外文翻译中国的FDI 国内投资与经济增长一个时间序列分析.docx
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外文翻译中国的FDI 国内投资与经济增长一个时间序列分析.docx
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外文翻译中国的FDI国内投资与经济增长一个时间序列分析
中文3080字
本科毕业论文外文翻译
外文题目:
ForeignDirectInvestment,DomesticInvestmentandEconomicGrowthinChina:
ATimeSeriesAnalysis
出处:
TheWorldEconomy,2008.10,1467-9701.
作者:
SumeiTang,E.A.SelvanathanandS.Selvanathan.
外文原稿
ForeignDirectInvestment,DomesticInvestmentandEconomicGrowthinChina:
ATimeSeriesAnalysis
SumeiTang,E.A.SelvanathanandS.Selvanathan
1.Introduction
Despitealargeamountofliteratureonthesubject,theroleofFDIineconomicgrowthremainshighlycontroversial.TheproponentsofFDIarguethatithelpspromoteeconomicgrowththroughtechnologydiffusionandhumancapitaldevelopment.ThisisparticularlythecasewhenMNEsinahosteconomyhaveverticalinter-firmlinkageswithdomesticfirmsorhavesub-nationalorsub-regionalclustersofinter-relatedactivities.Throughformalandinformallinksandsocialcontactsamongemployees,MNEsdiffusetechnologyandmanagementknow-howtoindigenousfirms.Consequently,economicrentsarecreatedaccruingtooldtechnologiesandtraditionalmanagementstyles.Also,FDIhelpsovercomecapitalshortageinhostcountriesandcomplementsdomesticinvestmentwhenFDIflowstohigh-riskareasornewindustrieswheredomesticinvestmentislimited.WhenFDIoccursinresourceindustries,domesticinvestmentinrelatedindustriesmaybestimulated.Moreover,FDImayresultinanincreaseddemandforexportsfromthehostcountry,helpingattractinvestmentintheexportindustries.EmpiricalstudiessupportingtheseargumentsincludeSun(1998)andShan(2002).Usingtheconventionalregressionmodelandpaneldata,Sun(1998)findsahighandsignificantlypositivecorrelationbetweenFDIanddomesticinvestmentinChina.Shan(2002)usesaVARmodeltoexaminetheinter-relationshipsbetweenFDI,industrialoutputgrowthandothervariablesinChina.HeconcludesthatFDIhasasignificantlybeneficialimpactontheChineseeconomywhentheratioofFDItoindustrialoutputrises.
Incontrast,opponentsofFDIarguethatFDIcrowdsoutdomesticinvestment,andhasanadverseeffectongrowth.Inparticular,theindustrialorganisationtheorystipulatesthatFDIisanaggressiveglobalstrategybyMNEstoadvancemonopolypoweroverandaboveindigenousfirmsofthehosteconomy.Theownership-specificadvantagesofMNEs(e.g.advancedtechnologies,managementknow-howskills,transactioncostminimisingandotherintangibleadvantages)couldbetransformedintomonopolypower.ThismonopolypowercanbefurtherreinforcedbytheothertwoadvantagesofMNEs:
themarketinternalisationspecific-advantageandthelocation-specificadvantage(Dunning,1981).Inaddition,FDImaydisruptbackwardlinkagesthroughsubstitutionofimportsfordomesticcommodities(Noorzoy,1979).
ThepresentpapercontributestotheexistingliteraturebyapplyingamultivariateVARsystemwiththeerrorcorrectionmodel(ECM)andtimeseriestechniquesofco-integrationandinnovationaccountingtoexplorethepossiblelinksbetweenFDI,domesticinvestmentandeconomicgrowthinChina.Specifically,weusetheimpulseresponsefunctionandvariancedecompositionplustheGrangercausalitytestingprocedurestoinvestigatewhether:
(1)FDIhasacomplementary/substitutioneffectondomesticinvestmentinChina;
(2)thereexistsanycausalrelationshipbetweenFDI,domesticinvestmentandeconomicgrowth;(3)FDIhasplayedanimportantroleinChina’seconomicgrowth;and(4)FDIcontributestogrowthmorethandomesticinvestment.
Thispaperdiffersfromearlierstudiesinanumberofrespects.Firstly,itrepresentsthefirstattempttodirectlytesttherelationshipbetweenFDIanddomesticinvestmentinChina.Second,weusepuretime-seriesdatawhilepreviousstudiesuseeithercross-sectionalorpaneldata,whicharelikelytosufferfromproblemsofdatacomparabilityandheterogeneity.Third,earlierstudiesdonottestforcausalitybetweenFDI,domesticinvestmentandeconomicgrowth.Thefailuretoconsiderthepossibletwo-waycausalitybetweenthevariablesmayleadtothesimultaneityproblem.Finally,ourVARmodelincorporateslong-rundynamicsorECM.Neglectingthesedynamicsmayproducevariousestimationbiases.
Theorganisationofthepaperisasfollows.Section2offersanoverviewofFDIinflows,domesticinvestmentandeconomicgrowthinChina.ThisisfollowedbyeconometricanalysisinSection3.Thefinalsectionofthepaperpresentstheconclusionandsomepolicyimplications.
2.ANOVERVIEWOFFDIINFLOWS,DOMESTICINVESTMENTANDECONOMICGROWTHINCHINA:
1978–2003
Intheearly1980s,specialeconomiczoneswereformedwithpreferentialpoliciesincludingtaxconcessionsandspecialprivilegesforforeigninvestors.Duringthereformperiod,theChinesegovernmentintroducedvariousnewlegislativemeasurestoimproveinvestmentconditionsandthebusiness
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