A relação entre os investimentos diretos estrangeiros Greenfield e Brownfield e o crescimento econômico: uma análise a partir do modelo Var em painel
Danielle de Carvalho and
Rafael Ribeiro ()
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Danielle de Carvalho: Cedeplar/UFMG
No 627, Textos para Discussão Cedeplar-UFMG from Cedeplar, Universidade Federal de Minas Gerais
The aim of this work is to analyze the simultaneous relationship between greenfield and brownfield foreign direct investments (FDI) and the GDP per capita for a sample of 119 countries over the 2003 – 2018 period. By employing a Panel VAR model, we calculate the impulse response functions in order to compare the effect of an exogenous shock in both types of investment on the dynamics of GDP per capita over time. In addition, we also conducted Granger causality tests and forecast error variance decomposition analyses. Our results suggest that faster economic growth successfully attracts greenfield FDI at the expense of the brownfield type across all levels of economic development. On the other hand, the return of both greenfield and brownfield FDI in terms of economic growth appears to be negligible for all levels of development.
Keywords: investments; greenfield; brownfield; economic growth; panel VAR (search for similar items in EconPapers)
JEL-codes: F21 O16 O23 R11 (search for similar items in EconPapers)
Pages: 26 pages
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