Journal
EMERGING MARKETS FINANCE AND TRADE
Volume 55, Issue 14, Pages 3211-3226Publisher
ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
DOI: 10.1080/1540496X.2019.1569512
Keywords
institutional distance; nonlinear impact; outward foreign direct investment; PSTR; the Belt and Road Initiative
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In this article, we investigate the nonlinear impact on outward foreign direct investment (OFDI) using panel smooth transition regression (PSTR) model with the sample of 12 countries along ?The Belt and Road Initiative? in the period of 2010?2015. We find that both overall economic freedom (EF), the interaction of EF and institutional instance, bilateral trade, GDP, and patent significantly influence OFDI. We also demonstrate that EF and economic development exert the inverted ?U? effect on OFDI in the different regime. Accordingly, policies specifically designed to increase development of OFDI should be required to address the negative effects considering the differences of EF and economic development.
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