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Structural Reforms, Financial Liberalization, and Foreign Direct Investment

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  • Nauro F Campos
  • Yuko Kinoshita

Abstract

The relationship between structural reforms and foreign direct investment (FDI) inflows is complex because different reforms have different impacts and because their complementarities have important yet imperfectly understood effects on FDI inflows. The objective of this paper is to try to extricate these effects, focusing on the dynamics of privatization, trade, and financial liberalization in a large yearly panel of developing countries (Latin America and transition economies) for the period from 1989–2004. The main finding is that of a strong relationship of reforms to FDI and, especially, of financial liberalization. We subject our results to various sensitivity tests and find they are robust to different measures of reforms, split samples, panel estimators (fixed-effects, system generalized method of moments, and differences-in-differences), as well as to endogeneity and omitted variables concerns.

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Bibliographic Info

Article provided by Palgrave Macmillan in its journal IMF Staff Papers.

Volume (Year): 57 (2010)
Issue (Month): 2 (June)
Pages: 326-365

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Handle: RePEc:pal:imfstp:v:57:y:2010:i:2:p:326-365

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Cited by:
  1. Jan Hanousek & Evžen Kocenda & Mathilde Maurel, 2010. "Direct and indirect effects of FDI in emerging European markets : a survey and meta-analysis," Documents de travail du Centre d'Economie de la Sorbonne 10024, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
  2. Ho Fai Chan & Bruno S. Frey & Jana Gallus & Benno Torgler, 2013. "Does The John Bates Clark Medal Boost Subsequent Productivity And Citation Success?," CREMA Working Paper Series 2013-02, Center for Research in Economics, Management and the Arts (CREMA).
  3. Markus Jorra, 2011. "The Heterogeneity of Default Costs: Evidence from Recent Sovereign Debt Crises," MAGKS Papers on Economics 201151, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).

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