Building the Index of Efficiency of FDI Transformation: Economic Development and Intellectual Capital

We propose an original approach to constructing an index of efficiency of FDI transformation into steady economic and innovation growth. As factors of efficient transformation we consider many institutional indicators. We rank countries on the sample of 31 developed and developing economies. The results of bivariate and multivariate Granger tests show that FDI causes economic development and intellectual capital in a number of indicators. With...