Foreign direct investment and growth causal-nexus in economic community of West African States: Evidence from spectral causality

A. Adam
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引用次数: 1

Abstract

The paper examines the causal relationship between FDI and economic growth (GDP) in thirteen ECOWAS countries using both time domain and frequency domain testing procedures using annual data from 1970 to 2015. The results showed that time domain is not adequate in detecting causality. The time domain detected causality in only four out of thirteen countries whilst the frequency domain detected causality at different frequencies and cycles in nine out of thirteen countries. The findings of this study indicate the importance of frequency domain causality, that it decomposes causality at different frequencies and subsequently detects causality at certain cycles lengths. The general observation that economic growth leads FDI calls for ECOWAS leaders to rethink about painful sacrifices they make to attract FDI into the region.
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西非国家经济共同体的外国直接投资与增长因果关系:来自谱因果关系的证据
本文利用1970年至2015年的年度数据,采用时域和频域测试程序,检验了13个西非经共体国家的FDI与经济增长(GDP)之间的因果关系。结果表明,时间域不足以检测因果关系。在13个国家中,时域仅在4个国家中发现了因果关系,而在13个国家中,频域在9个国家中发现了不同频率和周期的因果关系。本研究的发现表明频域因果关系的重要性,它在不同的频率分解因果关系,随后在一定的周期长度检测因果关系。经济增长导致外国直接投资的普遍看法要求西非经共体领导人重新考虑他们为吸引外国直接投资进入该区域所作出的痛苦牺牲。
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期刊介绍: The Business and Economic Horizons (BEH) is an international peer-reviewed journal that publishes high quality theoretical, empirical, and review papers covering the broad spectrum of research in areas of economics, business, management, and finance. The journal aim is to bridge the gap between the theory and the observed data in these constantly developing domains. BEH Editorial Board welcomes the high-quality original research articles and review papers that verify the well-grounded and the emerging theories by employing the econometric, statistical methods or other relevant empirical methods in theoretical and applied economic analysis. BEH does not discriminate articles utilizing the non-mainstream approaches such as experimental research, institutional analysis, other variations of heterodox and developmental economic studies. Therefore, the submissions in any field of micro- and macroeconomics, business ethics, economic policy or finance are appropriate for this journal. We hope, the provided contributions will help to understand the contemporary challenges faced by the private and public sector and will establish an international forum of empirical research.
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