Outward FDI from India: A macro level examination in the presence of structural breaks

Rishika Nayyar () and Jaydeep Mukherjee
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Rishika Nayyar: Indian Institute of Foreign Trade,New Delhi,India
Jaydeep Mukherjee: Indian Institute of Foreign Trade,New Delhi,India

No 1833, Working Papers from Indian Institute of Foreign Trade

Abstract: The surge in outward foreign direct investment from emerging markets has made it imperative to examine the phenomenon from both macro level (i.e. direct effect of home country) and micro level (i.e. indirect effect of home country) (Gammeltoft et al., 2010; Cuervo-Cazurra, 2011). The paper adopts macro level approach in the examination of relationship between OFDI flows from India during the period 1984 to 2015, and home country characteristics such as, macroeconomic environment, financial development, trade and investment policy and the knowledge- based factors. Incorporating the structural breaks in the empirical model, results suggest the existence of long-run relationship between OFDI flows and selected home country factors. Financial market developmentboth stock market and banking sector, liberalized trade and investment policy regime significantly affect the quantum of India’s OFDI flows. Policy implications are discussed.

Keywords: OFDI; Emerging Economies; Home Country Characteristics; Structural Breaks (search for similar items in EconPapers)
JEL-codes: F41 (search for similar items in EconPapers)
Pages: 32 pages
Date: 2018-03
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