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1、Int.JournalofBusinessScienceandAppliedManagement,Volume5,Issue3,2010DeterminantsofFDIinBRICSCountries:ApanelanalysisNarayanamurthyVijayakumarDepartmentofBankingTechnology,SchoolofManagement,PondicherryUniversity,Puducherry-14.,IndiaTel:+91-94433-82134Email
2、:nvkvijay@gmail.comPerumalSridharanDepartmentofInternationalBusiness,SchoolofManagement,PondicherryUniversityPuducherry-14,IndiaTel:+91-98940-23571Email:psdn@rediffmail.comKodeChandraSekharaRaoDepartmentofBankingTechnology,SchoolofManagement,PondicherryUni
3、versityPuducherry-14,IndiaTel:+91-98942-55526Email:kcsrao.btm@pondiuni.edu.inAbstractThisstudyexaminesthefactorsdeterminingFDIinflowsofBRICScountriesusingannualdatasetfromtheperiod1975to2007(forRussiarequireddatasetisavailablefrom1990onwards).Thestudyemplo
4、ysPaneldataanalysisandfindsthattheselectedvariablesMarketsize,Labourcost,Infrastructure,CurrencyvalueandGrossCapitalformationasthepotentialdeterminantsofFDIinflowsofBRICScountries.TheEconomicStabilityandGrowthprospects(measuredbyinflationrateandIndustrialp
5、roductionrespectively),Tradeopenness(measuredbytheratiooftotaltradetoGDP)areseemstobetheinsignificantdeterminantofFDIinflowsoftheBRICScountries.TheempiricalresultsarerobustingeneralforalternativevariablesdeterminingFDIflows.Keywords:foreigndirectinvestment
6、,paneldata,economicstabilityInt.JournalofBusinessScienceandAppliedManagement/Business-and-Management.org1INTRODUCTIONTheworldhasexperiencedamassivetransformationintermsofgeopolitics,economicsandinorganisationanddistributionofproduction.Forseveralreasons,em
7、ergingeconomiesofBrazil,Russia,IndiaandChina(BRIC)haveacquiredimportantroleintheworldeconomyasproducersofgoodsandservices.BRICScountriesprominentlyattractlargercapitalbecauseoftheirlargerpotentialconsumermarkethavingthecommoncharacteristicoflargepopulation
8、.TheBRICcountriesarelistedasemergingeconomiesbutthesecountriesasawholedonothaveanytradeorintegratedeconomicunion.Brazil,Russia,IndiaandChinahaveemergedasmajordestinationforForeignDirectInvestment(FDI)inflows,
