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What Attracts Foreign Direct Investments in Asian Economies?: An Institutional Approach to FDI
Abstract
This chapter focuses on institutional configurations in host economies and examines the configurations that had a high propensity for foreign direct investment (FDI) inflows in Asian economies. While many previous studies on the relationship between FDI and growth focus on institutions in host economies, they are apt to search for one and/or best institutions. They do not perceive heterogeneous sets of linked institutions. This chapter contributes to the existing literature in a twofold manner. First, this analysis, based on multiple factor analysis, demonstrates a substantial variation in institutional configurations across Asian economies in attracting FDI. These Asian economies can be categorized into three clusters. Second, the fuzzy-set quality comparative analysis shows that two of the institutional configurations have a high propensity for FDI. The one found in Singapore relies on institutional complementarities similar to liberal market economies, while the other one, which is characteristic to Thailand, focuses on human capital formation in Asian welfare capitalism.
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