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This empirical study investigates whether FDI caused spillover effects which led to the economic growth of the ASEAN-5 economies (1970±96), and, if that is so, whether the ASEAN Preferential Trade Agreement (APTA) had a significant effect in attracting FDI to the region. Its findings are that FDI has stimulated economic growth most effectively through human factors, and knowledgeatechnological learning-by-doing effects; and that the formation of the APTA had a lagged influence on FDI inflows to the advantage of the more-developed member countries, and disadvantage of the less-developed member countries.

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