Does Foreign Direct Investment (FDI) Promote Socioeconomic Development? Evidence from Advanced, Emerging-market, Developing and Transition Economies

Minakshee Das

doi:10.1515/me-2020-0001

Article

Does Foreign Direct Investment (FDI) Promote Socioeconomic Development? Evidence from Advanced, Emerging-market, Developing and Transition Economies

Minakshee Das

Published/Copyright: July 16, 2020

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From the journal Man and the Economy Volume 7 Issue 1

Abstract

This paper examines the impact of inward foreign direct investment (FDI) on host countries’ socioeconomic development for a sample of more than 80 countries during 1986–2017. It analyses three main areas, namely—health, social-protection and income-distribution, represented by life-expectancy, unemployment-rate and GINI index respectively. The countries are grouped into four categories according to the United Nations Conference on Trade and Development (UNCTAD) classification, namely—advanced, emerging-market, developing and transition economies. Previous literature provides an equivocal picture of the impact of inward FDI on socioeconomic development. Several researchers have noted that a certain threshold level of development in the host country is necessary to make it possible to exploit the benefits of inward FDI. The analysis shows that the impact of inward FDI differs with the three main areas (namely—health, social-protection and income-distribution) with different country groups. In general, with an increase in inward FDI the life-expectancy increases, unemployment-rate deepens and the income-distribution becomes more skewed. The findings have important policy implications. The policies should be designed in such a way that there is a positive long-term impact on socioeconomic development by encouraging inward FDI.

Keywords: foreign direct investment; economic growth; socioeconomic; development; panel data

JEL classification: D31; E24; F21; I12; O15

Corresponding author: Minakshee Das, University of Ljubljana, Faculty of Economics, Ljubljana, Slovenia, E-mail: gargiminakshee22@gmail.com

I would like to acknowledge my supervisor, Dr. Črt Kostevc^[1] for his invaluable guidance and Dr. Biswajit Banerjee^[2] for his insightful comments and suggestions.

Appendices

A Description of the Dataset

Table A1:

Descriptive statistics.Equation 1.

Variable	Observations	Mean	Std. Dev.	Min.	Max.
LIFE_EXP	5542	67.18006	9.877428	27.61	83.98488
IFDI_(t − 1)	4980	4.272203	13.34305	−82.8921	451.7155
OPEN	5101	82.66415	48.9762	0.0209992	531.7374
HCAP	4148	81.0056	24.32247	6.32584	181.9823
HEALTH_EXP	3448	6.143686	2.468541	1.110661	19.02304
INFANT_MORT	5487	39.04872	35.11756	1.6	173.1
EDU_EXP	3997	4.470761	2.15597	0.78019	44.33398

Equation 2

Variable	Observations	Mean	Std. Dev.	Min.	Max.
UNEMP	4671	8.562018	6.407478	0.148	44.157
IFDI_(t − 1)	4851	4.145373	13.41623	−82.8921	451.7155
OPEN	4930	82.07107	49.17699	0.0209992	531.7374
HCAP	4237	81.06288	23.77753	6.32584	181.9823
Log GDP_PC	5082	3.59109	0.6707736	2.063687	5.049095
(Log GDP_PC)²	5082	13.34577	4.896464	4.258802	25.49336
GDPG	5048	3.678041	6.500426	−64.04711	149.973
INFLATION	4701	43.09288	576.9133	−35.83668	24411.03
POP_GROWTH	5343	1.614303	1.506514	−6.184857	16.33164

Equation 3

Variable	Observations	Mean	Std. Dev.	Min.	Max.
GINI	2098	39.68533	9.297388	24.38	65.8
IFDI_(t − 1)	2749	4.917442	16.59759	−82.8921	451.7155
OPEN	2776	83.14511	45.88847	0.0209992	410.1716
HCAP	2407	87.1104	20.17771	15.27499	181.9823
Log GDP_PC	2849	3.704787	0.6578362	2.063687	5.049095
(Log GDP_PC)²	2849	14.15805	4.883556	4.258802	25.49336
GDPG	2836	3.412325	5.675868	−64.04711	106.2798
GOV_EXP	1863	27.59404	12.91098	1.877688	98.1655
AGRI_EMP	2944	27.23419	23.70087	0.343	90.718

Table A2:

Correlation matrix.Equation 1.

	LIFE_EXP	IFDI_(t − 1)	OPEN	HEALTH_EXP	INFANT_MORT	EDU_EXP	HCAP
LIFE_EXP	1
	(5542)
IFDI_(t − 1)	0.0742∗	1
	0.000
	(4750)	(4980)
OPEN	0.1921∗	0.3410∗	1
	0.000	0.000
	(5040)	(4666)	(5101)
HEALTH_EXP	0.2400∗	0.0499∗	−0.0206	1
	0.000	0.0049	0.2538
	(3220)	(3172)	(3078)	(3448)
INFANT_MORT	−0.9323∗	−0.0615∗	−0.2141∗	−0.1997∗	1
	0.000	0.000	0.000	0.000
	(5390)	(4783)	(5021)	(3265)	(5487)
EDU_EXP	0.1223∗	0.0163	0.1192∗	0.2665∗	−0.1891∗	1
	0.000	0.3211	0.000	0.000	0.000
	(3849)	(3709)	(3734)	(2727)	(3860)	(3997)
HCAP	0.7711∗	0.0515∗	0.2029∗	0.1597∗	−0.8180∗	0.2338∗	1
	0.000	0.0014	0.000	0.000	0.000	0.000
	(3960)	(3860)	(3847)	(2755)	(4002)	(3209)	(4148)

Figures in parentheses are number of observation.
∗ are significant at p < 0.05.

Equation 2

	UNEMP	IFDI_(t − 1)	OPEN	Log GDP_PC	(Log GDP_PC)²	GDPG	INFLATION	POP_GROWTH	HCAP
UNEMP	1
	(4671)
IFDI_(t − 1)	−0.0038	1
	0.8005
	(4360)	(4851)
OPEN	0.0121	0.3389∗	1
	0.4285	0.000
	(4276)	(4524)	(4930)
Log GDP_PC	0.0627∗	0.0685∗	0.2518∗	1
	0.000	0.000	0.000
	(4380)	(4631)	(4884)	(5082)
(Log GDP_PC)²	0.0333∗	0.0705∗	0.2479∗	0.9958∗	1
	0.0273	0.000	0.000	0.000
	(4380)	(4631)	(4884)	(5082)	(5082)
GDPG	−0.0495∗	0.0965∗	0.1304∗	−0.0577∗	−0.0611∗	1
	0.0011	0.000	0.000	0.000	0.000
	(4362)	(4630)	(4859)	(5042)	(5042)	(5048)
INFLATION	−0.0061	−0.0137	−0.0252	−0.0477∗	−0.0478∗	−0.0861∗	1
	0.695	0.3618	0.0908	0.0012	0.0012	0.000
	(4087)	(4411)	(4498)	(4597)	(4597)	(4587)	(4701)
POP_GROWTH	−0.1666∗	−0.0204	−0.0156	−0.2978∗	−0.2778∗	0.1740∗	0.0149	1
	0.000	0.162	0.2737	0.000	0.000	0.000	0.3078
	(4487)	(4679)	(4924)	(5079)	(5079)	(5043)	(4695)	(5343)
HCAP	0.0678∗	0.0430∗	0.1726∗	0.6399∗	0.6081∗	−0.0489∗	−0.0362∗	−0.4085∗	1
	0.000	0.0076	0.000	0.000	0.000	0.0022	0.0267	0.000
	(3599)	(3857)	(3846)	(3958)	(3958)	(3943)	(3740)	(4082)	(4237)

Figures in parentheses are number of observation.
∗ are significant at p < 0.05.

Equation 3

	GINI	IFDI_(t − 1)	OPEN	Log GDP_PC	(Log GDP_PC)²	GDPG	GOV_EXP	AGRI_EMP	HCAP
GINI	1
	(2098)
IFDI_(t − 1)	−0.0974∗	1
	0.000
	(1992)	(2749)
OPEN	−0.2809∗	0.3344∗	1
	0.000	0.000
	(1952)	(2570)	(2776)
Log GDP_PC	−0.3647∗	0.0686∗	0.1801∗	1
	0.000	0.0004	0.000
	(1997)	(2626)	(2766)	(2849)
(Log GDP_PC)²	−0.3855∗	0.0732∗	0.1826∗	0.9959∗	1
	0.000	0.0002	0.000	0.000
	(1997)	(2626)	(2766)	(2849)	(2849)
GDPG	0.0923∗	−0.005	0.0383∗	−0.1063∗	−0.1100∗	1
	0.000	0.7983	0.0443	0.000	0.000
	(1992)	(2624)	(2755)	(2836)	(2836)	(2836)
GOV_EXP	−0.4333∗	0.1781∗	0.2896∗	0.4608∗	0.4593∗	−0.2256∗	1
	0.000	0.000	0.000	0.000	0.000	0.000
	(1353)	(1781)	(1837)	(1853)	(1853)	(1847)	(1863)
AGRI_EMP	0.2751∗	−0.0676∗	−0.2192∗	−0.8636∗	−0.8405∗	0.1074∗	−0.4694∗	1
	0.000	0.0004	0.000	0.000	0.000	0.000	0.000
	(2091)	(2697)	(2711)	(2772)	(2772)	(2759)	(1836)	(2944)
HCAP	−0.2777∗	0.0256	0.1796∗	0.6072∗	0.5725∗	−0.0703∗	0.2564∗	−0.6812∗	1
	0.000	0.2257	0.000	0.000	0.000	0.0008	0.000	0.000
	(1758)	(2243)	(2234)	(2282)	(2282)	(2273)	(1511)	(2361)	(2407)

Figures in parentheses are number of observation.
∗ are significant at p < 0.05.

Table A3:

List of country groupings.

Advanced economies
1. America	Canada, United States
2. Asia	Israel, Japan
3. Europe	Austria, Belgium, Cyprus, Denmark, Estonia, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom
4. Oceania	Australia, New Zealand
Emerging-market economies
1. Africa	Egypt, Nigeria & South Africa
2. America	Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Peru, Uruguay, Venezuela
3. Asia	China, Korea, India, Indonesia, Malaysia, Philippines, Singapore, Thailand
4. Middle-East	Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, Turkey, United Arab Emirates
5. Europe	Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, Russian Federation
Developing economies
1. Africa	Eastern Africa	Burundi, Djibouti, Ethiopia, Kenya, Madagascar, Malawi, Mauritius, Mozambique, Rwanda, Somalia, Uganda, United Republic of, Tanzania, Zambia, Zimbabwe
	Middle Africa	Angola, Cameroon, Central African Republic, Chad, Congo, Dem. Rep. of the Congo, Gabon
	Northern Africa	Algeria, Libya, Morocco, Sudan, Tunisia
	South Africa	Botswana, Lesotho, Namibia
	Western Africa	Benin, Burkina Faso, Cabo Verde, Côte d’Ivoire, Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Mauritania, Senegal, Sierra Leone & Togo
4. America	Caribbean	Antigua and Barbuda, Barbados, Cuba, Dominica, Dominican Republic, Grenada, Haiti, Jamaica, Trinidad and Tobago
	Central America	Belize, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua
5. Asia	Eastern	Mongolia
	Southern	Afghanistan, Bangladesh, Bhutan, Iran (Islamic Republic of), Maldives, Nepal, Pakistan, Sri Lanka
	South-Eastern	Cambodia, Lao People’s Dem. Rep., Myanmar, Viet Nam
	Western Asia	Iraq, Jordan, Lebanon, Yemen
6. Oceania	Fiji, Guam, Kiribati, Papua New Guinea, Samoa, Solomon Islands, Tonga, Tuvalu,
Transition economies	Albania, Armenia, Azerbaijan, Bosnia & Herzegovina, Georgia, Kazakhstan, Kyrgyzstan, Montenegro, Moldova, Serbia, Tajikistan, Macedonia, Turkmenistan, Ukraine, Uzbekistan

Sample include advanced economies, emerging-market economies, developing economies and transition economies. Groupings follow the classification by UNCTAD. However, countries classified as emerging-market economies have been removed from developing economies group if they also appear there.

B Additional Estimation Results

Table B1:

Equation 1: Impact of inward FDI on health (FE).

Dependent variable: LIFE_EXP.

	1	2	3	4	5
	Full-sample	Advanced	Emerging-market	Developing	Transition
IFDI_(t − 1)	−0.00259∗∗∗	−0.00309∗∗∗	−0.0243∗∗	0.00193	−0.0212
	(0.000955)	(0.000714)	(0.00936)	(0.00913)	(0.0184)
OPEN	0.0134∗∗∗	0.0164∗∗∗	0.0167	0.00403	−0.00877
	(0.00408)	(0.00522)	(0.01)	(0.00616)	(0.0104)
HCAP	0.00674	0.0279	0.00859	0.00587	−0.0747∗
	(0.011)	(0.0244)	(0.0307)	(0.0118)	(0.0398)
Log GDP_PC	29.48∗∗∗	−63.45	43.52∗∗∗	31.63∗∗	87.17∗
	(7.69)	(39.7)	(15.53)	(14.46)	(42.21)
(Log GDP_PC)²	−5.102∗∗∗	4.374	−6.835∗∗∗	−5.502∗∗	−13.89∗∗
	(1.113)	(4.831)	(2.283)	(2.347)	(5.993)
GDPG	−0.0602∗∗∗	−0.223∗∗∗	−0.0970∗∗∗	−0.0345∗	−0.0499
	(0.0168)	(0.0461)	(0.0294)	(0.0177)	(0.0763)
HEALTH_EXP	0.234∗∗∗	0.596∗∗∗	0.192∗	0.13	−0.11
	(0.0885)	(0.102)	(0.11)	(0.133)	(0.142)
INFANT_MORT	−0.210∗∗∗	−0.648∗∗∗	−0.258∗∗∗	−0.207∗∗∗	−0.186∗∗∗
	(0.0111)	(0.104)	(0.0327)	(0.0125)	(0.028)
EDU EXP	0.117	−0.134	0.259	0.125	0.388∗∗
	(0.0992)	(0.197)	(0.191)	(0.124)	(0.163)
Constant	71.76∗∗∗	73.19∗∗∗	73.02∗∗∗	71.32∗∗∗	82.66∗∗∗
	(1.408)	(3.313)	(3.315)	(1.77)	(3.627)
n	2023	350	452	1046	164
R-squared	0.755	0.833	0.751	0.796	0.777
Number of countries	158	25	33	88	11
F-ratio	95.00	47.70	21.87	77.91	22.17
	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)

Figures in parentheses are robust standard errors.
∗∗∗, ∗∗. ∗ are significant respectively to p < 0.01, p < 0.05, p < 0.1.
n = number of observations.

Table B2:

Equation 2: Impact of inward FDI on socio-protection (FE).

Dependent variable: UNEMP.

	1	2	3	4	5
	Full-sample	Advanced	Emerging-market	Developing	Transition
IFDI_(t − 1)	0.00255	−0.00113	−0.0431	0.000163	−0.022
	(0.00314)	(0.00254)	(0.0502)	(0.0162)	(0.0384)
OPEN	−0.0043	0.0343∗∗	−0.00693	−0.0123∗	−0.0125
	(0.00522)	(0.014)	(0.00958)	(0.00737)	(0.0181)
HCAP	−0.0162	0.0368∗	−0.00782	−0.0151	0.0117
	(0.015)	(0.0187)	(0.0237)	(0.0166)	(0.0504)
Log GDP_PC	29.48∗∗∗	−63.45	43.52∗∗∗	31.63∗∗	87.17∗
	(7.69)	(39.7)	(15.53)	(14.46)	(42.21)
(Log GDP_PC)²	−5.102∗∗∗	4.374	−6.835∗∗∗	−5.502∗∗	−13.89∗∗
	(1.113)	(4.831)	(2.283)	(2.347)	(5.993)
GDPG	−0.0602∗∗∗	−0.223∗∗∗	−0.0970∗∗∗	−0.0345∗	−0.0499
	(0.0168)	(0.0461)	(0.0294)	(0.0177)	(0.0763)
INFLATION	−6.62e⁻⁵	−0.367∗∗∗	−0.00211	−1.46e⁻⁵	−0.00154∗∗∗
	(4.25e⁻⁵)	(0.105)	(0.00263)	(2.88e⁻⁵)	(0.000348)
POP_GROWTH	−0.065	−3.039∗∗∗	0.0405	0.272	0.468
	(0.126)	(0.859)	(0.0827)	(0.166)	(0.739)
Constant	−27.63∗∗	201.0∗∗	−55.29∗∗	−33.51	−120.8
	(12.92)	(81.93)	(26)	(21.39)	(73.95)
n	3090	497	656	1711	224
R-squared	0.134	0.509	0.179	0.132	0.267
Number of countries	158	25	33	88	12
F-ratio	6.49	12.94	3.24	2.72	24.53
	(0.00)	(0.00)	(0.01)	(0.01)	(0.00)

Figures in parentheses are robust standard errors.
∗∗∗, ∗∗. ∗ are significant respectively to p < 0.01, p < 0.05, p < 0.1.
n = number of observations.
e = 10.

Table B3:

Equation 3: Impact of inward FDI on income-distribution (FE).

Dependent variable: GINI index (World Bank estimate).

	1	2	3	4	5
	Full-sample	Advanced	Emerging-market	Developing	Transition
IFDI_(t − 1)	0.00509∗	−0.00157	0.0278	0.0801	0.137
	(0.00267)	(0.00244)	(0.0282)	(0.0853)	(0.0725)
OPEN	0.00839	0.0169	0.00252	−0.02	0.0825∗∗∗
	(0.0131)	(0.0113)	(0.0114)	(0.0252)	(0.0172)
HCAP	0.0303	0.0898∗	0.114∗	−0.039	0.161
	(0.0434)	(0.0509)	(0.064)	(0.0444)	(0.096)
Log GDP_PC	−16.14	140.1∗	−145.2∗∗∗	34.88	−63.79∗∗
	(32.69)	(71.9)	(39.74)	(49.11)	(18.95)
(Log GDP_PC)²	0.424	−18.25∗∗	16.97∗∗∗	−6.62	5.570∗
	(4.309)	(8.455)	(4.872)	(6.905)	(2.608)
GDPG	−0.000497	0.00539	−0.017	0.0205	0.0752∗∗∗
	(0.0306)	(0.0477)	(0.0779)	(0.0583)	(0.0143)
GOV_EXP	−0.100∗∗	−0.0157	−0.269∗∗∗	−0.156	0.0661
	(0.0432)	(0.0242)	(0.0734)	(0.136)	(0.0768)
AGRI_EMP	−0.180∗∗	−0.241	−0.179∗	−0.349∗∗∗	−0.0517
	(0.0695)	(0.229)	(0.0871)	(0.0874)	(0.028)
Constant	97.05	−237.4	346.4∗∗∗	22.11	161.5∗∗∗
	(61.79)	(154.2)	(77.89)	(88.25)	(36.54)
n	1068	296	313	369	90
R-squared	0.087	0.239	0.185	0.183	0.749
Number of countries	88	24	23	34	7
F-ratio	2.06	1.23	4.96	1.59	2.01
	(0.00)	(0.33)	(0.00)	(0.16)	(0.00)

Figures in parentheses are robust standard errors.
∗∗∗, ∗∗. ∗ are significant respectively to p < 0.01, p < 0.05, p < 0.1.
n = number of observations.

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Received: 2020-05-18

Accepted: 2020-05-18

Published Online: 2020-07-16

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Articles in the same Issue

https://doi.org/10.1515/me-2020-0001

Keywords for this article

foreign direct investment; economic growth; socioeconomic; development; panel data