Do public investment and FDI crowd in or crowd out private domestic investment in Malaysia?

James B. Ang ()

Applied Economics, 2009, vol. 41, issue 7, pages 913-919

Abstract: Motivated by the concern of a persistent decline in total investment in Malaysia during the post-crisis era, this article examines the long-run relationship between private domestic investment (PDI), public investment and foreign direct investment (FDI) in Malaysia. Using multivariate cointegration techniques, the results indicate a fairly robust cointegrated relationship between these variables during the period 1960 to 2003. Both public investment and FDI are found to be complementary to, rather than competing with, PDI.

Date: 2009

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