Panel Data Analysis
The main purpose of this study to examine the determinants of foreign direct investment (FDI) inflows in Brazil, China, India and Russia; which are also known as BRIC Countries collectively. In order to do the examine Panel Data Analysis is employed. Selected variables for the analysis are GDP, GDP Growth and Gross Capital Formation as the determinants of FDI inflow in BRIC Countries. While doing the analysis the 40 years of dataset is used from the period 1973 to 2012 annually.
id country year lfdi lgdp grw gcf
1 Brazil 1973 1180.7 767.9947829 13.97869164 23.24408982
2 Brazil 1974 1207.9 994.7260068 9.042120308 25.38869011
3 Brazil 1975 1202.8 1143.132218 5.209075902 26.83887315
4 Brazil 1976 1391.1 1377.857234 9.790410162 23.11621066
5 Brazil 1977 1827.2 1552.781332 4.606318063 22.0691466
6 Brazil 1978 2180.3 1728.643262 3.231709573 22.97322186
7 Brazil 1979 2407.8 1891.705908 6.766284961 22.7644531
8 Brazil 1980 1910.2 1930.538471 9.110960152 23.34647495
9 Brazil 1981 2521.9 2115.074377 -4.393357194 23.08412049
10 Brazil 1982 3115.2 2208.832593 0.580245554 21.09376443
11 Brazil 1983 1326.1 1558.418524 -3.40979348 16.68204411
12 Brazil 1984 1501.2 1567.315607 5.269143156 15.74056011
13 Brazil 1985 1418.4 1636.601162 7.945861746 19.20075347
14 Brazil 1986 317.151 1928.720174 7.988295109 19.09310889
15 Brazil 1987 1169.1 2074.409516 3.599629457 22.30466061
16 Brazil 1988 2805 2287.237001 -0.10267271 22.71852835
17 Brazil 1989 1129.9 2893.657808 3.279458852 26.90278706
18 Brazil 1990 988.8 3086.915491 -4.3 20.16660691
19 Brazil 1991 1102.2 2677.149908 1.512067461 19.76910086
20 Brazil 1992 2061 2526.336624 -0.466914924 18.9346033
21 Brazil 1993 1290.9 2791.518675 4.665150948 20.84635878
22 Brazil 1994 2149.9 3426.101824 5.334359877 22.14617691
23 Brazil 1995 4405.122 4749.814207 4.416831993 18.02729717
24 Brazil 1996 10791.687 5107.79392 2.15 17.04004313
25 Brazil 1997 18992.93431 5219.098144 3.374938815 17.4263454
26 Brazil 1998 28855.60992 4979.144846 0.035512204 17.02829437
27 Brazil 1999 28578.42961 3411.865896 0.255597103 16.37672899
28 Brazil 2000 32779.2397 3694.462668 4.305745715 18.24996058
29 Brazil 2001 22457.35337 3128.144846 1.314896121 18.02837799
30 Brazil 2002 16590.20419 2810.695347 2.655974267 16.19606421
31 Brazil 2003 10143.52467 3039.671627 1.146749064 15.77083534
32 Brazil 2004 18145.88346 3607.191571 5.713916916 17.11734078
33 Brazil 2005 15066.29173 4739.305437 3.156352388 16.20573387
34 Brazil 2006 18822.20795 5787.975574 3.955415269 16.75576487
35 Brazil 2007 34584.90103 7194.078944 6.095454977 18.32762631
36 Brazil 2008 45058.1563 8622.708675 5.169299014 20.69445196
37 Brazil 2009 25948.5798 8373.339742 -0.32824804 17.8380344
38 Brazil 2010 48506.48922 10978.09355 7.533615453 20.23861531
39 Brazil 2011 66660.14 12575.97941 2.732509243 19.72626215
40 Brazil 2012 65271.85165 11339.52111 0.872708176 17.63678534
41 China 1973 0.00001 155.078442 7.9 29.43953462
42 China 1974 0.00001 157.9993781 2.3 29.01251207
43 China 1975 0.00001 175.865754 8.7 30.16781451
44 China 1976 0.00001 162.9205149 -1.6 27.9281288
45 China 1977 0.00001 182.678568 7.6 28.4927794
46 China 1978 0.00001 154.9720597 11.7 37.80039423
47 China 1979 0.08 182.2847006 7.6 36.40279624
48 China 1980 57 193.0220513 7.8 35.19227385
49 China 1981 265 195.3054051 5.2 33.32651893
50 China 1982 430 201.4447468 9.1 33.51617387
51 China 1983 916 223.251945 10.9 34.19591796
52 China 1984 1419 248.2889082 15.2 34.89269017
53 China 1985 1956 291.7744907 13.5 38.34849157
54 China 1986 2243.73 279.1851067 8.8 38.36324354
55 China 1987 2313.53 249.4127911 11.6 37.00263712
56 China 1988 3193.68 280.9678615 11.3 37.89321137
57 China 1989 3392.57 307.4899926 4.1 37.26805671
58 China 1990 3487.11 314.4306005 3.8 36.14244849
59 China 1991 4366.34 329.7490887 9.2 36.12239745
60 China 1992 11007.51 362.808414 14.2 37.4628113
61 China 1993 27514.95 373.8000229 14 44.48334319
62 China 1994 33766.5 469.2131942 13.1 42.20329101
63 China 1995 37520.53 604.2280606 10.9 41.89595303
64 China 1996 41725.52 703.1207994 10 40.44152151
65 China 1997 45257.04 774.467161 9.3 37.94714649
66 China 1998 45462.75 820.8630768 7.8 37.10125352
67 China 1999 40318.71 864.7303144 7.6 36.74465024
68 China 2000 40714.81 949.1780621 8.4 35.11863794
69 China 2001 46877.59 1041.637704 8.3 36.26769229
70 China 2002 52742.86 1135.44795 9.1 37.86585372
71 China 2003 53504.7 1273.640743 10 41.20296307
72 China 2004 60630 1490.380056 10.1 43.26314676
73 China 2005 72406 1731.125235 11.3 42.09900921
74 China 2006 72715 2069.343631 12.7 42.97175261
75 China 2007 83521 2651.260121 14.2 41.73773458
76 China 2008 108312 3413.588661 9.6 44.04627105
77 China 2009 95000 3749.272424 9.2 48.24342714
78 China 2010 114734 4433.36122 10.4 48.21861221
79 China 2011 123985 5447.341422 9.3 48.26513832
80 China 2012 121080 6091.014352 7.8 48.81831526
81 India 1973 37.91 146.442233 7.9 16.53561895
82 India 1974 56.97 166.5642458 2.3 18.58269173
83 India 1975 85.09 161.0323114 8.7 18.47422377
84 India 1976 51.11 164.1086371 -1.6 18.13176609
85 India 1977 -36.06 189.6167729 7.6 18.1596787
86 India 1978 18.09 209.3518951 11.7 20.00655832
87 India 1979 48.57 227.9164288 7.6 20.96182853
88 India 1980 79.16 271.2495838 7.8 18.04478736
89 India 1981 91.92 275.3210064 5.2 21.84420843
90 India 1982 72.08 279.2208777 9.1 22.04777034
91 India 1983 5.64 296.917588 10.9 19.99482851
92 India 1984 19.24 282.2862435 15.2 21.53810801
93 India 1985 106.09 302.645585 13.5 23.47105073
94 India 1986 117.73 317.1100126 8.8 23.46302117
95 India 1987 212.32 347.809584 11.6 22.60200891
96 India 1988 91.25 361.9319056 11.3 23.841048
97 India 1989 252.1 353.8203909 4.1 23.90921519
98 India 1990 236.69 375.890793 3.8 24.90879093
99 India 1991 75 310.0837678 9.2 22.491319
100 India 1992 252 324.4951264 14.2 24.24235663
101 India 1993 532 308.534787 14 21.28635851
102 India 1994 974 354.8548762 13.1 23.193935
103 India 1995 2151 383.5509261 10.9 26.05333766
104 India 1996 2525 410.8183569 10 22.05739584
105 India 1997 3619 427.2361968 9.3 24.51326445
106 India 1998 2633 425.4452944 7.8 23.51398918
107 India 1999 2168 455.4735406 7.6 26.82387937
108 India 2000 3587.989747 457.2835418 8.4 24.11474683
109 India 2001 5477.637624 466.2141765 8.3 25.57281502
110 India 2002 5629.671078 486.640454 9.1 24.96828459
111 India 2003 4321.076437 565.335483 10 26.1381718
112 India 2004 5777.8072 649.7106479 10.1 32.45413968
113 India 2005 7621.768707 740.1142605 11.3 34.27963536
114 India 2006 20327.76392 830.1632213 12.7 35.87168745
115 India 2007 25349.89177 1068.678519 14.2 38.03418563
116 India 2008 47138.73284 1042.082699 9.6 35.52540406
117 India 2009 35657.25241 1147.238685 9.2 36.29696362
118 India 2010 21125.44778 1419.105666 10.4 36.9762265
119 India 2011 36190.39865 1533.661307 9.3 35.44782408
120 India 2012 25542.84281 1489.229008 7.8 35.61597985
121 Russia 1973 0.00001 0.00001 0.00001 0.00001
122 Russia 1974 0.00001 0.00001 0.00001 0.00001
123 Russia 1975 0.00001 0.00001 0.00001 0.00001
124 Russia 1976 0.00001 0.00001 0.00001 0.00001
125 Russia 1977 0.00001 0.00001 0.00001 0.00001
126 Russia 1978 0.00001 0.00001 0.00001 0.00001
127 Russia 1979 0.00001 0.00001 0.00001 0.00001
128 Russia 1980 0.00001 0.00001 0.00001 0.00001
129 Russia 1981 0.00001 0.00001 0.00001 0.00001
130 Russia 1982 0.00001 0.00001 0.00001 0.00001
131 Russia 1983 0.00001 0.00001 0.00001 0.00001
132 Russia 1984 0.00001 0.00001 0.00001 0.00001
133 Russia 1985 0.00001 0.00001 0.00001 0.00001
134 Russia 1986 0.00001 0.00001 0.00001 0.00001
135 Russia 1987 0.00001 0.00001 0.00001 0.00001
136 Russia 1988 0.00001 0.00001 0.00001 0.00001
137 Russia 1989 0.00001 3428.761966 0.00001 33.83944084
138 Russia 1990 0.00001 3485.112202 -2.999995642 30.13039329
139 Russia 1991 0.00001 3427.317519 -5.046939452 36.2674291
140 Russia 1992 1161 3095.08716 -14.53107377 34.61336139
141 Russia 1993 1211 2929.303282 -8.668540342 27.00717159
142 Russia 1994 689.5736 2663.456988 -12.56975598 25.53745395
143 Russia 1995 2065.72345 2669.946123 -4.143528407 25.43927196
144 Russia 1996 2579.32055 2651.442018 -3.6 23.66769599
145 Russia 1997 4864.643273 2748.917437 1.4 21.97652081
146 Russia 1998 2761.26 1844.485782 -5.3 14.96425312
147 Russia 1999 3309.43 1338.986444 6.4 14.83040305
148 Russia 2000 2714.23 1775.141291 10 18.69387867
149 Russia 2001 2748.2856 2100.743786 5.091984231 21.94977414
150 Russia 2002 3474 2375.162934 4.743669897 20.05056976
151 Russia 2003 7929 2976.137049 7.295854331 20.85895848
152 Russia 2004 15403 4108.574488 7.175949193 20.90127508
153 Russia 2005 15508 5337.065324 6.376187027 20.07749692
154 Russia 2006 37595 6946.880998 8.153431973 21.1715918
155 Russia 2007 56996.33 9146.41636 8.535080209 24.16451403
156 Russia 2008 74783 11700.22112 5.247953532 25.50121971
157 Russia 2009 36583 8615.658757 -7.820885027 18.92637574
158 Russia 2010 43168 10709.51196 4.503725626 22.61505055
159 Russia 2011 55084 13284.0326 4.290996864 25.4622022
160 Russia 2012 51416 14037.01545 3.442173499 25.98202064
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