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A relação entre os investimentos diretos estrangeiros Greenfield e Brownfield e o crescimento econômico : uma análise a partir do modelo Var em painel

Author

Listed:
  • Danielle Evelyn de Carvalho

    (Cedeplar/UFMG)

  • Rafael S. M. Ribeiro

    (Cedeplar/UFMG)

Abstract

The aim of this work is to analyze the simultaneous relationship between greenfield and brownfield foreign direct investments (FDI) and the GDP per capita for a sample of 119 countries over the 2003 – 2018 period. By employing a Panel VAR model, we calculate the impulse response functions in order to compare the effect of an exogenous shock in both types of investment on the dynamics of GDP per capita over time. In addition, we also conducted Granger causality tests and forecast error variance decomposition analyses. Our results suggest that faster economic growth successfully attracts greenfield FDI at the expense of the brownfield type across all levels of economic development. On the other hand, the return of both greenfield and brownfield FDI in terms of economic growth appears to be negligible for all levels of development.

Suggested Citation

  • Danielle Evelyn de Carvalho & Rafael S. M. Ribeiro, 2020. "A relação entre os investimentos diretos estrangeiros Greenfield e Brownfield e o crescimento econômico : uma análise a partir do modelo Var em painel," Textos para Discussão Cedeplar-UFMG 627, Cedeplar, Universidade Federal de Minas Gerais.
    • Handle: RePEc:cdp:texdis:td627
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    More about this item

    Keywords

    investments; greenfield; brownfield; economic growth; panel VAR;
    All these keywords.

    JEL classification:

    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • O23 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Fiscal and Monetary Policy in Development
    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes

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