Financial Liberalization, Foreign Direct Investment and Economic Growth:  A Dynamic Panel Data Validation

Saif Eddine Ayouni; Fakhri Issaoui; Salem Brahim

Makale detayları

Financial Liberalization, Foreign Direct Investment and Economic Growth: A Dynamic Panel Data Validation

Yazarlar:

Saif Eddine Ayouni | Fakhri Issaoui | Salem Brahim

Yayıncı:

İlhan ÖZTÜRK

Dergi:

International Journal of Economics and Financial Issues 2014 Vol.4 Issue 3, pp.677-697

Belge Tipi:

Makale

Yayın Tarihi:

8/2014

Belge Dili:

Türkçe

Document ID (Org No.):

2000814464

Sıklık:

İki Aylık

eISSN:

2146-4138

Özet:

 

The aim of this study is to show that financial liberalization, as a determinant of financial development, can stimulate the relationship between foreign direct investment (FDI) and economic growth. Two distinct components have been analyzed. The first one is a theoretical component in which we tried to treat the relationship between financial development, internal financial liberalization, and FDI using an endogenous growth model. The second component consists of an empirical study which tried using a panel data to validate the previously stated theoretical relationship. The survey, covering a sample of sixty nine developed and developing countries enabled us to reach three fundamental results. First, when financial systems are non-liberalized, we have noted that FDIs had a negative effect on GDP growth per capita. Second, when FDI are implemented in countries characterized by their developed financial sector they generate positive effects on growth. This implies that the key variable which determines FDI efficiency is the degree of financial systems liberalization. Consequently, in non-liberalized financial systems FDI effects on growth are challenged. Third, we showed that financial development level is a strategic variable which positively affects growth.

Makale detayları

Financial Liberalization, Foreign Direct Investment and Economic Growth: A Dynamic Panel Data Validation

Yazarlar: Saif Eddine Ayouni | Fakhri Issaoui | Salem Brahim

Yayıncı: İlhan ÖZTÜRK

Dergi: International Journal of Economics and Financial Issues 2014 Vol.4 Issue 3, pp.677-697

Belge Tipi: Makale

Yayın Tarihi: 8/2014

Belge Dili: Türkçe

Document ID (Org No.): 2000814464

Sıklık: İki Aylık

eISSN: 2146-4138

Sayı

Yazarlar:

Saif Eddine Ayouni | Fakhri Issaoui | Salem Brahim

Yayıncı:

İlhan ÖZTÜRK

Dergi:

International Journal of Economics and Financial Issues 2014 Vol.4 Issue 3, pp.677-697

Belge Tipi:

Makale

Yayın Tarihi:

8/2014

Belge Dili:

Türkçe

Document ID (Org No.):

2000814464

Sıklık:

İki Aylık

eISSN:

2146-4138