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Correlates of economic growth in developing countries: a panel cointegration approach

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  • James P. Neelankavil
  • Lonnie K. Stevans
  • Francisco L. Roman

Abstract

The inflow of foreign direct investment (FDI) has been found to play a crucial role in the economic growth of receiving countries. Using panel cointegration techniques, this perception was found to be mitigated by an empirical approach that yields different results from previous studies. While the growth in real FDI has an influence on real GDP growth across developing countries in the short-run, year-to-year periods, it does not explain real GDP in the long-run. Rather, it appears to be the economic factors internal to a country that have the most influence on real GDP over time: human capital (measured by literacy rates), export trade, and monetary and fiscal policy.

Suggested Citation

  • James P. Neelankavil & Lonnie K. Stevans & Francisco L. Roman, 2012. "Correlates of economic growth in developing countries: a panel cointegration approach," International Review of Applied Economics, Taylor & Francis Journals, vol. 26(1), pages 83-96, January.
  • Handle: RePEc:taf:irapec:v:26:y:2012:i:1:p:83-96
    DOI: 10.1080/02692171.2011.557048
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    File URL: http://hdl.handle.net/10.1080/02692171.2011.557048
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    Cited by:

    1. Hafner, Kurt A. & Mayer-Foulkes, David, 2013. "Fertility, economic growth, and human development causal determinants of the developed lifestyle," Journal of Macroeconomics, Elsevier, vol. 38(PA), pages 107-120.

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