Endogenous Determination of FDI Growth and Economic Growth:The OECD Case

Annex A

Table A.1: Literature Review

Author	Sample Size and Time Period	Econometric Method and Tests	Empirical Evidences
Basu & Guariglia (2007)	119 developing countries 1970 - 1999	Generalized Methods of Moments (GMM)	FDI enhances both educational inequalities and economic growth in developing countries. However, it reduces the share of agriculture sector in GDP.
Johnson (2006)	90 developed and developing countries 1980 - 2002	OLS	FDI inflows accelerate economic growth in developing countries. But it is not valid for developed countries.
Hyun (2006)	59 developing countries 1984 - 1995	OLS	FDI has positive effect on economic growth but lagged FDI values have no positive effects on current ________________________________________economic growth._________________________________________
Li & Liu (2005)	21 developed countries and 63 developing countries 1970 - 1999	Unit Root Tests, Durbin - Wu - Hausman Test, OLS	Endogenous relationship between FDI and economic growth has accelerated since the middle of 1980s. Also, relationships between FDI, human capital and technological differences effect economic growth in developing countries indirectly.
Saha (2005)	20 Latin America countries and Caribbean countries 1990 - 2001	3 Stage of Least Squares	FDI and economic growth are important determinants of each other in Latin America and Caribbean. There is an endogenous relationship between FDI and economic growth.
Durham (2004)	80 countries 1979 - 1998	Extreme Bound Analysis (Sensitivity _____Analysis)_____	There is no direct positive effect of current and lagged values of FDI and portfolio investment on economic growth.
Hermes & Lensink (2003)	67 less developed countries 1970 - 1995	OLS	Financial development level of a FDI attracting country is an important pre-condition in order to provide positive affect of FDI on economic growth.
Bengoa & Sanchez — Robles __________(2003)__________	18 Latin America countries 1970 - 1999	Hausman Test OLS	Economic freedom is an important determinant of FDI inflows. Also FDI affects economic growth positively.
Massoud	51 developing ______countries______	OLS	__________FDI accelerates economic growth in both time periods (1989 - 1996 and 1989 - 2000)___________

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