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What determines foreign direct investment in Russia?

   | 08 lug 2020
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Description of variables.

FDIInward FDI measured in constant 2010 US$ dollars, logWorld Bank database
GDPRussia's GDP measured in constant 2010 US$ 2,010 dollars, log
BREBRENT crude oil price in dollars per barrel, logUnited States Energy Information Administration
RERReal effective exchange rates as weighted averages of bilateral exchange with US$ dollar adjusted by relative consumer prices, measured as index, 2010 = 100, logBank for International Settlements
OPNOwn elaboration based on values of GDP, Import and Export, measured in percentage points, logWorld Bank database
SANOwn elaboration, dummy variable to account for the effect of Western sanctions on the economy of Russia, measured as 0 or 1Own elaboration
TAXCorporate income tax rate, measured in percentage pointsTax code of Russia
LABLabour productivity, GDP per hour, measured in constant 2010 US$ dollars, logOECD database

Correlations between variables.

VariablesGDPBRENTREROPNSANTAXLAB
GDP1
BRENT0.851
RER0.750.871
OPN0.920.780.761
SAN0.520.120.080.531
TAX−0.89−0.71−0.63−0.82−0.401
LAB0.730.870.790.940.50−0.881

Sample of years used in the estimation.

Sample1995, 1996, 1997, 1998, 1999, 2000, 2001, 2002, 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017

Summary statistics of variables.

VariablesMeanStd. Dev.MinimumMaximum
GDP1,303.91324.86813.021,706.43
BRE54.0633.4812.76111.57
RER81.5616.5748.09106.67
OPN45%0.0637%59%
SAN0.140.3401
TAX26%0.0620%35%
LAB86.0116.6463.26107.63

Estimation results from 1996 to 2017.

Explanatory variable: FDIt(1)(2)
GDP16.33*** (2.352)14.71*** (4.404)
BRE−1.08** (0.355)−1.24** (0.540)
RER1.70** (0.556)1.84* (1.145)
LAB−0.141*** (0.037)−1.110 (0.072)
OPN−5.55** (2.295)−6.91 (5.599)
SAN−1.10*** (0.250)−1.26*** (0.372)
TAX8.48*** (2.140)6.20* (3.672)
Const−103.97*** (14.856)−94.01*** (28.781)
Wald c2 (7)84.79
Prob > c20.000
Durbin–Watson d-statistic1.72***
R20.880.89
eISSN:
2543-6821
Lingua:
Inglese