Do FDI and Trade Openness Matter for Economic Growth in CIS Countries? Evidence from Panel ARDL

For the purpose of this paper, we examine the association between foreign direct investment, openness to trade, infrastructure, innovation, and economic development in 10 members of the Commonwealth Independent States between 2000 and 2020 using a panel Autoregressive Distributed Lag model. Accordin...

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Bibliographic Details
Published in:Journal of East-West business 2023-10, Vol.29 (4), p.345-374
Main Authors: Sobirov, Yuldoshboy, Jeong, Ji Young, Karimov, Mamurbek Utkir ugli, Bekjanov, Dilmurad
Format: Article
Language:English
Subjects:
Commonwealth independent states
Economic development
Economic growth
foreign direct investment
Foreign investment
Infrastructure
innovation
Innovations
Openness
panel autoregressive distributed lag model
Panel data
Time series
Trade
trade openness
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Summary:For the purpose of this paper, we examine the association between foreign direct investment, openness to trade, infrastructure, innovation, and economic development in 10 members of the Commonwealth Independent States between 2000 and 2020 using a panel Autoregressive Distributed Lag model. According to the results, none of the elements that are researched for this paper has a statistically significant influence on economic growth over the short term. On the other hand, in the long run, each of the variables, including foreign direct investment, infrastructure, innovation, and trade openness, has a statistically favorable and substantial impact on economic growth; furthermore, the findings are in line with the findings of the baseline static panel data models.
ISSN:1066-9868
1528-6959
DOI:10.1080/10669868.2023.2242854