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1、EmpirEcon(2012)42:819834DOI10.1007/s00181-011-0455-2Doesdomesticfinancialdevelopmentenhancethelinkagesbetweenforeigndirectinvestmentandeconomicgrowth?Chee-KeongChoongReceived:29July2009/Accepted:30November2010/Publishedonline:20March2011©Springer-Verlag2011AbstractThestudyexaminesthe
2、relationshipbetweenforeigndirectinvestment(FDI),financialdevelopment,andeconomicgrowthinapanelof95developedanddevelopingcountriesfrom1983to2006.Thestudymovesawayfromthetraditionalcross-sectionalanalysis,andfocusesonmoredirectevidenceofthechannelsviawhichFDImighthelporretardeconomicgr
3、owth.Usinggeneralizedmethodofmoment(GMM)paneldataanalysis,wefindstrongevidenceofapositiverelationshipbetweenFDIinflowsintoacountryanditseconomicperformance.WealsofindevidencethatdomesticfinancialsystemisasignificantprerequisiteforFDItohaveapositiveeffectoneconomicgrowth.Policyimplicatio
4、nsareclear.EffortshouldbemadetoreformandimprovethedevelopmentofdomesticfinancialsysteminordertobenefitmorefromthepresenceofFDI.KeywordsForeigndirectinvestment·Financialdevelopment·Economicgrowth·PaneldataanalysisJELClassificationF21·F341IntroductionThereisincreasingempiricalliteraturef
5、ocusedontherelationshipbetweenforeigndirectinvestment(FDI)andeconomicgrowthandhaveconsistentlyshownthatFDIC.-K.Choong(B)CentreforEconomicStudies,FacultyofBusinessandFinance,UniversitiTunkuAbdulRahman,JalanUniversiti,BandarBarat,31900Kampar,PerakDarulRidzuan,Malaysiae-mail:choongck@u
6、tar.edu.my123820C.-K.Choongisacrucialcatalystofeconomicdevelopment.1TheadvantagesofFDIareconsid-eredtobetwofold.First,FDIcanpromoteeconomicgrowththroughspillovereffectssuchastechnologicalchange,improvedefficiencyoflocallyownedfirmsviacon-tractanddemonstrationeffects,capitalaccumulatio
7、n,humanresourcesaugmentationanddevelopment(humanskillsandemployment),andexpandedinternationaltrade(DeMello1997;BlomstromandKokko1998;Todo2003;BasuandGuariglia2007).Second,FDIflowtendstobemorestablecomparedtootherprivatecapitalflows,asFDIispurportedlymorecostlytoreverseandlesssensitive
8、toregionalandglobal
