Chulalongkorn University Theses and Dissertations (Chula ETD)

Other Title (Parallel Title in Other Language of ETD)


Year (A.D.)


Document Type

Independent Study

First Advisor

Nipit Wongpunya


Faculty of Economics (คณะเศรษฐศาสตร์)

Degree Name

Master of Arts

Degree Level

Master's Degree

Degree Discipline

Business and Managerial Economics




This paper determines whether there is a relationship between the growth rate in Thailand and outward foreign direct investment from ASEAN and Europe. The variables that have been adopted are outward foreign investment in ASEAN, outward foreign investment in Europe, foreign direct investment, and gross fixed capital formation, all of which have been measured using time series data from Quarter 1 in 2005 to Quarter 3 in 2021. The two-stage least squares model was employed in this investigation. The main findings are the outward foreign direct investment from ASEAN has a relationship with GDP and it also has an effect on the gross fixed capital formation. Furthermore, there is no relationship between foreign direct investment in Europe and GDP. The outward foreign direct investment from Europe has no impact on the gross fixed capital formation, which is a measure of economic growth that can be related to GDP growth.

Included in

Economics Commons



To view the content in your browser, please download Adobe Reader or, alternately,
you may Download the file to your hard drive.

NOTE: The latest versions of Adobe Reader do not support viewing PDF files within Firefox on Mac OS and if you are using a modern (Intel) Mac, there is no official plugin for viewing PDF files within the browser window.