Economic reforms, FDI, and economic growth in India: A sector level analysis

被引：106
|
作者：
Chakraborty, Chandana [1 ]
Nunnenkamp, Peter [2 ]
机构：
[1] Montclair State Univ, Montclair, NJ 07043 USA
[2] Kiel Inst World Econ, Kiel, Germany
来源：
WORLD DEVELOPMENT | 2008年 / 36卷 / 07期
关键词：
foreign direct investment; economic reform; growth effects; India; cointegration; causality;
D O I：
10.1016/j.worlddev.2007.06.014
中图分类号：
F0 [经济学]; F1 [世界各国经济概况、经济史、经济地理]; C [社会科学总论];
学科分类号：
0201 ; 020105 ; 03 ; 0303 ;
摘要：
Booming foreign direct investment (FDI) in post-reform India is widely believed to promote economic growth. We assess this proposition by subjecting industry-specific FDI and output data to Granger causality tests within a panel cointegration framework. It turns out that the growth effects of FDI vary widely across sectors. FDI stocks and output are mutually reinforcing in the manufacturing sector, whereas any causal relationship is absent in the primary sector. Most strikingly, we find only transitory effects of FDI on output in the services sector. However, FDI in the services sector appears to have promoted growth in the manufacturing sector through cross-sector spillovers. (c) Published by Elsevier Ltd.
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页码：1192 / 1212
页数：21
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