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The aim of this study is to investigate whether the level of financial development can make a significant contribution to the Foreign Direct Investmenti¯s (FDI) positive impact on economic growth. In other words, to examine whether the contribution of FDI on growth is relatively more important in countries with well-developed financial markets compared to those with the less-developed ones. The time period of the empirical research spans from 1988-2009, using yearly macroeconomic data for a sample of 73 developing countries. Our empirical methodology consists of panel-growth regressions. Our results suggest that the FDI make substantial contribution to growth where financial systems function effectively, such as high-income countries, while the FDI impact is found to be insignificant in cases where relatively weaker financial systems exist.

FDI, Finance and Growth: Further Empirical Evidence from a Panel of 73 Countries