Foreign direct investment in Zimbabwe: The role of institutional and macroeconomic factors

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dc.contributor.authorGwenhamo, Farayi
dc.date.accessioned2016-07-12T10:19:03Z
dc.date.available2016-07-12T10:19:03Z
dc.date.issued2011
dc.date.updated2016-07-12T08:39:58Z
dc.description.abstractThe purpose of our research is to examine the impact of property rights on foreign direct investment (FDI) in Zimbabwe for the period 1964-2005. While the macroeconomic determinants of FDI have been analysed to a considerable extent in past empirical work, the role of institutional factors such as the protection of property rights and the efficiency of the legal system has been underexplored. Using a multivariate cointegration framework, we use a newly constructed de jure property rights index for Zimbabwe to determine the impact of property rights on FDI. The empirical evidence shows that property rights are consistently an important explanatory variable of FDI in Zimbabwe, even after controlling for periods when there are no significant new foreign capital inflows. Other significant explanatory variables of FDI in Zimbabwe are the real gross domestic product (GDP), capital intensity, the external debt to GDP ratio, political instability as well as the educational levels. The purpose of our research is to examine the impact of property rights on foreign direct investment (FDI) in Zimbabwe for the period 1964-2005. While the macroeconomic determinants of FDI have been analysed to a considerable extent in past empirical work, the role of institutional factors such as the protection of property rights and the efficiency of the legal system has been underexplored. Using a multivariate cointegration framework, we use a newly constructed de jure property rights index for Zimbabwe to determine the impact of property rights on FDI. The empirical evidence shows that property rights are consistently an important explanatory variable of FDI in Zimbabwe, even after controlling for periods when there are no significant new foreign capital inflows. Other significant explanatory variables of FDI in Zimbabwe are the real gross domestic product (GDP), capital intensity, the external debt to GDP ratio, political instability as well as the educational levels.en_ZA
dc.identifierhttp://dx.doi.org/DOI: 10.1111/j.1813-6982.2011.01283.x
dc.identifier10.1111/j.1813-6982.2011.01283.x
dc.identifier.apacitationGwenhamo, F. (2011). Foreign direct investment in Zimbabwe: The role of institutional and macroeconomic factors. <i>South African Journal of Economics</i>, http://hdl.handle.net/11427/20313en_ZA
dc.identifier.chicagocitationGwenhamo, Farayi "Foreign direct investment in Zimbabwe: The role of institutional and macroeconomic factors." <i>South African Journal of Economics</i> (2011) http://hdl.handle.net/11427/20313en_ZA
dc.identifier.citationGwenhamo, F. (2011). Foreign direct investment in Zimbabwe: The role of institutional and macroeconomic factors. South African Journal of Economics, 79(3), 211-223.en_ZA
dc.identifier.issn1813-6982en_ZA
dc.identifier.ris TY - Journal Article AU - Gwenhamo, Farayi AB - The purpose of our research is to examine the impact of property rights on foreign direct investment (FDI) in Zimbabwe for the period 1964-2005. While the macroeconomic determinants of FDI have been analysed to a considerable extent in past empirical work, the role of institutional factors such as the protection of property rights and the efficiency of the legal system has been underexplored. Using a multivariate cointegration framework, we use a newly constructed de jure property rights index for Zimbabwe to determine the impact of property rights on FDI. The empirical evidence shows that property rights are consistently an important explanatory variable of FDI in Zimbabwe, even after controlling for periods when there are no significant new foreign capital inflows. Other significant explanatory variables of FDI in Zimbabwe are the real gross domestic product (GDP), capital intensity, the external debt to GDP ratio, political instability as well as the educational levels. The purpose of our research is to examine the impact of property rights on foreign direct investment (FDI) in Zimbabwe for the period 1964-2005. While the macroeconomic determinants of FDI have been analysed to a considerable extent in past empirical work, the role of institutional factors such as the protection of property rights and the efficiency of the legal system has been underexplored. Using a multivariate cointegration framework, we use a newly constructed de jure property rights index for Zimbabwe to determine the impact of property rights on FDI. The empirical evidence shows that property rights are consistently an important explanatory variable of FDI in Zimbabwe, even after controlling for periods when there are no significant new foreign capital inflows. Other significant explanatory variables of FDI in Zimbabwe are the real gross domestic product (GDP), capital intensity, the external debt to GDP ratio, political instability as well as the educational levels. DA - 2011 DB - OpenUCT DP - University of Cape Town J1 - South African Journal of Economics LK - https://open.uct.ac.za PB - University of Cape Town PY - 2011 SM - 1813-6982 T1 - Foreign direct investment in Zimbabwe: The role of institutional and macroeconomic factors TI - Foreign direct investment in Zimbabwe: The role of institutional and macroeconomic factors UR - http://hdl.handle.net/11427/20313 ER - en_ZA
dc.identifier.urihttp://hdl.handle.net/11427/20313
dc.identifier.urihttp://onlinelibrary.wiley.com/doi/10.1111/j.1813-6982.2011.01283.x/full
dc.identifier.vancouvercitationGwenhamo F. Foreign direct investment in Zimbabwe: The role of institutional and macroeconomic factors. South African Journal of Economics. 2011; http://hdl.handle.net/11427/20313.en_ZA
dc.languageengen_ZA
dc.publisherWileyen_ZA
dc.publisher.departmentSchool of Economicsen_ZA
dc.publisher.facultyFaculty of Commerceen_ZA
dc.publisher.institutionUniversity of Cape Town
dc.sourceSouth African Journal of Economicsen_ZA
dc.source.urihttp://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1813-6982
dc.subject.otherForeign direct investment
dc.subject.otherproperty rights
dc.subject.othercointegration and Zimbabwe
dc.titleForeign direct investment in Zimbabwe: The role of institutional and macroeconomic factorsen_ZA
dc.typeJournal Articleen_ZA
uct.type.filetypeText
uct.type.filetypeImage
uct.type.publicationResearchen_ZA
uct.type.resourceArticleen_ZA
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