... and these countries need to reform institutional quality. Research limitations/implications The paper is restricted for 24 countries of Asia and Middle East, based on the data availability. Practical implications The high-income countries should put more efforts to attract funds. The Asian and Middle East...

..., has played a role in economic growth in these countries. Design/methodology/approach A comprehensive literature analysis over the past 70 years sets the scene for the paper. A panel data fixed-effects model is applied for each sample (Africa and Asia) between 1980 and 2015. Both theoretical...