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Economic Freedom And Foreign Direct Investment In Ecowas Countries: A Panel Data Analysis

Listed author(s):
  • Kazeem Bello AJIDE
  • P.B. EREGHA

The paper examines the relationship between economic freedom and the inflow of foreign direct investment (FDI) in twelve ECOWAS countries selected based on data availability over the period spanning 1995 to 2010. A panel data analysis was employed for the estimation in which preference was shown for fixed over random effects as suggested by the Hausman test. The study however, revealed the positive and significant impact of financial freedom on the inflow of FDI while business and property right freedoms constituted drags to FDI attraction among those countries. It is therefore recommended that unfettered business freedom should be prevented, flagrant abuses of copyrights, patent and franchise rights should be dully sanctioned and that a sound financial system environment should be promoted and consciously monitored to avert from being abused.

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File URL: http://www.usc.es/economet/journals1/aeid/aeid14212.pdf
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Article provided by Euro-American Association of Economic Development in its journal Applied Econometrics and International Development.

Volume (Year): 14 (2014)
Issue (Month): 2 ()
Pages:

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Handle: RePEc:eaa:aeinde:v:14:y:2014:i:2_12
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  1. Philipp Harms & Heinrich W. Ursprung, 2002. "Do Civil and Political Repression Really Boost Foreign Direct Investments?," Economic Inquiry, Western Economic Association International, vol. 40(4), pages 651-663, October.
  2. Bengoa, Marta & Sanchez-Robles, Blanca, 2003. "Foreign direct investment, economic freedom and growth: new evidence from Latin America," European Journal of Political Economy, Elsevier, vol. 19(3), pages 529-545, September.
  3. Saleh M. Nsouli & Norbert Funke, 2003. "The New Partnership for Africa's Development (NEPAD) Opportunities and Challenges," IMF Working Papers 03/69, International Monetary Fund.
  4. Shang-Jin Wei, 2000. "How Taxing is Corruption on International Investors?," The Review of Economics and Statistics, MIT Press, vol. 82(1), pages 1-11, February.
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  6. Kapuria-Foreman, Vibha., 2007. "Economic freedom and foreign direct investment in developing countries," Journal of Developing Areas, Tennessee State University, College of Business, vol. 41(1), pages 143-154, September.
  7. Chakrabarti, Avik, 2001. "The Determinants of Foreign Direct Investment: Sensitivity Analyses of Cross-Country Regressions," Kyklos, Wiley Blackwell, vol. 54(1), pages 89-113.
  8. Turan Subasat & Sotiris Bellos, 2011. "Economic Freedom and Foreign Direct Investment in Latin America: A Panel Gravity Model Approach," Economics Bulletin, AccessEcon, vol. 31(3), pages 2053-2065.
  9. Paul Collier & Jan Willem Gunning, 1999. "Why Has Africa Grown Slowly?," Journal of Economic Perspectives, American Economic Association, vol. 13(3), pages 3-22, Summer.
  10. Birendra K. Rai1 & Chiu Ki So & Aaron Nicholas, 2011. "Mathematical Economics: A Reader," Monash Economics Working Papers 02-11, Monash University, Department of Economics.
  11. Robert E. Lipsey, 1999. "The Location and Characteristics of U.S. Affiliates in Asia," NBER Working Papers 6876, National Bureau of Economic Research, Inc.
  12. Wheeler, David & Mody, Ashoka, 1992. "International investment location decisions : The case of U.S. firms," Journal of International Economics, Elsevier, vol. 33(1-2), pages 57-76, August.
  13. Marios Obwona, 2001. "Determinants of FDI and their Impact on Economic Growth in Uganda," African Development Review, African Development Bank, vol. 13(1), pages 46-81.
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