外文翻译原文--浅析外国直接投资与经济增长关系

外文翻译原文--浅析外国直接投资与经济增长关系

Applied Economics 2009 41 1621–1641

An analysis of the relationship

between foreign direct investment

and economic growth

Jonathan A Battena and Xuan Vinh Vob

aGraduate School of Management Macquarie University Sydney NSW Australia Department of Finance Hong Kong University of Science Technology Kowloon Hong Kong

bDepartment of Economics University of NSW Sydney Australia Employing a panel data modelling technique we contribute to two

critical

research issues what is the link between Foreign Direct Investment FDI

and economic growth and does the relationship change under different

educational institutional and economic conditions Overall the analysis

supports the view that FDI has a stronger positive impact on economic

growth in countries with a higher level of education attainment openness

to international trade and stock market development and a lower rate of

population growth and lower level of risk Thus countries undertaking

reform of cross-border capital restrictions and controls and

initiating other

policy aimed at encouraging FDI need to ensure that broader social

policy

objectives – such as education and institutional

reform – are also

undertaken to leverage the benefits from FDI

I Introduction While some policy makers may remain circumspect

about the long-term benefits arising from inward

Worldwide the development of deeper and more

or inbound portfolio investment often citing the

sophisticated domestic and international financial

dangers to domestic financial system stability arising

markets improvements in technology and informa- from its speculative component FDI by virtue of its

tion transmission have contributed to enhanced longer term nature is regarded more favourably

economic and financial integration To capture Academic investigation of the economic impact from

many of the economic benefits arising from these

FDI flows also generally support the view of positive

processes many countries –especially developing economic benefits achieved through higher levels of

countries –have initiated reform agendas designed to growth Nonetheless Gao 2005 amongst others

improve the efficiency and the scope of their domestic notes that while increased integration has given rise

financial systems and remove structural impediments to FDI with host countries benefiting from increases

that may otherwise impede cross-border capital

in living standards one should still remain cautious

flows Consequently in recent times there has been

of the often-observed positive correlation between

a surge in the flows of both Foreign Direct

inward FDI and subsequent increases in economic

Investment FDI and portfolio investment with

growth since the relation may not be causal Better

FDI now accounting for more than 60 of private understanding this relation therefore remains a

capital flows Carkovic and Levine 2002 Alfaro

critical empirical question since policy in support of