Interaction between FDI and shadow economy on economic growth in ASEAN countries
Main Article Content
Abstract
The paper assesses the impact of foreign direct investment (FDI), shadow economy and examines the impact of FDI with shadow economy on economic growth on the empirical basis of the research model in ASEAN countries. The research results are the foundation for proposing recommendations on attracting foreign direct investment capital effectively and utilize its strengths in the setting of countries with shadow economies. The new point of the study is that it examines the interactive effect of FDI and shadow economy on economic growth in combination with assessing the impact of control variables such as dollarization, population growth, government expenditure, and institutional quality. After making basic estimates of Pooled OLS, FEM, and REM, the author use the GMM panel data regression method for the secondary data over the period 2002-2019, the period of economic stability before Covid 19, collected from the World Bank, International Monetary Fund, General Statistics Office, and Ministry of Finance, etc. The research results confirm the impact of FDI, shadow economy and their interaction oneconomic growth as well as other macro factors. Finally, the study proposes additional solutions and policy adjustments to further promote the benefits of FDI for economic growth, especially benefits of FDI for economic growth, especially for countries who poses shadow economy.
Article Details
Keywords
Foreign direct investment (FDI), Economic growth, Vietnam
References
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Alm, J., & Embaye, A. (2013). Using dynamic panel methods to estimate shadow economies around the world, 1984–2006. Public Finance Review, 41(5), 510-543. https://doi.org/10.1177/1091142113482353
Al-Sadig, A. (2009). The effects of corruption on FDI inflows. The Cato Journal, 29(2), 267-295. https://ciaotest.cc.columbia.edu/journals/cato/v29i2/f_0017378_14861.pdf
Azman-Saini, W. N. W., Baharumshah, A. Z., & Law, S. H. (2010). Foreign direct investment, economic freedom and economic growth: International evidence. Economic Modelling, 27(5), 1079-1089. https://doi.org/10.1016/j.econmod.2010.04.001
Bajada, C., & Schneider, F. (2005). The shadow economies of the Asia‐Pacific. Pacific Economic Review, 10(3), 379-401. https://doi.org/10.1111/j.1468-0106.2005.00280.x
Balasubramanyam, V. N., Salisu, M., & Sapsford, D. (1996). Foreign direct investment and growth in EP and IS countries. The Economic Journal, 106(434), 92-105. https://doi.org/10.2307/2234933
Bengoa, M., & Sanchez-Robles, B. (2003). Foreign direct investment, economic freedom and growth: new evidence from Latin America. European Journal of Political Economy, 19(3), 529-545. https://doi.org/10.1016/S0176-2680(03)00011-9
Billington, N. (1999). The Location of Foreign Direct Investment: An Empirical Analysis. Applied Economics. 31(1), 65–76. https://doi.org/10.1080/00036846.2019.12067087
Borensztein, E., De Gregorio, J., & Lee, J. W. (1998). How does foreign direct investment affect economic growth?. Journal of international Economics, 45(1), 115-135. https://doi.org/10.1016/S0022-1996(97)00033-0
Borlea, S. N., Achim, M. V., & Miron, M. G. (2017). Corruption, shadow economy and economic growth: An empirical survey across the European Union countries. Studia Universitatis Vasile Goldiș Arad, Seria Științe Economice, 27(2), 19-32. https://doi.org/10.1515/sues-2017-0006
Box, G. E. P., & Jenkins, G. (1970). Time Series Analysis, Forecasting and Control. San Francisco: Holden-Day.
Buehn, A., & Farzanegan, M. R. (2012). Smuggling around the world: evidence from a structural equation model. Applied Economics, 44(23), 3047-3064. https://doi.org/10.1080/00036846.2011.570715
Buehn, A., & Schneider, F. (2012). Corruption and the shadow economy: like oil and vinegar, like water and fire?. International Tax and Public Finance, 19, 172-194. https://doi.org/10.1007/s10797-011-9175-y
Carkovic, M., & Levine, R. (2005). Does foreign direct investment accelerate economic growth. In Moran, T. H., Graham, E. M., & Blomström, M. (Eds.), Does foreign direct investment promote development (pp. 195-220). Peterson Institute for International Economics.
Chen, J., & Quang, T. (2014). The impact of international financial integration on economic growth: New evidence on threshold effects. Economic Modelling, 42, 475-489. https://doi.org/10.1016/j.econmod.2014.06.011
Culem, C. G. (1988). The Locational Determinants of Direct Investments Among Industrialized Countries. European Economic Review. 32(4), 885–904. https://doi.org/10.1016/0014-2921(88)90051-7
DAVIDESCU, A. A., & STRAT, V. A. (2015). Shadow economy and foreign direct investments: an empirical analysis for the case of Romania. Ecoforum Journal, 4(2), 110-118. http://ecoforumjournal.ro/index.php/eco/article/view/179/120
De Mello Jr, L. R. (1997). Foreign direct investment in developing countries and growth: A selective survey. The Journal of Development Studies, 34(1), 1-34. https://doi.org/10.1080/00220389708422501
De Paula, A., & Scheinkman, J. A. (2011). The informal sector: An equilibrium model and some empirical evidence from Brazil. Review of Income and Wealth, 57, S8-S26. https://doi.org/10.1111/j.1475-4991.2011.00450.x
Deilami, H. N. (2010). Relationships between shadow economy and foreign direct investment, growth and poverty. Universiti Putra Malaysia. https://core.ac.uk/reader/153803020
Dell'Anno, R. (2007). The shadow economy in Portugal: An analysis with the MIMIC approach. Journal of Applied Economics, 10(2), 253-277. https://doi.org/10.1080/15140326.2007.12040490
Durham, J. B. (2004). Absorptive capacity and the effects of foreign direct investment and equity foreign portfolio investment on economic growth. European Economic Review, 48(2), 285-306. https://doi.org/10.1016/S0014-2921(02)00264-7
Easterly, W. (1993). How much do distortions affect growth?. Journal of Monetary Economics, 32(2), 187-212. https://doi.org/10.1016/0304-3932(93)90002-W
Eilat, Y., & Zinnes, C. (2000). The evolution of the shadow economy in transition countries: consequences for economic growth and donor assistance. Harvard Institute for International Development, CAER II Discussion Paper, 83, 1-70. https://pdf.usaid.gov/pdf_docs/pnack691.pdf
Elgin, C., & Oztunali, O. (2014). Institutions, informal economy, and economic development. Emerging Markets Finance and Trade, 50(4), 145-162. https://doi.org/10.2753/REE1540-496X500409
Esaku, S. (2021). Is informality a barrier to economic growth in Uganda? Empirical analysis. Development Studies Research, 8(1), 109-121. https://doi.org/10.1080/21665095.2021.1919167
Gao, T. (2005). Foreign direct investment and growth under economic integration. Journal of International Economics, 67(1), 157-174. https://doi.org/10.1016/j.jinteco.2004.11.003
Hakimi, A., & Hamdi, H. (2017). Does corruption limit FDI and economic growth? Evidence from MENA countries. International Journal of Emerging Markets, 12(3), 550-571. https://doi.org/10.1108/IJoEM-06-2015-0118
Herzer, D., & Klasen, S. (2008). In search of FDI-led growth in developing countries: The way forward. Economic Modelling, 25(5), 793-810. https://doi.org/10.1016/j.econmod.2007.11.005
Hoinaru, R., Buda, D., Borlea, S. N., Văidean, V. L., & Achim, M. V. (2020). The impact of corruption and shadow economy on the economic and sustainable development. Do they “sand the wheels” or “grease the wheels”?. Sustainability, 12(2), 1-27. https://doi.org/10.3390/su12020481
Huynh, C. M. (2022). How does the impact of foreign direct investment on institutional quality depend on the underground economy?. Journal of Sustainable Finance & Investment, 12(2), 554-569. https://doi.org/10.1080/20430795.2020.1788851
Ihrig, J., & Moe, K. S. (2004). Lurking in the shadows: the informal sector and government policy. Journal of Development Economics, 73(2), 541-557. https://doi.org/10.1016/j.jdeveco.2003.04.004
Jameson, K. P. (2003). Dollarization in Latin America: Wave of the Future or Flight to the Past? Journal of Economic Issues, 37(3), 643–663. https://doi.org/10.2307/4227925
Johnson, S., Kaufmann, D., Shleifer, A., Goldman, M. I., & Weitzman, M. L. (1997). The unofficial economy in transition. Brookings papers on economic activity, 1997(2), 159-239. https://doi.org/10.2307/2534688
Jones, C., & Temouri, Y. (2016). The determinants of tax haven FDI. Journal of world Business, 51(2), 237-250. https://doi.org/10.1016/j.jwb.2015.09.001
Kodila-Tedika, O., & Mutascu, M. I. (2013). Shadow economy and tax revenue in Africa. University Library of Munich, Germany. https://mpra.ub.uni-muenchen.de/50812/
Konings, J. (2001). The effects of foreign direct investment on domestic firms: Evidence from firm‐level panel data in emerging economies. Economics of Transition, 9(3), 619-633. https://doi.org/10.1111/1468-0351.00091
La Porta, R., & Shleifer, A. (2014). Informality and development. Journal of Economic Perspectives, 28(3), 109-126. https://www.aeaweb.org/articles?id=10.1257/jep.28.3.109
Levy-Yeyati, E. (2021). Financial dollarization and de-dollarization in the new millennium. Latin American Reserve Fund Working Paper. https://dev.flar.com/wp-content/uploads/2019/05/Financial-dollarization-and_0.pdf
Li, X., & Liu, X. (2005). Foreign direct investment and economic growth: an increasingly endogenous relationship. World Development, 33(3), 393-407. https://doi.org/10.1016/j.worlddev.2004.11.001
Loayza, N. (1999). The economics of the informal sector: A simple model and some empirical evidence from Latin America. The World Bank. https://doi.org/10.1596/1813-9450-1727
Lunn, J. (1980). Determinants of U. S. Direct Investment in the E. E. C.: Further Evidence, European Economic Review. 13(1), 93–101. https://doi.org/10.1016/0014-2921(80)90048-3
Makochekanwa, A. (2009). Zimbabwe's Currency Crisis: Which Currency to Adopt in the Aftermath of the Aftermath of Multi-Currency Regime?. Available at SSRN 1528882. https://doi.org/10.2139/ssrn.1528882
Medina, L., & Schneider, F. (2019). Shedding Light on the Shadow Economy: A Global Database and the Interaction with the Official One (No. 7981). CESifo Working Paper. http://hdl.handle.net/10419/214983
Nikopour, Hesam and Shah Habibullah, Muzafar and Schneider, Friedrich and Law, Siong Hook (2009): Foreign Direct Investment and Shadow Economy: A Causality Analysis Using Panel Data. MPRA. University Putra Malaysia UPM. https://mpra.ub.uni-muenchen.de/14485/
Nkomazana, L., & Niyimbanira, F. (2014). An overview of the economic causes and effects of dollarisation: Case of Zimbabwe. Mediterranean Journal of Social Sciences, 5(7), 69–73. https://doi.org/10.5901/mjss.2014.v5n7p69
Okada, K., & Samreth, S. (2014). How does corruption influence the effect of foreign direct investment on economic growth?. Global Economic Review, 43(3), 207-220. https://doi.org/10.1080/1226508X.2014.930671
Olofsdotter, K. (1998). Foreign direct investment, country capabilities and economic growth. Weltwirtschaftliches Archiv, 134(3), 534-547. http://www.jstor.org/stable/40440664
Romer, P. M. (1986). Increasing returns and long-run growth. Journal of Political Economy, 94(5), 1002-1037. https://doi.org/10.1086/261421
Sadik, A. T., & Bolbol, A. A. (2001). Capital flows, FDI, and technology spillovers: Evidence from Arab countries. world Development, 29(12), 2111-2125. https://doi.org/10.1016/S0305-750X(01)00083-3
Schneider, F. (2005). Shadow economies around the world: What do we really know? European Journal of Political Economy, 21(3), 598–642. https://doi.org/10.1016/j.ejpoleco.2004.10.002
Schneider, F. and Williams, C. (2013). The Shadow Economy. The Institute of Economic Affairs, London.
Schneider, F., & Enste, D. H. (2000). Shadow economies: Size, causes, and consequences. Journal of economic Literature, 38(1), 77-114. https://www.aeaweb.org/articles?id=10.1257/jel.38.1.77
Schneider, F., & Frey, B. S. (1985). Economic and political determinants of foreign direct investment. World Development, 13(2), 161-175. https://doi.org/10.1016/0305-750X(85)90002-6
Schneider, F., Buehn, A., & Montenegro, C. E. (2010). New estimates for the shadow economies all over the world. International Economic Journal, 24(4), 443-461. https://doi.org/10.1080/10168737.2010.525974
Sikwila, M. N. (2013). Dollarization and the Zimbabwe’s Economy. Journal of Economics and Behavioral Studies, 5(6), 398–405. https://doi.org/10.22610/jebs.v5i6.414
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