Date of Award
Spring 5-2020
Degree Type
Dissertation-Restricted
Degree Name
Ph.D.
Degree Program
Financial Economics
Department
Economics and Finance
Major Professor
Kabir Hassan
Second Advisor
Arja Turunen-Red
Third Advisor
Walter Lane
Fourth Advisor
Selma Izadi
Abstract
First chapter examines the link between FDI, trade, capital formation and economic growth in 12 MENA countries using panel analysis for yearly data between the period 2001 to 2017. Using cointegration and Hausman test, our results indicate that, all the variables are stationary at first level, and long run relationship exist between our variables. A model of endogenous growth highlight that MENA countries favored FDI to trade, where trade has negative relation with economic growth. Capital formation and labor has positive and significant relation. We also, address the relation of education level, as we know that increase in Education level will enhance the adoption of foreign technology. The results were consistent with our initial model. Furthermore, we answered the question of whether FDI is a complement or substitute? Our result show that FDI has negative relation with stock market. In other words, FDI is a substitute not a complement to stock market. FDI is positively correlated with stock market liquidity, saving, GDP and political stability.
Second chapter explores the long run demand for money and its stability for MENA countries for the period of 2002 to 2016 using annual data. By applying panel cointegration approach, the result reveals evidence of cointegration between the variables in the long run. Therefore, an error correction (ECM) is applied to determine the factors that influence real money aggregate(M2). The result show that, export and import have positive and negative effect respectively, increase in exporting will increase the value of the currency, and the opposite is true. Further, all the variables have significant effect in the long run, while GDP affect the demand for money in the short run. The CUSUM test of paraments stability show that money demand function is mostly stable over the period. At individual level, the result change from county to another.
Recommended Citation
Alsayed, Huda, "Money, FDI and Economic Growth in MENA Countries." (2020). University of New Orleans Theses and Dissertations. 2716.
https://scholarworks.uno.edu/td/2716
Rights
The University of New Orleans and its agents retain the non-exclusive license to archive and make accessible this dissertation or thesis in whole or in part in all forms of media, now or hereafter known. The author retains all other ownership rights to the copyright of the thesis or dissertation.