
You have already added 0 works in your ORCID record related to the merged Research product.
You have already added 0 works in your ORCID record related to the merged Research product.
<script type="text/javascript">
<!--
document.write('<div id="oa_widget"></div>');
document.write('<script type="text/javascript" src="https://beta.openaire.eu/index.php?option=com_openaire&view=widget&format=raw&projectId=undefined&type=result"></script>');
-->
</script>
Assessing the Global Drivers of Sustained Economic Development: The Role of Trade Openness, Financial Development, and FDI

doi: 10.3390/su142114023
Achieving economic development is one of the most important economic goals of every country. Identifying the determinants of economic growth, is a useful tool for adopting appropriate economic policies. This study, therefore, empirically examines the impact of trade openness, foreign direct investment, and financial development on economic growth, across 62 countries over the period 1995–2016. These countries are divided into two groups: low-income and high-income countries. We employ the pooled mean group (PMG), mean group (MG), and dynamic fixed effect (DFE) estimation techniques on the cross-country panel data. The findings show a positive long run association between trade openness, foreign direct investment (FDI), financial development, labor, government expenditure, and economic growth in low-income countries, with a positive and negative short run effect from capital and government expenditures, respectively. For high-income countries, a positive long run association between trade openness, FDI, capital, and economic growth exist. The short run estimates indicate a positive effect on trade openness and capital as well as a negative effect on government expenditure. Our study shows that the adoption of policies that improves access to skilled labor and international trade, affect the attainment of a sustainable economic development.
- Ferdowsi University of Mashhad Iran (Islamic Republic of)
- University of Kentucky United States
- Ural Federal University Russian Federation
- FEDERAL STATE AUTONOMOUS EDUCATIONAL INSTITUTION OF HIGHER PROFESSIONAL EDUCATION NOTHERN (ARCTIC) FEDERAL UNIVERSITY Russian Federation
- Ferdowsi University of Mashhad Iran (Islamic Republic of)
TRADE LIBERALIZATION, financial development, FDI, FOREIGN DIRECT INVESTMENT, TJ807-830, ECONOMIC GROWTH, SKILLED LABOR, TD194-195, Renewable energy sources, FINANCIAL DEVELOPMENT, GE1-350, ASSESSMENT METHOD, Environmental effects of industries and plants, TRADE OPENNESS, economic growth, trade liberalization, Environmental sciences, ECONOMIC DEVELOPMENT
TRADE LIBERALIZATION, financial development, FDI, FOREIGN DIRECT INVESTMENT, TJ807-830, ECONOMIC GROWTH, SKILLED LABOR, TD194-195, Renewable energy sources, FINANCIAL DEVELOPMENT, GE1-350, ASSESSMENT METHOD, Environmental effects of industries and plants, TRADE OPENNESS, economic growth, trade liberalization, Environmental sciences, ECONOMIC DEVELOPMENT
citations This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).17 popularity This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.Top 10% influence This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).Average impulse This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.Top 10%
