外文翻译---各州特点和对外直接投资区位选择：1989—2006年墨西哥对外直接投资区域的实证（节选）

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1、中文 3570 字 ， 1850 单词 ， 10700 英文字符 本科毕业论文外文翻译 外文题目 : State characteristics and the locational choice of foreign direct investment: Evidence from regional FDI in Mexico 1989-2006 出 处： Growth and change vol.39 No.3(September2008),pp.389-413 作 者： Jacob A. Jordaan State Characteristics and the Locational

2、Choice of Foreign Direct Investment: Evidence from Regional FDI in Mexico 19892006 JACOB A. JORDAAN ABSTRACT Despite the growing importance of foreign direct investment (FDI) in the Mexican economy, statistical evidence on the determinants of the regional distribution of foreign-owned firms is serio

3、usly limited. In this paper, empirical findings are presented from a variety of econometric models that identify several regional characteristics influencing the locational choice of FDI. The main findings are threefold. First, several locational factors appear to be potentially important； these inc

4、lude regional demand, wages, schooling, infrastructure, and agglomeration economies. Second, the effect of agglomeration economies stems from several sources. In particu- lar, the regional presence of agglomerations of manufacturing activity and of foreign-owned manufacturing firms both have an inde

5、pendent positive effect on the locational decision of new FDI. Third, the locational process of maquiladora firms differs from the locational process of overall FDI. The actual findings suggest that regional demand and infrastructure, as suggested above, are not important locational factors for expo

6、rt-oriented firms. Furthermore, whereas agglomeration economies from manufacturing and the presence of existing FDI attract new maquiladora investment, the presence of a regional agglomeration of services deters the location of new maquiladora firms. Finally, agglomeration economies appear to be mor

7、e important in the locational process of maquiladora firms. Introduction Following several economic crises in the 1970s and early 1980s, Mexico drastically changed its development strategy in the mid-1980s, implementing far-reaching policies that were designed to liberalize the economy and promote i

8、nternational trade. A central element in this new strategy was the facilitation and promotion of foreign direct investment (FDI) in Mexico, which proved highly successful (Ramirez 2002, 2003). The importance of this marked acceleration in investment is not confined to direct economic effects associa

9、ted with the large increase in invested capital in the economy. In addition to this, there is substantial evidence that the presence of foreign-owned manufac- turing firms generates positive externalities among Mexican firms (Aitken, Hanson, and Harrison 1997； Blomstrm, Kokko, and Zejan 2000； Jordaa

10、n 2004, 2005, forthcoming-a,b； Ramirez 2000, 2006). Also, there are indications that these externality effects are facilitated particularly at the regional level (Aitken, Hanson, and Harrison 1997； Jordaan 2005, forthcoming-a,b). Both Aitken, Hanson, and Harrison (1997) and Jordaan (2005, forthcomin

11、g-a) find that positive FDI externalities are promoted in industries with a high level of geographical concentration within Mexico. Related to this, Jordaan (forthcoming-b) presents findings that indicate that geographical distance has a negative effect on spatial FDI spillovers. In light of these d

12、irect and indirect effects that the presence of FDI can entail and their regional dimensions, regional Mexican governments perceive the attraction of new FDI as an integral part of their regional development strategies. Despite this importance, little statistical evidence is available on the importa

13、nt question of which factors influence the regional distribution of FDI in Mexico. Empirical evidence on why foreign-owned firms locate in Mexico indicates the importance of factors including geographical proximity to the U.S., the size of the Mexican market for certain industries, relatively low wa

14、ges, and of course the creation of the North American Free Trade Agree- ment (NAFTA) (Blomstrm and Kokko 1997； Cole and Ensign 2005； Love and Lage- Hidalgo 2000； MacDermott 2007； Thomas and Grosse 2001). Compared to this, evidence on factors influencing the regional distribution of FDI within Mexico

15、 is sparse. One recent paper on regional FDI flows during the period 19942001 provides statistical evidence that suggests that the regional variation of infrastructure influences the location process of FDI (Mollick, Duran, and Silva-Ochoa 2006). The purpose of the present paper is to address this i

16、mportant gap in the literature by conducting an econometrical study to identify regional characteristics that have influenced the regional distribution of FDI in Mexico during the period 19892006. For this, we estimate a variety of econometric models with several alternative dependent variables that

17、 capture important elements of this regional distribution. The main contribution of our analysis is threefold. First, we provide new statistical evidence on which location factors play a role in the location process of FDI in Mexico. Our analysis is different from Mollick, Duran, and Silva-Ochoa (20

18、06) in several respects. For instance, whereas Mollick, Duran, and Silva- Ochoa look at the period 19942001 using data for 22 states, we consider a wider period (19892006) and use data for all 32 states. Also, we estimate the effect of a wider variety of control variables. Importantly, we use severa

19、l carefully measured indicators of regional agglomeration economies that are more closely related to the underlying concept of agglomeration. Second, we are able to partly disentangle the role of agglomeration economies in the location process of FDI. In line with recent studies on several other hos

20、t economies (e.g., Crozet, Mayer, and Muchielli 2004； Guimares, Figueiredo, and Woodward 2000； Head, Ries, and Swenson 1995, 1999； Hilber and Voicu 2005), we assess empirically whether the location decision of FDI is affected by the regional presence of agglomeration economies, originating in the ma

21、nufacturing sector and service sector. Furthermore, we also allow for an independent effect of the regional presence of foreign-owned manufacturing firms on new regional FDI flows. Third, our econometric analysis distinguishes between the location pattern of overall FDI and of the maquiladora indust

22、ry. By estimating separately econometric models for both types of FDI, we are able to assess whether and how the location process of foreign- owned firms that are predominantly export oriented differs from the general location process of FDI in Mexico. The paper is constructed as follows. In the sec

23、ond section, we discuss recent locational changes of Mexican manufacturing industries during the period of trade liberalization and present indicators of the regional distribution of FDI during this period. The main finding of this section is that FDI has gravitated to those states that incorporate

24、substantial shares in overall manufacturing employment, suggesting that the factor of agglomeration is important in the location process of FDI. The third section discusses the data and econometric model. Our panel data set contains observations for the periods 19891993, 19941998, 19992002, and 2003

25、2006, for the 32 states of Mexico. In line with empirical research on FDI location processes in other host economies, we include right-hand side variables capturing the level of regional demand, wages, human capital, infrastructure, and the presence and size of agglomeration economies. In calculatin

26、g the regional presence of agglomeration economies, we distinguish between agglomerations of manufacturing activity, services, and existing manufacturing FDI. The fourth section presents the main findings, of which the following are particularly noteworthy. First, we find that several state characte

27、ristics are associated with the regional distribution of FDI flows. The level of regional wages deters the presence of FDI； regional demand, schooling, communication networks, and agglomeration economies all have a positive effect on the regional location of new FDI. Findings for restricted samples

28、and with lagged right-hand side variables (as control for endogeneity) support these findings, be it that the estimated effect of regional demand appears to contain an endogenous component, reflecting the relationship that states with high levels of inward FDI achieve higher levels of regional gross

29、 domestic product (GDP). Second, the effect of agglomeration economies appears to consist of two important elements: both the regional presence of an agglomeration of manufacturing activity and the regional presence of existing FDI firms have independent positive effects on the regional presence of

30、new FDI. This finding is in line with recent empirical evidence on FDI location processes in other host economies. Third, the location process of maquiladora firms appears to be different from the location process of overall FDI. An important difference is that export-oriented firms do not appear to

31、 be influenced in their location choice by the level of regional demand. Additional regressions that control for endogeneity and the regional composition of the research sample indicate that infrastructure also appears to be unimportant for these firms. Another difference concerns the effect of agglomeration economies. Whereas the presence of agglomerations of manufacturing activity and of existing regional FDI are