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The Nexus of Outward Foreign Direct Investment and Income: Evidence from Singapore

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  • Chew Ging LEE

Abstract

This paper examines the relationship between economic growth and outward foreign direct investment (FDI) in Singapore with cointegration and Granger causality analyses. Although we find gross domestic product (GDP) per capita and outward FDI are cointegrated, there is no evidence of long run causality between these two variables because the coefficient of error correction term is either statistically insignificant or with wrong sign. With the standard Granger causality test, the results indicate that increased outward FDI leads to higher GDP per capita, but higher GDP per capita actually leads to a decline in outward FDI.

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Bibliographic Info

Article provided by Euro-American Association of Economic Development in its journal Applied Econometrics and International Development.

Volume (Year): 10 (2010)
Issue (Month): 1 ()
Pages:

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Handle: RePEc:eaa:aeinde:v:10:y:2010:i:1_13

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Related research

Keywords: Granger Causality; Outward FDI; Income;

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References

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  1. Dierk Herzer & Stephan Klasen & Felicitas Nowak-Lehmann D., 2006. "In search of FDI-led growth in developing countries," Ibero America Institute for Econ. Research (IAI) Discussion Papers 150, Ibero-America Institute for Economic Research.
  2. Guisan, M.Carmen, 2004. "A Comparison of Causality Tests Applied to the Bilateral Relationship between Consumption and GDP in the USA and Mexico," International Journal of Applied Econometrics and Quantitative Studies, Euro-American Association of Economic Development, vol. 1(1), pages 115-130.
  3. Paresh Kumar Narayan & Russell Smyth, 2003. "Attendance and pricing at sporting events: empirical results from Granger Causality Tests for the Melbourne Cup," Applied Economics, Taylor & Francis Journals, vol. 35(15), pages 1649-1657.
  4. Ellingsen, Gaute & Likumahuwa, Winfried & Nunnenkamp, Peter, 2006. "Outward FDI by Singapore : a different animal?," Open Access Publications from Kiel Institute for the World Economy 3947, Kiel Institute for the World Economy (IfW).
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Cited by:
  1. Muhammad, Shahbaz & Samia, Nasreen & Talat, Afza, 2011. "Environmental consequences of economic growth and foreign direct investment: evidence from panel data analysis," MPRA Paper 32547, University Library of Munich, Germany, revised 03 Aug 2011.

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