Description
Title: FDI Inflow and the Sources of Financial Development: A Panel Data Analysis of Middle-Income Economies
Abstract: The current study sought to examine the long- and short-term impacts of various sources of financial development on FDI inflow for middle-income economies between 1980 and 2020. The required set of variables were collected with an annual frequency of data from WDI and the IMF. The estimates showed a significant integration, no cross-sectional dependence, and and the stationarity of FDI inflow at the first difference, with mixed level explanatory and controlled variables. For testing the necessary set of hypotheses, it validated the panel ARDL estimations methods using mean group, pooled mean group, and a dynamic fixed effect. The dynamic fixed effect’s consistency and effectiveness as an estimation technique were confirmed by the Hausman test. The panel’s estimations showed that real economic growth, inflation rate, trade openness, and the development of the financial markets were the most important factors for FDI inflow in middle-income economies. When formulating their plans for FDI inflow into their economies, policymakers should take these factors into account. Time series ARDL for each independent middle-income nation may be taken into account in future research. Instead of higher-income and lower-income countries, the study’s findings are only extrapolated to middle-income economies.
Keywords: FDI inflow; financial development; panel data; ARDL; middle-income countries
Paper Quality: SCOPUS / Web of Science Level Research Paper
Subject: Economics
Writer Experience: 20+ Years
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