期刊名称：International Journal of Economics and Finance
印刷版ISSN：1916-971X
电子版ISSN：1916-9728
出版年度：2011
卷号：3
期号：6
页码：148
DOI：10.5539/ijef.v3n6p148
出版社：Canadian Center of Science and Education
摘要：The purpose of this paper is to investigate whether foreign direct investment (FDI) can stimulate financial development or not. Financial markets have not been expanded in many developing countries despite their proven positive effect on economic growth. Although the impact of financial markets and FDI on economic growth has been investigated in three voluminous and parallel lines of studies, no research has examined the combined effect of foreign investment on financial development up to now. This study investigates the causal links between FDI and financial development using annual data for a panel of eight developing countries and vector autoregressive (VAR) model for 8 countries of D-8 group, during the period of 1976-2005.
