The Determinants Of Foreign Direct Investment In Developing Countries

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The Determinants Of Foreign Direct Investment In Developing Countries

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Marcelo Braga Nonnemberg
Mario Jorge Cardoso de Mendonça

Abstract

The objective of this study is to shed light on the determinants of foreign direct investiment (FDI) in developing countries. In order to undertake it, we performe a econometric model based in panel data analysis for 38 developing countries (including transition economies) for the 1975-2000 period. Among the major conclusions we have that the FDI is correlated to level of schooling, economy's degree of openness, risk and variables related to macroeconomic performance like inflation, risk and average rate of economic growth. The results also show that the FDI has been closely associated with stock market performance. Lastly, a causality test between FDI and GDP is performed. There is evidence of the existence of causality in sense that GDP leading to FDI, but not vice versa.

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Paper provided by ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics] in its series Anais do XXXII Encontro Nacional de Economia [Proceedings of the 32th Brazilian Economics Meeting] with number 061.

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Date of creation: 2004
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Handle: RePEc:anp:en2004:061

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Find related papers by JEL classification:
F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

This paper has been announced in the following NEP Reports:

NEP-AFR-2004-12-12 (Africa)
NEP-ALL-2004-12-12 (All new papers)
NEP-FIN-2004-12-15 (Finance)
NEP-FIN-2004-12-12 (Finance)
NEP-IFN-2004-12-12 (International Finance)
NEP-MFD-2004-12-12 (Microfinance)
NEP-SEA-2004-12-12 (South East Asia)

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This page was last updated on 2009-12-13.

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