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- catalog abstract "The purpose of this paper is to examine the various links among foreign direct investment, financial markets and economic growth. We model an economy with a continuum of agents indexed by their level of ability. Agents have two choices: they can work for the foreign company in the FDI sector and use their inherited wealth to earn a return or they can choose to undertake entrepreneurial activities, which are subject to a fixed set-up cost. Financial markets allow entrepreneurs in the economy to finance the set-up costs and takeadvantage of knowledge spillovers from FDI. In addition to the analytical solution of the model, an empirical analysis is also provided using cross-country data from different sets of countries between1970-1995. To the best of our knowledge there has not been a theoretical and empirical study on the interaction between financial markets and FDI spilloversprior to this study. Our empirical evidence suggests that FDI plays an important role in contributing to economic growth. However, the level of development of local financial markets is crucial for these positive effects to be realized.".
- catalog contributor b12159658.
- catalog contributor b12159659.
- catalog created "c2001.".
- catalog date "2001".
- catalog date "c2001.".
- catalog dateCopyrighted "c2001.".
- catalog description "Includes bibliographical references.".
- catalog description "The purpose of this paper is to examine the various links among foreign direct investment, financial markets and economic growth. We model an economy with a continuum of agents indexed by their level of ability. Agents have two choices: they can work for the foreign company in the FDI sector and use their inherited wealth to earn a return or they can choose to undertake entrepreneurial activities, which are subject to a fixed set-up cost. Financial markets allow entrepreneurs in the economy to finance the set-up costs and takeadvantage of knowledge spillovers from FDI. In addition to the analytical solution of the model, an empirical analysis is also provided using cross-country data from different sets of countries between1970-1995. To the best of our knowledge there has not been a theoretical and empirical study on the interaction between financial markets and FDI spilloversprior to this study. Our empirical evidence suggests that FDI plays an important role in contributing to economic growth. However, the level of development of local financial markets is crucial for these positive effects to be realized.".
- catalog extent "34 p. :".
- catalog isPartOf "Working paper (Harvard Business School. Division of Research) ; 01-083.".
- catalog isPartOf "Working paper / Division of Research, Harvard Business School ; 01-083".
- catalog issued "2001".
- catalog issued "c2001.".
- catalog language "eng".
- catalog publisher "[Boston] : Division of Research, Harvard Business School,".
- catalog title "FDI and economic growth : the role of local financial markets / Laura Alfaro ... [et al.].".
- catalog type "text".