Interaksi Hubungan antara Foreign Direct Investment dan Pertumbuhan Ekonomi

  • Neny Tri Indrianasari STIE Widya Gama Lumajang
  • Nawangsih Nawangsih STIE Widya Gama Lumajang
Keywords: FDI, Economic Growth, VAR, VECM


In ASEAN 5 countries namely Indonesia, Vietnam, Thailand, the Philippines and Malaysia have almost the same culture, in terms of social and economic aspects, the 5 countries have links between one country and another, so it is possible that the flow of foreign investment has a close relationship with economic growth. This study aims to determine the relationship between Foreign Direct Investment (FDI) and Economic Growth in ASEAN 5 Periods 1986-2017. This research is a two-way relationship research between the independent variable and the dependent variable that are reciprocal. The type of data used is the 1986-2017 time series data. Sources of data obtained from the World Bank. Data analysis technique uses Granger Causality analysis to see the 2-way relationship, and VAR (Vector Auto Regression) analysis by looking at the implus response factor for non-stationary data using VECM (Vector Error Correction Model) analysis. The results of the study state that based on the Granger Causality test there is no relationship between FDI and GDP and vice versa between GDP and FDI. Based on the VECM test there is a relationship between FDI and GDP.


Download data is not yet available.


Abbes Sahraoui Mohammed, et al. (2015). Causal Interactions between FDI, and Economic Growth: Evidence from Dynamic Panel Co-integration. Procedia Economics and Finance, Volume 23, 2015, Pages 276-290
Abdouli Mohamed and Hammami Sami, 2016. Investigating the causality links between environmental quality, foreign direct investment and economic growth in MENA countries. International Business Review, Volume 26, Issue 2, April 2017, Pages 264-278
Agenor, P. R. (2001). Benefits and Costs of International Financial Integration: Theory and Facts. Policy Research Working Paper, No. 2699, The World Bank
Almfraji. M A , Almsafir M K, and Yao Liu. (2014). Economic Growth and Foreign Direct Investment Inflows: The Case of Qatar. Procedia - Social and Behavioral Sciences, Volume 109, 8 January 2014, Pages 1040-1045
Azwar, Saifudin. 2001. Metode Penelitian. Pustaka Pelajar Offset : Yogyakarta.
Belloumi, Mounir. 2014. The relationship between trade, FDI and economic growth in Tunisia: An application of the autoregressive distributed lag model. Economic Systems, Volume 38, Issue 2, June 2014, Pages 269-287
Borensztein. E, Gregorio J. De , Lee, J-W. 1998. How does foreign direct investment affect economic growth?. Journal of International Economics 45 (1998) 115–135
De Mello, Jr., L.R.1999. FDI-led growth: evidence from time series and panel data. Oxford Economic Papers 51, 133-151.
Diby, Steve Loris Gui,2014. Impact of foreign direct investments on economic growth in Africa: Evidence from three decades of panel data analyses. Research in Economics, Volume 68, Issue 3, September 2014, Pages 248-256
Dornbusch, R, Fisher, S, Startz, R, 2004. Makroekonomi. PT.Media Global Edukasi Jakarta
Dritsaki, Chaido.Stiakakis, Emmanouil. 2014. Foreign Direct Investments, Exports, and Economic Growth in Croatia: A Time Series Analysis. Procedia Economics and Finance, Volume 14, 2014, Pages 181-190
Greene, William H. 2002. Econometric Analysis. Fifth Edition Prentice Hall. New Jersey The united States Of Amerika
Gujarati, D.N. 1995. Basic Econometrics, Fourth Edition.The McGraw−Hill Companies
Hoang, Hong Hiep. (2012). Foreign Direct Investment in Southeast Asia; Determinants and Spatial Distributin. Working Paper Series No. 2012/30 Centre of Studies and Research on International Development (CERDI) University of Auvergne, CNRS
Ibrahiem, Dalia M. 2015. Renewable Electricity Consumption, Foreign Direct Investment and Economic Growth in Egypt: An ARDL Approach. Procedia Economics and Finance, Volume 30, 2015, Pages 313-323
Khatun Fahmida and Ahamad Mazbahul, 2015. Foreign direct investment in the energy and power sector in Bangladesh: Implications for economic growth. Renewable and Sustainable Energy Reviews, Volume 52, December 2015, Pages 1369-1377
Krugman, Paul., and Obstfeld, Maurice. 1999. Ekonomi Internasional: Teori dan Kebijakan. Buku Pertama: Perdagangan. Edisi Kedua. Jakarta: PT Raja Grafindo.
Kurniawan, Paulus, Budhi, Made Kembar Sri, 2015. Pengantar Ekonomi Mikro dan Makro. Edisi 1 xvi +208 hlm;20x28 cm. CV. Andi Offset Yogyakarta
Lamsiraroj Sasi and Ulubasoglu Mehmet Ali, (2015). Foreign direct investment and economic growth: A real relationship or wishful thinking?. Economic Modelling, Volume 51, December 2015, Pages 200-213
Lindert, Peter H, 1994. Ekonomi Internasional. Edisi kesembilan cetakan 1. Bumi Aksara : Jakarta
Mahyus, Ekananda. (2016). Analisis Ekonometrika Time Series. Edisi Kedua. Mitra Wacana Media, Jakarta
Mankiw, Gregory. 2006. Makroekonomi. Erlangga, Jakarta.
Mankiw, N. Gregory, Quah,Euston, dan Wilson, Peter. 2014. Pengantar Ekonomi Makro Edisi Asia. Salemba Empat- Jakarta.
Nistor Paula, 2014. FDI and Economic Growth, the Case of Romania. Procedia Economics and Finance, Volume 15, 2014, Pages 577-582
Richard Lipsey. 1995. Pengantar Ekonomi Mikro (Terjemahan). Binarupa Aksara. Jakarta.
Rodrik, Dani, Rosenzweig, Mark R. 2010. Handbook Of Development Economics. North-Holland
Tafirenyika Sunde. 2017. Foreign direct investment and economic growth: ADRL and causality analysis for South Africa. Research in International Business and Finance
Temiz, Dilek, Gökmen, Aytaç. 2014. FDI inflow as an international business operation by MNCs and economic growth: An empirical study on Turkey. International Business Review, Volume 23, Issue 1, February 2014, Pages 145-154
Tekin, Rifat Baris. 2012. Economic growth, exports and foreign direct investment in Least Developed Countries: A panel Granger causality analysis. Economic Modelling, Volume 29, Issue 3, May 2012, Pages 868-878
Todaro, Michael. 2000.Ekonomi Pembangunan Edisi ke 6. Erlangga, Jakarta
Todaro, Michael P, Smith, Stephan C. 2011. Pembangunan Ekonomi Edisi Kesebelas Jilid 2. Erlangga. Jakarta
Tradingeconomics. 2017. Data Pertumbuhan Ekonomi ASEAN. Diakses 02 Agustus 2018
Yaqin su, Zhiqiang Liu. 2015. The impact of foreign direct investment and human capital on economic growth: Evidence from Chinese cities. China Economic Review, Volume 37, February 2016, Pages 97-10.