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Year: 2023 Publisher: Washington, DC : World Bank,
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This paper revisits the link between FDI and economic growth in emerging and developing economies. Analysis of the early decades of the sample shows that there is no statistically significant correlation between FDI and growth for countries with average levels of education or financial depth. In line with previous contributions, this correlation is positive and statistically significant for countries with sufficiently well-developed financial sectors or high levels of human capital. However, the findings also show that the link between FDI and growth varies over time. For more recent periods, there is a positive and statistically significant relationship between FDI and growth for the average country, with local conditions having a negative effect on this link. The paper also develops a novel instrument aimed at addressing the endogeneity of FDI inflows. Instrumental variable estimates suggest that the results are unlikely to be driven by endogeneity, and the results on the role of absorptive capacities may be due to the GVC revolution in the 1990s.
Book
ISBN: 1513525379 Year: 2019 Publisher: Washington, D.C. : International Monetary Fund,
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This paper provides a dataset on the currency composition of the international investment position for a group of 50 countries for the period 1990-2017. It improves available data based on estimates by incorporating actual data reported by statistical authorities and refining estimation methods. The paper illustrates current and new uses of these data, with particular focus on the evolution of currency exposures of cross-border positions.
United States --- Exports and Imports --- Foreign Exchange --- Money and Monetary Policy --- International Factor Movements and International Business: General --- Open Economy Macroeconomics --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- International Investment --- Long-term Capital Movements --- Monetary economics --- Currency --- Foreign exchange --- International economics --- Currencies --- Foreign currency exposure --- Exchange rates --- International investment position --- Money --- External position --- Foreign exchange market --- Investments, Foreign
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