The impact of trade on energy efficiency in the global value chain: A simultaneous equation approach
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해외직접투자(Foreign Direct Investment, FDI)의 유입은 현지국(host country)의 소득 불평등에 어떤 영향을 미치는가? 어떤 나라가 해외 자본 유입에 더 취약한 모습을 보이는가? 본 논문은 FDI가 현지국의 소득 불평등에 미치는 영향을 분석하고, 현지국의 국가 능력에 따라 FDI로 인한 소득 불평등의 악화가 다르게 나타날 수 있다고 주장한다. 국가 능력이란 국가가 사회 전체에 효과적으로 침투하여 여타 행위자들에게 휘둘리지 않고 자신이 추구하는 목표를 실현할 수 있는 능력을 말한다. 국가 능력이 높은 국가에서는 FDI의 유입으로 이익을 보는 집단의 반발을 극복하고 다양한 방식의 정책을 효율적으로 추진할 수 있기 때문에 FDI로 인한 소득 불평등 효과가 완화될 수 있다. 이러한 가설을 검증하기 위하여 지니계수, 소득 분배율을 종속변수로, 국가 능력과 FDI의 상호작용항을 독립변수로 설정하고 1980년부터 2018년 기간 동안의 98개 국가의 패널 자료를 이용하여 이중고정효과, 도구변수, 시스템 적률법 등의 방법을 활용하여 분석을 진행하였다. 분석 결과, 본 논문의 가설을 지지하는 경험적 증거들이 도출되었다. 즉, FDI로 인한 소득 불평등의 증가는 국가 능력이 높은 국가에서는 완화되어 나타나고 있다는 점이 발견되었다.
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Foreign direct investment (FDI) is a major component of globalization. Because of the important role it plays in economic growth and development, many scholars have directed their interest and knowledge to theoretical and/or empirical studies of the causes of FDI. There has been a rapidly growing body of literature that theorizes, hypothesizes, and empirically tests the determinants of FDI. There is no single theory of FDI; rather, various theories look at FDI from different angles and complement each other. Likewise, the empirical studies of FDI are incremental and experimental. The main theoretical approaches to FDI are presented, the empirical evidence gathered in the literature is introduced, and future research is discussed.
Empirical Research
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In recent years a much optimistic view on the role of Foreign Direct Investment (FDI) on Domestic Investment (DI) in the host country has evolved. Empirical studies reveal that the increase in DI due to FDI inflows would be greater than the amount of the FDI inflows in the host country and that this effect would be direct and indirect. Viewing the increasing trend of FDI inflows into India, this study explores the impact of FDI inflows on the DI in India. This study finds that the direct impact of FDI inflows on DI in India is positive but the indirect impact is 'neutral' on the DI in the long run. The study finds no evidence that the increase in DI due to FDI inflows is greater than the amount of the FDI inflows in India.
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Thesis (M.P.P.)--Georgetown University, 2009.; Includes bibliographical
references. This paper analyzes the relationship between preferential trade agreements (PTAs)
signed between countries and the foreign direct investment (FDI) inflows to the member
countries of the agreements. Using the most comprehensive database of PTAs available, it
extends earlier research by considering the relationship between FDI flows and different types
of bilateral and multilateral trade agreements, by controlling more carefully for political
institutions, and by analyzing FDI flows between pairs of countries rather than FDI receipts.
FDI has grown in importance to economies across the globe and establishing a link between PTAs
and FDI would provide policymakers with another avenue to promote FDI inflows to their
countries. This study demonstrates that institutional variables play a role in the
relationship between trade agreements and FDI, and that relationship also differs depending on
the type of trade agreement--for example, entering a customs union with an OECD country has a
very different relationship with FDI than joining the WTO.
Customs union
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Balance of Payments
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Africa’s share of foreign direct investment (FDI) has lagged behind other regions in the world, despite a sharp increase in FDI inflows to the region in 2001. Factors contributing to this circumstance include perceptions of high corruption, weak governance and poor infrastructure. The motivation of this paper is to investigate the impact of openness to trade on the FDI inflow to Africa. In addition to economy-wide trade openness, we also analyse the impact on FDI of openness in manufactured goods, primary commodities and services. The empirical work uses cross-country data from selected African countries observed over four periods: 1980-1985, 1985-1990, 1990- 1995 and 1995-2001. We find that the FDI to GDP ratio responds well to increased openness in the whole economy and in the services sector in particular.
Openness to experience
Language Change
Investment
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Foreign direct investment. Mode of entry. FDI determinants. FDI effects. FDI measurement. Host country determinants of FDI. FDI global trends. FDI target in developed countries. M&As vs greenfield investment trends. FDI in Europe. Literature review of FDI economic impact. Empirical analysis. Methodology.
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外人直接投資(foreign direct investment, FDI)被視為經濟成長的引擎之一, 主要原因是FDI會帶給接受國新的技術以及外溢效果, 進而促使其經濟成長加速。 但文獻上對FDI帶給總體經濟環境的影響, 看法並不一致。因此, 本論文將對以下三個議題進行討論, 第一, FDI是否真的會使經濟成長加速; 第二,FDI是否會讓所得不均度下降; 第三, 雙邊FDI在景氣共移中所扮演的角色為何?
第二章主要探討FDI是否對經濟成長存在不對稱的門檻效果, 本章利用Caner and
Hansen (2004)所提出的門檻回歸方法並運用期初GDP、人力資本與貿易開放程度為門檻變數,係以1975年至2000年的62個國家為研究對象。在未考慮門檻效果時, FDI對於經濟成長的效果是不一致的,但納入門檻迴歸時, 實證結果證實期初GDP和人力資本的程度對FDI與經濟成長具有重要的解釋能力。若FDI的接受國擁有較佳的期初GDP與人力資本, FDI對於經濟成長是正向顯著的影響。
第三章欲重新驗證金融中介機構在FDI對經濟成長的角色, 本章首先建立一個簡單的理論模型說明金融中介與FDI的外溢效果之間的關聯。 在實證分析上, 我們利用工具變數法來處理有可能的內生性問題, 但我們也發現在這個議題上存在弱工具變數的問題, 此問題會讓原先的估計結果產生偏誤。 因此, 本章運用較可信賴的聯合檢定, 如: Anderson and Rubin (1949), Kleibergen (2002)與Moreira (2003)再次檢驗金融中介的角色。我們也考慮四種在有弱工具變數問題時較佳表現的估計方法進行分析, 如: limited information maximum likelihood (LIML)、Fuller (1977)及Hausman et al. (2008)所提出的兩種heteroskedasticity-robust估計方法(HLIML和HFUL)。本章與Hermes and Lensink (2003)和Alfaro et al. (2004)不同之處, 我們發現擁有較佳的金融發展國家並不會讓FDI產生外溢效果, 使得經濟快速成長。
在第四章, 運用1980年至2005年56個國家分析在不同基礎建設的水準之下, FDI與所得不均度之間的關係。本章利用Hansen (2000)所提出的門檻迴歸方法發現, 在基礎建設略差的國家,FDI的引進會讓接受國的所得不均度惡化; 相反地, 擁有較佳的基礎建設時, FDI對所得不均的影響不大。此外,本章發現國際貿易會使得所得分配更加平均, 此外, 實證結果也支持Kuzents (1955)年所提出的Kuzents inverted-U hypothesis。
第五章利用77個國家組合分析FDI、貿易、產業相似度與景氣共移性的關係, 在過往文獻探討中大部份都忽略FDI的重要性。本章採用Baltagi (1981)提出的error component three stage least square (EC3SLS)進行實證探討,我們發現FDI關係越緊密的國家會讓提高兩國的景氣共移性, 而貿易及產業相似度對景氣的影響則不顯著,這代表FDI是解釋景氣相關性重要的變數之一。此外, 本章發現FDI是屬於水平性質, 因為FDI與貿易存在替代關係,FDI取代貿易在景氣共移中的角色, 這也是FDI的重要性提升的原因之一;實證結果亦顯示兩國產業差異性越大, 越會透過貿易來獲取各自所需的商品。
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This article aims to explain recent trends of foreign direct investment (FDI) in the developed world, and specifically in the case of the European Union (EU). It includes an empirical analysis of FDI in two distinct EU country groups and finds that the profit rate plays a significant role in determining FDI patterns. It is shown that relatively less developed Eastern EU members have a higher profit rate and thus have established themselves as an attractive FDI destination within the EU. Additional factors that influence FDI are market size, long-term FDI attractiveness, and trade protectionism. Finally, a sectoral analysis of FDI and trade shows that increased FDI in less developed Eastern EU members is mainly of an export-oriented type. JEL Classification: F14, F15, F21, P16
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Market Size
Empirical Research
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In view of the changing FDI landscape, in particular, a drastic increase in out-ward FDI from developing and transition economies in recent years, this paper attempts to explore the possible impacts of outward FDI other than domestic savings and inward foreign direct investment on domestic investment. The major contribution of this study is that it is the first effort to empirically analyse the short- and long-run effects of the outward FDI using panel data of ASEAN–8 countries, which could provide useful policy implications for governments at both regional and international levels to achieve inclusive growth and sustainable development. Using pool mean group analysis, this paper finds that the gross domestic saving, inward FDI and outward FDI have a positive long-run impact on the gross domestic investment even though their long-run estimates are inelastic. The empirical study reveals that both inward FDI and outward FDI, to some extent, are complementary to the gross domestic investment.
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