| Summary: | 碩士 === 國立中正大學 === 國際經濟研究所 === 100 === This thesis aims to explore the impact of FDI on economic growth for 107 countries over the period 1984-2009 and differs from previous studies in three distinct ways. First, we consider two indirect impacts of FDI on economic growth through the development of financial market and human capital simultaneously. Second, we use the System GMM approach to deal with the potential endogeneity problem. Third, we spilt the sample into high-, middle- and low-income country sub-sample in order to better illustrate the influence of FDI on economic growth in different income levels. The empirical results suggest that FDI has a significant and positive direct effect on economic growth only in the middle-income countries. On the other hand, for the high- and middle-income countries, FDI has a significant and positive cross-effect on economic growth through the development of financial market and human capital. However, since the development of financial market and human capital do not meet a certain threshold in the low-income countries, FDI does not stimulate economic growth.
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