Resumo (PT):
This paper investigates whether aggregate Foreign Direct Investment (FDI), cross-border Mergers and
Acquisitions (M&A) and greenfield investments affect economic growth, based on a panel data of 53 countries
over the period 1996-2006. Both causality tests and single growth equations are applied to examine this
relationship. The evidence suggests that there is bidirectional causality between FDI, M&A and growth.
It also suggests that economic growth Granger causes greenfields, but the reverse is not true. The estimation
of the growth equation leads us to conclude that FDI through greenfield investments exerts a positive impact
on economic growth in both developed and developing countries. Conversely, M&A have a negative effect
on the economic growth of developing countries, but insignificant on developed countries.
Abstract (EN):
This paper investigates whether aggregate Foreign Direct Investment (FDI), cross-border Mergers and
Acquisitions (M&A) and greenfield investments affect economic growth, based on a panel data of 53 countries
over the period 1996-2006. Both causality tests and single growth equations are applied to examine this
relationship. The evidence suggests that there is bidirectional causality between FDI, M&A and growth.
It also suggests that economic growth Granger causes greenfields, but the reverse is not true. The estimation
of the growth equation leads us to conclude that FDI through greenfield investments exerts a positive impact
on economic growth in both developed and developing countries. Conversely, M&A have a negative effect
on the economic growth of developing countries, but insignificant on developed countries.
Idioma:
Inglês
Tipo (Avaliação Docente):
Científica