Abstract

The study aims to examine the FDI-growth nexus in EU countries for the period 1996–2018. Empirical literature has suggested ambiguous results regarding the beneficial effects of FDI on host economies. In this study panel ARDL approach is employed using the PMG estimator, as the most suitable for our dataset. DFE and MG estimators are also implemented. The results indicate strong evidence that there is a positive long-run relationship between FDI and growth for the original EU members. However, regarding the new EU members, only the extended model provides statistical evidence of positive long-run relationship between FDI and growth. The positive and statistically significant long-run relationship between FDI and economic growth for all countries underlines the need for policy makers to formulate policies to attract FDI. Furthermore, the results of the study show that policy makers of EU countries characterized by high levels of corruption should focus on anti-corruption policies, as corruption seems to hinder the positive effects of both FDI and other determinants of economic growth.

摘要

该研究旨在考察 1996 年至 2018 年期间欧盟国家的 FDI 与增长之间的关系。实证文献表明，关于外国直接投资对东道国经济体的有益影响，结果并不明确。在本研究小组中，ARDL 方法使用 PMG 估计器，作为最适合我们数据集的方法。DFE 和 MG 估计器也被实现。结果有力地证明，外国直接投资与欧盟原成员国的经济增长之间存在长期正相关关系。然而，对于新的欧盟成员国，只有扩展模型提供了 FDI 与增长之间长期正向关系的统计证据。对于所有国家来说，FDI 与经济增长之间存在着统计上显着的正向长期关系，这凸显了政策制定者有必要制定吸引 FDI 的政策。此外，