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Journal of Economic Integration 2014 September;29(3) :470-495.
DOI: https://doi.org/10.11130/jei.2014.29.3.470
Foreign Direct Investment and Growth : EU, EMU, and Transition Economies
Anastasia Angelopoulou and 
Panagiotis Liargovas 
University of Peloponnese, Tripolis, Greece
Corresponding Author: Anastasia Angelopoulou ,Tel: +30 2710230128, Fax: +30 2710230139, Email: aggelopouloua@piraeusbank.gr
Copyright ©2014 Journal of Economic Integration
ABSTRACT
This paper empirically examines the relationship between Foreign Direct Investment (FDI) and economic growth conducting a panel data analysis for a period of 20 years (1989~2008) in three different country groups: European Union member-countries, European Monetary Union member-countries, and countries in transition. These three country groups differ in many dimensions, one of which is their degree of economic integration. In contrast to the theoretical work that tends to suggest that FDI inflows have a positive effect on economic growth, we do not find a robust causality relationship between FDI and economic growth.

JEL Classification
F43: Economic Growth of Open Economies
F14: Empirical Studies of Trade
F23: Multinational Firms; International Business
Keywords: FDI | Economic Growth | Transition Countries | EU Countries
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