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Outward FDI of Malaysia: An Empirical Examination from Macroeconomic Perspective

  • Chin-Hong Puah

    ()

    (Department of Economics, Faculty of Economics and Business, Universiti Malaysia Sarawak)

  • Albert Apoi

    ()

    (Department of Economics, Faculty of Economics and Business, Universiti Malaysia Sarawak)

  • Jerome Swee-Hui Kueh

    ()

    (Department of Economics, Faculty of Economics and Business, Universiti Malaysia Sarawak)

Outward FDI of Malaysia was nearly non-existent prior to 1970s. Nonetheless, recently Malaysia has not only been able to sustain FDI inflows position, but also emerged as the fifth largest investor among the developing economies in Asia region (UNTACD, 2005). This study aims to investigate the selected macroeconomic determinants of outward FDI of Malaysia, namely income, exchange rate and openness. The Johansen and Juselius cointegration test and the vector error correction model are applied in this study to analyze the quarterly data from 1991:Q1 to 2004:Q4. The findings verified that the outward FDI of Malaysia is determined by income, exchange rate and openness of the economy in both the short- and long-run.

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Volume (Year): 6 (2008)
Issue (Month): 28 ()
Pages: 1-11

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Handle: RePEc:ebl:ecbull:eb-07f20037
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  1. John H Dunning, 1980. "Towards an Eclectic Theory of International Production: Some Empirical Tests," Journal of International Business Studies, Palgrave Macmillan, vol. 11(1), pages 9-31, March.
  2. Marcella Mulino, 2002. "On the determinants of capital flight from Russia," Atlantic Economic Journal, International Atlantic Economic Society, vol. 30(2), pages 148-169, June.
  3. Lall, Sanjaya, 1980. "Monopolistic Advantages and Foreign Involvement by U.S. Manufacturing Industry," Oxford Economic Papers, Oxford University Press, vol. 32(1), pages 102-22, March.
  4. Granger, C. W. J., 1988. "Some recent development in a concept of causality," Journal of Econometrics, Elsevier, vol. 39(1-2), pages 199-211.
  5. Alexander Bulatov, 2001. "Russian Direct Investment Abroad: History, Motives, Finance, Control and Planning," Economic Change and Restructuring, Springer, vol. 34(3), pages 179-194, October.
  6. Dickey, David A & Fuller, Wayne A, 1981. "Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root," Econometrica, Econometric Society, vol. 49(4), pages 1057-72, June.
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