Impact of EU- FDI on Economic Growth in Middle Eastern Countries
This paper develops a simultaneous equations model to test the process of interaction between foreign direct investment, exports and economic growth in three Middle Eastern countries: Egypt, Jordan, Oman, and test for any possible feedback effects. Most of the FDI in these countries flows from the EU. The simultaneous equations model results suggest that higher rates of economic growth result in a greater inflow of foreign capital. The regression results also suggest that interest rate differentials exert a much stronger effect than economic growth on the attraction of foreign capital in the case of Egypt. However, this variable does not seem to play a significant role in the case of Oman. Moreover, the simultaneous equations model results suggest that there is a feedback effect in the relationship between economic growth and capital inflow in all sample countries. A greater inflow of foreign capital leads to growth in the exports of good and services. The expansion in exports leads to growth in GNP, which in turn, encourages the attraction of more foreign capital.
Degrees Of Integration In International Portfolio Diversification: Effective Systemic Risk
This paper focuses on measuring the degrees of market integration (or segmentation) providing a tool for country selection in international portfolio diversification. It develops methodology measuring effective systemic risk as a proxy of market integration (or segmentation) and therefore allows for appropriate country selection in the better-performing stock markets of the world. The empirical evidence is used to clarify the conclusions about internationally integrated versus segmented markets. Some markets appear more integrated than one might have expected based on information of investment restrictions. Other markets appear segmented despite the fact that foreign investors have relatively free access to their capital markets. This is because these markets were less responsible to the world trend than others. Thus, still international diversification allows investors to reduce the risk and increase the expected return, shifting the efficient frontier to the left.
Severe Burns of the Hand: A Practical Guide to Their Management
Abstract Those who work regularly in burns units will be familiar with most of the contents of this paper, but it may be helpful for surgeons who treat hand burns less frequently outside this environment. Several reviews have appeared in recent years and this practical guide is intended to complement these (Salisbury, 1979; Leung and Chow, 1982; Madden and Enna, 1983; Groenevelt and Kreis, 1985; Levine and Buchanan, 1986; Silver, 1987; Grossman, 1990).