The effects of foreign direct investment on economic growth: evidence for Togo

The objective of this paper is to examine the effect of foreign direct investment (FDI) on economic growth. I use data running over 33 years from 1975 to 2008. Generally, the results, obtained by using the ordinary least squares (OLS) methods show foreign direct investment (FDI), Trade volume, and Human capital to have a positive impact on economic growth. There is some evidence that inflation and Government consumption to found to have a negative impact on economic growth. The empirical analysis shows that FDI alone plays an ambiguous role in contributing to economic growth.foreign direct investment, Togo, economic growth.

Causality tests between stock market development and economic growth in West African Monetary Union

This paper examines the causal relationship between stock market development and economic growth for the West African Monetary Union economy over the last decade or so. By applying the techniques of unit–root tests and the long–run Granger non-causality test proposed by Toda and Yamamoto (1995), the causal relationships between the real GDP growth rate and two stock market development proxies are tested. The results are in line with the supply leading hypothesis in the sense that there is strong causal flow from the stock market development to economic growth. A unidirectional causal relationship is also observed between real market capitalization ratio and economic growth.stock market development; economic growth; Toda and Yamamoto causality test; West African Monetary Union