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Foreign direct investment and economic growth in developing countries: The role of international trade and foreign debt

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Epor S. O., Yua H., Terhemba Iorember P.
Modern Finance
|
2024
|
vol. 2
|
issue 1
1-17
EN
The existing literature is sparse on the role of international finance in modeling the FDI-growth nexus. This study integrates the role of international trade and external debt in the FDI-economic growth nexus for Brazil, Nigeria, and Vietnam. We apply the Autoregressive Distributed Lag (ARDL) model to annual data covering the period 1990-2021. The results show that FDI and trade have positive but insignificant effects on economic growth in all three countries. In addition, our results show that external debt hampers long-term economic growth in these countries. Based on the results, we propose country-specific recommendations that take into account specific economic and financial conditions, global market dynamics, and the long-term development goals of developing countries.
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Unconditional federal transfers and state government spending: The flypaper effect in Nigeria and South Africa

100%
Isik A., Golit P. D., Terhemba Iorember P.
Modern Finance
|
2023
|
vol. 1
|
issue 1
99-115
EN
The flypaper effect is undoubtedly among the most interesting concepts in subnational government spending behavior. This study is the first attempt to provide empirical evidence on the existence of the flypaper effect in the two largest economies in Sub-Saharan Africa: Nigeria and South Africa. Using the two-step system generalized method of moment’s estimator, our results show that the flypaper effect exists for both state and provincial governments in Nigeria and South Africa. Provincial governments in South Africa are found to be more responsive to positive changes in unconditional federal transfers than state governments in Nigeria. We therefore recommend sensitization on the receipt and disbursement of unconditional federal transfers. This will help reduce the illusion or information asymmetry about the use of unconditional federal transfers.
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