Abstract This study investigates the effects of institutional quality, inward FDI, trade openness, and their interaction on the domestic credit equilibrium in 33 emerging economies between 2002 and 2015. Through two system-GMM estimators, our study shows that inward FDIs have a booming effect on the domestic credit in emerging market economies while the trade openness exhibits a crowding-out effects. Institutions help moderating these effects of inward FDIs and trade openness on the domestic credit suggesting a particular policy.

中文翻译：

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新兴市场经济体的机构，外来直接投资，贸易开放度和信贷水平

摘要这项研究调查了2002年至2015年间33个新兴经济体的制度质量，内向外国直接投资，贸易开放程度及其相互作用对国内信贷均衡的影响。通过两个系统GMM估计，我们研究表明内向外国直接投资具有蓬勃发展的作用新兴市场经济体对国内信贷的影响，而贸易开放表现出挤出效应。制度有助于缓和外来直接投资和贸易开放度对国内信贷的这些影响，从而提出了一项特殊政策。