The interaction between FDI, host country characteristics and economic growth? A new panel evidence from BRICS

Bashir Ahmad Joo

Thông tin siêu dữ liệu biểu ghi

Trường DC	Giá trị	Ngôn ngữ
dc.contributor.author	Bashir Ahmad Joo
dc.contributor.other	Sana Shawl
dc.contributor.other	Daniel Makina
dc.date.accessioned	2023-11-01T10:23:29Z	-
dc.date.available	2023-11-01T10:23:29Z	-
dc.date.issued	2022
dc.identifier.isbn	2632-5330
dc.identifier.uri	https://dlib.neu.edu.vn/handle/NEU/58591	-
dc.description	Economic Growth
dc.description.abstract	Purpose – This study aims to assess the impact of foreign direct investment (FDI) on growth in presence of host country characteristics, namely, economic stability, human capital, financial development and trade openness, in the fastest emerging Brazil, Russia, India, China, South Africa (BRICS) economies, considered to be significant FDI destinations. Design/methodology/approach – The panel data for the variables under study, collected from World Investment Reports published by World Bank, are analyzed using feasible generalized least squares method to examine the relationship between the dependent and explanatory variables over the period 1987–2018. The interaction effect has been studied to examine the growth impact of FDI in presence of host country characteristics. Findings – The findings revealed that FDI does not exert a significant impact on the economic growth of BRICS individually but has a significant growth impact only in presence of host country characteristics. FDI on interacting with financial development, trade openness and human capital exerts a positive impact on the economic growth of BRICS economies, and on interacting with economic instability (inflation), FDI has a negative impact on growth. Practical implications – The study has implications for policy makers of BRICS countries who are suggested to work toward the development of financial markets, trade liberalization and human capital development to realize the positive growth impact of FDI. Originality/value – Very few studies have been conducted to examine the growth effect of FDI in BRICS economies, which are considered to be the fastest-growing economies and dominant players in the global investment landscape. Assessing the interaction of FDI with absorptive capacities/host country characteristics to study its growth impact in BRICS using long data and robust panel data methodology is an original contribution of this paper toward the existing body of knowledge.
dc.format.extent	Khổ 21 x 29.7
dc.language.iso	en
dc.publisher	Kinh Tế Quốc Dân
dc.subject	FDI, Economic growth, GDP, Host country characteristics, Panel data
dc.title	The interaction between FDI, host country characteristics and economic growth? A new panel evidence from BRICS
dc.type	Journal of Economics and Development
dc.identifier.barcode	JED-03-2021-0035
dc.relation.reference	Abbas, Q. and Mujahid-Mukhtar, E. (2001), “The role of human capital in economic growth: a comparative study of Pakistan and India”, The Pakistan Development Review, Vol. 39 No. 4, pp. 451-473. FDI,host country characteristics and economic growth 257Abdelmalki, L., Gbakou, M.P.B., Jallab, M.S. and Sandretto, R. (2012), “Does macroeconomic stability condition the impact of FDI on economic growth and emergence? an empirical study of countries in Africa, Latin America, the Caribbean and Asia”, Developing Worlds, Vol. 2 No. 158, pp. 101-114. Agrawal, G. (2015), “Foreign direct investment and economic growth in BRICS economies: a panel data analysis”, Journal of Economics, Business and Management, Vol. 3 No. 4, pp. 421-424, doi: 10.7763/JOEBM.2015.V3.221. Alfaro, L. and Charlton, A. (2007), “Growth and the quality of Foreign Direct Investment: is all FDI equal?”, CEP Discussion Paper, London School of Economics and Political Science, No. 830, doi: 10.2139/ssrn.981163. Alfaro, L. and Chauvin, J. (2020), “Foreign direct investment, finance, and economic development”, in Spatareanu, M. (Ed.), Encyclopedia of International Economics and Global Trade, World Scientific Publishing, Singapore, pp. 231-258. Alfaro, L., Chanda, A., Kalemli-ozcan, S. and Sayek, S. (2004), “FDI and economic growth: the role of local financial markets”, Journal of International Economics, Vol. 64, pp. 89-112, doi: 10.1016/ S0022-1996(03)00081-3. Alfaro, L., Kalemli-ozcan, S. and Sayek, S. (2009), “FDI, productivity and financial development”, The World Economy, Vol. 32 No. 1, pp. 111-135, doi: 10.1111/j.1467-9701.2008.01159.x. Alguacil, M., Cuadros, A. and Orts, V. (2011), “Inward FDI and growth : the role of macroeconomic and institutional environment”, Journal of Policy Modeling, Vol. 33, pp. 481-496, doi: 10.1016/j. jpolmod.2010.12.004. Asteriou, D. and Hall, S.G. (2007), Applied Econometrics, 2nd ed., Palgrave Macmillan, London. Atique, Z., Ahmad, M.H. and Azhar, U. (2004), “The impact of FDI on economic growth under foreign trade regimes: a case study of Pakistan”, The Pakistan Development Review, Vol. 43 No. 4, pp. 707-718. Balasubramanyam, V.N. and Mahambare, V. (2003), “Foreign Direct Investment in India”, Lancaster University Management School Working Paper 2003/001, Economics Department, Lancaster University Management School. Balasubramanyam, V.N., Salisu, M. and Sapsford, D. (1996), “Foreign direct investment and growth in EP and IS countries”, The Economic Journal, Vol. 106 No. 434, pp. 92-105. Barro, R.J. and Sala-i-Martin, X. (1995), Economic Growth, McGraw-Hill, New York. Beck, T., Levine, R. and Loayza, N. (2000), “Finance and the sources of growth”, Journal of Financial Economics, Vol. 58, pp. 261-300. Bengoa, M. and Sanchez-Robles, B. (2003), “Foreign direct investment, economic freedom and growth: new evidence from Latin America”, European Journal of Political Economy, Vol. 19 No. 3, pp. 529-545, doi: 10.1016/S0176-2680(03)00011-9. Borensztein, E., De Gregorio, J. and Lee, J. (1998), “How does foreign direct investment affect economic growth?”, Journal of International Economics, Vol. 45, pp. 115-135. Bouchoucha, N. and Ali, W. (2019), “The impact of FDI on economic growth in Tunisia: an estimate by the ARDL approach”, Munich Personal RePEc Archive, Vol. 1, pp. 1-23. Brooks, C. (2008), Introductory Econometrics for Finance, 2nd ed., Cambridge University Press, Cambridge. Cakerri, L., Muharremi, O. and Madani, F. (2020), “An empirical study in Albania of foreign direct investments and economic growth relationship”, International Journal of Economics and Financial Issues, Vol. 10 No. 2, pp. 193-202, doi: 10.32479/ijefi.9294. Cao, X. and Jariyapan, P. (2012), “Foreign direct investment, human capital and economic growth of people’s Republic of China using panel data approach”, Journal of Economics, Vol. 16 No. 1, pp. 30-42. JED 24,3 258Carkovic, M.V. and Levine, R. (2002), “Does foreign direct investment accelerate economic growth?”, Working Paper, Department of Finance, University of Minnesota, Minneapolis. Cinar, M. and Nulambeh, N.A. (2018), “Foreign direct investment, trade openness and economic growth : a panel data analysis for Sub-saharan Africa”, Business and Economics Research Journal, Vol. 9 No. 4, pp. 749-760, doi: 10.20409/berj.2018.136. Dunning, J. and Narula, R. (1996), Foreign Direct Investment and Government, 1st ed., Routledge, London. Durham, J.B.J. (2004), “Absorptive capacity and the effects of foreign direct investment and equity foreign portfolio investment on economic growth”, European Economic Review, Vol. 48 No. 2, pp. 285-306, doi: 10.1016/S0014-2921(02)00264-7. Dutt, A.K. (1997), “The pattern of direct foreign investment and economic growth”, World Development, Vol. 25 No. 11, pp. 1925-1936. Gujarati, D.N. and Porter, D.C. (2009), Basic Econometrics, McGraw-Hill, New Delhi. Gujarati, D.N. and Sangeetha (2007), Basic Econometrics, McGraw-Hill, New York. doi: 10.1126/science. 1186874. Gunby, P., Jin, Y. and Robert Reed, W. (2017), “Did FDI really cause Chinese economic growth? a metaanalysis”, World Development, Vol. 90, pp. 242-255, doi: 10.1016/j.worlddev.2016.10.001. Hansen, H. and Rand, J. (2006), “On the causal links between FDI and growth in developing countries”, The World Economy, Vol. 29 No. 1, pp. 21-41. Hausman, J.A. (1978), “Specification tests in econometrics”, Econometrica, Vol. 46 No. 6, pp. 1251-1271. Hayrdaroglu, C. (2016), “The effect of foreign direct investment and economic freedom on economic growth: the case of BRICS countries”, Research in World Economy, Vol. 7 No. 1, pp. 1-10, doi: 10. 5430/rwe.v7n1p1. Hermes, N. and Lensink, R. (2003), “Foreign direct investment, financial development and economic growth”, The Journal of Development Studies, Vol. 38, pp. 1-42. Herzer, D. (2012), “How does FDI really affect developing countries’ growth?”, Review of International Economics, Vol. 20 No. 2, pp. 396-414. Jallab, M.S., Beno^ıt, M., Gbakou, P. and Sandretto, R. (2008), “Foreign direct investment, macroeconomic instability and economic growth in MENA countries”, Developing Worlds, Vol. 2 No. 158, pp. 101-114. Kelly, R. (2016), “Does financial sector development enhance the relationship between FDI and economic growth ? a comparative study of East African countries”, Journal of Reviews on Global Economics, Vol. 5, pp. 145-153. Khamphengvong, V. and Srithilat, K. (2017), “The relationship among FDI, trade openness and economic growth: empirical evidence from Lao PDR”, 4th International Conference on Industrial Economics System and Industrial Security Engineering (IEIS), July 1st-6th, Kyoto, Japan, doi: 10. 1109/IEIS.2017.8078623. King, R.G. and Levine, R. (1993a), “Finance, entrepreneurship, and growth theory and evidence”, Journal of Monetary Economics, Vol. 32, pp. 513-542. King, R.G. and Levine, R. (1993b), “Finance and growth: Schumpeter might be right”, The Quarterly Journal of Economics, Vol. 108 No. 3, pp. 717-737. Kohpaiboon, A. (2003), “Foreign trade regime and FDI-growth nexus: a case study of Thailand”, Journal of Development Studies, Vol. 40, pp. 55-69. Ledyaeva, S. and Linden, M. (2006), “Foreign direct investment and economic growth: empirical evidence from Russian regions”, BOFIT Discussion Papers 17, Bank of Finland Institute for Emerging Economies, Helsinki. Lee, C.C. and Chang, C.P. (2009), “FDI, financial development, and economic growth: international evidence”, Journal of Applied Economics, Vol. 12 No. 2, pp. 249-271, doi: 10.1016/S1514-0326(09) 60015-5. FDI,host country characteristics and economic growth 259Levine, R. and Renelt, D. (1992), “A sensitivity analysis of cross-country growth regressions”, American Economic Review, Vol. 82 No. 4, pp. 942-963. Li, X. and Liu, X. (2005), “Foreign Direct Investment and economic growth: an increasingly endogenous relationship”, World Development, Vol. 33 No. 3, pp. 393-407, doi: 10.1016/j. worlddev.2004.11.001. Lian, L. and Ma, H. (2013), “FDI and economic growth in Western region of China and dynamic mechanism: based on time-series data from 1986 to 2010”, International Business Research, Vol. 6 No. 4, pp. 180-186, doi: 10.5539/ibr.v6n4p180. Mehic, E., Silajdzic, S. and Babic-Hodovic, V. (2013), “The impact of FDI on economic growth: some evidence from Southeast Europe”, Emerging Markets Finance and Trade, Vol. 49 No. 1, pp. 5-20, doi: 10.2753/REE1540-496X4901S101. Mencinger, J. (2003), “Does foreign direct investment always enhance economic growth?”, Kyklos, Vol. 56 No. 4, pp. 491-508. Mowlaei, M. and Intezar, A. (2021), “Foreign direct investment inflows and economic growth_ evidence from selected Islamic state countries”, Quarterly Journal of Applied Economics Studies in Iran, Vol. 1, pp. 1-10. Nair-Reichert, U. and Weinhold, D. (2001), “Causality tests for cross-country panels: a new look at FDI and economic growth in developing countries”, Oxford Bulletin of Economics and Statistics, Vol. 63 No. 2, pp. 153-171, doi: 10.1111/1468-0084.00214. Parks, R.W. (1967), “Efficient estimation of a system of regression equations when disturbances are both serially and contemporaneously correlated”, Journal of the American Statistical Association, Vol. 62, pp. 500-509. Pesaran, H. (2007), “A simple panel unit root test in the presence of cross-section dependence”, Journal of Applied Econometrics, Vol. 22 No. 2, pp. 265-312. Prufer, B.P. and Tondl, G. (2008), € “The FDI-growth nexus in Latin America: the role of source countries and local conditions”, CentER Discussion Paper Series No. 2008-61, Centre for Economic Policy Research, London. Ram, R. and Zhang, H. (2002), “Foreign direct investment and economic growth: evidence from crosscountry data for the 1990s”, Economic Development and Cultural Change, Vol. 51 No. 1, pp. 205-215. Reed, W.R. and Ye, H. (2011), “Which panel data estimator should I use?”, Applied Economics, Vol. 43 No. 8, pp. 985-1000, doi: 10.1080/00036840802600087. Sakyi, D., Commodore, R. and Opoku, E.E.O. (2015), “Foreign direct investment, trade openness and economic growth in Ghana: an empirical investigation”, Journal of African Business, Vol. 16, pp. 1-15, doi: 10.1080/15228916.2015.1061283. Shahzad, U., Hussain, M., Qin, F. and Muhamadi, S. (2019), “Role of FDI and foreign remittances in boosting and economic growth: evidence from Brazil”, European Online Journal of Natural and Social Sciences, Vol. 8 No. 1, pp. 118-127. Tiwari, A.K. and Mutascu, M. (2011), “Economic growth and FDI in Asia: a panel-data approach”, Economic Analysis and Policy, Vol. 41 No. 2, pp. 173-187, doi: 10.1016/S0313-5926(11)50018-9. UNCTAD (2016), “World investment report- investor nationality: policy challenges (WIR)”, United Nations Conference on Trade and Development, United Nations Publications, Geneva, Vol. 16. UNCTAD (2018), “Handbook of statistics”, United Nations Conference on Trade and Development, United Nations Publications, Geneva. World Bank (2019a), “World development Indicators, data bank, the World Bank”, available at: https://databank.worldbank.org/source/world-development-indicators. World Bank (2019b), Inflation, Consumer Prices (Annual %), World Development Indicators, World Bank, Washington, DC. JED 24,3 260World Bank (2019c), School Enrollment, Secondary (% Gross), World Development Indicators, World Bank, Washington, DC. World Bank (2019d), Liquid Liabilities to GDP (%), World Development Indicators, World Bank, Washington, DC. World Bank (2019e), Trade (% of GDP), World Development Indicators, World Bank, Washington, DC. Yao, S. (2006), “On economic growth, FDI and exports in China”, Applied Economics, Vol. 38, pp. 339-351, doi: 10.1080/00036840500368730. Further reading de Mello, L.R. (1999), “Foreign direct investment-led growth: evidence from time series and panel data”, Oxford Economic Papers, Vol. 51, pp. 133-151. Levin, A., Lin, C. and Chu, C.J. (2002), “Unit root tests in panel data: asymptotic and finite-sample properties”, Journal of Econometrics, Vol. 108, pp. 1-24. Pegkas, P. (2015), “The impact of FDI on economic growth in Eurozone countries”, The Journal of Economic Asymmetries, Vol. 12, pp. 124-132, doi: 10.1016/j.jeca.2015.05.001. Pelinescu, E. (2015), “The impact of human capital on economic growth”, Procedia Economics and Finance, Vol. 22, pp. 184-190, doi: 10.1016/s2212-5671(15)00258-0. Zhang, K.H. (2001), “How does foreign direct investment affect economic growth in China?”, Economics of Transition, Vol. 9 No. 3, pp. 679-693.
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Thông tin siêu dữ liệu biểu ghi

Trường DC	Giá trị	Ngôn ngữ
dc.contributor.author	Bashir Ahmad Joo
dc.contributor.other	Sana Shawl
dc.contributor.other	Daniel Makina
dc.date.accessioned	2023-11-01T10:23:29Z	-
dc.date.available	2023-11-01T10:23:29Z	-
dc.date.issued	2022
dc.identifier.isbn	2632-5330
dc.identifier.uri	https://dlib.neu.edu.vn/handle/NEU/58591	-
dc.description	Economic Growth
dc.description.abstract	Purpose – This study aims to assess the impact of foreign direct investment (FDI) on growth in presence of host country characteristics, namely, economic stability, human capital, financial development and trade openness, in the fastest emerging Brazil, Russia, India, China, South Africa (BRICS) economies, considered to be significant FDI destinations. Design/methodology/approach – The panel data for the variables under study, collected from World Investment Reports published by World Bank, are analyzed using feasible generalized least squares method to examine the relationship between the dependent and explanatory variables over the period 1987–2018. The interaction effect has been studied to examine the growth impact of FDI in presence of host country characteristics. Findings – The findings revealed that FDI does not exert a significant impact on the economic growth of BRICS individually but has a significant growth impact only in presence of host country characteristics. FDI on interacting with financial development, trade openness and human capital exerts a positive impact on the economic growth of BRICS economies, and on interacting with economic instability (inflation), FDI has a negative impact on growth. Practical implications – The study has implications for policy makers of BRICS countries who are suggested to work toward the development of financial markets, trade liberalization and human capital development to realize the positive growth impact of FDI. Originality/value – Very few studies have been conducted to examine the growth effect of FDI in BRICS economies, which are considered to be the fastest-growing economies and dominant players in the global investment landscape. Assessing the interaction of FDI with absorptive capacities/host country characteristics to study its growth impact in BRICS using long data and robust panel data methodology is an original contribution of this paper toward the existing body of knowledge.
dc.format.extent	Khổ 21 x 29.7
dc.language.iso	en
dc.publisher	Kinh Tế Quốc Dân
dc.subject	FDI, Economic growth, GDP, Host country characteristics, Panel data
dc.title	The interaction between FDI, host country characteristics and economic growth? A new panel evidence from BRICS
dc.type	Journal of Economics and Development
dc.identifier.barcode	JED-03-2021-0035
dc.relation.reference	Abbas, Q. and Mujahid-Mukhtar, E. (2001), “The role of human capital in economic growth: a comparative study of Pakistan and India”, The Pakistan Development Review, Vol. 39 No. 4, pp. 451-473. FDI,host country characteristics and economic growth 257Abdelmalki, L., Gbakou, M.P.B., Jallab, M.S. and Sandretto, R. (2012), “Does macroeconomic stability condition the impact of FDI on economic growth and emergence? an empirical study of countries in Africa, Latin America, the Caribbean and Asia”, Developing Worlds, Vol. 2 No. 158, pp. 101-114. Agrawal, G. (2015), “Foreign direct investment and economic growth in BRICS economies: a panel data analysis”, Journal of Economics, Business and Management, Vol. 3 No. 4, pp. 421-424, doi: 10.7763/JOEBM.2015.V3.221. Alfaro, L. and Charlton, A. (2007), “Growth and the quality of Foreign Direct Investment: is all FDI equal?”, CEP Discussion Paper, London School of Economics and Political Science, No. 830, doi: 10.2139/ssrn.981163. Alfaro, L. and Chauvin, J. (2020), “Foreign direct investment, finance, and economic development”, in Spatareanu, M. (Ed.), Encyclopedia of International Economics and Global Trade, World Scientific Publishing, Singapore, pp. 231-258. Alfaro, L., Chanda, A., Kalemli-ozcan, S. and Sayek, S. (2004), “FDI and economic growth: the role of local financial markets”, Journal of International Economics, Vol. 64, pp. 89-112, doi: 10.1016/ S0022-1996(03)00081-3. Alfaro, L., Kalemli-ozcan, S. and Sayek, S. (2009), “FDI, productivity and financial development”, The World Economy, Vol. 32 No. 1, pp. 111-135, doi: 10.1111/j.1467-9701.2008.01159.x. Alguacil, M., Cuadros, A. and Orts, V. (2011), “Inward FDI and growth : the role of macroeconomic and institutional environment”, Journal of Policy Modeling, Vol. 33, pp. 481-496, doi: 10.1016/j. jpolmod.2010.12.004. Asteriou, D. and Hall, S.G. (2007), Applied Econometrics, 2nd ed., Palgrave Macmillan, London. Atique, Z., Ahmad, M.H. and Azhar, U. (2004), “The impact of FDI on economic growth under foreign trade regimes: a case study of Pakistan”, The Pakistan Development Review, Vol. 43 No. 4, pp. 707-718. Balasubramanyam, V.N. and Mahambare, V. (2003), “Foreign Direct Investment in India”, Lancaster University Management School Working Paper 2003/001, Economics Department, Lancaster University Management School. Balasubramanyam, V.N., Salisu, M. and Sapsford, D. (1996), “Foreign direct investment and growth in EP and IS countries”, The Economic Journal, Vol. 106 No. 434, pp. 92-105. Barro, R.J. and Sala-i-Martin, X. (1995), Economic Growth, McGraw-Hill, New York. Beck, T., Levine, R. and Loayza, N. (2000), “Finance and the sources of growth”, Journal of Financial Economics, Vol. 58, pp. 261-300. Bengoa, M. and Sanchez-Robles, B. (2003), “Foreign direct investment, economic freedom and growth: new evidence from Latin America”, European Journal of Political Economy, Vol. 19 No. 3, pp. 529-545, doi: 10.1016/S0176-2680(03)00011-9. Borensztein, E., De Gregorio, J. and Lee, J. (1998), “How does foreign direct investment affect economic growth?”, Journal of International Economics, Vol. 45, pp. 115-135. Bouchoucha, N. and Ali, W. (2019), “The impact of FDI on economic growth in Tunisia: an estimate by the ARDL approach”, Munich Personal RePEc Archive, Vol. 1, pp. 1-23. Brooks, C. (2008), Introductory Econometrics for Finance, 2nd ed., Cambridge University Press, Cambridge. Cakerri, L., Muharremi, O. and Madani, F. (2020), “An empirical study in Albania of foreign direct investments and economic growth relationship”, International Journal of Economics and Financial Issues, Vol. 10 No. 2, pp. 193-202, doi: 10.32479/ijefi.9294. Cao, X. and Jariyapan, P. (2012), “Foreign direct investment, human capital and economic growth of people’s Republic of China using panel data approach”, Journal of Economics, Vol. 16 No. 1, pp. 30-42. JED 24,3 258Carkovic, M.V. and Levine, R. (2002), “Does foreign direct investment accelerate economic growth?”, Working Paper, Department of Finance, University of Minnesota, Minneapolis. Cinar, M. and Nulambeh, N.A. (2018), “Foreign direct investment, trade openness and economic growth : a panel data analysis for Sub-saharan Africa”, Business and Economics Research Journal, Vol. 9 No. 4, pp. 749-760, doi: 10.20409/berj.2018.136. Dunning, J. and Narula, R. (1996), Foreign Direct Investment and Government, 1st ed., Routledge, London. Durham, J.B.J. (2004), “Absorptive capacity and the effects of foreign direct investment and equity foreign portfolio investment on economic growth”, European Economic Review, Vol. 48 No. 2, pp. 285-306, doi: 10.1016/S0014-2921(02)00264-7. Dutt, A.K. (1997), “The pattern of direct foreign investment and economic growth”, World Development, Vol. 25 No. 11, pp. 1925-1936. Gujarati, D.N. and Porter, D.C. (2009), Basic Econometrics, McGraw-Hill, New Delhi. Gujarati, D.N. and Sangeetha (2007), Basic Econometrics, McGraw-Hill, New York. doi: 10.1126/science. 1186874. Gunby, P., Jin, Y. and Robert Reed, W. (2017), “Did FDI really cause Chinese economic growth? a metaanalysis”, World Development, Vol. 90, pp. 242-255, doi: 10.1016/j.worlddev.2016.10.001. Hansen, H. and Rand, J. (2006), “On the causal links between FDI and growth in developing countries”, The World Economy, Vol. 29 No. 1, pp. 21-41. Hausman, J.A. (1978), “Specification tests in econometrics”, Econometrica, Vol. 46 No. 6, pp. 1251-1271. Hayrdaroglu, C. (2016), “The effect of foreign direct investment and economic freedom on economic growth: the case of BRICS countries”, Research in World Economy, Vol. 7 No. 1, pp. 1-10, doi: 10. 5430/rwe.v7n1p1. Hermes, N. and Lensink, R. (2003), “Foreign direct investment, financial development and economic growth”, The Journal of Development Studies, Vol. 38, pp. 1-42. Herzer, D. (2012), “How does FDI really affect developing countries’ growth?”, Review of International Economics, Vol. 20 No. 2, pp. 396-414. Jallab, M.S., Beno^ıt, M., Gbakou, P. and Sandretto, R. (2008), “Foreign direct investment, macroeconomic instability and economic growth in MENA countries”, Developing Worlds, Vol. 2 No. 158, pp. 101-114. Kelly, R. (2016), “Does financial sector development enhance the relationship between FDI and economic growth ? a comparative study of East African countries”, Journal of Reviews on Global Economics, Vol. 5, pp. 145-153. Khamphengvong, V. and Srithilat, K. (2017), “The relationship among FDI, trade openness and economic growth: empirical evidence from Lao PDR”, 4th International Conference on Industrial Economics System and Industrial Security Engineering (IEIS), July 1st-6th, Kyoto, Japan, doi: 10. 1109/IEIS.2017.8078623. King, R.G. and Levine, R. (1993a), “Finance, entrepreneurship, and growth theory and evidence”, Journal of Monetary Economics, Vol. 32, pp. 513-542. King, R.G. and Levine, R. (1993b), “Finance and growth: Schumpeter might be right”, The Quarterly Journal of Economics, Vol. 108 No. 3, pp. 717-737. Kohpaiboon, A. (2003), “Foreign trade regime and FDI-growth nexus: a case study of Thailand”, Journal of Development Studies, Vol. 40, pp. 55-69. Ledyaeva, S. and Linden, M. (2006), “Foreign direct investment and economic growth: empirical evidence from Russian regions”, BOFIT Discussion Papers 17, Bank of Finland Institute for Emerging Economies, Helsinki. Lee, C.C. and Chang, C.P. (2009), “FDI, financial development, and economic growth: international evidence”, Journal of Applied Economics, Vol. 12 No. 2, pp. 249-271, doi: 10.1016/S1514-0326(09) 60015-5. FDI,host country characteristics and economic growth 259Levine, R. and Renelt, D. (1992), “A sensitivity analysis of cross-country growth regressions”, American Economic Review, Vol. 82 No. 4, pp. 942-963. Li, X. and Liu, X. (2005), “Foreign Direct Investment and economic growth: an increasingly endogenous relationship”, World Development, Vol. 33 No. 3, pp. 393-407, doi: 10.1016/j. worlddev.2004.11.001. Lian, L. and Ma, H. (2013), “FDI and economic growth in Western region of China and dynamic mechanism: based on time-series data from 1986 to 2010”, International Business Research, Vol. 6 No. 4, pp. 180-186, doi: 10.5539/ibr.v6n4p180. Mehic, E., Silajdzic, S. and Babic-Hodovic, V. (2013), “The impact of FDI on economic growth: some evidence from Southeast Europe”, Emerging Markets Finance and Trade, Vol. 49 No. 1, pp. 5-20, doi: 10.2753/REE1540-496X4901S101. Mencinger, J. (2003), “Does foreign direct investment always enhance economic growth?”, Kyklos, Vol. 56 No. 4, pp. 491-508. Mowlaei, M. and Intezar, A. (2021), “Foreign direct investment inflows and economic growth_ evidence from selected Islamic state countries”, Quarterly Journal of Applied Economics Studies in Iran, Vol. 1, pp. 1-10. Nair-Reichert, U. and Weinhold, D. (2001), “Causality tests for cross-country panels: a new look at FDI and economic growth in developing countries”, Oxford Bulletin of Economics and Statistics, Vol. 63 No. 2, pp. 153-171, doi: 10.1111/1468-0084.00214. Parks, R.W. (1967), “Efficient estimation of a system of regression equations when disturbances are both serially and contemporaneously correlated”, Journal of the American Statistical Association, Vol. 62, pp. 500-509. 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Bộ sưu tập	02. Tạp chí (Tiếng Anh)