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Mexico’s Finance-Growth Nexus with Trade Openness, FDI and Portfolio Investment: Evidence from VECM Cointegration Analysis

机译:墨西哥融资 - 增长Nexus,具有贸易开放,FDI和投资组合投资:来自VECM协整分析的证据

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This study investigates Mexico’s finance-growth nexus by controlling the “globalization” variables of trade openness, foreign direct investment (FDI) and portfolio investment together with the structural break dummy. Financial development is proxied by two indicators of size and efficiency. Implementing the cointegration and Granger causality tests in the framework of the vector error correction model (VECM), we found that: financial size is negative for economic growth with no feedback; financial efficiency and economic growth are in a negative bilateral relationship; trade openness and portfolio investment are positive for economic growth; and FDI is negative for economic growth and financial efficiency.
机译:本研究通过控制贸易开放,外国直接投资(FDI)和投资组合投资的“全球化”变量以及结构突破假设来调查墨西哥的金融生长Nexus。金融发展由两个规模和效率指标代理。在矢量误差校正模型(VECM)的框架内实施协整和格兰杰因果关系测试,我们发现:财务规模对经济增长没有反馈,没有反馈;财务效率和经济增长处于负面的双边关系;贸易开放和投资组合投资对于经济增长是积极的;和外国直接投资对经济增长和财务效率是消极的。

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