Foreign Direct Investment, Sectoral Effects and Economic Growth in Africa

Eric Evans Osei Opoku · Muazu Ibrahim · Yakubu Awudu Sare

84 citations0/0 files storedInternational Economic Journal

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International Business and FDI Economic Growth and Productivity Economic Growth and Development

Abstract

Earlier studies on the impact of Foreign Direct Investment (FDI) on economic growth have not been instructive largely on their failure to examine the sectoral transmission channels through which FDI affects growth. We re-examine the impact of FDI on economic growth in Africa using the system generalized method of moments. The results reveal that, while FDI positively and unconditionally spurs economic growth, its growth-enhancing effect is imaginary when the conditional sectoral effects are introduced. On the channels of manifestation, we notice that the pass-through impact of FDI is only significant for the agricultural and service sectors.

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References

1991Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations 1988On the mechanics of economic development 1998Initial conditions and moment restrictions in dynamic panel data models 1986Increasing Returns and Long-Run Growth 1995Another look at the instrumental variable estimation of error-components models 1990Endogenous Technological Change 1995Initial conditions and moment restrictions in dynamic panel data models 1989Endogenous Technological Change

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