Financial development, foreign direct investment, exchange rate regimes, and economic growth: new evidence from african economies

This paper examines empirically the extent to which financial development, Foreign Direct Investment (FDI) and exchange rate regime (ERR) altogether positively influence economic growth in Africa. To achieve this, we build two baseline panel data samples of African countries and new expanded dataset...

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Detalles Bibliográficos
Autores principales: Grandes, Martin, Yeo, Dossina
Formato: Articulo
Lenguaje:Inglés
Publicado: 2023
Materias:
Ciencias Económicas
Financial Development
Foreign Direct Investment
Economic Growth
Africa
Exchange Rate Regimes
desarrollo financiero
inversión extranjera directa
Crecimiento económico
regímenes cambiarios
Acceso en línea:http://sedici.unlp.edu.ar/handle/10915/160786
Aporte de:
SEDICI (UNLP) de Universidad Nacional de La Plata
id I19-R120-10915-160786
record_format dspace
spelling I19-R120-10915-1607862023-11-28T20:02:41Z http://sedici.unlp.edu.ar/handle/10915/160786 Financial development, foreign direct investment, exchange rate regimes, and economic growth: new evidence from african economies Desarrollo financiero, inversión extranjera directa, regímenes cambiarios y crecimiento económico: nueva evidencia de las economías africanas Grandes, Martin Yeo, Dossina 2023-11 2023-11-28T14:37:54Z en Ciencias Económicas Financial Development Foreign Direct Investment Economic Growth Africa Exchange Rate Regimes desarrollo financiero inversión extranjera directa Crecimiento económico regímenes cambiarios This paper examines empirically the extent to which financial development, Foreign Direct Investment (FDI) and exchange rate regime (ERR) altogether positively influence economic growth in Africa. To achieve this, we build two baseline panel data samples of African countries and new expanded datasets spanning 1980-2015 using a small sample adjusted Generalized Method of Moments (GMM) estimator. To check the robustness of our results, we built two other panel samples by adding on the two previous panel data samples, data from emerging and developed countries, and repeating the analysis. The results from the estimations suggest that financial development, FDI influence positively and significantly economic growth, whereas exchange rate regime has no significant effect on economic performance, controlling for the usual growth- regression variables like trade openness, human capital, investment, governance, and the lagged value of per capita GDP. En este documento se examina empíricamente en qué medida en que el desarrollo financiero, la inversión extranjera directa (IED) y el régimen cambiario influyen en el crecimiento económico de África. Con este fin, se construyen dos muestras de datos de panel de países africanos y nuevos conjuntos de datos ampliados que abarcan 1980-2015 y se estima un modelo utilizando un estimador ajustado para muestras pequeñas del Método Generalizado de Momentos (GMM). Los resultados de las estimaciones sugieren que el desarrollo financiero y la IED influyen positiva y significativamente en el crecimiento económico en África, mientras que el régimen cambiario no tiene un efecto significativo en el crecimiento económico, controlando por las variables habituales como la apertura del comercio, el capital humano, la inversión, la gobernanza y el valor rezagado del PIB per cápita. Para verificar la robustez de nuestros resultados, construimos otras dos muestras de panel agregando datos de países emergentes y desarrollados y se repite el análisis encontrando resultados satisfactorios y similares. Facultad de Ciencias Económicas Articulo Articulo http://creativecommons.org/licenses/by-nc-nd/4.0/ Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0) application/pdf 1-29
institution Universidad Nacional de La Plata
institution_str I-19
repository_str R-120
collection SEDICI (UNLP)
language Inglés
topic Ciencias Económicas
Financial Development
Foreign Direct Investment
Economic Growth
Africa
Exchange Rate Regimes
desarrollo financiero
inversión extranjera directa
Crecimiento económico
regímenes cambiarios
spellingShingle Ciencias Económicas
Financial Development
Foreign Direct Investment
Economic Growth
Africa
Exchange Rate Regimes
desarrollo financiero
inversión extranjera directa
Crecimiento económico
regímenes cambiarios
Grandes, Martin
Yeo, Dossina
Financial development, foreign direct investment, exchange rate regimes, and economic growth: new evidence from african economies
topic_facet Ciencias Económicas
Financial Development
Foreign Direct Investment
Economic Growth
Africa
Exchange Rate Regimes
desarrollo financiero
inversión extranjera directa
Crecimiento económico
regímenes cambiarios
description This paper examines empirically the extent to which financial development, Foreign Direct Investment (FDI) and exchange rate regime (ERR) altogether positively influence economic growth in Africa. To achieve this, we build two baseline panel data samples of African countries and new expanded datasets spanning 1980-2015 using a small sample adjusted Generalized Method of Moments (GMM) estimator. To check the robustness of our results, we built two other panel samples by adding on the two previous panel data samples, data from emerging and developed countries, and repeating the analysis. The results from the estimations suggest that financial development, FDI influence positively and significantly economic growth, whereas exchange rate regime has no significant effect on economic performance, controlling for the usual growth- regression variables like trade openness, human capital, investment, governance, and the lagged value of per capita GDP.
format Articulo
Articulo
author Grandes, Martin
Yeo, Dossina
author_facet Grandes, Martin
Yeo, Dossina
author_sort Grandes, Martin
title Financial development, foreign direct investment, exchange rate regimes, and economic growth: new evidence from african economies
title_short Financial development, foreign direct investment, exchange rate regimes, and economic growth: new evidence from african economies
title_full Financial development, foreign direct investment, exchange rate regimes, and economic growth: new evidence from african economies
title_fullStr Financial development, foreign direct investment, exchange rate regimes, and economic growth: new evidence from african economies
title_full_unstemmed Financial development, foreign direct investment, exchange rate regimes, and economic growth: new evidence from african economies
title_sort financial development, foreign direct investment, exchange rate regimes, and economic growth: new evidence from african economies
publishDate 2023
url http://sedici.unlp.edu.ar/handle/10915/160786
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AT grandesmartin desarrollofinancieroinversionextranjeradirectaregimenescambiariosycrecimientoeconomiconuevaevidenciadelaseconomiasafricanas
AT yeodossina desarrollofinancieroinversionextranjeradirectaregimenescambiariosycrecimientoeconomiconuevaevidenciadelaseconomiasafricanas
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