Foreign Direct Investment and Economic Growth in Colombia

Inversión extranjera directa y crecimiento económico en Colombia;
Investimento estrangeiro direto e crescimento econômico na Colômbia

dc.creatorCerquera-Losada, Óscar Hernán
dc.creatorRojas-Velásquez, Libardo
dc.date2020-12-22
dc.date2023-03-22T19:00:11Z
dc.date2023-03-22T19:00:11Z
dc.date.accessioned2023-09-06T17:55:15Z
dc.date.available2023-09-06T17:55:15Z
dc.identifierhttps://revistas.unimilitar.edu.co/index.php/rfce/article/view/4202
dc.identifier10.18359/rfce.4202
dc.identifierhttp://hdl.handle.net/10654/42746
dc.identifier.urihttps://repositorioslatinoamericanos.uchile.cl/handle/2250/8693455
dc.descriptionThis article seeks to analyze empirically the relationship between foreign direct investment (FDI) and economic growth in Colombian using data from various time series observed during 2000–2019. A cointegration test is performed, and a vector error correction (VEC) model is employed, including gross capital formation as an additional control variable. Causality tests are carried out among variables, and impulse-response functions are assessed for how they respond to changes in other variables. The results reveal that FDI and economic growth are in a longterm equilibrium relationship. We identified that economic growth is significant in attracting more investment flows. However, FDI has a moderate effect on economic growth. There is also a one-way causal relationship that goes from economic development to FDI. In other words, increased FDI flows do not necessarily translate into considerable economic growth. These results contradict the widely accepted view that an increase in FDI can improve economic growth and reinforce the idea that the success of FDI in countries depends on the initial conditions of each economy.
dc.descriptionEste artículo busca analizar empíricamente la relación entre la inversión extranjera directa (IED) y el crecimiento económico para el caso colombiano, empleando datos de series de tiempo observados durante el periodo 2000-2019. Para esto se realiza un análisis de cointegración y se estima un modelo vectorial de corrección de errores VEC, en el cual se incluye la formación bruta de capital como variable adicional de control. Asimismo, se realizan pruebas de causalidad entre las variables y se estiman funciones de impulso-respuesta con el fin de determinar cómo responde una variable ante cambios en otras variables. Los resultados muestran que la inversión extranjera y el crecimiento económico guardan una relación de equilibrio de largo plazo. Se identificó que el crecimiento económico es muy importante para atraer mayores flujos de inversión. Sin embargo, la inversión extranjera tiene un efecto moderado sobre el crecimiento económico. Además, existe una relación de causalidad unidireccional que va del crecimiento económico a la inversión extranjera, es decir, el aumento de los flujos de inversión foránea no se traduce necesariamente en mayor crecimiento económico. Estos resultados, de una u otra forma, contradicen la opinión ampliamente aceptada de que un aumento de la IED puede ser importante para mejorar el crecimiento económico, lo que refuerza la idea de que el éxito de la IED en los países depende de las condiciones iniciales de cada economía.
dc.descriptionEste artigo pretende analisar empiricamente a relação entre o investimento estrangeiro direto (IED) e ocrescimento econômico para o caso colombiano, utilizando dados de séries de tempo observados durante o período 2000 e 2019. Para isso, é realizada uma análise de cointegração e é estimado um modelo vetorial de correção de erros (VEC, na sigla inglesa), no qual é incluída a formação bruta de capital como variável adicional de controle. Além disso, são realizados testes de causalidade entre as variáveis e são estimadas funções de impulso-resposta com o objetivo de determinar como responde uma variável ante mudanças em outras variáveis. Os resultados mostram que o investimento estrangeiro e o crescimento econômico são muito importantes para atrair maiores fluxos de investimento. Contudo, o investimento estrangeiro tem um efeito moderado sobre o crescimento econômico. Além disso, existe uma relação de causalidade unidirecional que vai do crescimento econômico ao investimento estrangeiro, isto é, o aumento dos fluxos de investimento estrangeiro não é traduzido necessariamente em maior crescimento econômico. Esses resultados, de uma ou de outra forma, contradizem a opinião amplamente aceita de que um aumento do IED pode ser importante para melhorar o crescimento econômico, o que reforça a ideia de que o sucesso do IED nos países depende das condições indiciais de cada economia.
dc.formatapplication/pdf
dc.formattext/xml
dc.languagespa
dc.publisherUniversidad Militar Nueva Granada
dc.relationhttps://revistas.unimilitar.edu.co/index.php/rfce/article/view/4202/4488
dc.relationhttps://revistas.unimilitar.edu.co/index.php/rfce/article/view/4202/4546
dc.relation/*ref*/Adams, S. (2009). Foreign direct investment, domestic in- vestment, and economic growth in Sub-Saharan Africa. Journal of Policy Modeling, 31, 939-949.
dc.relation/*ref*/Akinlo, A. E. (2004). Foreign direct investment and growth in Nigeria: an empirical investigation. Journal of Policy Modeling, 26, 627-639.
dc.relation/*ref*/Amin, S. (1974). Accumulation and development: a theoretical model. Review of African Political Economy, 9-26.
dc.relation/*ref*/Armijos, J. y Olaya, E. (2017). Efecto de la inversión extranjera directa en el crecimiento económico en Ecuador durante 1980-2015: un análisis de cointegración. Revista Económica, 2(1), 31-38. Recuperado de https://revistas.unl.edu.ec/index.php/economica/article/view/205
dc.relation/*ref*/Anaya-Mendoza, Á.-J. (2012). Inversión extranjera directa y crecimiento económico: evidencia para América Latina 1980-2010. Revista de Economía del Caribe, 10, 36-64.
dc.relation/*ref*/Arellano, M. y Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58(2), 277-297. Recuperado de https://www.jstor.org/stable/2297968
dc.relation/*ref*/Ayanwale, B. A. (2007). fdi and economic growth: evidence from Nigeria. African Economic Research Consortium Paper, 165.
dc.relation/*ref*/Baracaldo, D., Garzón, P. y Vásquez, H. (2012). Crecimiento económico y flujos de inversión extranjera directa. Bogotá: Facultad de Economía, Universidad Externado.
dc.relation/*ref*/Bhagwati, J. N. (1978). Anatomy and consequences of ex- change control regimes. Camgridge, MA: Ballinger.
dc.relation/*ref*/Bhagwati, J. N. (1985). Protectionism: old wine in new bottles. Journal of Policy Modeling, 7(1), 23-33.
dc.relation/*ref*/Bonfati, F. A. (2015). Análisis del modelo de industrialización por sustitución de importaciones en América Latina y en Argentina. Una mirada hacia la realidad industrial actual en Argentina. Revista Geográfica Digital, 12(24), 1-17.
dc.relation/*ref*/Borensztein, E., De Gregorio, J. y Lee, J. W. (1998). How does foreign direct investment affect economic growth? Journal of International Economics, 45(1), 115-135. doi: https://doi.org/10.1016/S0022-1996(97)00033-0
dc.relation/*ref*/Bornschier, V. y Chase-Dunn, C. K. (1985). Transnational corporations and underdevelopment (tesis de licencia- tura). Universidad de Zúrich, Zúrich, Suiza.
dc.relation/*ref*/Breitung, J. (2002). Nonparametric tests for unit roots and cointegration. Journal of Econometrics, 108(2), 343-363. doi: https://doi.org/10.1016/S0304-4076(01)00139-7
dc.relation/*ref*/Carkovic, M. y Levine, R. (2002). Does foreign direct in- vestment accelerate economic growth? (working paper). Inneapolis, Saint Paul: University of Minnesota.
dc.relation/*ref*/Correa-da Silveira, E.-M., Dias-Samsonescu, J.-A. y Tri- ches, D. (2017). Los determinantes de la inversión extranjera directa en el Brasil: análisis empírico del período 2001-2013. Revista de la Cepal, 185-199.
dc.relation/*ref*/Dickey, D. A. y Fuller, W. A. (1979). Distribution of the estimators for autoregressive time series with a unit root. Journal of the American Statistical Association, 74(366), 427-431. doi: 10.2307/2286348
dc.relation/*ref*/Dickey, D. A. y Fuller, W. A. (1981). Likelihood ratio statistics for autoregressive time series with a unit root. Econometrica, 49(4), 1057-1072. doi: 10.2307/1912517
dc.relation/*ref*/Enders, W. (2015). Applied econometric time series. University of Alabama, Wiley.
dc.relation/*ref*/Engle, R. F. y Granger, C. W. (1987). Co-integration and error correction: representation, estimation, and testing. Econometrica, 55(2), 251-276. doi: 10.2307/1913236
dc.relation/*ref*/Ershad, H. M. y Haque, M. (2016). Foreign direct in- vestment, trade, and economic growth: an empirical analysis of Bangladesh. Economies, 4(7), 2-14. doi: http://dx.doi.org/10.3390/economies4020007
dc.relation/*ref*/FitzGerald, V. (1998). La Cepal y la teoría de la industrialización. Revista de la Cepal, 47-61.
dc.relation/*ref*/Fry, M. (1993). Foreign direct investment in a macroeconomic framework: finance, efficiency, incentives and distortions (Policy research working paper n.o 1141). Washington: The World Bank.
dc.relation/*ref*/Granger, C. W. (1969). Investigating causal relations by econometric models and cross-spectral methods. Econometrica, 37(3), 424-438. doi: 10.2307/1912791
dc.relation/*ref*/Hermes, N. y Lensink, R. (2003). Foreign direct invest- ment, financial development and economic growth. The Journal of Development Studies, 40(1), 142-163. doi: http://dx.doi.org/10.1080/00220380412331293707
dc.relation/*ref*/Johansen, S. (1991). Estimation and hypothesis testing of cointegration vectors in gaussian vector autoregressive models. Econometrica, 59(6), 1551-1580. doi: 10.2307/2938278
dc.relation/*ref*/Kwiatkowski, D., Phillips, P. C., Schmidt, P. y Shin, Y. (1992). Testing the null hypothesis of stationarity against the alternative of a unit root: how sure are we that economic time series have a unit root? Journal of Econometrics, 54(1-3), 159-178. doi: https://doi.org/10.1016/0304-4076(92)90104-Y
dc.relation/*ref*/Lee, C.-C. y Chang, C.-P. (2009). fdi, financila develop- ment, and economic growth: international evidence. Journal of Applied Economics, 12(2), 249-271.
dc.relation/*ref*/Lucas, R. (1988). On the mechanics of economic develop- ment. Journal of Monetary Economics, 22(1), 3-42. doi: https://doi.org/10.1016/0304-3932(88)90168-7
dc.relation/*ref*/Mata, H. (2008). Nociones elementales de cointegración enfoque de Soren Johansen. Bogotá: Universidad de los Andes.
dc.relation/*ref*/Mogrovejo, J. (2005). Factores determinantes de la in- versión extranjera directa en algunos países de Latinoamérica. Estudios Económicos de Desarrollo Internacional, 5(2), 62-94.
dc.relation/*ref*/Novales, A. (2014). Modelos vectoriales autoregresivos. Ma- drid: Universidad Complutense.
dc.relation/*ref*/Ozawa, T. (1992). Foreign direct investment and economic development. Transnational Corporations, 1, 27-54.
dc.relation/*ref*/Oladipo, O. S. (2013). Does foreign direct investment cause long run economic growth? Evidence from the Latin American and the Caribbean countries. International Economics and Economic Policy, 10(1), 569-582. doi:
dc.relation/*ref*/Phillips, P. C. y Ouliaris, S. (1990). Asymptotic properties of residual based tests for cointegration. Econometrica, 58(1), 165-193. doi: 10.2307/2938339
dc.relation/*ref*/Phillips, P. C. y Perron, P. (1988). Testing for a unit root in time series regression. Biometrika, 75(2), 335-346. doi: 10.2307/2336182
dc.relation/*ref*/Pradhan, R.-P. (2009). The fdiled- growth hypothesis in Asean- 5 countries: evidence from cointegrated panel analysis. International Journal of Business Management, 4(12), 153-164. doi:
dc.relation/*ref*/Rebelo, S. (1991). Long-run policy analysis and long-run growth. Journal of Political Economy, 99(3), 500-521. Recuperado de https://www.jstor.org/stable/2937740
dc.relation/*ref*/Reina, M. (2007). Impacto de la inversión extranjera en Colombia: situación actual y perspectivas. Bogotá: Fundación para la Educacion Superior y el Desarollo.
dc.relation/*ref*/Romer, P. (1986). Increasing returns and long-run growth. Journal of Political Economy, 94(5), 1002-1037. Recuperado de http://www.jstor.org/stable/1833190?origin=JSTOR-pdf
dc.relation/*ref*/Samad, A. (2009). Does fdi cause economic growth? Evidence from South-East Asia and Latin America. Finance and Economics Department, Utah Valley University.
dc.relation/*ref*/Sims, C. A. (1980). Macroeconomics and reality. Econome-rica, 48, 1-48.
dc.relation/*ref*/Sirag, A., SidAhmed, S. y Ali, H. S. (2018). Financial development, fdi and economic growth: evidence from Su- dan. International Journal of Social Economics, 45(8), 1236-1249. doi: https://doi.org/10.1108/IJSE-10-2017-0476
dc.relation/*ref*/Smarzynska, B. (1999). Composition of foreign direct investment and protection of intellectual property rights in transition economies. University of Oxford, Department of Economics, World Bank. doi: https://dx.doi.org/10.2139/ssrn.180128
dc.relation/*ref*/Solow, R. (1956). A contribution to the theory of economic growth. The Quarterly Journal of Economics, 70(1), 65-94. Recuperado de http://www.jstor.org/stable/1884513?origin=JSTOR-pdf
dc.relation/*ref*/Swan, T. W. (1956). Economic growth and capital accumulation. Economic Record, 32(2), 334-361. Recuperado de https://doi.org/10.1111/j.1475-4932.1956.tb00434.x
dc.relation/*ref*/Toda, H. Y. y Yamamoto, T. (1995). Statistical inference in vector autoregressions with possibly integrated processes. Journal of Econometrics, 66(1-2), 225-250. doi: https://doi.org/10.1016/0304-4076(94)01616-8
dc.relation/*ref*/Uwazie, U. I., Igwemma, A. A. y Nnabu, B. E. (2015). Causal relationship between foreign direct investment and economic growth in Nigeria: 1970-2013. International Journal of Economics and Finance, 7(11), 230-241. doi: http://dx.doi.org/10.5539/ijef.v7n11p230
dc.relation/*ref*/Villegas, E. C. (2013). La relación de causalidad entre el crecimiento económico de México y la inversión extranjera directa (ied): un modelo de Granger. Revista Electrónica de Divulgación de la Investigación, 4(1), 1-32.
dc.rightsDerechos de autor 2020 Revista Facultad de Ciencias Económicas
dc.sourceRevista Facultad de Ciencias Económicas; Vol. 28 No. 2 (2020); 9-26
dc.sourceRevista Facultad de Ciencias Económicas; Vol. 28 Núm. 2 (2020); 9-26
dc.sourceRevista Facultad de Ciencias Económicas; v. 28 n. 2 (2020); 9-26
dc.source1909-7719
dc.source0121-6805
dc.titleForeign Direct Investment and Economic Growth in Colombia
dc.titleInversión extranjera directa y crecimiento económico en Colombia
dc.titleInvestimento estrangeiro direto e crescimento econômico na Colômbia
dc.typeinfo:eu-repo/semantics/article
dc.typeinfo:eu-repo/semantics/publishedVersion


Este ítem pertenece a la siguiente institución