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How Does Foreign Direct Investment Really Affect Developing Countries' Growth?

机译:外国直接投资如何真正影响发展中国家的增长?

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摘要

Two main contributions to literature on foreign direct investment (FDI) and economic growth are made in this paper. First, the paper examines the effect of FDI on economic growth for 44 developing countries using heterogeneous panel cointegration techniques that are robust to omitted variables and endogenous regres-sors. The main result is that FDI has, on average, a negative effect on growth in developing countries, but there are large differences in the effect across countries. Second, a general-to-specific model-selection approach is used to systematically search for country-specific factors explaining the cross-country differences in the growth effects of FDI. The results suggest that the cross-country heterogeneity in the growth effect of FDI can be explained mainly by cross-country differences in freedom from government intervention, business freedom, FDI volatility, and primary export dependence.
机译:本文对外国直接投资(FDI)和经济增长的文献做出了两个主要贡献。首先,本文使用异类面板协整技术研究了外国直接投资对44个发展中国家经济增长的影响,这些技术对遗漏变量和内生调节因子具有鲁棒性。主要结果是,外国直接投资平均对发展中国家的增长产生负面影响,但各国之间的影响差异很大。其次,一般模型到特定模型的选择方法用于系统地搜索特定国家的因素,这些因素解释了外国直接投资对增长的影响的跨国差异。结果表明,外国直接投资增长效应中的跨国异质性可以主要由各国在政府干预自由,企业自由,外国直接投资波动性和主要出口依赖方面的差异来解释。

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  • 来源
    《Review of international economics》 |2012年第2期|p.396-414|共19页
  • 作者

    Dierk Herzer;

  • 作者单位

    Department of Economics, Helmut-Schmidt-University Hamburg, Holstenhofweg 85, 22043Hamburg, Germany.;

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  • 正文语种 eng
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