The impact of Chinese Foreign Direct Investment on economic growth of Peru
Authors
-
María Osterloh Mejía
Center of Asian Studies of San Marcos National University
http://orcid.org/0000-0003-4013-9966
-
Nadia Urriola Canchari
Institute of Geographic Sciences and Natural Resources Research, Chinese Academy of Science
http://orcid.org/0000-0002-8534-5600
-
Xiangzheng Deng
Institute of Geographic Sciences and Natural Resources Research, Chinese Academy of Science
http://orcid.org/0000-0003-4125-7737
Abstract
Since 2000, the Peruvian economic policy presented a positive impact on the economic growth thanks to Foreign Direct Investment (FDI) increase and the inclusion of foreign markets in the local economy. This study analyzes and quantifies the short and long-run impact of FDI and Foreign Direct Investment from China (FDICH) on economic growth in Peru, using annual time series data from 2001 to 2018 obtained from the Central Bank of Peru and the World Bank. Vector Autoregression (VAR) Model, Augmented Dickey-Fuller test, Johansen Co-integration test, and Granger Causality test were employed for data analysis through the production function. The findings revealed the impact and significance of FDI and FDICH in the short and long-run, which were positive and significant. Moreover, the Co-integration test (for long-run relationship) was positive, and the causality test in the relationship between all variables and the economic growth revealed the directionality of these links.Keywords:
Chinese foreign direct investment, Peru, Economic growth, Inflation rate, VAR modelReferences
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Hung, T. V., & Hương, L. T. M. (2019). Relationship between economic growth and foreign direct investment: The case of Dong Nai Province, Vietnam. The EUrASEANa: Journal on Global Socio-Economic Dynamics, 2(15), pp. 50 -59. DOI: 10.35678/2539-5645.2(15).2019.50-59
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John, E. I. (2016). Effect of Foreign Direct Investment on Economic Growth in Nigeria. European Business & Management, 2, pp. 40-46. DOI: 10.11648/j.ebm.20160202.14
Kalai, M., & Zghidi, N. (2019). Foreign Direct Investment, Trade, and Economic Growth in MENA Countries: Empirical Analysis Using ARDL Bounds Testing Approach. Journal of the Knowledge Economy, 10(1), pp. 397 – 421. DOI: 10.1007/s13132-017-0460-6
Khan, R. U., & Sobia (2019). Does Macroeconomic factors Impact on Foreign Direct Investment in emerging economies? (Pakistan). International journal of Engineering, Business and Management, 3(3), pp. 55 – 64. DOI: 10.22161/ijebm.3.3.1
Kombui, D. N., & Kotey, R. A. (2019). Foreign Direct Investment in an Emerging Economy: Exploring the Determinants and Causal Linkages. Academic Journal of Economic Studies, 5(1), pp. 51 – 62.
Laffineur, C., & Gazaniol, A. (2019). Foreign direct investment and wage dispersion: Evidence from French employer-employee data. International Economics 157, pp. 203 - 226. DOI: 10.1016/j.inteco.2018.12.001
La República Daily (2018). Huánuco: Chinese will invest 500 million dollars in hydroelectric Available at: https://larepublica.pe/sociedad/1321553-huanuco-chinos-invertiran-500-millones-dolares-hidroelectrica (Accessed on September, 2019).
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Louzi, B. M., & Abadi, A. (2011). The Impact of Foreign Direct Investment on Economic Growth in Jordan. IJRRAS, 8, pp. 253-258. DOI: 10.14254/2071-8330.2019/12-3/
Makki, S. S., & Somwaru, A. (2004). Impact of Foreign Direct Investment and Trade on Economic Growth: Evidence from Developing Countries. Amer. J. Agr. Econ., 86(3), pp. 795 – 801. www.jstor.org/stable/3697825
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Okonkwo, R. I., Egbunike, F. C., & Udeh, F. N. (2015). Foreign Direct Investment and Economic Growth in Nigeria. Developing Country Studies, 5(9), pp. 47 – 52. DOI: 10.7176/DCS
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Osei O., E. E., Ibrahimy, M., & Sare, Y. A. (2019). Foreign Direct Investment, Sectoral Effects and Economic Growth in Africa. International Economic Journal, 33(3), pp. 473 – 492. DOI: 10.1080/10168737.2019.1613440
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