. Rey. 2005. The determinants of cross-border equity flows. Journal of International Economics 65 (2):269–96. doi:10.1016/j.jinteco.2004.05.002.
   Web of Science ®Google Scholar
• Portes, R., H. Rey, and Y. Oh. 2001. Information and capital flows: The determinants of transactions in financial assets. European Economic Review 45 (4):783–96. doi:10.1016/S0014-2921(01)00138-6.
   Web of Science ®Google Scholar
• Rousseau, P. L., and P. Wachetl. 2011. What is happening to the impact of financial deepening on economic growth? Social Science Electronic Publishing 49 (1):276–88.
   Google Scholar
• Schindler, M. 2009. Measuring financial integration: A new data set. Imf Staff Papers 56 (1):222–38. doi:10.1057/imfsp.2008.28.
   Google Scholar
• Silva, J. M. C. S., and S. Tenreyro. 2010. On the existence of the maximum likelihood estimates in poisson regression. Economics Letters 107 (2):310–12. doi:10.1016/j.econlet.2010.02.020.
   Web of Science ®Google Scholar
• Silva, J. M. C. S., and S. Tenreyro. 2015. Trading partners and trading volumes: implementing the Helpman–Melitz–Rubinstein model empirically. Oxford Bulletin of Economics and Statistics 77 (1):93–105.
   Web of Science ®Google Scholar
• Silva, J. S., and S. Tenreyro. 2006. The log of gravity. The Review of Economics and Statistics 88 (4):641–58. doi:10.1162/rest.88.4.641.
   Web of Science ®Google Scholar
• Stein, E., and C. Daude. 2007. Longitude matters: Time zones and the location of foreign direct investment. Journal of International Economics 71 (1):96–112. doi:10.1016/j.jinteco.2006.01.003.
   Web of Science ®Google Scholar
• Van Nieuwerburgh, S., and L. Veldkamp. 2010. Information Acquisition and Under-Diversification. Review of Economic Studies 77 (2):779–805. doi:10.1111/roes.2010.77.issue-2.
   Web of Science ®Google Scholar
• Zheng, M. S., K. Storesletten, and F. Zilibotti. 2011. Growing like China. American Economic Review 101 (7149):196–233. doi:10.1257/aer.101.1.196.
   Google Scholar