Determinants Of Foreign Direct Investment: The Case Of Emerging Markets

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Houssem Rachdi
Mariem Brahim
Khaled Guesmi


FDI, Panel Cointegration Structural Breaks, Emerging Countries


This paper aims to investigate the relationship between Determinants of Foreign Direct Investment (FDI) inflows and their determinants in 68 Emerging Markets between1984-2011. This paper uses a panel cointegration technique of Pedroni (1999, 2004) and Westerlund and Edgerton (2008) considering both structural breaks and cross-sectional dependence. Cointegration results indicate that there exists a positive long-run relationship between economic growth, openness and FDI and a negative long-run relationship between inflation, real effective exchange rate and FDI.


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