外商直接投资与制度环境--在转型经济体中的作用研究外文翻译

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1、 1 本科毕业论文外文翻译 外文题目： Foreign Direct Investment and Institutional Environment in Transition Economies 出 处 :Transition Studies Review 作 者： Andrej Sujan Foreign Direct Investment and Institutional Environment in Transition Economies Andrej Sujan ABSTRACT We analysed the relation between foreign direct i

2、nvestment and the quality of the institutional environment in transition economies. The analysis confirmed a significant impact of various institutional aspects on the inflow of foreign capital. To isolate the importance of the institutional environment from the impact of other factors, a panel data

3、 analysis was performed using the data of 24 transition economies in the period 19952002. The results showed that in the observed period the quality of the institutional environment significantly influenced the level of foreign direct investment in transition economies. Other variables that proved t

4、o have a statistically significant influence were budget deficit, insider privatization, and labour cost per hour. Introduction Foreign direct investment (FDI) is widely believed to make major contributions to the economic development of emerging markets. On the other hand, FDI is also of crucial im

5、portance to multinational firms. Thus, both the developed and the developing economies have a common interest in encouraging FDI flows, although their targets vary (Resmini 2000, Estrin and Meyer 2004): positive externalities of FDI are important for host economies, while profits and corporate growt

6、h are a typical target of globally oriented companies. A positive impact of FDI on economic growth has been confirmed by a number of 2 studies (e.g., Lunn 1980, Schneider and Frey 1985, Carkovic and Levine 2002). FDI contributes to economic growth through several channels. First, it is expected to b

7、e growth enhancing through capital accumulation more inputs are incorporated into production (Buckley et al. 2002) and there is a wider range of intermediate goods (Feenstra and Markusen 1994). Second, FDI is an important source of technological change and human capital intensification (Buckley et a

8、l. 2002) and also leads to technology diffusion (Lucas 1993a, b； Borensztein et al. 1998). FDI is especially important for transition economies, since these economies have sufficient stocks of human capital but lack the technology and capital needed to spur growth (Aleksynka 2003； see also Billingto

9、n 1999, Bevan and Estrin 2000). Cross-border capital flows (their magnitude as well as composition and stability) are important for the success of transition (Garibaldi et al. 2002, Neuhaus 2006). Although over the last fifteen years many transition economies have recorded negative experiences with

10、foreign fast-profit seekers and asset strippers, there are several cases showing that FDI is actually contributing to growth. After receiving significant amounts of foreign capital, for example, Slovakia, Romania, and Bulgaria have recently been recording high rates of growth. To a considerable exte

11、nt this growth can be explained also by the export-led model of growth, since FDI not only brought new technology, knowledge, and employment to these countries but also opened new markets for them. One of the most important determinants of FDI flows to a country is the quality of its institutional f

12、ramework. According to Pejovich (1990, p. 2534), there are three basic institutions that define the nature of the capitalist system: private property rights, the law of contracts, and a strong but limited government. The positive impact that property rights protection and the respect of contracts ha

13、ve for a market economy has been empirically confirmed by many authors (e.g., La Porta et al. 1999, 2000； Pournarakis and Varsakelis 2004). Also, the importance of the legal system has been demonstrated in a series of articles (La Porta et al. 1997, 1998； Pistor and Xu 2002). Transition economies re

14、present a very suitable natural experimental model for studying the impact of institutional quality improvements on economic development in general (North 2005) and specifically on foreign capital inflows.The change of the economic system in former socialist countries included a significant institut

15、ional change which allows 3 researchers to econometrically test the importance of institutions for several areas of economic life. For transition economies, the relation between institutional changes and foreign capital inflows has so far not been comprehensively analysed. Baniak et al. (2005) exami

16、ned the general determinants of FDI in transition economies. There have also been studies about the influence of various regulatory institutions on the performance of particular segments in some transition economies. Glaeser et al. (2001), for example, compared the Polish and Czech capital market de

17、velopments. The quality of regulation was shown to be very important for the development of Polish capital markets. Bevan et al. (2004) extensively studied the importance of the institutional environment for FDI on the basis of the transitional indicators by the European Bank for Reconstruction and

18、Development (EBRD) focusing on the type of ownership, banking sector reform, foreign exchange and trade liberalization, and legal development. They found a strong relationship between formal institutional development and FDI. Also Grogan and Moers (2001) focused on the importance of institutional qu

19、ality for FDI on the basis of EBRD data and found that especially the role of the state is important. Frenkel et al. (2004) studied bilateral FDI flows to emerging markets by focusing on a gravity model but found that the country risk measured by Euromoney risk rating is also important for FDI flows

20、. Smarzynska Javorcik (2004) studied the importance of intellectual property investors are heavily deterred by poor protection of property rights especially in the technologically intensive sectors. We extend, or supplement, the preceding analyses in several aspects. First, we provide a comprehensiv

21、e rationalization of the importance of foreign capital for economic growth in transition economies via the export-led model of growth. Second, the analysis of the potential impact of institutions on FDI in transition economies is based on the Heritage Foundation data, which differ from the EBRD data

22、. Ten areas of institutional quality are inspected and evaluated. The overall index of institutional quality comprises all ten subareas. Data confirm the importance of institutional quality. The article thus provides an additional confirmation that institutions matter and that the robustness of their impact does not depend on the source of the data and the composition of the index of institutional quality. The paper is structured as follows. After the presentation of data on FDI in transition economies, we analyze the importance of foreign capital for economic growth in transition.