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• W1579503128 abstract "INTRODUCTION The Egyptian revolution that started on the 25th of January of 2011 has brought about a severe economic crisis to the Egyptian economy. The revolution took place at a time in which foreign direct investment (FDI) was flowing in an accelerating rate, relatively high GDP growth rates were expected and a host of economic reforms were beginning to pay off. The instability caused by the revolution has almost seized FDI if not repelling already existing FDI stock. Large budget deficit, fast depleting foreign reserves, lack of tourism and huge losses in the Egyptian stock market continue to hinder recovery. An alarming rhetoric is taking place among the public regarding large businesses especially multinationals working in Egypt that stems from the marriage of politics and business during the reign of the last regime. Such rhetoric may further scare foreign investors and delay the return of what may be a necessity to rebuild the economy. The public and the revolutionary forces need to be convinced of the importance of FDI for economic recovery and economic growth. This paper revisits the relationship between foreign direct investment and growth. It presents the tie between growth theory and FDI, empirical findings of the literature regarding the relationship between FDI and economic growth, the determinants of FDI, and follows an inductive methodology to compare and contrast the findings with the Egyptian FDI situation. ECONOMIC GROWTH THEORY AND FDI Capital has always played a central part of Growth theory. During the late 1930's The Harrod-Domar model of growth was used to explain growth in terms of capital accumulation; more investment implies more capital stock and hence higher growth rates. For developing nations that are abundant in labor, increasing investment is always the obstacle since domestic savings are not enough to generate the required growth rates; a gap that can be filled through foreign direct investment or foreign debt. The late 1950's has seen the introduction of the Solow model. The Solow model of growth includes capital, labor and technology (Solow, 1956). The model also emphasizes the role of capital and saving rates, in addition, newer capital added can also have higher productivity due to new technology. The role of technology in increasing productivity and growth can be linked to FDI; for one of FDI benefits in a developing nation is the spillover effect where operating foreign companies or multinationals may end up increasing the productivity of the locals. The Solow model however, did not indicate what triggers a technological advancement. Economic growth theory has witnessed a revolutionary change during the last two decades with the development of endogenous growth theories. Romer (1986) and Romer (1990) focused on technology that is endogenously determined within the typical neoclassical frame work where research and development and human capital play an important role. Grossman and Helpman (1991) also emphasized the role of technological spillovers on growth. Lucas (1988) emphasized the role of human capital and human capital spillover of knowhow for growth. Barro and Sala-i-Martin (1997) focus on a growth rate that is driven by discoveries in technologically advanced economies usually developed nations. Developing nations converge towards the growth of the developed ones as a result of copying the technology. They argue that it is cheaper to copy than to innovate over some range. Their model emphasized technological spillovers as an engine for growth. Barro (1990) focuses on government financed services and public capital in terms of infrastructure in addition to private capital in steering growth and notes the importance of human capital. Endogenous growth models in general imply that developing nations can achieve growth through technological spillovers, research and development and human capital, in addition to the traditional increase in capital stock and in general within an operating environment of economic freedom. …" @default.
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• W1579503128 title "Foreign Direct Investment and Growth: Theory, Evidence and Lessons for Egypt" @default.
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