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What drives FDI policy liberalization? An empirical investigation

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  • Cooray, Arusha
  • Tamazian, Artur
  • Vadlamannati, Krishna Chaitanya

Abstract

Do countries compete for FDI by liberalizing policies favoring FDI? Our measure of policies favoring FDI is an event count of changes made by a country in a given year in the arena of approval procedures, sectoral restrictions, operational conditions, incentives, investment guarantees, foreign exchange, and corporate regulations to attract FDI. Using spatial econometric estimations on panel data for 148 countries over the 1992–2009 period, we find that favorable policy changes to attract FDI in one country are positively correlated with FDI policy changes elsewhere (i.e., policy changes favorable to FDI from other countries, increase the likelihood of liberalizing policies favoring FDI in the country in question). Developing countries compete more intensively among themselves for investment via liberalization of policies favoring FDI. These results are robust to alternative weighting schemes, estimation methods, sample size, and controlling for the possibility of endogeneity.

Suggested Citation

  • Cooray, Arusha & Tamazian, Artur & Vadlamannati, Krishna Chaitanya, 2014. "What drives FDI policy liberalization? An empirical investigation," Regional Science and Urban Economics, Elsevier, vol. 49(C), pages 179-189.
  • Handle: RePEc:eee:regeco:v:49:y:2014:i:c:p:179-189
    DOI: 10.1016/j.regsciurbeco.2014.06.008
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    6. Kodjo N’Souvi & Chen Sun & Badoubatoba Mathieu DISSANI & Folly Dovénam YOVODEVI, 2021. "Impact of Chinese Foreign Direct Investment on the growth of West African Economic and Monetary Union (WAEMU) countries," Journal of Scientific Reports, IJSAB International, vol. 3(1), pages 9-25.
    7. Chih, Yao-Yu & Demir, Firat & Hu, Chenghao & Liu, Junyi & Shen, Hewei, 2023. "A spatial analysis of local corruption on foreign direct investment: Evidence from Chinese cities," European Journal of Political Economy, Elsevier, vol. 79(C).
    8. Liu, Ruiming & Kang, Yankun & Zhang, Jie, 2021. "Ideological taboos, entry barriers, and FDI attraction: Evidence from China," Journal of Asian Economics, Elsevier, vol. 76(C).
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    More about this item

    Keywords

    FDI; Policy liberalization; Spatial econometrics;
    All these keywords.

    JEL classification:

    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • C26 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Instrumental Variables (IV) Estimation
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements

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