Threshold effects in the capital account liberalization and foreign direct investment relationship

被引：2

作者：

Gammoudi, Mouna ^{[1
]}

Cherif, Mondher ^{[2
]}

机构：

[1] Univ Reims, Lab Regards, 70 Bis Rue Chanteloup Entree F Bat B App 09, St Savine, France

[2] Univ Reims, Lab Regards, Chemin Crayeres IUT Leonard de Vinci, Reims, France

来源：

MIDDLE EAST DEVELOPMENT JOURNAL | 2016年 / 8卷 / 01期

关键词：

capital account liberalization; foreign direct investment; institutional quality; system-GMM estimator;

D O I：

10.1080/17938120.2016.1151324

中图分类号：

F0 [经济学]; F1 [世界各国经济概况、经济史、经济地理]; C [社会科学总论];

学科分类号：

0201 ; 020105 ; 03 ; 0303 ;

摘要：

This paper examines the effects of capital account liberalization (CAL) on foreign direct investment (FDI). We use the System Generalized-Method-of-Moments (GMM) estimator developed for the dynamic panel model for a sample of 14 Middle East countries from 1985 to 2009. We find new evidence that countries that are able to reap the benefits of the capital openness policy satisfy certain threshold conditions regarding the level of financial development and institutional quality. Our results are relevant for Middle East countries since many of them have engaged in a process of liberalization, have weak institutions and an inappropriate financial framework.

引用

页码：156 / 175

页数：20

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