초록

The paper is concerned with the analysis of the main determinants of foreign direct investment in MENA countries. The estimation is run on the eterminants of FDI in our sample which consist of 36 countries. 12 of these countries were in MENA countries and another 24 were the major recipients of FDI in their respective regions in developing countries. By employing a panel data methodology the study investigates whether the determinants of FDI are similar to the other FDI receiving developing countries. The study reveals that the key determinants of FDI inflows in MENA countries are the size of the host economy, the government size, natural resources and the institutional variables. The paper concludes that, countries that are receiving fewer foreign investments could make themselves more attractive to potential foreign investors. So, the policy makers in the MENA region should remove all barriers to trade, develop their financial system and build appropriate institutions.

키워드

Foreign Direct Investment, Panel Data, Fixed Effects, MENA

참고문헌(42)open

  1. [학위논문] Adji, S.S. / 1995 / The Effects of Macroeconomic and Political Factors on Capital Flows to Developing Countries

  2. [학술지] Amirahmadi, H. / 1994 / Foreign Direct Investment in Developing Countries / The Journal of Developing Areas 28 (2) : 167 ~ 190

  3. [학술지] Asiedu, E. / 2002 / On the Determinants of Foreign Direct Investment Developing Counties: Is Africa Different? / World Development 30 (1) : 107 ~ 119

  4. [단행본] Baltagi, B.H. / 2003 / Econometrics Analysis of Panel Data, Chichester, England / John Wilely & Sons LTD

  5. [보고서] Chan, K.K. / 2004 / Risk Instability and the Pattern of Foreign Direct Investment in the Middle East and North Africa Region : 1 ~ 20

  6. [보고서] Choi, I. / 1995 / Export-Oriented Foreign Direct Investment in East Asia and Latin America: Determinants of Locations

  7. [보고서] Demirguc-Kunt, A. / 1998 / The Determinants of Banking Crises in Developed and Developing Countries

  8. [학술지] Dunning, J.H. / 1994 / Re-evaluating the Benefit of Foreign Direct Investment / Transitional Corporations 3 (1) : 23 ~ 51

  9. [단행본] Economic and Social Commission for Weste / 2007 / Report on Foreign Direct Investment Inflows in the ESCWA Regions / United Nations : 13 ~ 38

  10. [보고서] Eid, F. / 2003 / Foreign Direct Investment in the Arab World: The Changing Investment Landscape : 108 ~ 119

  11. [학술지] Findlay, R. / 1978 / Some Aspects of Technology Transfer and Foreign Direct Investment / American Economic Review 68 : 275 ~ 279

  12. [단행본] Greeen, W. / 2003 / Econometrics Analysis / Prentice Hall

  13. [학술지] Hausman, J.A. / 1978 / Specification Tests in Econometrics / Econometrica 46 (6) : 1251 ~ 1271

  14. [보고서] Hisarciklilar, M. / 2006 / Locational Drivers of FDI in MENA Countries: A Spatial Attempt : 1 ~ 20

  15. [단행본] International Monetary Fund / 2007 / International Financial Statistics Yearbook 2007 / IMF

  16. [보고서] Jenkins C. / 2002 / Foreign Direct Investment in Southern Africa: Determinants, Characteristics and Implications for Economic Growth and Poverty Alleviation

  17. [학술지] Jun / 1996 / The Determinants of Foreign Direct Investment in Developing Countries / 5 (2) : 67 ~ 105

  18. [단행본] Kamaley, A. / 2002 / Evaluation of FDI Flows into the MENA Region / Economic Department, the American University in Cairo

  19. [학술지] Keefer, P. / 1995 / Institutions and Economic Performance: Cross- Country Tests Using alternative Institutional Measures / Economics and Politics 7 (3) : 207 ~ 227

  20. [학술지] Keefer, P. / 1997 / Why Don’t Poor Countries Catch Up? A Cross National Test of Institutional Explanation / Economic Inquiry 35 : 590 ~ 602

  21. [보고서] Korgstup, S. / 2005 / Foreign Direct Investment, Absorptive Capacity and Growth in the Arab World

  22. [학술지] Kumar, N. / 1994 / Technology, Firm Size and Export Behaviour in Developing Countries: The Case of Indian Enterprises / The Journal of Development Studies 31 (2) : 289 ~ 309

  23. [학술지] Levine R. / 2000 / Financial Intermediation and Growth: Causality and Causes / Journal of Monetary Economics 46 : 31 ~ 77

  24. [학술대회] Moosa, I.A. / 2005 / The Determinants of Foreign Direct Investment in MENA Countries: An Extreme Bound Analysis / The 12 Annual Conference of the Economic Research Forum : 1 ~ 13

  25. [학술지] Morisset, P. / 2000 / Foreign Direct Investment to Africa: Policies also Matter / Transnational Corporation 9 (2) : 107 ~ 125

  26. [학술대회] Onyeiwu, S. / 2003 / Analysis of FDI Flows to Developing Countries: Is MENA Different? / ERF 10 Annual Conference : 1 ~ 22

  27. [단행본] Organization of Economic Cooperation and / 1998 / Foreign Direct Investment and Economic Development: Lessons of Six Emerging Economies / OECD

  28. [학술지] Poon, J. / 1995 / Foreign Direct Investment and Economic Growth: Evidence from Asia and Latin America / Journal of Economic Development 23 (2) : 141 ~ 160

  29. [학술지] Said, M. / 2007 / Foreign Direct Investment in the Middle East and North Africa Region / Journal of Global Business Advancement 1 (1)

  30. [단행본] United Nations Conference on Trade and D / 1995 / World Investment Report / United States

  31. [단행본] United Nations Conference on Trade and D / 1998 / World Investment Report 1998: Trends and Determinants / United Nations

  32. [단행본] United Nations Conference on Trade and Development (UNCTAD) / 2000 / World Investment Report 2000: Cross-border Mergers and Acquisitions and Development / United Nations

  33. [단행본] United Nations Conference on Trade and D / 2001 / World Investment Report 2001: Promoting Linkages / United Nations

  34. [단행본] United Nations Conference on Trade and Development (UNCTAD) / 2003 / World Investment Report, FDI Policies for Development: National and International Perspectives / United Nations

  35. [단행본] United Nations Conference on Trade and Development (UNCTAD) / 2004 / World Investment Report, the Shift towards Services / United Nations

  36. [학술지] Wang, J.Y. / 1992 / Foreign Investment and Technology Transfer: A Simple Model / European Economic Review 36 : 137 ~ 155

  37. [학술지] Wheeler, D. / 1992 / International Investment Location Decisions: The Case of US Firms / Journal of International Economics 33

  38. [단행본] Whiteside, A.W. / 1989 / Industrialisation and Investment Incentives in Southern Africa, Pietermaritzburg / University of Natal Press

  39. [단행본] World Bank / 2003 / Trade, Investment and Development in the Middle East and North Africa: Engaging with the World / World Bank

  40. [인터넷자료] World Bank / Doing Business Report

  41. [단행본] World Bank / 2007 / World Development Indicators / World Bank

  42. [학술지] Zhang, K.H. / 2001 / Does Foreign Direct Investment Promotes Economic Growth? Evidence from East Asia and Latin America / Contemporary Economic Policy 19 : 175 ~ 185