Table 4 Growth effect of FDI conditional...

Table 4

Growth effect of FDI conditional on financial development

Dep. var. Growth	CREPRI	CREFIN	LIQUID
Dep. var. Growth	Eq. (6)	Eq. (7)	Eq. (8)
Low regime
FDI	−0.112* (0.063)	0.059** (0.024)	−0.119 (0.095)
Mid-regime (first transition function)
$FDI \times g_{1} (q_{i t}; γ_{1}, c_{1})$	0.175*** (0.062)	0.068** (0.032)	0.175* (0.096)
High regime (second transition function)
$FDI \times g_{2} (q_{i t}; γ_{2}, c_{2})$	−0.255*** (0.088)	−0.121*** (0.029)	−0.334* (0.172)
Number of observation	342	342	342

Dep. var. Growth	CREPRI	CREFIN	LIQUID
Dep. var. Growth	Eq. (6)	Eq. (7)	Eq. (8)
Low regime
FDI	−0.112* (0.063)	0.059** (0.024)	−0.119 (0.095)
Mid-regime (first transition function)
$FDI \times g_{1} (q_{i t}; γ_{1}, c_{1})$	0.175*** (0.062)	0.068** (0.032)	0.175* (0.096)
High regime (second transition function)
$FDI \times g_{2} (q_{i t}; γ_{2}, c_{2})$	−0.255*** (0.088)	−0.121*** (0.029)	−0.334* (0.172)
Number of observation	342	342	342

Note(s): This table reports the effect of FDI on economic growth in different regimes of FD in the models defined in Eqn. (6)–(8). Standard errors corrected for heteroskedasticity in parentheses. *, ** and *** denote significance at the 10, 5 and 1% level, respectively

Source(s): Author's computations

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