在中欧和东欧外商直接投资和生产力的聚集--行业水平的调查外文翻译（已处理）

1、在中欧和东欧，外商直接投资和生产力的聚集-行业水平的调查外文翻译 毕业论文外文原文外文题目:FDI and Economic Growth Relationship: An Empirical Study on Malaysia出 处: International Business Research,April,2021作 者: Har Wai Mun and Teo Kai Lin and Yee Kar Man 原文:FDI and Economic Growth Relationship: An Empirical Study on Malaysia Har Wai MunTeo Kai

2、 LinYee Kar ManAbstract Foreign direct investment FDI has been an important source of economic growth for Malaysia, bringing in capital investment, technology and management knowledge needed for economic growth. Thus, this paper aims to study the relationship between FDI and economic growth in Malay

3、sia for the period 1970-2005 using time series data. Ordinary least square OLS regressions and the empirical analysis are conducted by using annual data on FDI and economy growth in Malaysia over the 1970-2005 periods. The paper used annual data from IMF International Financial Statistics tables, pu

4、blished by International Monetary Fund to find out the relationship between FDI and economic growth in Malaysia case. Results show that LGDP, LGNI and the LFDI series in Malaysia are I1 series. There is sufficient evidence to show that there are significant relationship between economic growth and f

5、oreign direct investment inflows FDI in Malaysia. FDI has direct positive impact on RGDP, which FDI rate increase by 1% will lead to the growth rate increase by 0.046072%. Furthermore, FDI also has direct positive impact on RGNI because when FDI rate increase by 1 %, this will lead the growth increa

6、se by 0.044877%.Keywords: Growth, FDI inflows, FDI and growth relationship, Malaysias economy 1. Introduction This paper defines foreign direct investment FDI as international capital flows in which a firm in one country creates or expands a subsidiary in another. It involves not only a transfer of

7、resource but also the acquisition of control. Since the 1990s, FDI has been a source of economic growth for Malaysia, believing that besides needed capital, FDI brings in several benefits. The most important benefit for a developing country like Malaysia is that FDI could create more employment. In

8、addition, technology transfer is another benefit for the host countries. When the foreign factories are set up in their countries, they will expose to higher technology production and efficiency in management. Once in future, they able to produce goods and services as competitive as foreigners do. N

9、evertheless, insufficient funds for investment are the main reason to seek FDI. Usually many less-developed countries lack of fund for investment. Foreign direct investment can help them to develop their country and improve their standard of living by creating more employment. According to Mohd Naza

10、ri Ismail 2001, he finds that foreign direct investment play a significant role in the Malaysian economy especially in the electronic industry. In addition to creating more jobs and generating export,the foreign multinationals have also contributed to the development of the technical capabilities of

11、 the locals. This is through the process of technology transfer.2. Trends and Patterns of FDI Flow in Malaysia Figure 1 presents the trend of FDI inflow to Malaysia, during 1970 to 2004. For the past two decade, Malaysia was receiving a lot FDI. FDI stock in Malaysia starts to grow up slowly by 1970

12、s. FDI inflows had increased almost twenty-fold during 1970s to 1990s, from $94 million dollar in 1970s to $2.6 billion dollar by 1990s, although there was some fluctuation between the years. Even though the FDI was increased over the year, however, since the early of 1990s, there have been several

13、periods of slowdown. In 1993, FDI drop drastically dropped drastically due to a slowdown in investments from two main sources of investments for Malaysia - Japan and Taiwan. One of the main reasons for this slowdown is the rise in wage rates in Malaysia relative to other Asian countries such as Chin

14、a, Vietnam and Indonesia. The total FDI flows in Malaysia was peaked at 1996, when it achieve $7.3 billion dollar. The financial crisis of 1997 that affected most of the Southeast Asia also serves to reduce FDI into Malaysia. Since the early of 2000s, the FDI flows in Malaysia tend to inconsistent a

15、nd fluctuate randomly, however it also achieve an average inflows of US$3billion per year. Source: United Nations Conference on Trade and Development UNCTAD, various issues. In general, Malaysia is the second fastest growing economy in the South East Asian region with an average Gross National Produ

16、ct GNP growth of eight-plus percent per year in the last seven years. Since independence in 1957, Malaysia has moved from an agriculturally based economy to a more diversified and export oriented one. The Malaysian market is fairly openly oriented, with tariffs only averaging approximately fifteen p

17、ercent and almost non-existent non-tariff barriers and foreign exchange controls. With a stable political environment, increasing per capita income, and the potential for regional integration throughout the Association of South East Asian Nations ASEAN, Malaysia is an attractive prospect for FDI. Th

18、e key success factor of the FDI contributes to the economic growth in Malaysia because of the good environment. If the environment not suitable, it will not encourage foreign investors come to invest. Good favorable conditions make investors face fewer problems because all investors can run their bu

19、siness conveniently in order to make more profit with life safety. Few vital clues for foreign direct investment include political stability, economic stability, lower wages, and easy accessibility to plentiful raw material, special rights, and person safety. Long term political stability makes fore

20、ign investors confident with theirs businesses will succeed and remain profitable.Besides, economic instability like inflation, foreign exchange fluctuation and economic crisis also another important environment factor for investor to consider because can cause the business lose without knowing in a

21、dvance. Furthermore, foreign investors try to search the country with lower wages to reduce average cost of production and hence strongly persuade foreigners to invest in that country. A country with plenty of raw materials necessary for the production attracts investors more than a country without

22、it and personal safety also vital to foreign investors because life is more valuable than money, nobody like to take risk as being killed or kidnapped in foreign country. 3. Objective of Study The main objective in this paper, therefore aims to study the relationship between FDI and economic growth

23、in Malaysia for the period 1970-2005 using time series data. The rest of the paper is structured as follow: Section 2, there will have review on the empirical literature done on FDI and economic growth. Section 3 will be the data and methodology. Section 4 will be the result and interpretation and f

24、inally is Section 5 will be the findings from this study. 4. Literature Review Foreign direct investment FDI has played a leading role in many of the economies of the region. There is a widespread belief among policymakers that foreign direct investment FDI enhances the productivity of host countrie

25、s and promotes development. There are several studies done on FDI and economic growth. Some of the studies testing the relationship between FDI and economic growth while some are find out the causality between two variables. Their findings are varies from different method use on their research such

26、as some of the researchers found that FDI has a positive effect on economic growth. For example is Balasubramanyam et al 1996 analyses how FDI affects economic growth in developing economies. Using cross-section data and OLS regressions he finds that FDI has a positive effect on economic growth in h

27、ost countries using an export promoting strategy but not in countries using an import substitution strategy. Olofsdotter 1998 provides a similar analysis. Using cross sectional data she finds that an increase in the stock of FDI is positively related to growth and that the effect is stronger for hos

28、t countries with a higher level of institutional capability as measured by the degree of property rights protection and bureaucratic efficiency in the host country. Besides that, Borensztein et.al 1998 examine the effect of foreign direct investmentFDI on economic growth in a cross country regressio

29、n framework, utilizing data on FDI flows from industrial countries to 69 developing countries over the last two decades. Their outcome of this study is that FDI is an important vehicle for the transfer of technology, contributing relatively more to growth than domestic investment. However, the highe

30、r 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. Another study based on developing economies is B

31、orensztein et al 1998 that examines the role of FDI in the process of technology diffusion and economic growth. The paper concludes that FDI has a positive effect on economic growth but that the magnitude of the effect depends on the amount of human capital available in the host country. In contrast

32、 to the preceding studies, De Mello 1999 only finds weak indications of a positive relationship between FDI and economic growth despite using both time series and panel data fixed effects estimations for a sample of 32 developed and developing countries. On the other hand, Zhang 2001 and Choe 2003 a

33、nalyses the causality between FDI and economic growth. Zhang uses data for 11 developing countries in East Asia and Latin America. Using cointegration and Granger causality tests,Zhang 2001 finds that in five cases economic growth is enhanced by FDI but that host country conditions such as trade reg

34、ime and macroeconomic stability are important. According to the findings of Choe 2003, causality between economic growth and FDI runs in either direction but with a tendency towards growth causing FDI; there is little evidence that FDI causes host country growth. Rapid economic growth could result i

35、n an increase in FDI inflows. There is further study done by Chowdhury and Mavrotas 2003 which examine the causal relationship between FDI and economic growth by using an innovative econometric methodology to study the direction of causality between the two variables. The study involves time series

36、data covering the period from 1969 to 2000 for three developing countries, namely Chile, Malaysia and Thailand, all of them major recipients of FDI with different history of macroeconomic episodes, policy regimes and growth patterns. Their empirical findings clearly suggest that it is GDP that cause

37、s FDI in the case of Chile and not vice versa while for both Malaysia and Thailand, there is a strong evidence of a bi-directional causality between the two variables. The robustness of the above findings is confirmed by the use of a bootstrap test employed to test the validity of the result. In add

38、ition, Frimpong and Abayie 2006 examine the causal link between FDI and GDP growth for Ghana for the pre and post structural adjustment program SAP periods and the direction of the causality between two variables. Annual time series data covering the period from 1970 to 2005 was used. The study find

39、s no causality between FDI and growth for the total sample period and the pre-SAP period. FDI however caused GDP growth during the post ?SAP period. Finally, Bengoa and Sanchez-Robles 2003 investigate the relationship between FDI, economic freedom and economic growth using panel data for Latin Ameri

40、ca. Comparing fixed and random effects estimations they conclude that FDI has a significant positive effect on host country economic growth but similar to Borensztein et al 1998 the magnitude depends on host country conditions. Carkovic and Levine 2002 use a panel dataset covering 72 developed and d

41、eveloping countries in order to analyse the relationship between FDI inflows and economic growth. The study performs both a cross-sectional OLS analysis as well as a dynamic panel data analysis using GMM. The paper concludes that there is no robust link running from inward FDI to host country econom

42、ic growth.译文:在中欧和东欧,外商直接投资和生产力的聚集-行业水平的调查Martin Bijsterbosch , Marcin Kolasa摘要 本文利用工业水平的数据,阐述在中欧和东欧外商直接投资流入对生产力收敛效果的实证研究。四个结论脱颖而出。首先,在国家和工业层面,对生产力具有较强的收敛效果。其次,对生产力的开展,外商直接投资流入起着重要的作用。第三,外商直接投资对生产力的影响严重取决于受援国和产业的吸收能力。第四,不同性质的国家,行业和时间方面的一些主要调查结果。关键词:生产力聚集,外商直接投资,吸收能力 虽然外商直接投资绝对不是发生国际技术扩散的唯一途径,但它被广泛认为是

43、最重要的。这是因为跨国公司在技术上是最先进的企业,将较大数额花费在研究与开展上及使用更好的管理做法。这意味着,外商直接投资可能涉及优越技术的转让,这可以普及整个经济,造成在国内企业生产率的提高(如Findlay,1978年或Romer,1993年),使外商直接投资和开展中国家的经济增长之间的联系具有坚实的理论根底。依照Borensztein(1998年)等,这关系可以Barro和Sala-i-Martin(1997年)开发利用国际技术扩散模型框架和由Romer(1990年)或Grossman和Helpman(1991年)的开创性奉献得出内生增长理论。 根据这一设置,人均(即劳动生产率)增长通过

44、积累人力资本和扩张在最终产品生产中使用的资本货物的品种数量而出现的。这些品种是由国内和对经济进行直接投资的外国公司一并生产。资金品种数量的增加,需要提供固定的费用来适应更先进技术的经济体系。此本钱随外国企业在东道国经济的股份运行,反映在追赶的过程模拟下降可能性,并与兴旺的国家呈负相关的技术差距。 类似的想法也可以被纳入新古典增长模型。例如,王(1990年)说明增加有效的知识应用于生产可认为是外商直接投资的作用。Nelson和Phelps(1966年)提出对技术扩散的可能性的描述,涉及人力资本仿制趋同中下降过程的重要作用。Duczynski(2003年)采用国际技术扩散的概念纳入资本流动的拉姆齐

45、框架,并讨论了在经济转型方面对该模型的影响。 在这些理论思考的根底上,我们可以相对于兴旺经济体的相对生产力水平和人力资本为主要解释变量,利用外商直接投资建立简单的生产率增长的追赶型经济模型,。该模型的精确标准可以采取不同的形式(见第4节)。 不过,虽然外商直接投资被普遍认为是经济重组和国际技术扩散的主要渠道,外商直接投资流入可能无法足以保证生产力的提高。在某种程度上这些流量转化为技术进步和生产力增长取决于该部门和国家的吸收能力。反过来,根本的技术知识的水平取决于更先进的技能东道国或部门(如见世界银行,2021年)。 吸收能力的概念可以通过扩展简单的实证模型勾勒出上述包括解释变量主体间的相互作用

46、。例如,通过与外商直接投资的相对生产力水平的互动,利用计量科学的技术,我们可以检测到外国资本的流入对吸收能力的依赖及其获得的收益程度。特别是,通过Glass和Saggi(1998年)的假说,我们可以测试到,较大的开展差距和国内企业较为有限的能力意味着通过外商直接投资获得的低质量的技术转移受益于外商潜在的溢出效应(这意味着长期互动的负面影响)。另一方面,Findlay(1978年)提出的另一种积极替代假说,在相对落后的经济中,强调抓住大型技术变革的机遇和改变巨大压力。 吸收能力也可以考虑到同时与人力资本和相对生产力水平(作为潜在的技术转移的代理)和外商直接投资流入之间的互动。Nelson和Phe

47、lps(1966年)提出的一个经典的参考作用是强调在技术扩散的人力资本,在他们相对的的成长技术前沿回归中,人力资本质量的措施与生产力差距的影响互动。Borensztein(1998年)和Balasubramanyan(1999年)确认外商直接投资和人力资本的质量之间的联系。 必须指出的是,在文献中,人力资本和相对生产力不是唯一的吸收能力的代理。特别是地方企业吸收国外的知识的能力,可以依赖他们自身的创新工作(见Cohen和Levinthal,1989年)。同时,一系列广泛的其他特点,如竞争压力、金融市场的开展、法规等,在外商直接投资的作用下,可以影响赶超进程的速度和规模的潜在溢出效应。 在一个潜

48、在的解释变量的定义下,一个适当的计量经济战略的选择是不简单的。一般来说,在经验增长文献中,最受欢送的方法是分为两个组,我们将称之为截面和时间序列研究。 利用大量文献得到,第一组包括主要是跨国家或(少量)跨产业的关联经济增长和广泛的解释变量。在回归中使用的是在相对平均长的时间跨度变量,涵盖整个样本(如Barro,1991年; Mankiw,Romer和Weil,1992年)或非重叠的平均数形式(如Borensztein,1998年。Schadler,2006年)。 对截面研究的主要优势是,他们的结果是不太可能出现驱动的周期性变动。此外,通过利用截面信息,他们可以更好的解决不同国家或行业之间的表现差异的相关问题。然而在实践中,后者的优势可能会破坏遗漏变量问题和内生性,导致在利益系数的估计中产生潜在的严重偏差。 第二组的方法是时间序列研究,旨在测试利益内部关系而不是国家或行业之间。每年这种类型的研究主要是依靠观察,并使用面板数据的方法(例如,见Islam,1995年; Griffith,2004年;Carkovic和Levine,2005年)。 该时间序列方法的最大优点是,它不存在可能影响纯截面回归的较偏见的资源。这是因为在面板固