选定中东和北非地区国家的外国直接投资和金融发展:小组ARDL方法

Q2 Economics, Econometrics and Finance Global Journal of Emerging Market Economies Pub Date : 2022-11-30 DOI:10.1177/09749101221129387
Ahlam El Fakiri, Kenza Cherkaoui
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引用次数: 0

摘要

本文实证研究了2000-2008年期间中东和北非地区16个选定国家(阿尔及利亚、巴林、埃及、伊朗、以色列、约旦、科威特、黎巴嫩、马耳他、毛里塔尼亚、摩洛哥、阿曼、卡塔尔、沙特阿拉伯、突尼斯和阿拉伯联合酋长国)的外国直接投资与金融发展之间的联系。本研究使用ARDL面板研究了FD对FDI流入的长期和短期影响。该模型基于动态固定效应(DFE)估计器。本文采用了国际货币基金组织制定的FD的三个指标,即整体金融发展(OFD)、金融市场发展(FM)和金融机构发展指标(FI)。其目的是通过涵盖金融市场及其机构的深度、效率和准入来分析FD的影响。研究结果表明,尽管短期内没有建立显著的关系,但总体FD代理和FM代理的长期系数是正的,具有统计学意义。估计表明,总体FD指标和FM指标增加1%,流入中东和北非地区国家的外国直接投资分别增加172%和150%。
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Foreign Direct Investment and Financial Development in Selected MENA Region Countries: Panel ARDL Approach
This article empirically examines the linkage between foreign direct investment (FDI) and financial development (FD) in 16 selected countries of the MENA region (Algeria, Bahrain, Egypt, Iran, Israel, Jordan, Kuwait, Lebanon, Malta, Mauritania, Morocco, Oman, Qatar, Saudi Arabia, Tunisia, and the United Arab Emirates) over the period 2000–2018. The research investigates the long- and short-run effects of FD on FDI inflows using panel ARDL. This model is based on the dynamic fixed effect (DFE) estimator. The article employs three proxies of FD as developed by the IMF, namely, the overall financial development (OFD), financial markets’ development (FM), and financial institutions’ development proxy (FI). The purpose was to analyze the impact of FD by covering the depth, efficiency, and access to financial markets and their institutions. The findings suggest that even though no significant relationship is established in the short run, the long-run coefficients of the overall FD proxy and FM proxy are positive and statistically significant. The estimates suggest that a 1% increase in the overall FD proxy and FM proxy results in an increase of 172% and 150% of FDI inflows to MENA region countries, respectively.
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来源期刊
Global Journal of Emerging Market Economies
Global Journal of Emerging Market Economies Economics, Econometrics and Finance-Economics, Econometrics and Finance (miscellaneous)
CiteScore
2.70
自引率
0.00%
发文量
27
期刊介绍: Global Journal of Emerging Market Economies is a peer-reviewed journal. The aim of the journal is to provide an international platform for knowledge sharing, discussion and networking on the various aspects related to emerging market economies through publications of original research. It aims to make available basic reference material for policy-makers, business executives and researchers interested in issues of fundamental importance to the economic prospects and performance of emerging market economies. The topics for discussion are related to the following general categories: D. Microeconomics E. Macroeconomics and Monetary Economics F. International Economics G. Financial Economics H. Public Economics I. Health, Education, and Welfare J. Labor and Demographic Economics L. Industrial Organization O. Economic Development, Innovation, Technological Change, and Growth Q. Agricultural and Natural Resource Economics • Environmental and Ecological Economics R. Urban, Rural, Regional, Real Estate, and Transportation Economics Additionally, the journal would be most interested to publish topics related to Global Financial Crisis and the Impact on Emerging Market Economies Economic Development and Inclusive Growth Climate Change and Energy Infrastructure Development and Public Private Partnerships Capital Flows to and from Emerging Market Economies Regional Cooperation Trade and Investment and Development of National and Regional Financial Markets The Belt and Road Initiative.
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