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The Relationship between Foreign Direct Investment and Economic Growth: Evidence from Transitional CountriesNicholas ApergisUniversity of Piraeus Katerina LyroudiUniversity of Macedonia - Accounting and Finance Thanasis VamvakidisInternational Monetary Fund (IMF) October 2006 Abstract: This paper examines the importance of Foreign Direct Investment (FDI) on economic growth. Using a panel data set for 27 transition economies over the period 1991-2004 as well as the methodology of panel cointegration and causality tests, the empirical findings show that FDI does exhibit a significant relationship with economic growth, at least, for those transition countries that are characterized by high levels of income and have implemented successful privatization programs.
Number of Pages in PDF File: 19 Keywords: Foreign Direct Investment (FDI), economic growth, transition economies, panel cointegration, panel causality JEL Classification: F23, P2, F21, O16, C33, P27 working papers seriesDate posted: June 1, 2007Suggested CitationContact Information
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