Openness and Growth: Re-Examining Foreign Direct Investment, Trade and Output Linkages in Latin America

作者：Ana Cuadros, Vicente Orts, Maite Alguacil · 发表于：The Journal of Development Studies · 年份：2004 · DOI：10.1080/00220380410001673238 · 被引用次数：170 · 研究领域：Global trade and economics、Fiscal Policy and Economic Growth、Global Financial Crisis and Policies

The openness–growth connection is still an open question in the empirical literature. Although some studies have found that openness has a positive impact on economic performance, others have seriously questioned the significance of this result. The main point that we try to emphasise in this paper is that openness involves more than just trade liberalisation. The increasing importance of international capital flows and especially foreign direct investment (FDI) seems to be another relevant component of outward oriented policies. Therefore, by using quarterly data from the late seventies to 2000, we investigate the effects of liberalisation in Mexico, Brazil and Argentina by taking into account trade and FDI growth links. The results suggest that it is important to consider both exports and FDI to ascertain the benefits associated to the outward oriented strategies followed by these countries.