Old wine in a new bottle: Trade openness and FDI flows - are the emerging economies converging?

Apergis, Nicholas and Cooray, Arusha (2016) Old wine in a new bottle: Trade openness and FDI flows - are the emerging economies converging? Contemporary Economic Policy, 34 (2). pp. 336-351. ISSN 1074 3529

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Official URL: http://dx.doi.org/10.1111/coep.12122

Abstract

This study uses the club convergence methodology of Phillips and Sul (2007) for emerging economies spanning the period 1960–2013 to explore whether such convergence exists and whether the increase of international trade and foreign direct investment (FDI) flows has been a global or club phenomenon. We find the absence of a homogeneous convergence club. The results for FDI outflows also reach similar conclusions, suggesting the formation of convergence clubs by stage of development. These results suggest that policies that promote convergence in trade openness and FDI flows would permit countries to benefit from mutual interactions and by greater consistency and efficiency in trade regimes, thus permitting these countries to benefit from openness leading to a race to the top rather than bottom.

Item Type: Article
Subjects: N100 Business studies
N300 Finance
Department: Faculties > Business and Law > Newcastle Business School > Accounting and Finance
Depositing User: Becky Skoyles
Date Deposited: 22 Sep 2015 10:13
Last Modified: 09 Mar 2016 11:53
URI: http://nrl.northumbria.ac.uk/id/eprint/23866

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