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This study investigated the linkages between foreign direct investment (FDI) and financial development measured by banks and stock markets in 30 Asian developing countries from 1986 to 2019. We used a bivariate model with Granger causality tests to test the reverse causality between FDI and...
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portfolio equity and debt investment flows are negatively related to total factor productivity (TFP) in developing Asia, thereby … direct investment, although we find that there is no direct allocation puzzle in developing Asia, financial development can …
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