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Foreign direct investment and economic growth: Is more financial development better?

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  1. Fotio, Herve Kaffo & Nchofoung, Tii N. & Asongu, Simplice A., 2022. "Financing renewable energy generation in SSA: Does financial integration matter?," Renewable Energy, Elsevier, vol. 201(P2), pages 47-59.
  2. Bashu Dev Dhungel & Pitambar Lamichhane, 2024. "Emerging Trend and Causes of Discrepancy between Proposed and Actual Flows of Foreign Capital into Nepalese Energy Sector," International Journal of Energy Economics and Policy, Econjournals, vol. 14(2), pages 341-348, March.
  3. Khan, Muhammad Tariq Iqbal & Anwar, Sofia, 2022. "Natural disasters and foreign exchange reserves: The role of renewable energy and human capital," Renewable Energy, Elsevier, vol. 192(C), pages 838-848.
  4. Miguel D. Ramirez, 2025. "Net Reverse Transfers from Latin America and The Caribbean: A Critical Note," Applied Economics and Finance, Redfame publishing, vol. 12(1), pages 62-73, February.
  5. Anetor, Friday Osemenshan, 2025. "Do greenfield foreign direct investments contribute to poverty reduction and economic growth in Africa?," Journal of Policy Modeling, Elsevier, vol. 47(3), pages 633-644.
  6. Ahlam El Fakiri & Kenza Cherkaoui, 2024. "Foreign Direct Investment and Financial Development in Selected MENA Region Countries: Panel ARDL Approach," Global Journal of Emerging Market Economies, Emerging Markets Forum, vol. 16(1), pages 64-80, January.
  7. Richard Wamalwa Wanzala & Lawrence Ogechukwu Obokoh, 2024. "Savings and Sustainable Economic Growth Nexus: A South African Perspective," Sustainability, MDPI, vol. 16(20), pages 1-26, October.
  8. Mustafa Ahmed Hamed Mansour & Salem Hamad Aldawsari, 2026. "Quantifying the Spillover Effect of U.S. Trade Policy Uncertainty on Economic Growth of BRICS: A Panel Data Investigation," Advances in Decision Sciences, Asia University, Taiwan, vol. 30(1), pages 72-102, March.
  9. Samira Ben Belgacem & Moheddine Younsi & Marwa Bechtini & Abad Alzuman & Rabeh Khalfaoui, 2024. "Do Financial Development, Institutional Quality and Natural Resources Matter the Outward FDI of G7 Countries? A Panel Gravity Model Approach," Sustainability, MDPI, vol. 16(6), pages 1-24, March.
  10. Wiesława Lizinska & Roman Kisiel & Alina Zrobek-Rozanska, 2020. "Foreign Direct Investment in Poland and Changes in the Branch Structure," European Research Studies Journal, European Research Studies Journal, vol. 0(Special 1), pages 201-214.
  11. Simplice A. Asongu & Joel Hinaunye Eita, 2023. "Promoting renewable energy consumption in Sub-Saharan Africa: how capital flight crowds-out the favorable effect of foreign aid," Working Papers 23/048, European Xtramile Centre of African Studies (EXCAS).
  12. Richard Wamalwa Wanzala & Lawrence Ogechukwu Obokoh, 2024. "Sustainability Implications of Commodity Price Shocks and Commodity Dependence in Selected Sub-Saharan Countries," Sustainability, MDPI, vol. 16(20), pages 1-26, October.
  13. Li, Shuai & Zhan, Shuwei & Zhan, Shurui & Zhan, Minghua, 2023. "How does financial development change the effect of the bank lending channel of monetary policy in developing countries?—Evidence from China," International Review of Economics & Finance, Elsevier, vol. 85(C), pages 502-519.
  14. Benjamin Musiita & Frederick Nsambu Kijjambu & Ruth Nyiramahoro, 2025. "Human Capital, Fixed Capital Formation and Economic Growth: An Empirical Analysis of Endogenous Growth Drivers in Uganda," Journal of Economics and Behavioral Studies, AMH International, vol. 17(1), pages 82-95.
  15. Cavoli, Tony & Khan, Isma & Wali Ullah, G.M., 2025. "Social capital and FinTech lending: international evidence," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 105(C).
  16. Zhang, Bo & Zhou, Peng, 2021. "Financial development and economic growth in a microfounded small open economy model," The North American Journal of Economics and Finance, Elsevier, vol. 58(C).
  17. Ammara Hussain & Ammar Oad & Munir Ahmad & Muhammad Irfan & Farhan Saqib, 2021. "Do Financial Development and Economic Openness Matter for Economic Progress in an Emerging Country? Seeking a Sustainable Development Path," JRFM, MDPI, vol. 14(6), pages 1-18, May.
  18. Okuyan Hasan Aydın, 2022. "The Nexus of Financial Development and Economic Growth Across Developing Economies," South East European Journal of Economics and Business, Sciendo, vol. 17(1), pages 125-140, June.
  19. Nam, Hyun-Jung & Batten, Jonathan A. & Ryu, Doojin, 2025. "Do institutional quality and trade openness enhance the role of financial openness in Eastern European financial development?," Global Finance Journal, Elsevier, vol. 64(C).
  20. Miguel D. Ramirez, 2024. "Foreign Capital and Economic Growth in Mexico: Further Time-Series Evidence, 1970-2020," Research in Applied Economics, Macrothink Institute, vol. 16(2), pages 37-48, December.
  21. Brahim Gaies, 2022. "Reassessing the impact of health expenditure on income growth in the face of the global sanitary crisis: the case of developing countries," The European Journal of Health Economics, Springer;Deutsche Gesellschaft für Gesundheitsökonomie (DGGÖ), vol. 23(9), pages 1415-1436, December.
  22. Gnangnon, Sèna Kimm, 2021. "Effect of the Utilization of Non-Reciprocal Trade Preferences offered by the QUAD on Economic Growth in Beneficiary Countries," EconStor Preprints 242848, ZBW - Leibniz Information Centre for Economics.
  23. Appiah-Otoo, Isaac & Chen, Xudong & Ampah, Jeffrey Dankwa, 2023. "Exploring the moderating role of foreign direct investment in the renewable energy and economic growth nexus: Evidence from West Africa," Energy, Elsevier, vol. 281(C).
  24. Jaewon Jung, 2022. "The Nexus between Institutional Quality and Global Market Structure: Export versus FDI," Mathematics, MDPI, vol. 10(24), pages 1-14, December.
  25. Thanh Quang Phung & Ehsan Rasoulinezhad & Hang Luong Thi Thu, 2023. "How are FDI and green recovery related in Southeast Asian economies?," Economic Change and Restructuring, Springer, vol. 56(6), pages 3735-3755, December.
  26. Crescenzi, Riccardo & De Filippis, Fabrizio & Giua, Mara & Salvatici, Luca & Vaquero Pineiro, Cristina, 2023. "From local to global, and return: geographical Indications and FDI in Europe," LSE Research Online Documents on Economics 120408, London School of Economics and Political Science, LSE Library.
  27. Liu, Bo & Liu, Jincheng, 2025. "Did the integrity transition promote economic growth? Empirical research based on the perspective of anti-corruption approaches," International Review of Economics & Finance, Elsevier, vol. 101(C).
  28. Luca Gattini & Tamar Baiashvili, 2026. "Examining the heterogeneous impact of FDI across income groups: do commodity intensity and institutional quality matter?," International Economics and Economic Policy, Springer, vol. 23(1), pages 1-39, February.
  29. Cruz, Manuel David & Jha, Chandan Kumar & Kırşanlı, Fatih & Sedai, Ashish Kumar, 2023. "Corruption and FDI in natural resources: The role of economic downturn and crises," Economic Modelling, Elsevier, vol. 119(C).
  30. Retselisitsoe I. Thamae & Nicholas M. Odhiambo, 2022. "Nonlinear effects of bank regulation stringency on bank lending in selected sub-Saharan African countries," International Journal of Emerging Markets, Emerald Group Publishing Limited, vol. 19(5), pages 1219-1237, September.
  31. Delphine Lahet & Stéphanie Prat, 2023. "Local-currency debt and currency internationalization dynamics: A nonlinear framework," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 159(1), pages 215-254, February.
  32. Fan, Zhebin & Neupane, Suman, 2024. "Investor horizon, experience, and the disposition effect," Journal of Behavioral and Experimental Finance, Elsevier, vol. 44(C).
  33. Fan, Xiaoyan & Ding, Guoxuan & Long, Shuting & Dong, Yiran & Yan, Jiajun, 2025. "Digital divide or dividend? Exploring the impact of digital economy on regional gaps of high-quality economic development in China using relational data model," International Review of Economics & Finance, Elsevier, vol. 101(C).
  34. Riazullah Shinwari & Imran Zakeria & Muhammad Usman & Muhammad Sadiq, 2024. "Revisiting the Relationship Between FDI, Natural Resources, and Economic Growth in Afghanistan: Does Political (in) Stability Matter?," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(2), pages 5174-5203, June.
  35. Mohammed Mahmoud Mantai & Izlin Ismail & Obiyathulla Ismath Bacha, 2025. "Impact of dual banking system liquidity creation on economic activity," Economic Change and Restructuring, Springer, vol. 58(3), pages 1-25, June.
  36. Elvis Madondo & Hummerly Dhobha & Primrose Mutema & Eunice Akindeji, 2025. "Evaluating the impact of foreign direct investment on economic growth in developing economies: Evidence from South Africa (2000–2023)," International Journal of Research in Business and Social Science (2147-4478), Center for the Strategic Studies in Business and Finance, vol. 14(7), pages 324-331, November.
  37. Wu, Zihao & Gao, Jun & Xu, Hui & Shi, Guanqun & Zaidan, Amal Mousa & Ageli, Mohammed Moosa, 2023. "Visualizing symmetric and asymmetric settings in MMQR for natural resources extraction and economic performance: A COVID-19 perspective," Resources Policy, Elsevier, vol. 85(PB).
  38. Miguel D. Ramirez, 2024. "Net Reverse Transfers from Latin America and the Caribbean," Working Papers 2402, Trinity College, Department of Economics, revised Nov 2024.
  39. Lawrence Dumisani Nyathi & Wilfred Petegumbo, 2024. "The Nexus of Financial Sector Development and Economic Development in Zimbabwe: 1980-2022," International Journal of Research and Scientific Innovation, International Journal of Research and Scientific Innovation (IJRSI), vol. 11(9), pages 860-871, September.
  40. Ramzi Boussaidi & Abdelaziz Hakimi, 2025. "Financial inclusion, economic growth, and environmental quality in the MENA region: What role does institution quality play?," Natural Resources Forum, Blackwell Publishing, vol. 49(1), pages 425-444, February.
  41. Aastha Bajaj & Lakshmi Bhooshetty, 2024. "Unleashing economic potential: decoding the FDI-economic growth nexus in G-15 economies amidst unique host country traits," Asia-Pacific Journal of Regional Science, Springer, vol. 8(2), pages 651-679, June.
  42. Amenu Leta Duguma & Xiuguang Bai & Agerie Nega Wassihun & Bacha Gebissa Negeri, 2025. "On the mediating effect of foreign direct investment in the relationship between governance and economic growth: evidence from selected African countries," Economics of Governance, Springer, vol. 26(2), pages 211-242, June.
  43. Ma, Yong & Lv, Lin, 2023. "Financial development, financial instability, and fiscal policy volatility: International evidence," The North American Journal of Economics and Finance, Elsevier, vol. 64(C).
  44. Milin Ioana Anda & Bușan Gabriela & Ecobici Nicolae & Abdul Rehman, 2023. "Economic Growth Drivers in Romania: Evidence from a NARDL Analysis," Sustainability, MDPI, vol. 15(7), pages 1-19, March.
  45. Ghosh, Taniya & Parab, Prashant Mehul, 2021. "Assessing India’s productivity trends and endogenous growth: New evidence from technology, human capital and foreign direct investment," Economic Modelling, Elsevier, vol. 97(C), pages 182-195.
  46. Gnangnon, Sèna Kimm, 2023. "Effects of the Utilization of Non-Reciprocal Trade Preferences Offered by QUAD Countries on Economic Growth in Beneficiary Countries," KDI Journal of Economic Policy, Korea Development Institute (KDI), vol. 45(1), pages 33-68.
  47. Amendolagine, Vito & De Pascale, Gianluigi & Faccilongo, Nicola, 2021. "International capital mobility and corporate tax revenues: How do controlled foreign company rules and innovation shape this relationship?," Economic Modelling, Elsevier, vol. 101(C).
  48. Miguel D. Ramirez, 2025. "Net Reverse Transfers from Latin America and the Caribbean: Further Econometric Evidence for Mexico and Chile," Working Papers 2501, Trinity College, Department of Economics.
  49. Oyewole, Oluwatomisin J. & Al-Faryan, Mamdouh Abdulaziz Saleh & Adekoya, Oluwasegun B. & Oliyide, Johnson A., 2024. "Energy efficiency, financial inclusion, and socio-economic outcomes: Evidence across advanced, emerging, and developing countries," Energy, Elsevier, vol. 289(C).
  50. Yizhou He & Tae Hwan Yoo, 2024. "Financial development impact on domestic investment: does income level matter?," Cogent Economics & Finance, Taylor & Francis Journals, vol. 12(1), pages 2321811-232, December.
  51. Bouzayani Rajab & Abida Zouheir, 2024. "Complementarity Relationship Between Foreign Direct Investment, Human Capital Threshold and Economic Growth: State of the 15 Least Developed African Countries," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(2), pages 7216-7236, June.
  52. Li, Fang & Ouyang, Shuyong & Chen, Victor, 2025. "International capital flows, financial development, and economic growth fluctuations," International Review of Financial Analysis, Elsevier, vol. 102(C).
  53. Gyimah, Justice & Yao, Xilong & Tachega, Mark Awe & Sam Hayford, Isaac & Opoku-Mensah, Evans, 2022. "Renewable energy consumption and economic growth: New evidence from Ghana," Energy, Elsevier, vol. 248(C).
  54. Andrea Ferrari & Giulio Mangano & Anna Corinna Cagliano & Alberto De Marco, 2023. "4.0 technologies in city logistics: an empirical investigation of contextual factors," Operations Management Research, Springer, vol. 16(1), pages 345-362, March.
  55. Marietta Yilen & Mekam Pouatcha Mathurin Aimé & Ethel Selamo, 2025. "Does domestic investment spur economic complexity? Effects and transmission channels," Economics Bulletin, AccessEcon, vol. 45(3), pages 1240-1259.
  56. Yu, Mengxuan & An, Ping, 2024. "How much financing China needs to achieve carbon peak and carbon neutrality goals?," Energy Economics, Elsevier, vol. 137(C).
  57. Ismail Senturk & Fiaz Ahmad Sulehri & Syeda Mehak Ali, 2022. "Financial Development and Innovation Led-Growth: A Case of Selected Developing Countries," Journal of Policy Research (JPR), Research Foundation for Humanity (RFH), vol. 8(3), pages 81-97, September.
  58. Kadoukpè Gildas Magbondé & Djiby Racine Thiam & Mamadou Abdoulaye Konté, 2025. "Foreign Direct Investment, Institutions, and Domestic Investment in Developing Countries: Is there a Crowding-Out Effect?," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 67(1), pages 221-261, March.
  59. Zhao, Jun & Wang, Bo & Dong, Kangyin & Shahbaz, Muhammad & Ni, Guohua, 2023. "How do energy price shocks affect global economic stability? Reflection on geopolitical conflicts," Energy Economics, Elsevier, vol. 126(C).
  60. Vincent Muziwakhile Mbongeleni Molo, 2024. "Examining The Causal Relationship Between Official Development Assistance, Foreign Direct Investment, And Economic Growth In Selected African Countries," Eurasian Journal of Economics and Finance, Eurasian Publications, vol. 12(1), pages 30-44.
  61. Kamil Makiela & Bazoumana Ouattara, 2026. "FDI and Total Factor Productivity: Does the trajectory of FDI matter?," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 12(1), pages 1-23, December.
  62. Md. Toaha & Laboni Mondal, 2023. "Agriculture Credit and Economic Growth in Bangladesh: A Time Series Analysis," Papers 2309.04118, arXiv.org.
  63. Anayochukwu Basil Chukwu & Adeolu O. Adewuyi, 2024. "Foreign direct investment, sectoral output performance and poverty in Africa: Evidence from panel structural vector autoregressive and threshold regression models," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 29(3), pages 2665-2698, July.
  64. Chu, Shaner & Oldford, Erin & Wang, Jun, 2023. "Corporate social responsibility and corporate fraud in China: The perspective of moderating effect of board gender diversity," International Review of Economics & Finance, Elsevier, vol. 88(C), pages 1582-1601.
  65. Ahmad Ahmad, 2023. "Financial efficiency, exchange rate variation and investment growth in Nigeria," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 7(12), pages 384-389, December.
  66. De Pascale, Gianluigi & Romagno, Anna, 2024. "Globalization and ICT capital endowment: How do they impact on an inclusive Green Growth Index?," Structural Change and Economic Dynamics, Elsevier, vol. 69(C), pages 463-474.
  67. Fanglei Wang & Jianbo Gao & Feiyan Liu, 2024. "Unlocking Africa’s development potential: insights from the perspective of global hierarchy and competition," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 11(1), pages 1-17, December.
  68. Hasanov, Fakhri J. & Aliyev, Ruslan & Taskin, Dilvin & Suleymanov, Elchin, 2023. "Oil rents and non-oil economic growth in CIS oil exporters. The role of financial development," Resources Policy, Elsevier, vol. 82(C).
  69. Anis Ochi & Makram Nouaili & Yosra Saidi & Amine Haouas & Anis Saidi, 2026. "Foreign Direct Investment and Economic Growth in Arab Countries: Do Institutions, Financial Development, and Knowledge Economy Matter?," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 17(2), pages 5145-5179, April.
  70. E. M. Ekanayake & Ranjini Thaver, 2021. "The Nexus between Financial Development and Economic Growth: Panel Data Evidence from Developing Countries," JRFM, MDPI, vol. 14(10), pages 1-24, October.
  71. Osei, Michael J. & Kim, Jaebeom, 2023. "Financial development and the growth effect of foreign direct investment: Does one size fit all?," International Economics, Elsevier, vol. 173(C), pages 276-283.
  72. Agustin Benetrix & Hayley Pallan & Ugo Panizza, 2026. "The Elusive Link Between FDI and Economic Growth: Sectoral Heterogeneity and Global Value Chains," Trinity Economics Papers tep0126, Trinity College Dublin, Department of Economics.
  73. Houlda Fambo & Ge Shunqi, 2024. "Driving economic growth in African countries: Do Chinese OFDI sectors matter?," Social Science Quarterly, Southwestern Social Science Association, vol. 105(3), pages 726-743, May.
  74. Hlongwane, Nyiko Worship & Mmutle, Tumelo Donald & Daw, Olebogeng David, 2021. "The relationship between foreign direct investment and economic growth in SADC region from 2000 to 2019: An econometric view," MPRA Paper 111008, University Library of Munich, Germany.
  75. O.J. Ojeka & F.C. Odey & D.Y. Adebayo & G. Amodu, 2023. "Finance and economic development in sub-Saharan Africa: Does foreign direct investment matter?," Journal of Economic Policy and Management Issues, JEPMI, vol. 2(1), pages 40-58.
  76. Feng, Yidai & Yuan, Huaxi & Liu, Yaobin, 2023. "The energy-saving effect in the new transformation of urbanization," Economic Analysis and Policy, Elsevier, vol. 78(C), pages 41-59.
  77. Afifa Ferhi & Kamel Helali, 2024. "The Impact of Renewable Energy on the Environment and Socio-economic Welfare: Empirical Evidence from OECD Countries," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(1), pages 4776-4799, March.
  78. Anass Arbia & Khalid Sobhi & Mohamed Karim, 2023. "Factors of FDI and their Impact on the Moroccan Economy: An Empirical Investigation Using the ARDL Approach," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 15(10), pages 1-32, October.
  79. Mehdi Seraj & Annette Siakamba & Huseyin Ozdeser, 2025. "The Impact of Economic Indicators on Renewable Energy Consumption in Southern Africa: Evidence from Residual Augmented Least Squares Cointegration and Method of Moments Quantile Regression Models," Sustainability, MDPI, vol. 17(8), pages 1-18, April.
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