This study revisits the foreign direct investment (FDI)–growth nexus in Africa, categorizing countries as resource-rich or resource-scarce for the period 2000–2017 in an attempt to capture the impact that cross-country natural resource endowment differences may have on the FDI–growth relationship. Thus, the study is an attempt to answer the question: Does being a natural resource-abundant or resource-scarce country alter the FDI‒growth nexus? Using the System Generalized Method of Moments, it is found that the effects of FDI on economic growth vary depending on countries' resource richness. While FDI affects growth positively and significantly in the resource-scarce category, the size of such an effect varies across countries within the group. The better the human capital and institutions, the higher the FDI-induced growth. However, no effect of FDI on growth has been identified for the resource-rich category. The findings suggest that African countries in general, and resource-rich economies in particular, need to look carefully and critically at the type of FDI inflows they receive.

中文翻译：

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FDI 何时对增长产生影响？资源丰富和资源稀缺的非洲经济体的比较分析

本研究重新审视了非洲的外国直接投资 (FDI) 与增长之间的关系，将 2000 年至 2017 年期间的国家归类为资源丰富或资源稀缺，以试图捕捉跨国自然资源禀赋差异可能对经济增长产生的影响FDI-增长关系。因此，该研究试图回答以下问题：成为自然资源丰富或资源稀缺的国家是否会改变 FDI-增长关系？使用系统广义矩法发现，FDI 对经济增长的影响因国家资源丰富度而异。虽然外国直接投资对资源稀缺类别的增长产生积极和显着的影响，但这种影响的大小因组内国家而异。人力资本和制度越好，外国直接投资引起的增长就越高。然而，外国直接投资对资源丰富类别的增长没有影响。调查结果表明，总体而言，非洲国家，尤其是资源丰富的经济体，需要仔细和批判地审视它们收到的外国直接投资流入的类型。