Description
Title: Applying the VAR Model to Re-Examine the Impacts of Official Development Assistance on Foreign Direct Investment
Abstract: Using panel data from 2003 to 2020, this study reexamined the impact of official development assistance (ODA) from five major donor nations—France, Germany, Japan, the United Kingdom, and the United States. Along with the Granger causality test and impulse response analysis with the panel VAR model, the system Generalized Method of Moments (GMM) with the gravity model was also run. Since the 2000s, it was determined that ODA did not always have an impact on FDI. Furthermore, it is asserted that the vanguard effect of Japanese ODA, which some earlier studies had suggested existed, may not have persisted past the 1990s. The novelty of this study is to use new data from the 2000s onwards to confirm the effects of major donors’ ODA on FDI, particularly to show that the vanguard effect of Japanese ODA has not been seen since the 2000s. This study’s limitation is that it can only conclusively determine whether a general trend exists at a statistically significant level. In order to determine how ODA has impacted specific companies’ investment decisions, more research on individual cases is anticipated.
Keywords: official development assistance; foreign direct investment; foreign aid; panel data; VAR model; Granger causality; gravity model; system GMM
Paper Quality: SCOPUS / Web of Science Level Research Paper
Subject: Economics
Writer Experience: 20+ Years
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