FDI在发展中国家的决定因素分析外文翻译

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1、 中文 3568 字 毕业论文外文翻译 外文题目 ： Analyses of FDI determinants in developing countries 出 处： Economics.2009(36):105-123. 作 者： Recep Kok,Bernur Acikgoz Erso y 原文： Analyses of FDI determinants in developing countries Recep Kok,Bernur Acikgoz Ersoy ABSTRACT Purpose: The purpose of this paper is to investigate

2、the best determinants of foreign direct investment (FDI) in developing countries. Design/methodology/approach: This paper investigates whether FDI determinants affect FDI based on both a panel of data (FMOLS-fully modified OLS) and cross-section SUR (seemingly unrelated regression) for 24 developing

3、 countries, over the period 1983-2005 for FMOLS and 1976-2005 for cross-section SUR. Findings: The interaction of FDI with some FDI determinants have a strong positive effect on economic progress in developing countries, while the interaction of FDI with the total debt service/GDP and inflation have

4、 a negative impact. The most important determinant of FDI is the communication variable. 1.Introduction Trade has traditionally been the principal mechanism linking national economies in order to create an international economy. FDI is a similar mechanism linking national economies； therefore, these

5、 two mechanisms reinforce each other. The trade effects of FDI depend on whether it is undertaken to gain access to natural resources, to consumer markets or whether the FDI is aimed at exploiting locational comparative advantage or other strategic assets such as research and development capabilitie

6、s. Most developing countries lack technology capability and FDI to facilitate technology transfer and reduce the technology gap (TGAP) between developing countries and developed countries. In fact, it is suggested that spillovers or the external effects from FDI are the most significant channels for

7、 the dissemination of modern technology (Blomstrom, 1989). FDI has innumerable other effects on the host countrys economy. It influences the income, production, prices, employment, economic growth, development and general welfare of the recipient country. It is also probably one of the most signific

8、ant factors leading to the globalization of the international economy. Thus, the enormous increase in FDI flows across countries is one of the clearest signs of the globalization of the world economy over the past 20 years (UNCTAD, 2006). Therefore, we can conclude that FDI is a key ingredient for s

9、uccessful economic growth in developing countries, because the very essence of economic development is the rapid and efficient transfer and adoption of “best practice” across borders. On the other hand, in general, foreign investors are influenced by three broad groups of factors: The profitability

10、of the projects. The ease with which subsidiaries operations can be integrated into investors global strategies. The overall quality of the host countrys enabling environment. A large number of studies have been conducted to identify the determinants of FDI but no consensus has emerged, in the sense

11、 that there is no widely accepted set of explanatory variables that can be regarded as the “true” determinants of FDI. The results produced by studies of FDI are typically sensitive to these factors, indicating a lack of robustness. For example, factors such as labor costs, trade barriers, trade bal

12、ance, exchange rate, R&D and tax have been found to have both negative and positive effects on FDI. Chakrabarti (2001) concludes that “the relation between FDI and many of the controversial variables (namely, tax, wages, openness, exchange rate, tariffs, growth and trade balance) are highly sensitiv

13、e to small alterations in the conditioning information set”. The important question is “Why do companies invest abroad?” Dunning (1993) developed his theory by synthesizing the previously published theories, because existing explanations could not fully justify the existence of FDI. According to Dun

14、ning, international production is the result of a process affected by ownership, internalization and localization advantages. The latter is the most important: the factors based on which an investor selects a location for a project. These include the factors affecting the availability of local input

15、s such as natural resources, the size of the market, geographical location, the position of the economy, the cultural and political environment, factor prices, transport costs and certain elements of the economic policy of the government (trade policy, industrial policy, budget policy, tax policy, e

16、tc.). 2.The determinants of FDI: theory and evidence FDI has been regarded in the last decades as an effective channel to transfer technology and foster growth in developing countries. This point of view vividly contrasts with the common belief that was accepted in some academic and political sphere

17、s in the 1950s and 1960s, according to which FDI was harmful for the economic performance of less developed countries. The theoretical discussion that permeated part of the development economics of the second half of the twentieth century has been approached from a new angle on the light of the New

18、Growth Theory. Thus, the models built in this novel framework provide an interesting background in order to study the correlation between FDI and the growth rate of GDP (Calvo and Robles, 2003). In the neoclassical growth model technological progress and labor growth are exogenous, inward FDI merely

19、 increases the investment rate, leading to a transitional increase in per capita income growth but has no long-run growth effect (Hsiao and Hsiao, 2006). The new growth theory in the 1980s endogenizes technological progress and FDI has been considered to have permanent growth effect in the host coun

20、try through technology transfer and spillover. There is ongoing discussion on the impact of FDI on a host country economy, as can be seen from recent surveys of the literature (De Mello, 1997, 1999； Fan, 2002； Lim, 2001). According to the neoclassical growth theory model, FDI does not affect the long-term growth rate. This is understandable if we consider the assumptions of the model, namely: constant economies of scale, decreasing marginal products of inputs, positive substitution