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Governance and the Effectiveness of Foreign Capital

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  • Unbreen Qayyum

    (Pakistan Institute of Development Economics, Islamabad)

  • Hasan Siftain

    (Pakistan Institute of Development Economics, Islamabad)

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    Abstract

    This study empirically investigates the impact of foreign capital and governance on the economic growth by employing country level data from 1984 to 2010 for Asian developing countries. Governance; foreign aid and FDI positively affect the growth (per capita income) however, higher levels of debt are associated with slow growth rates. Results of the study are statistically highly significant and in accordance to prior expectations and economic theory. The robustness of the results is confirmed by performing the sensitivity analysis.

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    File URL: http://www.pide.org.pk/pdf/Working%20Paper/WorkingPaper-98.pdf
    File Function: First Version, 2014
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    Bibliographic Info

    Paper provided by Pakistan Institute of Development Economics in its series PIDE-Working Papers with number 2014:98.

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    Length: 18 pages
    Date of creation: 2014
    Date of revision:
    Handle: RePEc:pid:wpaper:2014:98

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    Keywords: External Debt; Foreign Aid; Governance; FDI; Economic Growth;

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    1. Oliver E. Williamson, 2000. "The New Institutional Economics: Taking Stock, Looking Ahead," Journal of Economic Literature, American Economic Association, vol. 38(3), pages 595-613, September.
    2. Khilji, Nasir M. & Zampelli, Ernest M., 1991. "The fungibility of US assistance to developing countries and the impact on recipient expanditures: a case study of Pakistan," World Development, Elsevier, vol. 19(8), pages 1095-1105, August.
    3. Unbreen Qayyum, 2013. "Institutional Quality, Conflict and Aid Dependency," PIDE-Working Papers 2013:94, Pakistan Institute of Development Economics.
    4. Qayyum, Unbreen & Din, Musleh-ud & Haider, Adnan, 2014. "Foreign aid, external debt and governance," Economic Modelling, Elsevier, vol. 37(C), pages 41-52.
    5. Baum, Anja & Checherita-Westphal, Cristina & Rother, Philipp, 2012. "Debt and growth: new evidence for the euro area," Working Paper Series 1450, European Central Bank.
    6. Buchanan, Bonnie G. & Le, Quan V. & Rishi, Meenakshi, 2012. "Foreign direct investment and institutional quality: Some empirical evidence," International Review of Financial Analysis, Elsevier, vol. 21(C), pages 81-89.
    7. Stiglitz, Joseph E, 1999. "The World Bank at the Millennium," Economic Journal, Royal Economic Society, vol. 109(459), pages F577-97, November.
    8. Mauro, Paolo, 1995. "Corruption and Growth," The Quarterly Journal of Economics, MIT Press, vol. 110(3), pages 681-712, August.
    9. Paul Collier, 2006. "African Growth: Why a 'Big Push'?," Journal of African Economies, Centre for the Study of African Economies (CSAE), vol. 15(2), pages 188-211, December.
    10. Qazi Masood Ahmed & Mohammad Sabihuddin Butt & Shaista Alam, 2000. "Economic Growth, Export, and External Debt Causality: The Case of Asian Countries," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 39(4), pages 591-608.
    11. Easterly, William & Levine, Ross, 1997. "Africa's Growth Tragedy: Policies and Ethnic Divisions," The Quarterly Journal of Economics, MIT Press, vol. 112(4), pages 1203-50, November.
    12. Dani Rodrik, 1996. "Understanding Economic Policy Reform," Journal of Economic Literature, American Economic Association, vol. 34(1), pages 9-41, March.
    13. Unbreen Qayyum & Adnan Haider, 2012. "Foreign Aid, External Debt and Economic Growth Nexus in Low-Income Countries: The Role of Institutional Quality," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 51(4), pages 97-116.
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