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Do channels of financial integration matter for FDI's impact on growth? Empirical evidence using a panel

机译：FDI对增长的影响的金融融合事项渠道吗？使用面板的经验证据

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This paper adds to the debate on the relationship between foreign direct investment (FDI) and economic growth which suggest that the link between FDI and economic growth is rather the consequence of both FDI and growth responding endogenously to economic integration. We investigate if the impact of FDI on growth is dependent on the channel of integration used to attract FDI. We use four different indexes of economic integration including Trade Openness, Chinn-Ito, and KOF and our newly constructed index of financial integration. We employ these four indexes to investigate the role played by economic integration in linking FDI and growth. We use a panel consisting of 134 developing countries and data spanning the period 1989-2017 estimated using the generalized method of moments (GMM) technique. The results show that FDI is an important determinant of growth. The results also suggest that at least some of the integration variables do matter and work as channels to attract FDI leading to growth. However, after stratifying countries by income level, we also find that integration matters mainly for high income countries. Integration variables for other income groups do not show much significance. These are interesting results and may have important policy implications.
机译：本文增加了对外国直接投资（FDI）和经济增长之间关系的辩论，这表明外国直接投资与经济增长之间的联系是外商直接投资和生长对经济一体化的影响的结果。我们调查FDI对增长的影响取决于用于吸引FDI的集成渠道。我们使用四种不同的经济一体化指标，包括贸易开放，Chinn-ITO和KOF以及我们的新构建的金融融合指数。我们雇用这四项指数来调查经济一体化与联系联系和增长的经济一体化发挥作用。我们使用由134个发展中国家和跨越1989-2017期间的数据组成的面板，使用普通的时刻（GMM）技术估计。结果表明，FDI是增长的重要决定因素。结果还表明，至少有一些集成变量确实是物质和工作，以吸引FDI导致增长的直接投资。然而，在受到收入水平的分层国家之后，我们还发现整合主要是高收入国家的重要事项。其他收入群体的集成变量没有显着显着。这些是有趣的结果，可能具有重要的政策影响。

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