MEXICO'S FINANCE-GROWTH NEXUS WITH TRADE OPENNESS, FDI AND PORTFOLIO INVESTMENT: EVIDENCE FROM VECM COINTEGRATION ANALYSIS

被引：2

作者：

Fukuda, Takashi ^{[1
,2
]}

机构：

[1] Univ Utara Malaysia, Changlun, Malaysia

[2] 5-15-81-401 Toroku,Chuou Ku, Kumamoto 8620970, Japan

来源：

ECOS DE ECONOMIA | 2019年 / 23卷 / 49期

关键词：

Finance-growth nexus; Globalization; VECM; Cointegration; Mexico; FOREIGN DIRECT-INVESTMENT; ECONOMIC-GROWTH; UNIT-ROOT; MARKETS; TESTS;

D O I：

10.17230/ecos.2019.49.2

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

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.

引用

页码：30 / 44

页数：15

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