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2013 (Vol. 5, Issue: 4)
Article Information:

Foreign Direct Investment, Export and Economic Growth in Nigeria: A Re-evaluation

Okoro H. Matthew and Atan A. Johnson
Corresponding Author:  Okoro Hannah Matthew 

Key words:  Autocorrelation, economic growth, foreign investment , granger causality, lagged variables, superficial and rigorous analyses, traditional and standardized OLS
Vol. 5 , (4): 82-91
Submitted Accepted Published
October 22, 2013 October 31, 2013 December 20, 2013
Abstract:

The widely acknowledged disagreement among FDI-growth researchers is increasing as numerous scholars as well as FDI policymakers frequently add their voice. While the submissions of theoretical literatures could be more or less speculative, empirical investigations who handle the statistical raw data are expected to settle the dispute. That is, however, far from the facts. Instead, empirical papers are themselves entangled in the vicious web. But the present study shows a glimpse of hope. Using a previously analysed data, it is found that the reasons for the mixed results of empirical investigations are traceable to superficial or non-rigorous OLS analyses as well as model specifications. We advise that instead of focusing more on literature review, as is currently the case, FDI-economic growth investigators should realize that there is one striking difference between theoretical and empirical literatures. While the former is concerned with literature review, the latter, like a statistician, is preoccupied with data handling and analyses.
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  Cite this Reference:
Okoro H. Matthew and Atan A. Johnson, 2013. Foreign Direct Investment, Export and Economic Growth in Nigeria: A Re-evaluation.  Current Research Journal of Economic Theory, 5(4): 82-91.
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ISSN (Online):  2042-485X
ISSN (Print):   2042-4841
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