Open Access

The impact of private capital flows on economic growth in the MENA region


Cite

Abrevaya, J., & Dahl, C. M. (2008). The effects of birth input on birthweight. Journal of Business & Economic Statistics, 26(4), 379-397.10.1198/073500107000000269Search in Google Scholar

Agbloyor, E. K., Abor, J. Y., Adjasi, C. K. D., & Yawson, A. (2014). Private capital flows and economic growth in Africa: The role of domestic financial markets. Journal of International Financial Markets, Institutions and Money, 30, 137-152.10.1016/j.intfin.2014.02.003Search in Google Scholar

Aizenman, J., Jinjarak, Y., & Park, D. (2013). Capital flows and economic growth in the era of financial integration and crisis, 1990-2010. Open Economies Review, 24(3), 371-396.10.1007/s11079-012-9247-3Search in Google Scholar

Alley, I. (2015). Private capital flows and economic growth of Sub-Saharan African countries. African Development Review, 27, 469-483.10.1111/1467-8268.12162Search in Google Scholar

Altman, E. I., & Kuehne, B. J. (2016), Credit markets and bubbles: Is the benign credit cycle over?. Economics and Business Review, 2(3), 20-31.10.18559/ebr.2016.3.3Search in Google Scholar

Barguellil, A., Ben-Salha, O., & Zmami, M. (2018). Exchange rate volatility and economic growth. Journal of Economic Integration, 33, 1302-1336.10.11130/jei.2018.33.2.1302Search in Google Scholar

Barro, R. J. (1997). Determinants of economic growth: A cross-country empirical study. (NBER Working Paper No. 5698). Cambridge: National Bureau of Economic Research.Search in Google Scholar

Ben-Salha, O. (2013). Does economic globalization affect the level and volatility of labor demand by skill? New insights from the Tunisian manufacturing industries. Economic Systems, 37(4), 572-597.10.1016/j.ecosys.2013.07.006Search in Google Scholar

Besstremyannaya, G., & Golovan, S. (2019). Reconsideration of a simple approach to quantile regression for panel data. Econometrics Journal, 22, 292-308.10.1093/ectj/utz012Search in Google Scholar

Binder, M., & Coad, A. (2011). From Average Joe〉s happiness to Miserable Jane and Cheerful John: Using quantile regressions to analyze the full subjective well-being distribution. Journal of Economic Behavior & Organization, 79, 275-290.10.1016/j.jebo.2011.02.005Search in Google Scholar

Bordo, M. D. (2017). The second era of globalization is not yet over: An historical perspective. (NBER Working Paper No. 23786). Cambridge, MA: National Bureau of Economic Research.Search in Google Scholar

Brahim, M., & Rachdi, H. (2014). Foreign direct investment, institutions and economic growth: Evidence from the MENA region. Journal of Reviews on Global Economics, 3, 328-339.Search in Google Scholar

Buchinsky, M. (1998). Recent advances in quantile regression models: A practical guideline for empirical research. The Journal of Human Resources, 33, 88-126.10.2307/146316Search in Google Scholar

Bustelo, P. (2004). Capital flows and financial crises: A comparative analysis of East Asia (1997-98) and Argentina (2001-02). (Working Paper No. 2004-017). Madrid: Complutense University of Madrid.Search in Google Scholar

Cai, Z., Chen, L., & Fang, Y. (2018). A semiparametric quantile panel data model with an application to estimating the growth effect of FDI. Journal of Econometrics, 206, 531-553.10.1016/j.jeconom.2018.06.013Search in Google Scholar

Canay, I. A. (2011). A simple approach to quantile regression for panel data. The Journal of Econometrics, 14, 368-386.10.1111/j.1368-423X.2011.00349.xSearch in Google Scholar

Choong, C. K., Baharumshah, A. Z. Yusop, Z., & Habibullah, M. S. (2010). Private capital flows, stock market and economic growth in developed and developing countries: A comparative analysis. Japan and the World Economy, 22, 107-117.10.1016/j.japwor.2009.07.001Search in Google Scholar

Combes, J. L., Kinda, T., Ouedraogo, R., & Plane, P. (2019). Financial flows and economic growth in developing countries. Economic Modelling, 83, 195-209.10.1016/j.econmod.2019.02.010Search in Google Scholar

de Vita, G., & Kyaw, K. (2009). Growth effects of FDI and portfolio investment flows to developing countries: A disaggregated analysis by income levels. Applied Economics Letters, 16, 277-283.10.1080/13504850601018437Search in Google Scholar

Dufrenot, G., Mignon, V., & Tsangarides, C. (2010). The trade-growth nexus in the developing countries: A quantile regression approach. Review of World Economics, 146, 731-761.10.1007/s10290-010-0067-5Search in Google Scholar

Eichengreen, B. (2003). Capital flows and crisis. Cambridge, MA: MIT Press.Search in Google Scholar

Ferreira, M. A., & Laux, P. A. (2009). Portfolio flows, volatility and growth. Journal of International Money and Finance, 28(2), 271-292.10.1016/j.jimonfin.2008.08.010Search in Google Scholar

Fitzgerald, E. V. K., & Mavrotas, G. (1997). The employment impact of external capital flows in developing countries. Geneva: ILO Employment and Training Papers 5.Search in Google Scholar

Gaies, B., & Nabi, M. S. (2019). Financial openness and growth in developing countries: Why does the type of external financing matter?. Journal of Economic Integration, 34, 426-464.10.11130/jei.2019.34.3.426Search in Google Scholar

Galvao, A. F. (2011). Quantile regression for dynamic panel data with fixed effects. Journal of Econometrics, 164, 142-157.10.1016/j.jeconom.2011.02.016Search in Google Scholar

Gelman, M., Jochem, A., Reitz, S., & Taylor, M. P. (2015). Real financial market exchange rates and capital flows. Journal of International Money and Finance, 54, 50-69.10.1016/j.jimonfin.2015.02.004Search in Google Scholar

Hausmann, R., & Sturzenegger, F. (2006). Why the US current account deficit is sustainable. International Finance, 9, 223-240.10.1111/j.1468-2362.2006.00185.xSearch in Google Scholar

Hausmann, R., & Sturzenegger, F. (2007). The valuation of hidden assets in foreign transactions: Why ‘dark matter’ matters. Business Economics, 42, 28-34.10.2145/20070103Search in Google Scholar

Hoyos R. E. D., & Sarafidis, V. (2006). Testing for cross-sectional dependence in panel-data models. Stata Journal, 6, 482-496.10.1177/1536867X0600600403Search in Google Scholar

Huo, L., Kim, T. H., & Kim, Y. (2015). Revisiting the effect of FDI on economic growth using quantile regression. (Working Papers No. 2015rwp-83). Seoul: Economic Research Institute, Yonsei University.Search in Google Scholar

Iamsiraroj, S., & Ulubaşoğlu, M. A. (2015). Foreign direct investment and economic growth: A real relationship or wishful thinking?. Economic Modelling, 51, 200-213.10.1016/j.econmod.2015.08.009Search in Google Scholar

Ibrahim, S., Mazlina A. R., Azman-Saini, W. N. W., & Zakaria, M. F. M. (2016). Financial integration-growth nexus: A quantile regression analysis. Journal of Economic Integration, 31, 531-546.10.11130/jei.2016.31.3.531Search in Google Scholar

Im, K. S., Pesaran, M. H., & Shin, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of Econometrics, 115, 53-74.10.1016/S0304-4076(03)00092-7Search in Google Scholar

Jetter, M., Agudelo, A. M., & Hassan, A. R. (2015). The effect of democracy on corruption: Income is key. World Development, 74, 286-304.10.1016/j.worlddev.2015.05.016Search in Google Scholar

Jiang, H., Zhang, J., & Sun, C. (2020). How does capital buffer affect bank risk-taking? New evidence from China using quantile regression. China Economic Review, 60, 101300.10.1016/j.chieco.2019.04.008Search in Google Scholar

Kahler, M. (1998). Capital flows and financial crises. Ithaca, NY: Cornell University Press.10.7591/9781501731402Search in Google Scholar

Kamara, Y. U. (2014). Essays on the effects of foreign direct investment on economic growth and welfare: The case of Sub-Saharan Africa. Kansas: PhD Thesis, Department of Economics, Graduate Faculty of the University of Kansas.Search in Google Scholar

Kapur, B. K. (2005). Capital flows and exchange rate volatility: Singapore’s experience. (NBER Working Paper No. 11369). Cambridge, MA: National Bureau of Economic Research.10.3386/w11369Search in Google Scholar

Kherfi, S., & Soliman, M. (2005). FDI and economic growth in CEE and MENA countries: A tale of two regions. International Business & Economics Research Journal, 4, 113-120.Search in Google Scholar

Khobai, H., Hamman, N., Mkhombo, T., Mhaka, S., Mavikela, N., & Phiri, A. (2019). The FDI-growth nexus in South Africa: A re-examination using quantile regression approach. Studia Universitatis Babes-Bolyai Oeconomica, 63, 33-55.Search in Google Scholar

Klobodu, E. K. M., & Adams, S. (2016). Capital flows and economic growth in Ghana. Journal of African Business, 17, 291-307.10.1080/15228916.2016.1169784Search in Google Scholar

Koenker, R. (2004). Quantile regression for longitudinal data. Journal of Multivariate Analysis, 91, 74-89.10.1016/j.jmva.2004.05.006Search in Google Scholar

Koenker, R., & Bassett, G. J. (1978). Regression quantiles. Econometrica, 46, 33-5010.2307/1913643Search in Google Scholar

Koenker, R., & Hallock, K. F. (2001). Quantile regression. Journal of Economic Theory, 15, 143-156.Search in Google Scholar

Kottaridi, C., & Stengos, T. (2010). Foreign direct investment, human capital and nonlinearities in economic growth. Journal of Macroeconomics, 32, 858-871.10.1016/j.jmacro.2010.01.004Search in Google Scholar

Lamarche, C. (2010). Robust penalized quantile regression estimation for panel data. Journal of Econometrics, 157, 396-408.10.1016/j.jeconom.2010.03.042Search in Google Scholar

Le, M. S., Su, J. J. & Nguyen, J. (2019). Trade liberalisation, poverty, and inequality in Vietnam: A quantile regression approach. Applied Economics, 51, 3971-3981.10.1080/00036846.2019.1588943Search in Google Scholar

Levin, A., Lin, C. F., & Chu. C. S. J. (2002). Unit root tests in panel data: Asymptotic and finite-sample properties. Journal of Econometrics, 108, 1-24.10.1016/S0304-4076(01)00098-7Search in Google Scholar

López-Villavicencio, A., & Mignon, V. (2011). On the impact of inflation on output growth: Does the level of inflation matter?. Journal of Macroeconomics, 33, 455-464.10.1016/j.jmacro.2011.02.003Search in Google Scholar

Lv, Z., & Xu, T. (2017). A panel data quantile regression analysis of the impact of corruption on tourism. Current Issues in Tourism, 20, 603-616.10.1080/13683500.2016.1209164Search in Google Scholar

Makiela, K., & Ouattara, B. (2018). Foreign direct investment and economic growth: Exploring the transmission channels. Economic Modelling, 72, 296-305.10.1016/j.econmod.2018.02.007Search in Google Scholar

Neanidis, K. C. (2019). Volatile capital flows and economic growth: The role of banking supervision. Journal of Financial Stability, 40(C), 77-93.10.1016/j.jfs.2018.05.002Search in Google Scholar

Omri, A., & Kahouli, B. (2014). The nexus among foreign investment, domestic capital and economic growth: Empirical evidence from the MENA region. Research in Economics, 68, 257-263.10.1016/j.rie.2013.11.001Search in Google Scholar

Pegkas, P. (2015). The impact of FDI on economic growth in Eurozone countries. The Journal of Economic Asymmetries, 12, 124-132.10.1016/j.jeca.2015.05.001Search in Google Scholar

Pesaran, M. H. (2004). General diagnostic tests for cross section dependence in panels. (Cambridge Working Papers in Economics No. 0435). Cambridge: Faculty of Economics, University of Cambridge.Search in Google Scholar

Pesaran, M. H. (2007). A simple panel unit root test in the presence of cross-section dependence. Journal of Applied Econometrics, 22, 265-312.10.1002/jae.951Search in Google Scholar

Powell, D. (2016). Quantile regression with nonadditive fixed effects. Mimeo, RAND Corporation.Search in Google Scholar

Rafi, O. P. C. M., & Ramachandran, M. (2018). Capital flows and exchange rate volatility: Experience of emerging economies. Indian Economic Review, 53, 183-205.10.1007/s41775-018-0031-1Search in Google Scholar

Reisen, H., & Soto, M. (2001). Which types of capital inflows foster developing-country growth?. International Finance, 4(1), 1-14.10.1111/1468-2362.00063Search in Google Scholar

Shen, C. H., Lee, C. C., & Lee, C. C. (2009). What makes international capital flows promote economic growth? An international cross-country analysis. Scottish Journal of Political Economy, 57, 515-546.Search in Google Scholar

Sobański, K. (2019). Dark matter’ in the external sector of the United States. Economics and Business Review, 5(2), 86-108.10.18559/ebr.2019.2.5Search in Google Scholar

Soylu, Ö. B. (2019). Do foreign direct investment and savings promote economic growth in Poland?. Economics and Business Review, 5(4), 3-22.10.18559/ebr.2019.4.1Search in Google Scholar

Tahir, M., Estrada, M. A. R., & Afridi, M. A. (2019). Foreign inflows and economic growth: An empirical study of the SAARC region. Economic Systems, 43, 100702.10.1016/j.ecosys.2019.100702Search in Google Scholar

Vo, X. V. (2010). Net private capital flows and economic growth–the case of emerging Asian economies. Applied Economics, 42, 3135-3146.10.1080/00036840801982676Search in Google Scholar

Zhu, H., Duan, L., Guo, Y., & Yu, K. (2016). The effects of FDI, economic growth and energy consumption on carbon emissions in ASEAN-5: Evidence from panel quantile regression. Economic Modelling, 58, 237-248.10.1016/j.econmod.2016.05.003Search in Google Scholar