create a website

Unlocking BRICS Economies’ Potential: Infrastructure as the Gateway to Enhanced Capital Flows. (2025). Aggarwal, Shalini ; Sharma, Sunita ; Dsouza, Suzan ; Alkhawaja, Abdallah.
In: JRFM.
RePEc:gam:jjrfmx:v:18:y:2025:i:6:p:331-:d:1681325.

Full description at Econpapers || Download paper

Cited: 0

Citations received by this document

Cites: 77

References cited by this document

Cocites: 50

Documents which have cited the same bibliography

Coauthors: 0

Authors who have wrote about the same topic

Citations

Citations received by this document

    This document has not been cited yet.

References

References cited by this document

  1. [CrossRef] [PubMed] Asiedu, E. (2002). On the determinants of foreign direct investment to developing countries: Is Africa different? World Development, 30(1), 107–119. [CrossRef] Asongu, S., Akpan, U. S., & Isihak, S. R. (2018). Determinants of foreign direct investment in fast-growing economies: Evidence from the BRICS and MINT countries. Financial Innovation, 4(1), 26. [CrossRef] Asongu, S. A., & Tchamyou, V. S. (2018). Human capital, knowledge creation, knowledge diffusion, institutions and economic incentives: South Korea versus Africa. Contemporary Social Science, 15(1), 26–47. [CrossRef] Aw, Y. T., & Tang, T. C. (2010). The determinants of inward foreign direct investment: The case of Malaysia. International Journal of Business and Society, 11(1), 59–76.

  2. [CrossRef] Deichmann, J. I., Eshghi, A., Haughton, D. M., Ayek, S., & Teebagy, N. C. (2003). Foreign direct investment in the Eurasian transition states. Eastern European Economics, 41(1), 5–34.

  3. [CrossRef] Erdogan, M., & Unver, M. (2015). Determinants of foreign direct investments: Dynamic panel data evidence. International Journal of Economics and Finance, 7(5), 82. [CrossRef] Fauzel, S. (2016). Modeling the relationship between FDI and financial development in small island economies: A PVAR approach.
    Paper not yet in RePEc: Add citation now
  4. [CrossRef] Field, A. (2005). Discovering statistics using SPSS (2nd ed.). SAGE.
    Paper not yet in RePEc: Add citation now
  5. [CrossRef] Hausmann, R., & Fernández-Arias, E. (2000). Foreign direct investment: Good cholesterol? (No. 417). Working Paper.

  6. [CrossRef] Loree, D. W., & Guisinger, S. E. (1995). Policy and non-policy determinants of U.S equity foreign direct investment. Journal of International Business Studies, 26(2), 281–298. [CrossRef] Lucas, R. E. (1990a). Why doesn’t capital flow from rich to poor countries? American Economic Review, 80(2), 92–96.

  7. [CrossRef] Mancini, L., Ranaldo, A., & Wrampelmeyer, J. (2016). Liquidity and expected returns: Lessons from emerging markets. The Review of Financial Studies, 29(1), 1747–1779. [CrossRef] Maryam, J., & Mittal, A. (2020). Foreign direct investment into BRICS: An empirical analysis. Transnational Corporations Review, 12, 1–9.
    Paper not yet in RePEc: Add citation now
  8. [CrossRef] Méon, P.-G., & Sekkat, K. (2012). FDI waves, waves of neglect of political risk. World Development, 40(11), 2194–2205. [CrossRef] Mishra, P. K., & Mishra, S. K. (2019). FDI inflows and financial sector development in India. Indian Journal of Applied Economics and Business, 1(1), 21–33.

  9. [CrossRef] Pham, H. T., Gan, C., & Hu, B. (2022). Causality between financial development and foreign direct investment in Asian developing countries. Journal of Risk and Financial Management, 15(5), 195. [CrossRef] Pradhan, R. P., Arvin, M. B., Hall, J. H., & Nair, M. (2017). Trade openness, foreign direct investment, and finance-growth nexus in the Eurozone countries. The Journal of International Trade & Economic Development, 26(3), 336–360.

  10. [CrossRef] Seetanah, B., Padachi, K., Hosany, J., & Seetanah, B. (2010). Determinants of financial development: The case of Mauritius. SSRN Electron.
    Paper not yet in RePEc: Add citation now
  11. [CrossRef] Tabachnick, B. G., & Fidell, L. S. (2007). Experimental designs using ANOV A (Vol. 724). Thomson/Brooks/Cole.
    Paper not yet in RePEc: Add citation now
  12. Abbas, A., Moosa, I., & Ramiah, V. (2022). The contribution of human capital to foreign direct investment inflows in developing countries. Journal of Intellectual Capital, 23(1), 9–26. [CrossRef] Abzari, M., Zarei, F., & Esfahani, S. S. (2011). Analyzing the link between financial development and foreign direct investment among D-8 group of countries. International Journal of Economics and Finance, 3(6), 148–156. [CrossRef] Acemoglu, D., Johnson, S., & Robinson, J. A. (2005). Institutions as a fundamental cause of long-run growth. Handbook of Economic Growth, 1, 385–472.
    Paper not yet in RePEc: Add citation now
  13. Adika, G. (2021). Regional economic integration, natural resources and foreign direct investment in SADC. Journal of Economics and Development, 24(1), 33–46. [CrossRef] Agarwal, R. N. (1997). Foreign portfolio investment in some developing countries: A study of determinants and macroeconomic impact. Indian Economic Review, 32, 217–229.
    Paper not yet in RePEc: Add citation now
  14. Agbloyor, E. K., Abor, J., Adjasi, C. K. D., & Yawson, A. (2013). Exploring the causality links between financial markets and foreign direct investment in Africa. Research in International Business and Finance, 28, 118–134. [CrossRef] Aggarwal, R., Klapper, L., & Wysocki, P. D. (2011). Portfolio preferences of foreign institutional investors. Journal of Banking & Finance, 35(11), 2919–2928. [CrossRef] Aibai, A., Huang, X., Luo, Y., & Peng, Y. (2019). Foreign direct investment, institutional quality, and financial development along the belt and road: An empirical investigation. Emerging Markets Finance and Trade, 55(14), 3275–3294. [CrossRef] J. Risk Financial Manag. 2025, 18, 331 28 of 33 Aizenman, J., Jinjarak, Y., & Park, D. (2013). Capital flows and economic growth in the era of financial integration and crisis, 1990–2010.
    Paper not yet in RePEc: Add citation now
  15. Al Nasser, O. M., & Hajilee, M. (2016). Integration of emerging stock markets with global stock markets. Research in International Business and Finance, 36, 1–12. [CrossRef] Al-Smadi, M. O. (2018a). Determinants of foreign portfolio investment: The case of Jordan. Investment Management and Financial Innovations, 15(1), 328–336. [CrossRef] Al-Smadi, M. O. (2018b). The role of financial inclusion in financial stability: Lesson from Jordan. Banks and Bank Systems, 13(4), 31–39.
    Paper not yet in RePEc: Add citation now
  16. Alfaro, L., Chanda, A., Kalemli-Ozcan, S., & Sayek, S. (2004). FDI and economic growth: The role of local financial markets. Journal of International Economics, 64(1), 89–112. [CrossRef] Alfaro, L., Chauvin, J. P., & Decarolis, F. (2019). The effects of foreign direct investment on wages and working conditions in developing countries. Harvard Business School.

  17. Alfaro, L., Kalemli-Ozcan, S., & Volosovych, V. (2008). Why doesn’t capital flow from rich to poor countries? An empirical investigation.
    Paper not yet in RePEc: Add citation now
  18. Banga, R. (2003). Impact of government policies and investment agreements on FDI inflows. (No. 116). working paper. Indian Council for Research on International Economic Relations (ICRIER).
    Paper not yet in RePEc: Add citation now
  19. Bayar, Y., & Gavriletea, M. D. (2018). Foreign direct investment inflows and financial development in central and eastern european union countries: A panel cointegration and causality. International Journal of Financial Studies, 6(2), 55. [CrossRef] Beck, T., Demirgüç-Kunt, A., & Levine, R. (2000). A new database on financial development and structure. World Bank Economic Review, 14(3), 597–605. [CrossRef] Behname, M. (2012). Foreign direct investment and economic growth: Evidence from Southern Asia. Atlantic Review of Economics, 2.

  20. Bevan, A. A., & Estrin, S. (2000). The determinants of foreign direct investment in transition economies. Available online: https:// hdl.handle.net/2027.42/39726 (accessed on 1 January 2024).

  21. Borensztein, E., De Gregorio, J., & Lee, J.-W. (1998). How does foreign direct investment affect economic growth? Journal of International Economics, 45(1), 115–135. [CrossRef] Boyd, J. H., Levine, R., & Smith, B. D. (2001). The impact of inflation on financial sector performance. Journal of Monetary Economics, 47(2), 221–248. [CrossRef] Buch, C. M., Koch, C. T., & Koetter, M. (2014). Do banks benefit from internationalization? Revisiting the market power-risk nexus.

  22. Calderón, C., & Servén, L. (2010). Infrastructure and economic development in Sub-Saharan Africa. Journal of African Economies, 19(Suppl. S1), i13–i87. [CrossRef] J. Risk Financial Manag. 2025, 18, 331 29 of 33 Calvo, G. A., Leiderman, L., & Reinhart, C. M. (1993). Capital inflows and real exchange rate appreciation in Latin America: The role of external factors. Staff Papers, 40(1), 108–151. [CrossRef] Canela, M. A., Collazo, E. P., & Santiso, J. (2006, November 2). Capital flows to BRICs countries: Fundamentals or just liquidity? Latin American and Caribbean Economic Association Conference, Mexico City, Mexico.
    Paper not yet in RePEc: Add citation now
  23. Chakrabarti, A. (2001). The determinants of foreign direct investments: Sensitivity analyses of cross-country regressions. Kyklos, 54(1), 89–114. [CrossRef] Chee, Y. L., & Nair, M. (2010). The impact of FDI and financial sector development on economic growth: Empirical evidence from Asia and Oceania. International Journal of Economics and Finance, 2(2), 107–119. [CrossRef] Cheng, L. K., & Kwan, Y. K. (2000). What are the determinants of the location of foreign direct investment? The Chinese experience.

  24. Chotia, V., & Rao, N. V. M. (2016). Investigating the interlinkages between infrastructure development, poverty and rural–urban income inequality: Evidence from BRICS nations. Studies in Economics and Finance, 34(4), 466–484. [CrossRef] Chuhan, P., Claessens, S., & Mamingi, N. (1998). Equity and bond flows to Latin America and Asia: The role of global and country factors. Journal of Development Economics, 55(2), 439–463. [CrossRef] Claessens, S., Frost, J., Turner, G., & Zhu, F. (2018). Fintech credit markets around the world: Size, drivers and policy issues. BIS Quarterly Review September, 29–49. Available online: https://www.bis.org/publ/qtrpdf/r_qt1809e.htm (accessed on 1 January 2024).
    Paper not yet in RePEc: Add citation now
  25. Claessens, S., & Schmukler, S. L. (2012). International financial integration through equity markets: Which firms from which countries go global? Journal of International Money and Finance, 31(5), 1099–1121. [CrossRef] Cortina, J. J., Didier, T., & Schmukler, S. L. (2020). Corporate debt maturity in developing countries: Sources of long-and short-termism. (World Bank Policy Research Working Paper No. 9147). World Bank. [CrossRef] Das, P. (2014). The role of corporate governance in foreign investments. Applied Financial Economics, 24(3), 187–201. [CrossRef] Datt, G. (2019). Financial institutions and markets across countries and over time: The updated financial development and structure database. The World Bank Economic Review, 33(1), 551–572. [CrossRef] De Hoyos, R. E., & Sarafidis, V. (2006). Testing for cross-sectional dependence in panel-data models. The Stata Journal, 6(4), 482–496.
    Paper not yet in RePEc: Add citation now
  26. Demirgüç-Kunt, A., & Levine, R. (2001). Financial structure and economic growth: A cross-country comparison of banks, markets, and development. MIT Press.
    Paper not yet in RePEc: Add citation now
  27. Demirhan, E., & Masca, M. (2008). Determinants of foreign direct investment flows to developing countries: A cross-sectional analysis Prague. Economics, 4, 356–369. [CrossRef] Donaubauer, J., Meyer, B. E., & Nunnenkamp, P. (2016). The impact of infrastructure on FDI: A meta-analysis. Review of World Economics, 152(1), 119–156. [CrossRef] Dua, P., & Garg, R. (2013). Foreign portfolio investment flows to India: Determinants and analysis (Vol. 225). Centre for Development Economics, Department of Economics, Delhi School of Economics.

  28. Duong, M., Holmes, M. J., & Strutt, A. (2020). The impact of free trade agreements on FDI inflows: The case of Vietnam. Journal of the Asia Pacific Economy, 26(3), 483–505. [CrossRef] Dupasquier, C., & Osajwe, P. N. (2006). Foreign direct investment in Africa: Performance, challenges, and responsibilities. Journal of Asian Economics, 17(2), 241–260. [CrossRef] Duran, J. J., & Ubeda, F. (2005). The investment development path of newly developed countries. International Journal of the Economics of Business, 12(1), 123–137. [CrossRef] Enisan, A. A. (2017). Determinants of foreign direct investment in Nigeria: A Markov regime-switching approach. Review of Innovation and Competitiveness: A Journal of Economic and Social Research, 3(1), 21–48. [CrossRef] Erb, C. B., Harvey, C. R., & Viskanta, T. E. (2018). Country risk and global equity selection. Journal of Portfolio Management, 25(2), 74–83.
    Paper not yet in RePEc: Add citation now
  29. Economic Development and Cultural Change, 27(4), 751–767. [CrossRef] Saci, K., Giorgioni, G., & Holden, K. (2009). Does financial development affect growth? Applied Economics, 41(13), 1701–1707. [CrossRef] Sahoo, P. (2006). Foreign direct investment in South Asia: Policy, trends, impact and determinants. (No. 56). ADBI Discussion Paper.

  30. Energy Policy, 63, 918–926. [CrossRef] Zhang, K. H., & Markusen, J. R. (1999). Vertical multinationals and host-country characteristics. Journal of Development Economics, 59(2), 233–252. [CrossRef] Disclaimer/Publisher’s Note: The statements, opinions and data contained in all publications are solely those of the individual author(s) and contributor(s) and not of MDPI and/or the editor(s). MDPI and/or the editor(s) disclaim responsibility for any injury to people or property resulting from any ideas, methods, instructions or products referred to in the content.
    Paper not yet in RePEc: Add citation now
  31. Gelos, R. G., & Wei, S. J. (2005). Transparency and international portfolio holdings. The Journal of Finance, 60(6), 2987–3020. [CrossRef] Gopalan, S., Rajan, R. S., & Duong, L. N. T. (2019). Roads to prosperity? Determinants of FDI in China and ASEAN. The Chinese Economy, 52(4), 318–341. [CrossRef] Günther, J., & Kristalova, M. (2016). No risk, no fun? Foreign direct investment in Central and Eastern Europe. Intereconomics, 51(2), 95–99. [CrossRef] Haider, M., Gul, S., Afridi, S. A., & Batool, S. (2017). Factors affecting foreign direct investment in Pakistan. NUML International Journal of Business & Management, 12(2), 136–149.

  32. Hair, J. F. (2010). Multivariate data analysis. Pearson.
    Paper not yet in RePEc: Add citation now
  33. Hanson, G. H. (1996). Economic integration, intraindustry trade, and frontier regions. European Economic Review, 40(3–5), 941–949.

  34. Hoang, H. H., & Bui, D. H. (2015). Determinants of foreign direct investment in ASEAN: A panel approach. Management Science Letters, 5(2), 213–222. [CrossRef] Holland, D., & Pain, N. (1998). The diffusion of innovations in Central and Eastern Europe: A study of the determinants and impact of foreign direct investment. National Institute of Economic and Social Research.
    Paper not yet in RePEc: Add citation now
  35. Irandoust, M. (2021). FDI and financial development: Evidence from eight post-communist countries. Studies in Economics and Econometrics, 45(2), 102–116. [CrossRef] Jaiblai, P., & Shenai, V. (2019). The determinants of FDI in sub-Saharan economies: A study of data from 1990–2017. International Journal of Financial Studies, 7(3), 43. [CrossRef] Jenkins, C., & Thomas, L. (2002). Foreign direct investment in Southern Africa: Determinants, characteristics and implications for economic growth and poverty alleviation (p. 60). CSAE, University of Oxford/CREFSA, London School of Economics.
    Paper not yet in RePEc: Add citation now
  36. J. Risk Financial Manag. 2025, 18, 331 30 of 33 Forbes, K. J., & Warnock, F. E. (2012). Capital flow waves: Surges, stops, flight, and retrenchment. Journal of International Economics, 88(2), 235–251. [CrossRef] Garibaldi, P., & Mauro, P. (2002). Anatomy of employment growth. Economic Policy, 17(34), 67–114. [CrossRef] Gebrehiwot, A., Esfahani, N., & Sayim, M. (2016). The relationship between FDI and financial market development: The case of the Sub-Saharan African Region. International Journal of Regional Development, 3(1), 1–64.
    Paper not yet in RePEc: Add citation now
  37. J. Risk Financial Manag. 2025, 18, 331 31 of 33 Li, S., & Filer, L. (2007). The effects of the governance environment on the choice of investment mode and the strategic implications.
    Paper not yet in RePEc: Add citation now
  38. Journal of Economic Studies, 45(2), 348–382. [CrossRef] Schneider, F., & Frey, B. S. (1985). Economic and political determinants of foreign direct investment. World Development, 13(2), 161–175.

  39. Journal of International Economics, 51(2), 379–400. [CrossRef] Chinn, M. D., & Ito, H. (2002). Capital account liberalization, institutions and financial development: Cross country evidence. NBER working paper No. 8967. Cambridge, National Bureau of Economic Research, Inc.
    Paper not yet in RePEc: Add citation now
  40. Journal of World Business, 42(1), 80–98. [CrossRef] Lipsey, R. E., Feenstra, R. C., Hahn, C. H., & Hatsopoulos, G. N. (1999). The role of foreign direct investment in international capital flows. In International capital flows (pp. 307–362). University of Chicago Press.

  41. Kandiero, T., & Chitiga, M. (2006). Trade openness and foreign direct investment in Africa: Economics. South African Journal of Economic and Management Sciences, 9(3), 355–370. [CrossRef] Keykanloo, M. G., Hosseini, S., Jazeh, K. E., & Askari, A. (2020). The effect of financial sector development on FDI inflows. Iran Economics Review, 24(4), 885–906.
    Paper not yet in RePEc: Add citation now
  42. Khadaroo, J., & Seetanah, B. (2009). The role of transport infrastructure in FDI: Evidence from Africa using GMM estimates. Journal of Transport Economics and Policy, 43, 365–384.

  43. Kholdy, S., & Sohrabian, A. (2008). Foreign direct investment, financial markets, and political corruption. Journal of Economic Studies, 35(6), 486–500. [CrossRef] Kinda, T. (2008a). Infrastructure and private capital flows: Evidence from developing countries. (08/167). IMF Working Paper.

  44. Kinda, T. (2008b). Infrastructure and private capital flows in developing countries (p. 19158). Munich Personal RePEc Archive Paper.
    Paper not yet in RePEc: Add citation now
  45. Kinda, T. (2010). Increasing private capital flows to developing countries: The role of physical and financial infrastructure in 58 countries, 1970–2003. Applied Econometrics and International Development, 10(2), 57–72.
    Paper not yet in RePEc: Add citation now
  46. Kinda, T. (2020). Infrastructure and FDI flows to developing countries. World Bank Economic Review.
    Paper not yet in RePEc: Add citation now
  47. Kolstad, I., & Wiig, A. (2012). What determines Chinese outward FDI? Journal of World Business, 47(1), 26–34. [CrossRef] Korgaonkar, C. (2012). Analysis of the impact of financial sector development on FDI inflows: A data mining approach. Journal of Economics and Sustainable Development, 3(6), 70–78.
    Paper not yet in RePEc: Add citation now
  48. Krkoska, L. (2001). Financing capital formation in central and eastern Europe: How important is foreign direct investment? In The role of industrial development in the achievement of the millennium development goals (p. 382). Available online: https://papers.ssrn.com/ sol3/papers.cfm?abstract_id=314270 (accessed on 1 January 2024).
    Paper not yet in RePEc: Add citation now
  49. Kumar, N. (2006). Infrastructure Availability, Foreign Direct Investment Inflows and Their Export orientation: A Cross-country Exploration. Indian Economic Journal, 54(1), 125–144. [CrossRef] Kumari, R., & Sharma, A. K. (2017). Determinants of foreign direct investment in developing countries: A panel data study. International Journal of Emerging Markets, 12(4), 658–682. [CrossRef] Lankes, H. P., & Venables, A. J. (1996). Foreign direct investment in economic transition: The changing pattern of investments. Economics of Transition, 4(2), 331–347. [CrossRef] Levine, R. (1997). Financial development and economic growth: Views and agenda. Journal of Economic Literature, 35(2), 688–726.
    Paper not yet in RePEc: Add citation now
  50. Levine, R., Loayza, N., & Beck, T. (2000). Financial intermediation and growth: Causality and causes. Journal of Monetary Economics, 46(1), 31–77. [CrossRef] Levine, R., & Zervos, S. (1998). Stock markets, banks, and economic growth. American Economic Review, 537–558.

  51. Liu, Y. (2015). Rise of BRICS and Global Investment from the GVCs’ Perspective. Transnational Corporations Review, 7(1), 97–109.
    Paper not yet in RePEc: Add citation now
  52. Lucas, R. E., Jr. (1990b). Supply-side economics: An analytical review. Oxford Economic Papers, 42(2), 293–316. [CrossRef] Majeed, A., Jiang, P., Mahmood, A., Khan, M. A., & Olah, J. (2021). The impact of foreign direct investment on financial development: New evidence from panel cointegration and causality analysis. Journal of Competitiveness, 13(1), 95. [CrossRef] Makoni, P. L. (2017). FDI and FPI determinants in developing African countries. Journal of Economics and Behavioral Studies, 9(6), 252–263.
    Paper not yet in RePEc: Add citation now
  53. Mohanty, R. K., & Bhanumurthy, N. R. (2019). Analyzing the dynamic relationships between physical infrastructure, financial development and economic growth in India. Asian Economic Journal, 33(4), 381–403. [CrossRef] Mohd Nor, N. H. H., Low, S. W., Md Nor, A. H. S., & Ghazali, N. A. (2013). FDI and economic growth-Does the quality of banking development matter? Gadjah Mada International Journal of Business, 15(3), 287–303. [CrossRef] Nasir, N. M., Rehman, M. Z., & Ali, N. (2017). Foreign direct investment, financial development and economic growth: Evidence from Saudi Arabia. International Journal of Financial Research, 8(4), 228239. [CrossRef] Ngongan, E. (2015). Physical infrastructures and attractiveness of private capital in Sub-Saharan African (SSA) countries. Journal of Economics Library, 1(1), 7–21.
    Paper not yet in RePEc: Add citation now
  54. Ngongan, L. (2014). Institutional quality and capital flows in Sub-Saharan Africa. African Development Review, 26(3), 365–377.
    Paper not yet in RePEc: Add citation now
  55. Nkoa, B. E. O. (2018). Determinants of foreign direct investment in Africa: An analysis of the impact of financial development. Economics Bulletin, 38(1), 221–233.
    Paper not yet in RePEc: Add citation now
  56. Noorbakhsh, F., Paloni, A., & Youssef, A. (2001). Human capital and FDI inflows to developing countries: New empirical evidence.

  57. Nunnenkamp, P. (2002). Determinants of FDI in developing countries: Has globalization changed the rules of the game? (No. 1122, Kiel Working Paper). Kiel Institute for World Economics (IfW).

  58. Ogunjimi, J., & Amune, B. (2017). Impact of infrastructure on foreign direct investment in Nigeria: An autoregressive distirbuted lag (ARDL) approach. Available online: https://ideas.repec.org/p/pra/mprapa/75996.html (accessed on 1 January 2024).
    Paper not yet in RePEc: Add citation now
  59. Okafor, G., Piesse, J., & Webster, A. (2017). FDI determinants in least recipient regions: The case. Wiley Online Library.

  60. Onyeiwu, S., & Shrestha, H. (2004). Determinants of foreign direct investment in Africa. Journal of Developing Societies, 20(1–2), 89–106.
    Paper not yet in RePEc: Add citation now
  61. Open Economies Review, 24, 371–396. [CrossRef] Aladejare, S. A. (2022). Natural resource rents, globalisation and environmental degradation: New insight from 5 richest African economies. Resources Policy, 78, 102909. [CrossRef] Alam, A., Arshad, M. U., & Rajput, W. (2013). Relationship of labor productivity, foreign direct investment and economic growth: Evidence from OECD countries. Journal of Business and Management Sciences, 1(6), 133–138.

  62. Razin, A., & Sadka, E. (2002). Foreign direct investment: Analysis of aggregate flows. Munich Personal RePEc Archive.
    Paper not yet in RePEc: Add citation now
  63. Review of Finance, 18(4), 1405–1446. [CrossRef] Buckley, P. J., Clegg, L. J., Cross, A. R., Liu, X., Voss, H., & Zheng, P. (2007). The determinants of Chinese outward foreign direct investment. Journal of International Business Studies, 38(4), 499–518. [CrossRef] Burger, J. D., & Warnock, F. E. (2007). Foreign participation in local currency bond markets. Review of Financial Economics, 16(3), 291–304.

  64. Saidi, S., Mani, V., Mefteh, H., Shahbaz, M., & Akhtar, P. (2020). Dynamic linkages between transport, logistics, foreign direct Investment, and economic growth: Empirical evidence from developing countries. Transportation Research Part A: Policy and Practice, 141, 277–293. [CrossRef] Saini, N., & Singhania, M. (2018). Determinants of FDI in developed and developing countries: A quantitative analysis using GMM.

  65. Sethi, M., Baby, S., & Sharma, A. M. (2022). A cross-country analysis of the relationship between human capital and foreign direct investment. Journal of Economic Studies, 49(7), 1197–1211. [CrossRef] Sghaier, I. M., & Abida, Z. (2013). Foreign direct investment, financial development and economic growth: Empirical evidence from North African countries. Journal of International and Global Economic Studies, 6(1), 1–13.
    Paper not yet in RePEc: Add citation now
  66. Shabbir, B., Jamil, L., Bashir, S., Aslam, N., & Hussain, M. (2018, February 13). Determinants of financial development. A case study of Pakistan. A case study of Pakistan. Available online: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3122911 (accessed on 11 May 2025).
    Paper not yet in RePEc: Add citation now
  67. Shikur, Z. H. (2024). Economic freedom, financial development and foreign direct investment inflows in African countries, 2007–2018. Applied Econometrics and International Development, 24(1), 83–98.
    Paper not yet in RePEc: Add citation now
  68. Singhania, M., & Saini, N. (2017). Determinants of FPI in developed and developing countries. Global Business Review, 19(1), 187–213.
    Paper not yet in RePEc: Add citation now
  69. Sunny, D., & Unnikrishnan, A. (2015). Pattern of capital inflows in BRICS: Aspects to ponder for policy implementation. The Journal of Developing Areas, 49(6), 219–234. [CrossRef] Svirydzenka, K. (2016). Introducing a new broad-based index of financial development. (IMF Working Paper No. WP/16/5). International Monetary Fund. [CrossRef] Swamy, V., & Narayanamurthy, V. (2018). What drives the capital flows into BRICS economies? The World Economy, 41(2), 519–549.
    Paper not yet in RePEc: Add citation now
  70. The Review of Economics and Statistics, 90(2), 347–368. [CrossRef] Alfaro, L., Kalemli-Ozcan, S., & Volosovych, V. (2014). Sovereigns, upstream capital flows, and global imbalances. Journal of the European Economic Association, 12(5), 1240–1284. [CrossRef] Al Nasser, O., & Gomez, X. G. (2009). Do well-functioning financial systems affect the FDI flows to Latin America. International Research Journal of Finance and Economics, 29, 60–75.

  71. Theoretical Economics Letters, 6, 367375. [CrossRef] Fernandez-Arias, E. (1996). The new wave of private capital inflows: Push or pull? Journal of Development Economics, 48(2), 389–418.

  72. Tiwari, A. K., & Mutascu, M. (2011). Economic growth and FDI in Asia: A panel-data approach. Economic Analysis and Policy, 41(2), 173–187. [CrossRef] Tsaurai, K. (2015). Does human capital development matter in FDI location decisions? A case of Austria. Risk Governance and Control: Financial Markets and Institutions, 5(3), 26–35. [CrossRef] Tsaurai, K. (2022). Role of financial sector development in foreign direct investment inflows in BRICS. Investment Management and Financial Innovations, 19(3), 215–228. [CrossRef] Tsaurai, K., & Makina, D. (2018). The impact of financial sector development on foreign direct investment: An empirical study on minimum threshold levels. Journal of Economics and Behavioral Studies, 10(5), 244–254. [CrossRef] Uul-Haq, I., Shafi, A., & Khan, M. A. (2023). Infrastructure, institutions, and capital inflows in BRICS economies. Emerging Markets Finance and Trade, 59(2), 235–255.

  73. Veselinović, N., Despotović, D., & Stevanović, M. (2022). The nexus between economic growth, banking sector depth, and foreign direct investment in select Central and Eastern European countries. Teme, 771–787. Available online: https://www.ceeol.com/ search/article-detail?id=1086186 (accessed on 1 January 2024). [CrossRef] J. Risk Financial Manag. 2025, 18, 331 33 of 33 Vijayakumar, N., Sridharan, P., & Rao, K. C. S. (2010). Determinants of FDI in BRICS Countries: A panel analysis. International Journal of Business Science & Applied Management (IJBSAM), 5(3), 1–13.
    Paper not yet in RePEc: Add citation now
  74. Wheeler, D., & Mody, A. (1992). International investment location decisions: The case of US firms. Journal of International Economics, 33(1–2), 57–76. [CrossRef] Wooldridge, J. M. (2002). Econometric analysis of cross section and panel data. MIT Press.

  75. World Bank. (2012a). World development report 2012: Gender equality and development. The World Bank. [CrossRef] World Bank. (2012b). World development report 2013: Jobs. World Bank. [CrossRef] World Bank. (2024). World development indicators. World Bank. Available online: https://databank.worldbank.org/source/world -development-indicators (accessed on 1 January 2024).
    Paper not yet in RePEc: Add citation now
  76. World Development, 29, 1593–1610. [CrossRef] Nunes, C. L., Oscategui., J., & Peschiera, J. (2006). Determinants of FDI in Latin America. Documento De Trabajo 252. Available online: http://files.pucp.edu.pe/departamento/economia/DDD252.pdf (accessed on 11 May 2025).
    Paper not yet in RePEc: Add citation now
  77. Zhang, C., & Nian, J. (2013). Panel estimation for transport sector CO2 emissions and its affecting factors: A regional analysis in China.

Cocites

Documents in RePEc which have cited the same bibliography

  1. Foreign Aid and Foreign Direct Investment in Sub-Saharan Africa: A Panel Data Analysis. (2016). Viegi, Nicola ; Monkam, Nara ; Amusa, Kafayat.
    In: Working Papers.
    RePEc:pre:wpaper:201642.

    Full description at Econpapers || Download paper

  2. The Impact of Misalignment on FDI in the Developing Countries. (2014). Nouira, Ridha ; Gouider, Abdessalem.
    In: International Journal of Economics and Financial Issues.
    RePEc:eco:journ1:2014-03-09.

    Full description at Econpapers || Download paper

  3. Equitable and Sustainable Development of Foreign Land Acquisitions: Lessons, Policies and Implications. (2014). NGUENA, Christian ; Asongu, Simplice.
    In: Working Papers of the African Governance and Development Institute..
    RePEc:agd:wpaper:14/038.

    Full description at Econpapers || Download paper

  4. The national bioenergy investment model: Technical documentation. (2012). Kemp-Benedict, Eric.
    In: MPRA Paper.
    RePEc:pra:mprapa:37835.

    Full description at Econpapers || Download paper

  5. Manufactured Exports and FDI in Southern Mediterranean Countries: Evolution, determinants and prospects. (2012). Sekkat, Khalid.
    In: CEPS Papers.
    RePEc:eps:cepswp:6849.

    Full description at Econpapers || Download paper

  6. Emerging economies attraction of foreign direct investment. (2012). Wich, Matthias ; Groh, Alexander Peter.
    In: Emerging Markets Review.
    RePEc:eee:ememar:v:13:y:2012:i:2:p:210-229.

    Full description at Econpapers || Download paper

  7. Determinantes de la inversión extranjera directa en Colombia: Un estudio a nivel de firma. (2012). Ramirez-Giraldo, Maria ; Iregui, Ana ; Garavito, Aaron ; Maria Teresa Ramirez G., ; Ana Maria Iregui B., ; Aaron Garavito A., .
    In: Borradores de Economia.
    RePEc:col:000094:009672.

    Full description at Econpapers || Download paper

  8. Determinantes de la inversión extranjera directa en Colombia: Un estudio a nivel de firma. (2012). Ramirez-Giraldo, Maria ; Iregui, Ana ; Garavito, Aaron ; Maria Teresa Ramirez G., ; Ana Maria Iregui B., ; Aaron Garavito A., .
    In: Borradores de Economia.
    RePEc:bdr:borrec:714.

    Full description at Econpapers || Download paper

  9. Causality between FDI and Financial Market Development: Evidence from Emerging Markets. (2011). Tchana Tchana, Fulbert ; Soumare, Issouf.
    In: MPRA Paper.
    RePEc:pra:mprapa:31328.

    Full description at Econpapers || Download paper

  10. Democracy, foreign direct investment and natural resources. (2011). Asiedu, Elizabeth ; Lien, Donald.
    In: Journal of International Economics.
    RePEc:eee:inecon:v:84:y:2011:i:1:p:99-111.

    Full description at Econpapers || Download paper

  11. Determinants of Foreign Direct Investment in Developing Countries: A Panel Data Analysis. (2011). Baghbanyan, Mostafa ; Shahmoradi, Behrooz.
    In: Asian Economic and Financial Review.
    RePEc:asi:aeafrj:2011:p:49-56.

    Full description at Econpapers || Download paper

  12. Working Paper 136 - Determinants of Foreign Direct Investment Inflows to Africa, 1980-2007. (2011). Anyanwu, John.
    In: Working Paper Series.
    RePEc:adb:adbwps:327.

    Full description at Econpapers || Download paper

  13. Factors Determining FDI to Nigeria: An Empirical Investigation. (2010). Dinda, Soumyananda.
    In: MPRA Paper.
    RePEc:pra:mprapa:28097.

    Full description at Econpapers || Download paper

  14. INVESTISSEMENTS DIRECTS eTRANGERS ET INTeGRATION ReGIONALE : UN eTAT DES LIEUX POUR LE MARCHe COMMUN D’AFRIQUE DE L’EST ET DU SUD. (2009). Hoarau, Jean-François.
    In: Region et Developpement.
    RePEc:tou:journl:v:29:y:2009:p:69-103.

    Full description at Econpapers || Download paper

  15. FDI and Economic Growth in Malaysia. (2009). Yusop, Zulkornain ; Karimi, Mohammad Sharif.
    In: MPRA Paper.
    RePEc:pra:mprapa:14999.

    Full description at Econpapers || Download paper

  16. An Analysis of Host Country Characteristics that Determine FDI in Developing Countries: Recent Panel Data Evidence. (2009). Majeed, Muhammad ; Ahmad, Eatzaz.
    In: Lahore Journal of Economics.
    RePEc:lje:journl:v:14:y:2009:i:2:p:71-96.

    Full description at Econpapers || Download paper

  17. Does foreign aid mitigate the adverse effect of expropriation risk on foreign direct investment?. (2009). Nandwa, Boaz ; Jin, Yi ; Asiedu, Elizabeth.
    In: Journal of International Economics.
    RePEc:eee:inecon:v:78:y:2009:i:2:p:268-275.

    Full description at Econpapers || Download paper

  18. A composite measure to determine a host countrys attractiveness for foreign direct investment. (2009). Wich, Matthias ; Groh, Alexander P..
    In: IESE Research Papers.
    RePEc:ebg:iesewp:d-0833.

    Full description at Econpapers || Download paper

  19. Public Policies and FDI Location: Differences between Developing and Developed Countries. (2009). Martinez-Vazquez, Jorge ; Goodspeed, Timothy ; Zhang, LI.
    In: International Center for Public Policy Working Paper Series, at AYSPS, GSU.
    RePEc:ays:ispwps:paper0910.

    Full description at Econpapers || Download paper

  20. Understanding Foreign Direct Investment in the Southern African Development Community: An Analysis Based on Project-Level Data. (2009). Christy, Ralph D. ; Mhlanga, Nomathemba ; Blalock, Garrick.
    In: 2009 Conference, August 16-22, 2009, Beijing, China.
    RePEc:ags:iaae09:51632.

    Full description at Econpapers || Download paper

  21. The characteristics and determinants of FDI in Ghana. (2008). Osei, Robert ; Busse, Matthias ; Barthel, Fabian.
    In: HWWI Research Papers.
    RePEc:zbw:hwwirp:2-15.

    Full description at Econpapers || Download paper

  22. Foreign Direct Investment and Trade in the Southern African Development Community. (2008). Naudé, Wim ; Bezuidenhout, Henri.
    In: WIDER Working Paper Series.
    RePEc:unu:wpaper:rp2008-88.

    Full description at Econpapers || Download paper

  23. Exchange Rates and Outward Foreign Direct Investment: US FDI in Emerging Economies. (2008). Morrissey, Oliver ; Görg, Holger ; Udomkerdmongkol, Manop ; Gorg, Holger.
    In: WIDER Working Paper Series.
    RePEc:unu:wpaper:rp2008-102.

    Full description at Econpapers || Download paper

  24. The internationalization Strategies of French Companies in Romania. (2008). BIBU, Nicolae ; Brancu, Laura.
    In: MPRA Paper.
    RePEc:pra:mprapa:9500.

    Full description at Econpapers || Download paper

  25. Foreign Presence, Spillovers, and Productivity: Evidence from Ghana. (2008). Waldkirch, Andreas ; Ofosu, Andra .
    In: MPRA Paper.
    RePEc:pra:mprapa:8577.

    Full description at Econpapers || Download paper

  26. Les déterminants des flux de capitaux privés dans l’UMOA: Une approche empirique sur données de panel. (2008). Kinda, Tidiane.
    In: MPRA Paper.
    RePEc:pra:mprapa:19159.

    Full description at Econpapers || Download paper

  27. Infrastructures et flux de capitaux privés vers les pays en développement. (2008). Kinda, Tidiane.
    In: MPRA Paper.
    RePEc:pra:mprapa:19158.

    Full description at Econpapers || Download paper

  28. The Linkages between FDI and Domestic Investment: Unravelling the Developmental Impact of Foreign Investment in Sub-Saharan Africa. (2008). Verick, Sher ; NDIKUMANA, LEONCE.
    In: IZA Discussion Papers.
    RePEc:iza:izadps:dp3296.

    Full description at Econpapers || Download paper

  29. Public Governance, Health and Foreign Direct Investment in Sub-Saharan Africa. (2008). Desbordes, Rodolphe ; Azemar, Celine.
    In: Working Papers.
    RePEc:gla:glaewp:2009_04.

    Full description at Econpapers || Download paper

  30. Determinants of foreign direct investment in Malaysia. (2008). Ang, James.
    In: Journal of Policy Modeling.
    RePEc:eee:jpolmo:v:30:y:2008:i:1:p:185-189.

    Full description at Econpapers || Download paper

  31. How investment promotion affects attracting foreign direct investment: Analytical argument and empirical analyses. (2008). Lim, Sung-Hoon.
    In: International Business Review.
    RePEc:eee:iburev:v:17:y:2008:i:1:p:39-53.

    Full description at Econpapers || Download paper

  32. The Linkages between FDI and Domestic Investment: Unravelling the Developmental Impact of Foreign Investment. (2007). Verick, Sher ; NDIKUMANA, LEONCE.
    In: UMASS Amherst Economics Working Papers.
    RePEc:ums:papers:2007-13.

    Full description at Econpapers || Download paper

  33. Foreign Direct Investment and Growth: An Empiricial Investigation Based on Cross-Country Comparison. (2007). Ozturk, Ilhan ; KALYONCU, Huseyin.
    In: MPRA Paper.
    RePEc:pra:mprapa:9636.

    Full description at Econpapers || Download paper

  34. Increasing private capital flows to developing countries: The role of physical and financial infrastructure. (2007). Kinda, Tidiane.
    In: MPRA Paper.
    RePEc:pra:mprapa:19163.

    Full description at Econpapers || Download paper

  35. FDI Promotion policies and dynamic of growth in the South East Mediterranean countries (In French). (2007). ROUGIER, ERIC ; nicet - chenaf, dalila ; Alaya, Marouane ; Nicet-Chenaf, Dalila.
    In: Cahiers du GREThA (2007-2019).
    RePEc:grt:wpegrt:2007-06.

    Full description at Econpapers || Download paper

  36. Beyond trade : the impact of preferential trade agreements on foreign direct investment inflows. (2006). Medvedev, Denis.
    In: Policy Research Working Paper Series.
    RePEc:wbk:wbrwps:4065.

    Full description at Econpapers || Download paper

  37. Bounds testing approach: an examination of foreign direct investment, trade, and growth relationships. (2006). OTENG-ABAYIE, ERIC ; Frimpong, Joseph.
    In: MPRA Paper.
    RePEc:pra:mprapa:352.

    Full description at Econpapers || Download paper

  38. Bivariate causality analysis between FDI inflows and economic growth in Ghana. (2006). OTENG-ABAYIE, ERIC ; Frimpong, Joseph.
    In: MPRA Paper.
    RePEc:pra:mprapa:351.

    Full description at Econpapers || Download paper

  39. Core Labour Standards and FDI: Friends or Foes? The Case of Child Labour. (2006). Braun, Sebastian.
    In: SFB 649 Discussion Papers.
    RePEc:hum:wpaper:sfb649dp2006-014.

    Full description at Econpapers || Download paper

  40. Attracting FDI: Are Other Government Policies More Important than Taxation in Attracting FDI?. (2006). Martinez-Vazquez, Jorge ; Goodspeed, Timothy.
    In: Economics Working Paper Archive at Hunter College.
    RePEc:htr:hcecon:414.

    Full description at Econpapers || Download paper

  41. Foreign direct investment in Africa: Performance, challenges, and responsibilities. (2006). Osakwe, Patrick ; Dupasquier, Chantal .
    In: Journal of Asian Economics.
    RePEc:eee:asieco:v:17:y:2006:i:2:p:241-260.

    Full description at Econpapers || Download paper

  42. The Causal Relationship between ICT and FDI. (2005). Lee, Sang-Yong Tom ; Heshmati, Almas ; Gholami, Roghieh .
    In: WIDER Working Paper Series.
    RePEc:unu:wpaper:rp2005-26.

    Full description at Econpapers || Download paper

  43. FDI and Growth: a Causal Relationship. (2005). Mavrotas, George ; Chowdhury, Abdur.
    In: WIDER Working Paper Series.
    RePEc:unu:wpaper:rp2005-25.

    Full description at Econpapers || Download paper

  44. Foreign Direct Investment in Africa: The Role of Natural Resources, Market Size, Government Policy, Institutions and Political Instability. (2005). Asiedu, Elizabeth.
    In: WIDER Working Paper Series.
    RePEc:unu:wpaper:rp2005-24.

    Full description at Econpapers || Download paper

  45. Communications Networks and Foreign Direct: Investment in Developing Countries. (2005). Lydon, Reamonn ; Williams, Mark.
    In: MPRA Paper.
    RePEc:pra:mprapa:2492.

    Full description at Econpapers || Download paper

  46. The Composition of Capital Flows: Is South Africa Different?. (2005). arezki, rabah ; Funke, Norbert ; Ahmed, Faisal.
    In: IMF Working Papers.
    RePEc:imf:imfwpa:2005/040.

    Full description at Econpapers || Download paper

  47. The Determinants of Foreign Direct Investment in Pakistan. (2004). Nishat, Mohammed ; Aqeel, Anjum .
    In: The Pakistan Development Review.
    RePEc:pid:journl:v:43:y:2004:i:4:p:651-664.

    Full description at Econpapers || Download paper

  48. The Effect of Population Health on Foreign Direct Investment. (2004). Seminerio, Juliana ; canning, david ; Bloom, David ; Alsan, Marcella.
    In: NBER Working Papers.
    RePEc:nbr:nberwo:10596.

    Full description at Econpapers || Download paper

  49. Competition for Multinational Investment in Developing Countries: Human Capital, Infrastructure, and Market Size. (2004). Maskus, Keith ; Markusen, James R. ; Carr, David L..
    In: NBER Chapters.
    RePEc:nbr:nberch:9544.

    Full description at Econpapers || Download paper

  50. Flow of Foreign Direct Investment to Hitherto Neglected Developing Countries. (2003). Akinkugbe, Oluyele.
    In: WIDER Working Paper Series.
    RePEc:unu:wpaper:dp2003-02.

    Full description at Econpapers || Download paper

Coauthors

Authors registered in RePEc who have wrote about the same topic

Report date: 2025-10-06 16:28:08 || Missing content? Let us know

CitEc is a RePEc service, providing citation data for Economics since 2001. Last updated August, 3 2024. Contact: Jose Manuel Barrueco.