fdi determinants in india(research paper)
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Determinants for FDI flow in India
Determinants for FDI Inflow in India
Under the guidance of
Dr. Sanjeev Prashar
Section-A
Mayank Garg(11DCP026)
Anurag Prashant(11DCP013)
Farid Ashraf(11DCP019)
Prashant Gupta(11DCP035)
Determinants for FDI flow in India
Contents
FOREWORD........................................................................................................................................4
PREFACE.............................................................................................................................................5
ABSTRACT..........................................................................................................................................6
INTRODUCTION.................................................................................................................................6
PROJECT OVERVIEW:.......................................................................................................................6
LITERATURE REVIEW:.....................................................................................................................7
PROBLEM DEFINED........................................................................................................................10
OBJECTIVES.....................................................................................................................................10
SIGNIFICANCE.................................................................................................................................11
RESEARCH METHODOLOGY........................................................................................................11
SCOPE................................................................................................................................................12
LIMITATIONS OF RESEARCH........................................................................................................12
DATA AND MODELS.......................................................................................................................13
CONCLUSION:..................................................................................................................................18
REFERENCES....................................................................................................................................19
Determinants for FDI flow in India
ACKNOWLEDGEMENT
The researchers wish to express their deepest gratitude and warmest appreciation to the
following people, who have inspired and have contributed in any way to the overall success
of the undertaking.
To Dr. Prashar for his guidance, support and constant encouragement duration of the study.
To our friends, who have been unselfish in extending their efforts and word of advice.
And above all, the researchers are thankful to the Almighty God, who never cease in loving
us and for the continued guidance and protection.
The Researchers
Determinants for FDI flow in India
FOREWORD
"I need the money" said an embattled finance minister Shri Pranab Mukherjee as he batted in
favour of bringing the FDI in multi brand retail against the cacophony of opposition. As the
debate raged in the hallowed space of the Indian Parliament, we realised the importance of
political stability and consensus among different parties as a critical factor in deciding on
major policy decisions like inflow of FDI across different sectors. No sooner did we realise
the importance of polity, we also realised that a factor like this was extremely complex and
dynamic in nature. Such a consequence was not measurable in nature yet its importance
could not be stated enough. It struck upon the researchers that there would surely be factors
of equal if not more importance which would be critical in nature which could help bring FDI
in India which is facing sluggish growth even though it still maintains its status as the second
fastest growing economy in the world.
More than 2 decades have elapsed since the Indian economy was opened and thus
began a remarkable phase of growth and outreach of the indian entrepreneur. But they were
the policy decisions of those times and as change is the only constant, the factors which
contributed to MNC's choosing to plough their money in our economy, the factors have
evolved as well. The criticality of certain factors have taken precedence as the size of
economy has grown and become more visible.
As a prelude to deciding the topic for research , we engaged in a thorough study of the
growth of some of the fastest developing economies(China) and other developed Asian
bellwethers (Japan and South Korea). Even though the countries had their own growth story,
some commonalities emerged strong and we found that influx of FDI had played a major role
in the development of these countries. Hence we decided that since our economy had a long
way to go, we would carry out a research determining as to what parameter could play a
deciding role in bringing the valuable foreign exchange to India.
Determinants for FDI flow in India
PREFACE
This paper presents the role that FDI Inflows play in economic development of Indian
economy and the related factors. It shows how different quantifiable factors affect the
variation of FDI Inflows with the help of principles of econometric and its varied
applications.
This research paper is primarily addressed to academicians, who play an increasingly
important role in the growth and development of the opinions. An understanding of FDI as an
important factor that influence economic sustainability will help them in proper
understanding of the need for it in a growing economy like India.
Sincere acknowledgment is here made to those who helped these researchers gather data for
this research paper. This work would not have reached its present form had it not been their
invaluable help.
Determinants for FDI flow in India
ABSTRACT
Foreign direct investment is a major stimulus to economic growth in developing countries.
Capital flows to developing countries have grown substantially since the early 1990s, with
selected Asian and Latin American countries receiving capital from developed countries in a
large scale. The volume of FDI that flows into India is growing as a share of total global FDI
flows. India's share is on a steady upward trend for the last few years. The aim of the research
is to analyse the various potential determinants(Both quantifiable and Unquantifiable) of FDI
for India. The time frame for analysis is a 4-year period, 2007-2010. The period encompasses
a significant transition from a surging economy to the gloom of the recession and then green
shoots of recovery that emerged post recession. we examine the relative significance of key
economic determinants of foreign direct investment FDI using multiple regression.
INTRODUCTION
Capital flows to India have grown substantially since the early 1990s. From an inflow of
$165 million in the fiscal year ending 1992 to a staggering $27024 million in fiscal ending
march 2011, post liberalization India has witnessed a mammoth increase in FDI in 2 decades.
But it is still far off from fulfilling the appetite of a country with more than a billion strong
consumer base. Indian economy is resemblance of an economy studded with foreign
investment and foreign policies with deregulation playing a pivotal role. Notable feature is its
being ranked 3rd by E&Y as among the most attractive destinations for FDI’s in 2010.
Broadly, the determinants of FDI can be bifurcated divided into 2 different sets. The first set
of factors are the Quantifiable factors like: Forex reserve, Balance of Payment(BOP), GDP,
Fiscal deficit, Index for Industrial production(IIP), Inflation and second set of factors include
unquantifiable factors like: Political stability, Openness of the economic policies, Prosperity,
Binding on investment by law, Bilateral relation between the nations. In the last few years,
capital flow to developing from developed countries has increased substantially. Underlying
this surge in inflows has been a slowdown in economic activity in the developed countries,
and a parallel improvement in the economic prospects of recipient developing countries.
PROJECT OVERVIEW:
The broad objective of this study is to evaluate factors that are encouraging to FDI flows in
India. There have been numerous studies in the past which have clearly stated the beneficial
aspects of FDI inflow in a country. Traditionally, foreign firms tend to locate in developing
Determinants for FDI flow in India
nations with one or more of these intentions in mind: efficiency, resource and market seeking
objectives. Cheap workforce, resource pool and stable encouraging political & economical
policies are the main factors which attract FDIs. Moreover, study aims to develop a trend and
factors influencing FDI. Study can be conducted either on demand side factors such as
market size, incentives, infrastructure and political stability which are unquantifiable in
nature or on the basis of supply side factors like inflation, IIP, forex reserves and GDP
growth which are quantifiable and data is readily available. Quazi and Mahmud (2004)
investigated that which factors, either economic or non-economic, drive the flow of FDI into
South Asia and found that economic freedom, openness, prosperity, human capital, and
lagged FDI significantly increase FDI inflow into South Asia, while political instability
depresses it. The time period of study is from 2007 to current.
LITERATURE REVIEW:
Numerous studies have been done to find the determinants of FDI. This literature review
draws from the past studies conducted in the same area and provides an explorative view of
the relationship that exists between FDI inflows and its determinants.
To start with, Bosworth and Collins (1999) argued in their literature that the ability to attract
international capital can offer large potential benefits for developing countries. Foreign
capital can be used to augment domestic savings (which is usually at the low level) and thus
enable countries to increase the rates of capital accumulation. Consequently, this improves
long term growth prospects and increases wealth of the population, in other words, speeds up
the development process. Foreign direct investments (or the FDI) are principally driven by
the difference in prices of factors of production and the size of national market. Foreign
investors move their production process to the developing countries aiming to reap
advantages of cheaper factors of production and their strategy is delocalization of low-skilled
production stages towards low-wage countries.
Shaukat Ali and Wei Gu (2005) suggest that if a country does not have the resources like
requisite technology, and skills, the same can be provided by FDI through the spill over
effect. However, the ability of the host country to use these resources and generate growth
successfully depends majorly upon its policies. Foreign direct investment is more conducive
to long-run growth and development than other forms of capital inflows.
Determinants for FDI flow in India
James P. Walsh and Jiangyan Yu (2010) argue that FDI brings with it foreign technology
and management skills, which can then be adapted by the host country in other contexts.
They further establish that FDI inflow is not only affected by tangible factors like interest
rates, inflation rate but also on some intangible factors like stable economic conditions and
strong institutions, and that investors are also concerned about political instability, inflexible
regulations, and poor development indicators among prospective workers. The abundance of
natural resources has a positive impact on FDI inflow. Rojid Sawkut, Seetanah Boopen,
Ramessur-Seenarain Taruna & Sannassee Vinesh (2007) further argue that openness of
economic policies has a positive impact on FDI inflow and is in line with the fact that
openness of economic policies create a positive environment which is likely to attract foreign
firms. The more open the economy policies, the more the positive benefits of FDI to the host
country. Foreign direct investment (FDI) is one of the most effective ways by which
transition economies become integrated to the global economy as FDI provides not only
capital but also technology and management know-how necessary for restructuring firms in
the host economies.
Studies conducted in Malaysia by Marial and Ngie (2009) prove that FDI not only helps in
the growth of the economy but it is also an important vehicle and indicator of the country’s
degree of economic globalization and integration into world economy. During the late 1990’s
Malaysia experienced annual growth of around 9% which in part is attributed to massive FDI
flows that played a significant role in pushing the Malaysian economy forward. In addition to
providing new capital, FDI is generally accepted as a means of incorporating new knowledge
from abroad.
Markusen (2002). The inflow of FDI accompanied by new knowledge may benefit domestic
firms through imitation and learning, increased competition in local markets, facilitation of
human capital mobility among firms, and vertical linkages; thereby increasing the
productivity level and sustaining a higher growth rate. Traditionally, foreign firms locate in
developing countries with one or more of these intentions in mind: resource, efficiency or
market-seeking objectives. For a mining firm, for example, the availability of natural
resources is the key reason to invest in a particular country. Therefore, the resource-seeking
objective is paramount for such firms. In terms of the efficiency-seeking objective it goes
beyond the natural resource pull of countries.
Determinants for FDI flow in India
Nunnenkamp and Spatz (2004) argue that from a development perspective, developing
countries might be better off if they attract efficiency-seeking FDI in the form of full-scale
plants with cutting-edge technology and management practices, strong export orientation and
substantial integration in the supply chain of the multinational enterprise. Such investments
offer higher developmental benefits than FDI in the form of sub-scale plants that produce for
the local market, may not use the latest technology, and are protected from international
competition. A number of centrally planned economies set out to implement economic and
political reforms, applying different strategies and experiencing dramatically different
outcomes
Dunning’s (1977) location advantage theory helps to identify important variables that
influence FDI flow using three main categories: (a) economic, (b) social or cultural factors,
and (c) the political environment. The empirical result revealed that the most important
economic variable found were market size that shows a country’s development levels permit
the exploitation of economies of scale which is likely to increase the attractiveness of FDI
vis-à-vis alternative forms of internalization. The external debt burden is like a disincentive
for FDI as found with negative relationship between this variable and FDI inflow.
As mentioned by Isabel Faeth (2005) most of the variables included (GDP growth, wage rate
growth, job vacancies, openness, interest rate) had the expected signs, while the signs of other
variables (exchange rate appreciation) were plausible – the only exception being the
corporate tax rate and inflation rate. Two points of interest emerged from this estimation.
Firstly, the model shows that FDI decisions (unlike portfolio investment decisions) are
predominantly driven by longer term considerations. The variables included were not
significant in the time period when the investment was made, but were significant for up to
five lags.
Owen C. H. Ho (2004) finds that though there is strong co-relation between GDP growth
and FDI inflow, which is consistent with the widely accepted belief that growing market size
creates an incentive for foreign investors to gain market access. But FDI does not necessarily
induce economic growth. A study was conducted using China as an example to demonstrate
the same. China is one of the largest developing economies in the world with one of the
highest FDI inflows. This proves that FDI doesn't always contributes towards the growth of
the host country.
Determinants for FDI flow in India
Pravakar Sahoo November (2006) finds that market size, labour force growth,
infrastructure index and trade openness are the major & influential factors for determinants of
FDI in South Asia. Therefore, focus of South Asian Countries towards market reforms, trade
liberalization led to reduced restrictions on foreign investment and expanded the scope for
FDI in most sectors. Rabin Hattari, Ramkishen S. Rajan , and Shandre
Thangaveluexplain (January 2008 ) finds the drivers of intra-ASEAN FDI flows using
bilateral FDI flows between host and source ASEAN countries. The sizes, lower political
risk, and lower corporate tax rate in the host country are among the factors that appeal and
facilitate bilateral intra-ASEAN FDI flows. Also, a shorter distance between countries tends
to facilitate bilateral FDI flows.
Elif Arbatli (August 2011) finds the role of external factors and of political stability of the
host country in the flows of FDI in Emerging Market Economies. Eliminating FDI related
capital controls, lowering of corporate tax rates and trade tariffs, adopting fixed or managed
exchange rate policies and have played an important role for FDI inflows. Also, Political
instability, and Domestic conflict events are found to have significant negative effects on
FDI, which highlights the role of inclusive policies to promote growth and development and
avoid sudden withdrawal of FDI inflows.
PROBLEM DEFINED
There is generally a positive attitude towards FDI because of the potential benefits from the
spill-over of technologies and skills. Investments in the FDI are less likely to move out in a
short span during financial crisis as compared to other forms of foreign investment such as
Foreign Institution Investment, portfolio investment. So what are the determinants for the
flow of FDI. Though a lot of researches have been done to find the determinants for FDI
flow, but no study has been conducted to find the determinants for a particular sector. This
research aims to establish the dependency of different determinants on FDI. The study has
been done for the period of 4 years starting from 2007 to 2010, which encompasses a
significant transition from a surging economy to the gloom of the recession and then green
shoots of recovery that emerged post recession.
OBJECTIVES
In the following research paper we shall closely examine the factors which assist and those
which prove to be a bottleneck in the inflow of FDI in India. While India has allowed free
Determinants for FDI flow in India
flow FDI in some sectors, it has critically regulated FDI in other crucial sectors. In our paper
we shall examine certain domestic factors such as infrastructure crunch, political
indecisiveness, GDP growth rate, Inflation rate, Interest rate, vested interests and powerful
lobbies along with global factors like the effect of global downturn, global technology
standards, India’s image as an investment hub and competition vis-a-vis China as indicators
as well as determinants whether the dollar inflows are maintained
SIGNIFICANCE
In the past decade, India has become an increasingly important hosting economy for FDI and
this trend is expected to continue with the country’s entry to the World Trade organization.
The purpose of this paper is to empirically examine the foreign direct investment (FDI) in
India. We will use secondary data, multiple regression will be employed to estimate the
relationship between different determinants and the FDI. This is followed by an application
of factor analysis to examine the variables and factors influencing the FDI in India, such as
GDP, Balance of Payments, Fiscal deficit and others.
RESEARCH METHODOLOGY
With major policy changes regarding FDI in retail, insurance, banking, logistics,
infrastructure etc expected in the foreseeable future, The Government of India is expected to
facilitate the smooth rolling in of foreign investment. Factors may vary as a matter of
perspective from the policy side and from the viewpoint of the investor.
Important macroeconomic parameters are established through a thorough study of literature
regarding the same on parallel economies in their stages of growth. These parameters include
the inflation rates in an economy, Index for industrial production which measures the
improvement in the manufacturing capabilities of the country and also the improvement in
technological levels. Also included are the balance of payments which highlight the direction
of trade, the fiscal deficit maintained by the government which has proven to have a bearing
on the inflation rates in the economy. The data collected for the research includes the pre
recession, the recession stage and the recovery stage of the global economy and hence a time
frame from 2007 onwards has been chosen for the study. The research conducted will be
carried out in 2 parts:
Determinants for FDI flow in India
1) The first part involves establishing the variability of the factors with respect to the
FDI inflows using the factor analysis tool in SPSS. For establishing the veracity of the
data before carrying out the factor analysis, the KMO and Bartlett’s test are
conducted. A value of above .665 is required to affirm the measure of sampling
adequacy. The data used for research has the month wise value of the aforementioned
parameters.
2) The second stage of the research involves multi stage regression which used to
ascertain the correlation and weight age of the factors included in a particular
category obtained by factor analysis. Thus we can obtain a certain amount of accuracy
regarding the variability in the inflows of FDI in India when these factors are
subjected to sharp changes.
SCOPE
The study is being carried out to identify major determinants of FDI inflows in India
influencing the growth of the country in terms of macroeconomic variables such as inflation,
Balance of Payment (BOP), Fiscal Deficit, Index of Industrial Production (IIP), GDP growth
rate & Forex Reserve taken from literature. The study has been done for the period of 4 years
starting from 2007 to 2010. The period encompasses a significant transition from a surging
economy to the gloom of the recession and then green shoots of recovery that emerged post
recession
LIMITATIONS OF RESEARCH
1) Factors like political stability, relations between governments etc. are not quantifiable in
nature, hence these have not been covered under the purview of the study.
2) The period encompassed in the study is that of a recessionary phase and growth post it.
Hence the research paper covers a turbulent time in global economy.
3) The research is focused on the factors contributing to the inflow of FDI till current date
and cannot to be used to project factors that may influence future inflow.
4) Economy of India has bypassed the manufacturing stage and directly become service
oriented economy. This distorts the cyclicity that an economy is supposed to follow per say.
This introduces a scope for error in the research results.
5) Due to inadequacy of statistical data, we could not cover Interest rate which is an
important factor affecting the FDI inflow into any country.
Determinants for FDI flow in India
DATA AND MODELS
FDI inflows, construed to be one of the most important growth indicators of an developing
economy, is widely and deeply affected by a number of varied factors. Factors, both
quantifiable and unquantifiable have been in existence for eons. While on one hand we have
unquantifiable or abstract factors like political stability, prosperity, openness of policies,
binding on investment by laws, mutual relations between the two countries etc. Factors may
also be categorised as economic or non economic factors as well. On the other hand there are
some statistically determined factors which have again impacted FDI inflows from time to
time like external debt, Forex reserve, IIP, GDP growth rate, BOP etc. However, one thing
needs to be noted, dependency of FDI on these factors have kept changing over the period of
time in every country. For instance, “Aseidu (2002), and Ioannatos (2003) found positive
relationship between trade openness and FDI inflows” while “Chakrabarti (2003) found
negative significant relationship between taxes and FDI inflows”. Thus we started on an open
note regarding the formation of a factor basket from which a few factors have been filtered by
the factor analysis.
After a careful study of previously done researches on the same topic, the team
decided to narrow down on the following statistically determined quantifiable factors;
Forex reserve
BOP
GDP growth rate
Fiscal Deficit
Inflation rate
IIP
and used SPSS’s factor analysis for determining whether our hypothesis holds true or not.
Upon conducting the analysis, it was proved that all the factors chosen are indeed
liable to be selected as factors affecting and determining FDI inflow. All the factors
chosen were passed through factor analysis with data from 2007-2011 and it cleared the
minimum criteria of 0.678 Bartlett’s test.
After finalising on these factors, multiple regression was conducted for determining the
dependency between yearly FDI and factors selected.
Determinants for FDI flow in India
Determinants for FDI flow in India
FDI & BOP: regression test gives a negative coefficient for BOP vs FDI, which is infact
true if previously held researches are taken into consideration. With low BOP, it
felicitates government to borrow less for reducing debt and it allows that much flexibility
for flexing its investing options, which in-turn attracts foreign investment.
FDI vs Fiscal Deficit: test again shows a negative correlation between the two,
establishing the fact that fiscal deficit is a repellent to FDI. Economies with less fiscal
deficit have higher FDI inflow as compared to those with high fiscal deficit.
FDI vs GDP Growth Rate: with a promising and sustainable GDP growth rate, investors
see promise in future growth of economy and are attracted for making investments.
FDI vs Inflation: with increase in inflation, cost of investment increase i.e. cost of
manufacturing and commodity increases, thus reducing the marginal cost of investment.
Also it leads to appreciation in foreign currency.
FDI vs Forex Reserve: economic analysts are always hopeful for increase in Forex
reserves and FDI is one of the strong tool for it. Both are positively correlated, a fact
seconded by our analysis. Analysis demonstrates a positive dependency coefficient
between the two supported by the data.
FDI vs IIP: IIP refers to Index Industrial Production, a measure of growth in various
sectors in Indian economy like manufacturing, white goods etc. With strong growth
prospects and trend, it becomes an attractive option of investment both for Indian &
Foreign investors. Earlier the base year for measuring of index IIP was ’93-’94 but was
later changed to ’04-’05. The index has grown from 134 in Jan’07 to 175.6 in Dec’10. A
strong correlation is demonstrated between the two confirming the notion.
Determinants for FDI flow in India
Jan 2007
April 2007
July 2007
October
2007
Jan 2008
April 2008
July 2008
October
2008
Jan 2009
April 2009
July 2009
October
2009
Jan 2010
April 2010
July 2010
October
2010
-80000
-60000
-40000
-20000
0
20000
40000
60000
80000
Fiscal Deficit
Fiscal Deficit
Jan 2007
March 2007
May 2007
July 2007
Septem
ber 2007
November
2007
Jan 2008
March 2008
May 2008
July 2008
Septem
ber 2008
November
2008
Jan 2009
March 2009
May 2009
July 2009
Septem
ber 2009
November
2009
Jan 2010
March 2010
May 2010
July 2010
Septem
ber 2010
November
201002468
1012141618
Inflation
Inflation
Determinants for FDI flow in India
Jan 2007
March 2007
May 2007
July 2007
Septem
ber 2007
November
2007
Jan 2008
March 2008
May 2008
July 2008
Septem
ber 2008
November
2008
Jan 2009
March 2009
May 2009
July 2009
Septem
ber 2009
November
2009
Jan 2010
March 2010
May 2010
July 2010
Septem
ber 2010
November
20100
20406080
100120140160180200
IIP
IIP
Jan 2007
April 2007
July 2007
October
2007
Jan 2008
April 2008
July 2008
October
2008
Jan 2009
April 2009
July 2009
October
2009
Jan 2010
April 2010
July 2010
October
20100
2
4
6
8
10
12
GDP Growth
GDP Growth
Jan 2007
April 2007
July 2007
October
2007
Jan 2008
April 2008
July 2008
October
2008
Jan 2009
April 2009
July 2009
October
2009
Jan 2010
April 2010
July 2010
October
20100
200000400000600000800000
1000000120000014000001600000
Forex Reserves
Forex Reserves
Determinants for FDI flow in India
Jan 2007
March 2007
May 2007
July 2007
Septem
ber 2007
November
2007
Jan 2008
March 2008
May 2008
July 2008
Septem
ber 2008
November
2008
Jan 2009
March 2009
May 2009
July 2009
Septem
ber 2009
November
2009
Jan 2010
March 2010
May 2010
July 2010
Septem
ber 2010
November
2010
-100000
-50000
0
50000
100000
150000
BOP
BOP
CONCLUSION:
In this study determinants for the flow of FDI in India were examined for the period from
2007 to 2010. This research offers additional evidence on the relative significance of key
economic factors and their influence on FDI inflow, which will help India to formulate its
policies for attracting FDI & maximizing the benefits in favour of the country. A factor
analysis was conducted to find the factors or variables that explain the correlations within the
set of observed variables. Factor analysis is used to identify the significant factors that
explain most of the variance observed in a much larger number of variables. Factor Analysis
technique was applied to the selected six independent variables: Inflation, Forex reserves,
Balance of payment, GDP growth rate, Fiscal deficit, and IIP. The variables grouped into one
component are closely correlated among themselves, but not so closely correlated with
variables grouped into different components.
Factor analysis yields two components: Component 1 include factors like Fiscal deficit,
Inflation, IIP and Forex reserve and Component 2 include Balance of payment and GDP
growth. Component 1 contribute to the 53.154% of the variance while component 2
contributes for the 17.935% of the variance. Further KMO and Bartlett's Test gives the Eigen
value of .670 which proves the correctness of the research. We found out that Inflation, Fiscal
deficit, IIP and Forex reserve are important in explaining the change in FDI Inflows.
Further regression analysis establishes that GDP Growth, Forex Reserve & IIP have a strong
positive impact in attracting FDI inflows in India, whereas Balance of Payment (BOP), Fiscal
Determinants for FDI flow in India
Deficit and Inflation have an adverse effect on FDI inflows. The result is in accordance with
the literature and previous research conducted.
The research concludes that FDI flow is not dependent on any single factor but it depends
upon myriad of factors. The FDI inflow has played key role in increasing the economic
development. The Indian government can use this research as a reference to form its policies
to attract FDI into India.
REFERENCES
Isabel Faeth, "Determinants Of Fdi In Australia: Which Theory Can Explain It Best?", The University Of Melbourne Department Of Economics.
Valerija Botric And Lorena Skuflic: "Main Determinants Of Foreign Direct Investment In
The South East European Countries", 2nd Euroframe Conference On Economic Policy Issues In The European Union.
Fabian Barthel, Matthias Busse, Robert Osei: "The Characteristics And Determinants Of Fdi In Ghana", Hwwi Research Programme World Economy.
Rabin Hattari1, Ramkishen S. Rajan2, And Shandre Thangavelu: "Understanding Intra-Asean Fdi Flows Trends And Determinants", Finance And Economics Department At University Of Technology Mauritius.
Rojid Sawkut, Seetanah Boopen, Ramessur-Seenarain Taruna & Sannassee Vinesh: "Determinants Of Fdi: Lessons From African Economies".
Shaukat Ali And Wei Guo::"Determinants Of Fdi In China", Journal Of Global Business And Technology, Volume 1, Number 2, Fall 2000.
Amitendu Palit Shounkie Nawani: "Technological Capability As A Determinant Of Fdi Inflows: Evidence From Developing Asia & India", Indian Council For Research On International Economic Relations.
Yuko Kinoshita And Nauro F. Campos:"Why Does Fdi Go Where It Goes?New Evidence From The Transition Economies", William Davidson Institute Working Paper Number 573.
James P. Walsh And Jiangyan Yu: "Determinants Of Foreign Direct Investment: A Sectoral And Institutional Approach", Imf Working Paper Asia Pacific Department.Dharmendra Dhakal: "Foreign Direct Investment And Economic Growth In Asia", Department Of Economics And Finance Tennessee State University.
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