Figure 3
The figure contains 14 line graphs arranged in four rows and two columns. Each pair of graphs is labeled for a specific country, with the left graph titled “Positive F D I shock” and the right graph titled “Negative F D I shock.” The horizontal axis for all graphs is labeled from 1 to 10 in increments of 1. The details of the graphs are as follows: The graphs in the first row are for “Indonesia.” The vertical axis for both graphs ranges from negative 0.005 to 0.020 in increments of 0.005. The graph for “Positive F D I shock” on the left starts at (1, 0.001), rises to (6, 0.006), increases, and ends at (10, 0.010). The graph for “Negative F D I shock” on the right starts at (1, 0.008), peaks at (2, 0.009), then declines to end at (10, 0.001). Both graphs include upper and lower dashed lines for significance bounds. The graphs in the second row are for “Malaysia.” The vertical axis for both graphs ranges from negative 0.005 to 0.010 in increments of 0.005. The graph for “Positive F D I shock” on the left starts at (1, 0.004), increases to (4, 0.008), then gradually declines to end at (10, 0.007). The graph for “Negative F D I shock” on the right starts at (1, 0.008), peaks at (2, 0.008), and gradually decreases to end at (10, 0.001). Both graphs include upper and lower dashed lines representing significance bounds. The graphs in the third row are for “Philippines.” The vertical axis for both graphs ranges from negative 0.000 to 0.010 in increments of 0.005. The graph for “Positive F D I shock” on the left starts at (1, 0.001), increases to (4, 0.004), and gradually rises to end at (10, 0.006). The graph for “Negative F D I shock” on the right starts at (1, 0.001), less gradually, and ends at (10, 0.004). Both graphs include upper and lower dashed lines representing significance bounds. The graphs in the fourth row are for “Singapore.” The vertical axis for both graphs ranges from negative 0.008 to 0.008 in increments of 0.004. The graph for “Positive F D I shock” on the left starts at (1, 0.006), decreases to (3, negative 0.0005), remains nearly flat, and ends at (10, 0.001). The graph for “Negative F D I shock” on the right starts at (1, 0.003), declines to (3, negative 0.007), and ends at (10, negative 0.0035). Both graphs include upper and lower dashed lines representing significance bounds. The graphs in the fifth row are for “Thailand.” The vertical axis for both graphs ranges from negative 0.01 to 0.010 in increments of 0.005. The graph for “Positive F D I shock” on the left starts at (1, negative 0.004), increases to (6, 0.002), remains nearly level, and ends at (10, 0.001). The graph for “Negative F D I shock” on the right starts at (1, 0.001), slightly falls, and stays nearly flat and ends at (10, 0.001). Both graphs include upper and lower dashed lines representing significance bounds. The graphs in the sixth row are for “S. Korea.” The vertical axis for both graphs ranges from negative 0.01 to 0.01 in increments of 0.01. The graph for “Positive F D I shock” on the left starts at (1, negative 0.003), decreases slightly and ends at (10, negative 0.005). The graph for “Negative F D I shock” on the right starts at (1, 0.003), rises to (3, 0.005), and continues to end at (10, 0.006). Both graphs include upper and lower dashed lines representing significance bounds. The graphs in the seventh row are for “Japan.” The vertical axis for both graphs ranges from negative 0.005 to 0.005 in increments of 0.005. The graph for “Positive F D I shock” on the left starts at (1, negative 0.002), decreases to (3, negative 0.004), rises to (7, 0.001), and ends at (10, negative 0.001). The graph for “Negative F D I shock” on the right starts at (1, negative 0.002), increases to (4, 0.00), falls to (6, 0.004), rises, and ends at (10, negative 0.002). Both graphs include upper and lower dashed lines representing significance bounds. Note: All numerical values are approximated.Responses of GDP to positive and negative FDI shocks using GIRF. Source(s): The authors