de.mpg.escidoc.pubman.appbase.FacesBean

Post

 
 Vis
  A Comparative Cointegrated-VAR (CVAR) Study of Foreign Direct Investments and the Macroeconomy
Item is

Ophav

 Ophav:
Jensen, Lars1, Forfatter
Juselius, Katarina2, Vejleder
Tilknytninger:
1Det Samfundsvidenskabelige Fakultet, Københavns Universitet, København, Danmark, diskurs:7001              
2Økonomisk Institut, Det Samfundsvidenskabelige Fakultet, Københavns Universitet, København, Danmark, diskurs:7014              
skjul Ophav
Vis Ophav

Indhold

Ukontrollerede emneord: CVAR, Foreign Direct Investments, Developing Countries, Natural Resources
 Abstract: This thesis studies the hypothesis that the composition of Foreign Direct Investments (FDI) matters for the impact of FDI on the real economy. More specifically, by using a detailed dataset on FDI Greenfield Projects, four countries are selected into one of two defined categories with two countries in each, based on whether the country predominantly attracts resource-FDI or nonresource- FDI. A CVAR-analysis is then carried out for each country for the period 1970-2011 including FDI and GDP and a number of other relevant macrovariables to study the short- and long-run dynamics and impacts between the variables. To study potential composition effects is interesting as FDI is often viewed as an important source for generating growth in developing countries, because it theoretically indicates a transfer of “knowhow” and technology. However, with theoretical arguments that the resource sector is less likely to contribute to economic development than other sectors, the logical extension would be to assume that also resource-FDI is less likely to contribute to economic development relative to other types of FDI, and the resource component of FDI in developing countries is in general high, especially so for Sub-Saharan Africa. Taken together, this makes it particularly interesting to study potential composition effects of FDI. The findings in this thesis support the hypothesis that resource-FDI contributes less to economic development as no positive relationship can be found between real FDI and real GDP for the two countries falling in the resource-FDI-category, while the opposite is true for the two countries falling in the non-resource-category. Thereby, the findings also shed some new light on past studies (both country-specific and crosscountry) on the relationship between economic development and FDI providing a potential explanation as to why the results of these studies differ. The conclusions of many of these studies are actually expected given the theoretically derived hypothesis in this thesis and the composition data used to classify countries.
skjul Indhold
Vis Indhold

Filer

Navn:
Thesis_final(1).pdf (Hovedtekst)
Bemærkninger:
-
Tilgængelighed:
Offentlig
Mime-type / størrelse:
application/pdf / 2MB
Copyright dato:
2013-11-01
Copyright information:
De fulde rettigheder til dette materiale tilhører forfatteren.
skjul Filer
Vis Filer

Basal

Bogmærk denne post: https://diskurs.kb.dk/item/diskurs:59041:2
 Type: Speciale
Alternativ titel: FDI-Composition and Growth
Alternativ titel:  
skjul Basal
Vis Basal

Links

Vis Links

Detaljer

Sprog: English - eng
 Datoer: 2013-07-25
 Sider: -
 Publiceringsinfo: København : Københavns Universitet
 Indholdsfortegnelse: 1 Introduction. 1
2 Foreign Direct Investments in Developing Countries 2
2.1 Definition of Foreign Direct Investments . 3
2.2 Historic Trends 4
2.3 Relative Size of Foreign Direct Investments . 8
2.4 Composition of Foreign Direct Investments in SSA and SSEA 9
2.5 Summary . 14
3 Theory – Foreign Direct Investment and the Economy 15
3.1 Capital Flows between Countries 15
3.2 Foreign Direct Investment and the Economy 17
3.3 Natural Resources and the Economy . 19
3.4 The Resource Curse 20
3.5 Summary . 23
4 Review of the Empirical Literature 24
5 Methodology and Scope of the Thesis 28
6 The Cointegrated Vector Autoregressive (CVAR) Model 29
6.1 The Unrestricted VAR-model . 30
6.2 Unit roots and Cointegration . 31
6.3 The Moving Average Representation and the Long-run Impact Matrix, C . 31
7 Presentation of Countries and Data. 32
7.1 Countries, Motivation and Country-Categories 32
7.2 Data, Sources and Transformations . 36
7.3 Motivation for the Choice of Variables . 37
8 A CVAR Analysis of the Non-Resource-FDI (NRS-FDI) Countries 39
8.1 Malaysia - Obtaining a Well Specified Model 40
8.2 Malaysia - Determining the Cointegration Rank 44
8.3 Malaysia - Obtaining an Identified Long-Run Structure . 46
8.4 Malaysia - The MA-Representation 50
8.5 Thailand - Obtaining a Well Specified Model . 53
8.6 Thailand - Determining the Cointegration Rank 54
8.7 Thailand - Obtaining an Identified Long-Run Structure . 55
8.8 Thailand - The MA-Representation 58
8.9 Summary and Comparison of Empirical Results – ‘NRS-FDI’-Countries . 59
9 A CVAR-Analysis of the Resource-FDI (RS-FDI) Countries . 60
9.1 Zambia - Obtaining a Well Specified Model . 60
9.3 Zambia - Determining the Cointegration Rank 61
9.4 Zambia - Obtaining an Identified Long-Run Structure . 63
9.6 Zambia - The MA-Representation 65
9.7 Chile - Obtaining a Well Specified Model . 66
9.8 Chile – Determining the Cointegration Rank . 68
9.9 Chile - Obtaining an Identified Long-Run Structure . 69
9.10 Chile - The MA-Representation 72
9.11 Summary and Comparison of Empirical Results - ‘RS-FDI’-Countries . 73
10 Conclusion and Policy Recommendations . 74
11 References 76
Appendices 79
Appendix A – Malaysia . 79
Appendix B – Thailand . 85
Appendix C – Zambia . 91
Appendix D – Chile 95
 Note: -
 Type: Speciale
skjul Detaljer
Vis Detaljer

Kilde

Vis Kilde