Foreign Direct Investment, human development and energy mining sector: the case of Colombia (1990-2021)

Authors

DOI:

https://doi.org/10.46661/rev.metodoscuant.econ.empresa.9610

Keywords:

Oil sector, economic development, human capital, crisis, extractive

Abstract

The main purpose of this research was to analyze the relationship between total Foreign Direct Investment (FDI) and the mining and energy sector in human development in Colombia from 1990 to 2021, through the estimation of two Autoregressive Vectors -VAR- that accounted for the causal relationship of the variables. The first vector took into account the total FDI, while the second one dealt with the FDI of the mining and energy sector, which from 2003 to 2010 represented, on average, 55% of the total FDI, with the peak year being 2010, when it reached 76% of it. Also, two Error Correction Vectors -EVC- were estimated as a robustness test that confirmed the results obtained. In the two estimations, the Human Development Index (HDI), Foreign Direct Investment (FDI) and the Real Exchange Rate Index (RERI) were taken into account as endogenous variables, while WTI reference oil prices at 2015 prices were considered exogenous. A result, the HDI caused total FDI, in the Granger sense, while for mining and energy FDI had not significance. Thus, an increase of 1% in HDI generated a rise of 10.15% in total FDI inflow.

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Author Biographies

Ricardo Alexander Apolinar Cárdenas, Escuela Superior de Administración Pública (ESAP)

Economista. PhD © en Ciencias Económicas de la Pontificia Universidad Javeriana. PhD © en Creación y Gestión de Empresas de la Universidad Autónoma de Barcelona. Docente catedrático asociado de la Escuela Superior de Administración Pública (ESAP). Investigador del grupo Griegos (ESAP). 

Pavel Vidal Alejandro, Pontificia Universidad Javeriana

Economista. PhD en Economía de la Universidad de la Habana. Docente titular de la Pontificia Universidad Javeriana Cali.

Javier Díaz Castro, Universidad de los Llanos

Administrador de empresas. PhD en Economía y Gestión Empresarial de la Universidad de Alcalá. Decano de la Facultad de Ciencias Económicas de la Universidad de los Llanos. Docente catedrático titular de la ESAP. Líder del grupo de investigación Griegos (ESAP) y Gestión y Economía -GECO- Unillanos

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2024-12-03

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Apolinar Cárdenas, R. A., Vidal Alejandro, P., & Díaz Castro, J. (2024). Foreign Direct Investment, human development and energy mining sector: the case of Colombia (1990-2021). Journal of Quantitative Methods for Economics and Business Administration, 38, 1–31. https://doi.org/10.46661/rev.metodoscuant.econ.empresa.9610

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