FDI在发展中国家的决定因素分析毕业论文外文文献翻译.docx

FDI在发展中国家的决定因素分析毕业论文外文文献翻译.docx

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FDI在发展中国家的决定因素分析毕业论文外文文献翻译

毕业论文外文翻译

外文题目：

AnalysesofFDIdeterminantsindevelopingcountries

出处：

Economics.2009（36）:

105-123.

作者：

RecepKok,BernurAcikgozErsoy

原文：

AnalysesofFDIdeterminantsindevelopingcountries

RecepKok,BernurAcikgozErsoy

ABSTRACT

Purpose:

Thepurposeofthispaperistoinvestigatethebestdeterminantsofforeigndirectinvestment（FDI）indevelopingcountries.

Design/methodology/approach:

ThispaperinvestigateswhetherFDIdeterminantsaffectFDIbasedonbothapanelofdata（FMOLS-fullymodifiedOLS）andcross-sectionSUR（seeminglyunrelatedregression）for24developingcountries,overtheperiod1983-2005forFMOLSand1976-2005forcross-sectionSUR.

Findings:

TheinteractionofFDIwithsomeFDIdeterminantshaveastrongpositiveeffectoneconomicprogressindevelopingcountries,whiletheinteractionofFDIwiththetotaldebtservice/GDPandinflationhaveanegativeimpact.ThemostimportantdeterminantofFDIisthecommunicationvariable.

Keyword

FDIdevelopingcountrydeterminant

1.Introduction

Tradehastraditionallybeentheprincipalmechanismlinkingnationaleconomiesinordertocreateaninternationaleconomy.FDIisasimilarmechanismlinkingnationaleconomies;therefore,thesetwomechanismsreinforceeachother.ThetradeeffectsofFDIdependonwhetheritisundertakentogainaccesstonaturalresources,toconsumermarketsorwhethertheFDIisaimedatexploitinglocationalcomparativeadvantageorotherstrategicassetssuchasresearchanddevelopmentcapabilities.MostdevelopingcountrieslacktechnologycapabilityandFDItofacilitatetechnologytransferandreducethetechnologygap（TGAP）betweendevelopingcountriesanddevelopedcountries.Infact,itissuggestedthatspilloversortheexternaleffectsfromFDIarethemostsignificantchannelsforthedisseminationofmoderntechnology（Blomstrom,1989）.

FDIhasinnumerableothereffectsonthehostcountry'seconomy.Itinfluencestheincome,production,prices,employment,economicgrowth,developmentandgeneralwelfareoftherecipientcountry.Itisalsoprobablyoneofthemostsignificantfactorsleadingtotheglobalizationoftheinternationaleconomy.Thus,theenormousincreaseinFDIflowsacrosscountriesisoneoftheclearestsignsoftheglobalizationoftheworldeconomyoverthepast20years（UNCTAD,2006）.Therefore,wecanconcludethatFDIisakeyingredientforsuccessfuleconomicgrowthindevelopingcountries,becausetheveryessenceofeconomicdevelopmentistherapidandefficienttransferandadoptionof“bestpractice”acrossborders.

Ontheotherhand,ingeneral,foreigninvestorsareinfluencedbythreebroadgroupsoffactors:

Theprofitabilityoftheprojects.

Theeasewithwhichsubsidiaries'operationscanbeintegratedintoinvestors'globalstrategies.

Theoverallqualityofthehostcountry'senablingenvironment.

AlargenumberofstudieshavebeenconductedtoidentifythedeterminantsofFDIbutnoconsensushasemerged,inthesensethatthereisnowidelyacceptedsetofexplanatoryvariablesthatcanberegardedasthe“true”determinantsofFDI.TheresultsproducedbystudiesofFDIaretypicallysensitivetothesefactors,indicatingalackofrobustness.Forexample,factorssuchaslaborcosts,tradebarriers,tradebalance,exchangerate,R&DandtaxhavebeenfoundtohavebothnegativeandpositiveeffectsonFDI.Chakrabarti（2001）concludesthat“therelationbetweenFDIandmanyofthecontroversialvariables（namely,tax,wages,openness,exchangerate,tariffs,growthandtradebalance）arehighlysensitivetosmallalterationsintheconditioninginformationset”.

Theimportantquestionis“Whydocompaniesinvestabroad?

”Dunning（1993）developedhistheorybysynthesizingthepreviouslypublishedtheories,becauseexistingexplanationscouldnotfullyjustifytheexistenceofFDI.AccordingtoDunning,internationalproductionistheresultofaprocessaffectedbyownership,internalizationandlocalizationadvantages.

Thelatteristhemostimportant:

thefactorsbasedonwhichaninvestorselectsalocationforaproject.Theseincludethefactorsaffectingtheavailabilityoflocalinputssuchasnaturalresources,thesizeofthemarket,geographicallocation,thepositionoftheeconomy,theculturalandpoliticalenvironment,factorprices,transportcostsandcertainelementsoftheeconomicpolicyofthegovernment（tradepolicy,industrialpolicy,budgetpolicy,taxpolicy,etc.）.

2.ThedeterminantsofFDI:

theoryandevidence

FDIhasbeenregardedinthelastdecadesasaneffectivechanneltotransfertechnologyandfostergrowthindevelopingcountries.Thispointofviewvividlycontrastswiththecommonbeliefthatwasacceptedinsomeacademicandpoliticalspheresinthe1950sand1960s,accordingtowhichFDIwasharmfulfortheeconomicperformanceoflessdevelopedcountries.ThetheoreticaldiscussionthatpermeatedpartofthedevelopmenteconomicsofthesecondhalfofthetwentiethcenturyhasbeenapproachedfromanewangleonthelightoftheNewGrowthTheory.Thus,themodelsbuiltinthisnovelframeworkprovideaninterestingbackgroundinordertostudythecorrelationbetweenFDIandthegrowthrateofGDP（CalvoandRobles,2003）.

Intheneoclassicalgrowthmodeltechnologicalprogressandlaborgrowthareexogenous,inwardFDImerelyincreasestheinvestmentrate,leadingtoatransitionalincreaseinpercapitaincomegrowthbuthasnolong-rungrowtheffect（HsiaoandHsiao,2006）.Thenewgrowththeoryinthe1980sendogenizestechnologicalprogressandFDIhasbeenconsideredtohavepermanentgrowtheffectinthehostcountrythroughtechnologytransferandspillover.ThereisongoingdiscussionontheimpactofFDIonahostcountryeconomy,ascanbeseenfromrecentsurveysoftheliterature（DeMello,1997,1999;Fan,2002;Lim,2001）.

Accordingtotheneoclassicalgrowththeorymodel,FDIdoesnotaffectthelong-termgrowthrate.Thisisunderstandableifweconsidertheassumptionsofthemodel,namely:

constanteconomiesofscale,decreasingmarginalproductsofinputs,positivesubstitutionelasticityofinputsandperfectcompetition（Sass,2003）.Withintheframeworkoftheneo-classicalmodels（Solow,1956）,theimpactofFDIonthegrowthrateofoutputwasconstrainedbytheexistenceofdiminishingreturnsinthephysicalcapital.Therefore,FDIcouldonlyexertaleveleffectontheoutputpercapita,butnotarateeffect.Inotherwords,itwasunabletoalterthegrowthrateofoutputinthelongrun（CalvoandRobles,2003）.

Asaconsequence,ofendogenousgrowththeory,FDIhasanewly-perceivedpotentialroleinthegrowthprocess（Bende-NabendeandFord,1998）.InthecontextoftheNewTheoryofEconomicGrowth,however,FDImayaffectnotonlythelevelofoutputpercapitabutalsoitsrateofgrowth.ThisliteraturehasdevelopedvarioushypothesesthatexplainwhyFDImaypotentiallyenhancethegrowthrateofpercapitaincomeinthehostcountry（CalvoandRobles,2003）.However,theendogenousgrowththeory,whichdispenseswiththeassumptionofperfectcompetition,leavesmorescopefortheimpactofFDIongrowth.Inthistheoreticalframework,investment,includingFDI,affectstherateofgrowththroughresearchanddevelopment（R&D）orthroughitsimpactonhumancapital.Evenifthereturnoninvestmentisdeclining,FDImayinfluencegrowththroughexternalities.

Particularly,FDIdisplacesdomesticsavings（Papanek,1973;Cohen,1993;ReinhartandTalvi,1998）.Inaseminalpaper,Papanek（1973）showedthesignificantnegativeimpactsofdifferenttypesofcapitalonnationalsavings.Basedonasampleof85developingcountries,Papanekfoundthatforeigncapitaldisplaceddomesticsavings.Specifically,heshowedthatforeignaid,privateinvestmentandothercapitalcrowdedoutnationalsavings,andareductionindomesticsavingscouldleadtofurtherincreaseonthedependencyonforeigncapital（BaharumshahandThanoon,2006）.

Anotherdeterminant,tariffs,hasapositiveeffectonFDIiftheyarecombinedwiththegrowthrateandopenness,buttheyproduceanegativeeffectwhencombinedwithwages.Therealexchangerateproducesapositiveeffectwhenitiscombinedwithopenness,domesticinvestmentandgovernmentconsumption.Whendomesticinvestmentisexcluded,theeffectbecomesnegative.

Thissupportstheargumentthatanefficientenvironmentthatcomeswithmoreopennesstotradeislikelytoattractforeignfirms.ThisconclusionisalsosupportedbyAsiedu（2002）andEdwards（1990）.Inthismodel,investmenttaxandwageshaveanegativeimpactonFDI,whileinfrastructureandmarketsizehaveasignificantlypositiveimpactonFDI.Generally,onlyinthecaseofexportorientedFDI,cheaplaborintermsoflowerwagesworksasanincentive（WheelerandMody,1992）.OntheotherhandTomiura'（2003）studyconfirmsthatthepositiveassociationbetweenFDIandR&DisrobusteveniffirmsundertakingnoFDIand/ornoR&Dareincluded.Inthisrespect,MorckandYeung（1991）hypothesizeandprovideevidencethatFDIcreateswealthwhenanexpandingfirmpossessesintangibleassets,suchassuperiorproductionandmanagementskills,marketingexpertise,patentsandconsumergoodwill.

3.Datadefinition

TheindicatorstestedinthisstudyareselectedonthebasisofFDItheoriesandpreviousempiricalliterature.Theindicatorstestedinthepanelstudyandcross-sectionSUR,aretheFDIdeterminantsforwhichthedatahavebeenfoundfordevelopingcountriesforatleast30years.Datasetsrelatedtoanumberofdevelopingcountriesaresometimesdiscontinuousforsomevariables（i.e.notavailableforall30years）.ForthatreasonwhiledefiningthemaindeterminantsofFDIi