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Did the 2008 global financial crisis influence the host country corruption and inward foreign direct investments relationship? An empirical examination

机译:2008年全球金融危机是否影响了东道国腐败和内外直接投资关系?经验检查

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We use annual data over the 2002-2016 period with Panel Smooth Transition Regression model to examine how the 2008 global financial crisis affected the relationship between FDI inflows into developed, developing, and transition host countries and host country corruption levels. We also partitioned the data for each type of host into corruption regimes (low, moderate, and high) and examined the results separately for each regime. Our results indicate that the crisis altered the FDI inflows/corruption relationships and generally depend on the development level of the host country and corruption regimes. In addition, our evidence suggests a strong correlation between selected host country macroeconomic variables like financial depth, gross capital formation, and FDI outflows and sample variables. In turn, the crisis also affects these variables. Factor analysis results using all sample variables and separately for donor/aid recipient countries indicate the emergence of a few key factors (host country economic environment, host country international involvement, and host country economic growth potential) that are also affected by the crisis. Our analysis strongly suggests that the FDI/corruption is a complex one and corruption prone host countries must consider improvements to corruption, financial depth and domestic gross capital simultaneously to attract FDI inflows.
机译:我们在2002-2016期间使用年度数据与面板流畅的过渡回归模型,研究2008年全球金融危机如何影响外国直接投资流入于发达,发展和过渡东道国和东道国腐败水平之间的关系。我们还将每种类型主体的数据分组为损坏制度(低,中等和高),并为每个方案分别检查结果。我们的结果表明,危机改变了外国直接投资流入/腐败关系,一般取决于东道国和腐败制度的发展水平。此外,我们的证据表明,所选东道国宏观经济变量如财务深度,总资本形成和外国直接投资以及样本变量等所选东道国宏观经济变量之间的强烈相关性。反过来,危机也会影响这些变量。因子分析结果使用所有样本变量和单独为捐助者/援助受援国表示出现了几个关键因素(东道国经济环境,东道国国际参与和东道国经济增长潜力),这些因素也受到危机的影响。我们的分析强烈建议,外国直接投资/腐败是一个复杂的一个,腐败普通东道国必须考虑改善腐败,财务深度和国内总资本同时吸引FDI流入。

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