外商直接投资怎样影响经济的增长【外文翻译】

1、本科毕业论文外文翻译外文题目： how does foreign direct investment affect economic growth 出 处： journal of international economics 45(1998) 115-135 作 者： e.borensztein,j.de gregorio,j-w.lee how does foreign direct investment affect economic growth?abstractwe test the effect of foreign direct investment (fdi) on econo

2、mic growth in a cross-country regression framework, utilizing data on fdi flows from industrial countries to 69 developing countries over the last two decades. our results suggest that fdi is an important vehicle for the transfer of technology, contributing relatively more to growth than domestic in

3、vestment. however, the higher productivity of fdi holds only when the host country has a minimum threshold stock of human capital. thus, fdi contributes to economic growth only when a sufficient absorptive capability of the advanced technologies is available in the host economy.一、introductiontechnol

4、ogy diffusion plays a central role in the process of economic development. in contrast to the traditional growth framework, where technological change was left as an unexplained residual, the recent growth literature has highlighted the dependence of growth rates on the state of domestic technology

5、relative to that of the rest of the world. thus, growth rates in developing countries are, in part, explained by a catch-up process in the level of technology. in a typical model of technology diffusion, the rate of economic growth of a backward country depends on the extent of adoption and implemen

6、tation of new technologies that are already in use in leading countries.technology diffusion can take place through a variety of channels that involve the transmission of ideas and new technologies. imports of high-technology products, adoption of foreign technology and acquisition of human capital

7、through various means are certainly important conduits for the international diffusion of technology. besides these channels, foreign direct investment by multinational corporations (mncs) is considered to be a major channel for the access to advanced technologies by developing countries. mncs are a

8、mong the most technologically advanced firms, accounting for a substantial part of the worlds research and development (r and d) investment. some recent work on economic growth has highlighted the role of foreign direct investment in the technological progress of developing countries. findlay (1978)

9、 postulates that foreign direct investment increases the rate of technical progress in the host country through a contagion effect from the more advanced technology, management practices, etc. used by the foreign firms.wang (1990) incorporates this idea into a model more in line with the neoclassica

10、l growth framework, by assuming that the increase in knowledge applied to production is determined as a function of foreign direct investment (fdi).the purpose of this paper is to examine empirically the role of fdi in the process of technology diffusion and economic growth in developing countries.w

11、e motivate the empirical work by a model of endogenous growth, in which the rate of technological progress is the main determinant of the long-term growth rate of income. technological progress takes place through a process of capital deepening in the form of the introduction of new varieties of cap

12、ital goods. mncs possess more advanced knowledge, which allows them to introduce new capital goods at lower cost. however, the application of this more advanced technologies also requires the presence of a sufficient level of human capital in the host economy. the stock of human capital in the host

13、country, therefore, limits the absorptive capability of a developing country, as in nelson and phelps (1966), and benhabib and spiegel (1994). hence, the model highlights the roles of both the introduction of more advanced technology and the requirement of absorptive capability in the host country a

14、s determinants of economic growth, and suggests the empirical investigation of the complementarity between fdi and human capital in the process of productivity growth.we test the effect of fdi on economic growth in a framework of cross-countryregressions utilizing data on fdi flows from industrial c

15、ountries to 69 developingcountries over the last two decades. our results suggest that fdi is in fact an important vehicle for the transfer of technology, contributing to growth in largermeasure than domestic investment. moreover, we find that there is a strong complementary effect between fdi and h

16、uman capital, that is, the contribution offdi to economic growth is enhanced by its interaction with the level of humancapital in the host country. however, our empirical results imply that fdi is moreproductive than domestic investment only when the host country has a minimumthreshold stock of huma

17、n capital. the results are robust to a number of alternativespecifications, which control for the variables usually identified as the main determinants of economic growth in cross-country regressions. this sensitivityanalysis along the lines of levine and renelt (1992) shows a robust relationshipbet

18、ween economic growth, fdi and human capital.we also investigate the effect of fdi on domestic investment, namely, whetherthere is evidence that the inflow of foreign capital crowds out domestic investment. in principle, this effect could have either sign: by competing in product and financial market

19、s mncs may displace domestic firms; conversely, fdi may support the expansion of domestic firms by complementarity in production or by increasing productivity through the spillover of advanced technology. our results are supportive of a crowding-in effect, that is, a one-dollar increase in the net i

20、nflow of fdi is associated with an increase in total investment in the host economy of more than one dollar, but do not appear to be very robust.thus, it appears that the main channel through which fdi contributes to economic growth is by stimulating technological progress, rather than by increasing

21、 total capital accumulation in the host economy.二、 datathere are several sources for data on foreign direct investment. two imf publications provide data on net and gross foreign direct investment (international financial statistics, and balance of payments statistics, respectively). net fdi refers

22、to inflows net of outflows, and gross fdi refers only to inflows, that is, foreign direct investment into the country. an oecd publication (geographical distribution of financial flows to developing countries) tallies gross fdi originated in oecd member countries into developing economies. the choic

23、e between these alternatives depends on which data set would correspond more closely to the fdi effect we are trying to uncover.in the first place, it seems more appropriate to use gross data because we are interested in the effects of foreign direct investment in the host country via transferof kno

24、wledge and other spillover effects; in addition, we would not expect theoutflow of foreign direct investment to involve a similar negative growth effectsfor the source country (loss of knowledge). in the second place, in our framework,foreign direct investment flows from industrialized to developing

25、 countries to closethe technological gap. foreign direct investment taking place between countrieswith roughly the same level of technological development may respond to a largeextent to other factors, including global firm strategy and market penetration, or toallow firms to circumvent trade restri

26、ctions and offset other advantages accordedto domestic producers. this type of foreign direct investment flows may not beexpected to display higher than average productivity. for this reason we focus onlyon foreign direct investment received by developing countries. and furthermore,since flows of fo

27、reign direct investment between developing countries may alsorespond to factors other than the technological gap, we also exclude those flows.therefore, the oecd measure of foreign direct investment, while having a partial coverage, appears to be the most appropriate for our purposes. these data are

28、available on a yearly basis from 1970. national accounts data, such as the growth rate of income, initial income and government consumption, are all taken from summers and heston (release 5.5 of june 1993) which provides data up to 1989. this allows us to consider a 20-year period for the empirical

29、investigation. the growth rate measure is the average annual rate of per capita real gdp over each decade, 197079 and 198089. government consumption is measured by the average share of real government consumption in real gdp.for the human capital stock variable we use the initial-year level of avera

30、ge years of the male secondary schooling constructed by barro and lee (1993). according to barro and lee (1994), this measure of educational attainment is the one most significantly correlated with growth. data for the other explanatory variables, such as the domestic investment rate, the foreign ex

31、change parallel market premium and the measures of political instability and financial development are also taken from barro and lee (1994).三、 conclusionsthere is a good a priori case to presume that fdi is more productive than domestic investment. as graham and krugman (1991) argue, domestic firms

32、have better knowledge and access to domestic markets; if a foreign firm decides to enterthe market, it must compensate for the advantages enjoyed by domestic firms. it ismost likely that a foreign firm that decides to invest in another country enjoyslower costs and higher productive efficiency than

33、its domestic competitors. in thecase of developing countries in particular, it is likely that the higher efficiency offdi would result from a combination of advanced management skills and moremodern technology; fdi may be the main channel through which advancedtechnology is transferred to developing

34、 countries.different types of economic distortions, however, may jeopardize the role offdi as a means for advanced technology transfer. for example, because ofprotectionist trade policies, fdi may be the only way to gain access to domestic markets by firms that would otherwise have been exporters to

35、 the host country.similarly, governments may offer a set of incentives to foreign investors tostimulate the inflow of fdi, with the objective of increasing foreign exchangereserves or of developing certain sectors considered strategic from an industrialpolicy viewpoint. these policies may result in

36、a flow of fdi that does not respondto higher efficiency but only to profit opportunities created by distorted incentives.these considerations make the empirical evaluation of the performance of fdi anappealing question. we investigated these issues in a sample that comprises fdiflows from industrial

37、 country into developing countriesthe most robust finding of this paper is that the effect of fdi on economic growth is dependent on the level of human capital available in the host economy. there is a strong positive interaction between fdi and the level of educational attainment (our proxy for hum

38、an capital). notably, the same interaction is not significant in the case of domestic investment, possibly a reflection of differences of technological nature between fdi and domestic investment. we also found some evidence of a crowding-in effect, namely that fdi is complementary to domestic invest

39、ment. this effect, however, seems to be less robust than our other findings.some caution must be exercised, however, in the interpretation of the size of theeffect on economic growth of fdi. our data measures the international flow ofresources for foreign direct investment, as recorded in balance of

40、 payments statistics. this is, however, only part of the resources invested by a multinational firm, because some part of the investment may be financed through debt or equity issues raised in the domestic market. thus, our measure of fdi underestimates the total value of fixed investment made by a

41、multinational firm and the coefficients on fdi may be proportionally overestimated. to the extent that this bias in the measure of fdi is uniform across countries and over time, the qualitative results are not affected.finally, the results of this paper suggest some directions for further research.

42、the results suggest that the beneficial effects on growth of fdi come through higher efficiency rather than simply from higher capital accumulation. this suggests the possibility of testing the effect of fdi on the rate of total factor productivity growth in recipient countries. in addition, given t

43、he robustness of the effect of interactions between human capital and fdi, it might be interesting to explore the effects of fdi on the level of human capital. as we have argued above, fdi is a vehicle for the adoption of new technologies, and therefore, the training required to prepare the labour f

44、orce to work with new technologies suggests that there may also be an effect of fdi on human capital accumulation.译 文：外商直接投资怎样影响经济的增长摘要我们利用过去二十年里从工业国家到69个发展中国家的外商直接投资数据流动，通过多个国家回归框架测试了外商直接投资（fdi）对经济增长的影响。我们的研究结果表明，外商直接投资是一个技术转移的重要手段，相对比国内投资对经济增长有更多的促进作用。然而，外商直接投资只有当东道主国家拥有人力资源的存量最低时才保持较高的生产率。因此，外国直接

45、投资只有当东道国经济没有足够的先进技术吸收能力时才对经济增长有贡献。一、说明在经济发展过程中，技术扩散扮演着一个关键的角色。将技术扩散与技术的改变而抛弃的传统经济增长的框架作对照，最近增长的文献已经突出了增长率依赖于相对于世界其他国家的国内技术。因此，发展中国家的增长速度，部分解释为为“追赶”在技术水平的过程。在一个典型的技术扩散模型，对一个落后国家的经济增长速度取决于在主要国家已经使用的新技术的采用和执行的程度。通过技术扩散可以代替各种各样的渠道包括思想的传播和新技术的传播。采用国外技术并且通过不同方法获得的人力资源的高技术的进口产品，当然是国际技术扩散的重要渠道。除了这些渠道外，发展中国家

46、的跨国公司的外商直接投资被认为是接触新技术的主要的渠道。跨国公司是属于最先进的技术公司形式，被认为是全球研究和直接投资的重要组成部分。最近的一些工作研究表明，外商直接投资在发展中国家的技术进步中扮演了一个很显著的角色。芬德利外商直接投资的技术进步假设是通过更先进的技术和管理实践感染东道国的技术增长，曾被外商公司所应用。王（1990）纳入模型这一想法更符合新古典增长的框架线，通过假设，再应用到生产“知识”的增加是由于外国直接投资（fdi）的功能决定的。本文的目的就是对发展中国家的外商直接投资在的技术扩散的进步和经济的增长所扮演的角色进行实证分析。我们进行的实证分析是通过一个以技术的进步作为长期收

47、入增长率的主要决定因素的内生增长模型。技术进步是通过一个“资本深化”在资本货物新品种引进过程中发生的形式。跨国公司拥有更先进的“知识”，这使他们能够以更低的成本推出新的资本货物。然而，这种更先进技术的应用也需要东道国的经济存在一个人力资本不够的水平。对一个发展中国家来说东道国人力资源的存量限制他吸收资本，就如尼尔森和费尔普斯（1966）还有伯克利坦纳和森柏格尔（1994）所说。因此这个模型强调了在东道主国家引进先进技术和吸收人力资源这两个角色，作为经济增长的决定因素和建议实际调查的外商直接投资和人力资源的生产力提高过程的互补。对于一些不同的规格而言，通常控制作为跨国回归经济增长的主要确定因素的

48、变量，经济增长、fdi和人力资本之间的结果是互补的。这个根据levine and renelt（1992）的敏感分析，显现出经济增长、fdi和人力资本之间的互补性。我们利用过去二十年里从工业国家到69个发展中国家的外商直接投资数据流动，通过多个国家回归框架测试了外商直接投资（fdi）对经济增长的影响。我们的研究结果表明，外商直接投资是一个技术转移的重要手段，相对比国内投资对经济增长有更多的促进作用。然而，外商直接投资只有当东道主国家拥有人力资源的存量最低时才保持较高的生产率。因此，外国直接投资只有当东道国经济没有足够的先进技术吸收能力时才对经济增长有贡献。结果是互补其他规格的，这对于通常作为越

49、野回归经济增长的主要因素确定的变量控制的。我们还探讨国内投资和外国直接投资的影响，即是否有证据表明，外国资本的流入排挤了国内投资。原则上，这种影响可能是标志性的：在产品和金融市场上竞争的跨国公司可能取代国内企业，相反，外国直接投资可能会通过采用先进的技术外溢生产力来支持国内企业通过扩大生产，增加互补性。我们的研究结果是支持在排挤中的作用，也就是说，在外国直接投资净流入一美元的增加是与投资东道国经济增长一美元以上有关联的，但似乎并没有强烈的互补性。因此，看来，外国直接投资的主要渠道对经济的贡献总的增长是通过促进技术进步，而不是资本积累。二、数据有几个外商直接投资的数据来源，国际货币基金组织出版物提供两个净外国直接投资和总（分别是国际金融统计和国际收支平衡统计）的数据。净fdi是指流入量出去流出量，而毛fdi只是指流入量，那就是外商直接投资进入该国。经合组织的出版物（地方金融流动分布在发展中国家）的外国直接投资总额相符经合组织成员国的起源到发展中经济体。这些替代品之间的选择取决于所对应的数据集与我们正努力去发掘的外国直接投资的效果关系更加密切。 首先，它似乎更合适使用总的数据，因为我们感兴趣的是东道国的外国直接投资的影响，通过转移知识和溢出效应等，此外，我们也不会期望外国直接投资流出涉及类似的负增长效应在来源国（知识流失）。其次，在我们的框架里，外商直接