Determinants of FDI inflows to Arab economies

The paper studies location determinants of foreign direct investment (FDI) to 16 Arab economies over the period from 1984 to 2012, by employing Arellano–Bover/Blundell–Bond linear dynamic panel data estimation. We find that market size, trade openness, preferential trade agreements and financial development have significant positive impact on FDI inflows to Arab economies. FDI in Arab economies appears to be resource seeking since the total oil supply variable is positive and significant. The paper finds that better institutions and educated labour force may play a key role in attracting FDI inflows. We suggest that Arab economies should sequence their economic policy measures with the institutional ones, beginning with a focus on privatization and trade liberalization, and subsequently shift to improvement in economic growth.     

国际贸易对中外双向投资影响的实证分析

改革开放以来尤其是我国加入世贸以来,我国国际贸易额大幅上升,与此同时,流入我国的外商直接投资和我国的对外直接投资同时迅猛地增长。那么国际贸易和双向投资之间是否存在着某种必然的相关性呢?运用计量经济学的方法对我国国际贸易额与我国双向FDI的总量关系进行实证分析,得出结论,国际贸易对我国双向FDI起着促进作用,其中,对外商直接投资促进作用较大(在99%显著水平下,每产生一亿美元的进口就会流入0.303亿美元的FDI,每产生一亿美元的出口就会流入0.208亿美元的FDI),对对外直接投资影响较小(在99%显著水平下,每产生一亿美元的贸易仅对对外投资0.003 203亿美元)。并由此提出了一些建设性的意见。     

Bulgaria's Inward FDI and EU Accession

Bulgaria's extraordinary openness performance in terms of international trade and inward foreign direct investment (FDI) volumes has not been affected by both the country's failure to reach the levels of structural transformation and technological upgrading achieved by Central and Eastern Europe member states and by the failure to comply with European Union (EU) law within certain time frames. Although a substantial literature has evolved on the country's inward FDI due to this performance, empirical microeconomic studies explore the time frame up to EU accession. This study focuses on the effect of EU accession in order to revisit Bulgaria's primary inward FDI determinants via a meso-economic panel analysis of disaggregated data by industry. The findings indicate the neglected importance of extra-EU exports as a driver of Bulgaria's inward FDI and the appropriateness of micro-/meso-approaches to the subject.     

FDI,openness and income

This is an empirical study of the impact of foreign direct investment (FDI) on income. It presents cross-country evidence that inward FDI is positively correlated with income. In addition, an instrument for FDI is constructed to address the issue of endogeneity. The results show that instrumental-variables (IV) estimates of the impact of FDI on income are positive and greater than OLS estimates, similar to the findings on trade in Frankel and Romer (). The evidence in this paper suggests that inward FDI contributes to higher income, and favours the argument of Irwin and Terviö () that trade openness is subject to measurement error – in particular, trade is an imperfect proxy for many income-enhancing interactions between countries.     

Outward FDI from the USA and host country financial transparency

Extant research has focused on the role of host country corruption as either an attractant or deterrent to foreign investment. These studies generally contend that corruption acts more like a ‘grabbing hand’ than as a ‘helping hand’. However, it is plausible that a significant component of foreign investment may be attracted to locales that offer opaque financial environments. Specifically, we hypothesize that money laundering opportunities may encourage illicit capital flows into certain jurisdictions. Using the USA as the ‘source’ country, we investigate the effect of corruption and money laundering opportunities on Foreign Direct Investment (FDI) flows. The empirical findings indicate that corruption deters foreign investment, while money laundering opportunities attract it. We also show that the effect of money laundering and corruption vary based on the host country's level of development. Our findings bolster the contention that FDI into certain host countries is motivated by a facilitation of illicit capital flows.     

国际贸易与国际投资对我国技术创新影响的比较分析

在经济全球化的背景下,技术创新与国际贸易和国际投资等涉外经济活动的联系愈来愈紧密,而不同涉外经济活动对技术创新的影响不同。本文运用1990～2008年期间的数据,实证检验了出口贸易、进口贸易、外商直接投资和对外直接投资对我国技术创新能力的影响效应。结果表明,外商直接投资和进口对技术创新的影响最大,出口贸易次之,而对外直接投资对技术创新的影响最小。     

外国直接投资与我国进出口贸易的关系——基于不同贸易方式的实证分析

本文运用协整方法和误差修正模型,根据我国1981-2004年的统计数据,考察了我国吸收的外国直接投资对不同贸易方式下的对外贸易产生的不同影响。结果表明:从长期看,外国直接投资与加工贸易进出口之间存在长期均衡关系,而与一般贸易进出口之间不存在长期均衡关系;从短期看,外国直接投资对加工贸易进出口都具有促进作用,而一般贸易进出口对外国直接投资的变动反应不敏感。     

On the Irrelevance of Mercosur: Evidence From Foreign Direct Investment

ABSTRACT

This article utilizes data from more than 100 countries over 30 years to identify the key factors that make a country more attractive to foreign direct investment (FDI). We find evidence that a country's potential marginal returns to capital, available infrastructure, degree of trade openness, labor force qualification, and macroeconomic stability have a positive impact on FDI inflows. Our estimates capture a change in the role played by trade protection and an increase in the importance of human capital as globalization progressed. An application of our models illustrates why Mercosur countries have underperformed their peers in attracting FDI.     

Foreign Direct Investment and Trade: A Study on Selected Brazilian Industries

This study aims to investigate whether foreign direct investment (FDI) growth improved the Brazilian foreign trade in the long run and whether there is a predictable relationship between a firm's FDI strategy and a firm's foreign trade. We applied moderated multiple regressions and generalized linear models to test the effects of FDI on both export and import equations of 11 Brazilian industries from 1996 to 2009. Our data sources include the Ministry of Development, Industry and Foreign Trade Ministry, Central Bank of Brazil, and the Applied Research Institute. Results showed that FDI is correlated with increased exports in the short run, but not in the long run. In the long run, the positive relationship between FDI and exports will only occur for export-oriented industries in which resource-seeking strategies are preponderant. We found a positive relationship between imports and FDI in the short run, particularly in import-oriented industries. A negative relationship between FDI and imports was found in the long run.     

The Growth Impact of Chinese Direct Investment on Host Developing Countries

This paper examines the growth impact of Chinese outward foreign direct investment (OFDI) on host developing countries and investigates whether it is different from that of OFDI from Western countries. The analysis covers the distinctive characteristics of Chinese OFDI, in particular, weak ownership advantages and strong state supportiveness, and how they influence the growth impact of OFDI through different transmission channels. Using a cross-country panel dataset for 52 countries over the 2004-2012 period and OFDI originating from China and the US as examples, the results attest to our argument that it is not absolute but relative ownership advantage and the gap-filling compatibilities between FDI and host economies that determine the growth impact of FDI on the host countries. It finds that both Chinese OFDI and US OFDI have a significant positive impact on capital accumulation in developing countries; however, Chinese OFDI has a stronger effect on employment and productivity growth than US OFDI. Moreover, the growth impact of Chinese OFDI is stronger in low-income countries, while US OFDI demonstrates significant effects mainly in middle-income countries.     

我国利用外商直接投资的出口贸易效应分析

改革开放以来,我国的出口贸易发展迅速,同时吸收利用外商直接投资（FDI）的数量也大幅增长。实践表明,FDI对我国出口贸易的发展做出了巨大的贡献,但也带来了不少问题。文章从出口商品数量、出口商品结构等方面．探讨了FDI对我国出口贸易的积极影响及其局限性．并有针对性地提出了有效利用FDI的几点政策建议。     

Foreign direct investment and customs union: Incentives for multilateral tariff cooperation over free trade

The present article examines the implications of a customs union (CU) on the pattern of tariffs, welfare and the prospects for free trade when the non-member firm has an incentive to engage in foreign direct investment (FDI). First, I show that upon the formation of a bilateral CU, the non-member firm has greater incentives to engage in FDI. However, when FDI becomes a feasible entry option for the non- member firm under a CU, member countries have incentives to strategically induce export over FDI by lowering their joint external tariff. When fixed set-up cost of FDI is sufficiently low, this tariff falls below Kemp–Wan tariff and CU leads to a Pareto improvement relative to no agreement. Moreover, using an infinite repetition of the one-shot tariff game under a CU, I show that the presence of FDI incentive of the non-member firm makes the member countries more willing to cooperate multilaterally over free trade while the opposite is true for the non-member country. Finally, I find that, unless fixed cost of having an additional plant is sufficiently low, multilateral cooperation over free trade is easier to sustain when FDI incentive is present.     

政治风险与中国企业对外直接投资——基于东道国与母国两个维度的实证分析

利用中国大陆企业对外直接投资(OFDI)统计数据和两类政治风险指数进行实证研究,结果发现:来自东道国的政治风险对OFDI有着显著的负向影响;本土的政治风险对于OFDI也有实质影响;经济增长、经济开放程度以及政府政策等因素对OFDI也有显著作用。     

The determinants of China's outward foreign direct investment

Globalisation has led to a rapid increase in the growth of foreign direct investment (FDI) globally. Over the last decade China has become the largest recipient of FDI whilst simultaneously increasing its outward FDI dramatically. The growth in China's outward FDI has attracted little attention from scholars in mainstream research publications. The motivation behind this paper is to investigate the factors driving this growth from both economic and strategic backgrounds. The paper employs panel data analysis covering the period 2003–2009 where we quantify the main drivers of China's outward FDI across a range of variables including bi lateral and multi lateral trade, market size, GDP growth, openness and resource endowment.     

重庆市引进FDI的现状及其影响因素分析

近年来,重庆市吸引FDI(外商直接投资)的规模已经跻身西部省市前列,该成绩的取得主要是基于外资集聚程度、市场规模、基础设施水平和市场化程度方面的显著优势。FDI在重庆市的行业选择主要受行业比较优势、行业外资集聚程度和行业资本密集度等因素影响。因此,重庆市还应在提高研发能力、引导FDI在第三产业内部平衡布局、促进重点行业形成集聚效应等方面作出进一步的努力。     

The Chinese outward foreign direct investment motives in ASEAN countries through export performance: The role of competitive intensity among Chinese smartphone manufacturers

This study aims to examine the impact of outward foreign direct investment (OFDI) objectives on the achievement of export performance under competitive intensity. We apply the diverse theoretical perspectives of the eclectic paradigm and institutional theory. Primary data were collected from 162 Chinese manufacturer–exporter companies. Specifically, this research shows that Chinese OFDI motives increase its export performance in ASEAN markets. Furthermore, we discover that competitive intensity moderates the relationship between strategic assets-seeking foreign direct investment (FDI) motive and export performance, but not the relationship between market-seeking FDI motive and export performance. Hence, this study presents a holistic assessment of Chinese smartphone manufacturers' export performance by accounting for the overlooked effect of firms seeking FDI motive through the moderating of competitive intensity.     

我国进出口商品结构与对外直接投资的相关性研究──基于VAR模型的分析框架

本文以我国1982-2007年的相关数据为样本,基于VAR模型的分析框架实证研究了我国进出口商品结构与对外直接投资的相关性。结果表明:进出口商品结构与对外直接投资存在长期均衡关系,其中初级产品出口、工业制成品出口分别与对外直接投资存在相互替代效应,初级产品进口、工业制成品出口分别与对外直接投资存在相互补充效应;进出口商品结构中各变量与对外直接投资均不存在短期因果关系,但共同构成了影响对外直接投资变化的短期因素。     

FDI流入对我国价格贸易条件影响的实证研究

对FDI影响我国价格贸易条件变动的路径进行了理论研究,利用OSL建立回归模型及参数计量经济模型对我国贸易条件变动进行实证分析。研究表明FDI流入对我国平均工资水平产生了正面的溢出效应,同时促进我国贸易结构的一定程度的改善,但它并没有从根本上改善我国的价格贸易条件。     

Has the crisis affected Spanish investment strategy abroad? A spatial panel data approach

This paper investigates whether the Spanish investment strategy abroad has been affected by the Great Recession. Applying a panel spatial Durbin model for two sample periods, pre‐crisis (1996–2007) and crisis (2008–14), our findings indicate that Spanish foreign direct investment (FDI) strategy has been indeed markedly altered by the global economic crisis. Complex‐vertical FDI motives prevailed over the pre‐crisis period, whereas horizontal FDI did so over the crisis. These results are robust to the use of sectoral FDI data and alternative specifications of the spatial weight matrix.     

FDI对江苏省经济发展的影响分析

改革开放以来,江苏省利用FDI的总额不断增长,规模不断扩大,为江苏省经济发展做出了极大贡献。本文利用江苏省1988～2007年近20年统计资料中的时间序列数据,并通过构建一元线性回归模型、Granger因果关系检验和滞后分布模型等多个计量经济学模型,分析FDI对江苏省短期与长期经济发展以及对江苏省进出口贸易的影响,对江苏省如何有效利用FDI提出对策建议。