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Foreign direct investment and growth in East Asia (China, Korea, Singapore, Malaysia, Philippines, Indonesia, Thailand).

机译：东亚（中国，韩国，新加坡，马来西亚，菲律宾，印度尼西亚，泰国）的外国直接投资和增长。

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摘要

Chapter 1 addresses the following question: Is China diverting foreign direct investment from other Asian economies? Theoretically, a growing China can add to other countries' direct investment by creating more opportunities for production networking and by raising demand for raw materials and resources. At the same time, relatively low Chinese labor costs may lure multinationals away from other Asian sites when multinationals consider alternative locations for low-cost export platforms. In this paper, we explore this important issue empirically. We use data from eight Asian economies (Hong Kong, Taiwan, Republic of Korea, Singapore, Malaysia, Philippines, Indonesia, and Thailand) from 1985 to 2001 and control for the determinants of their inward foreign direct investment (FDI). We then add China's FDI inflows as an indicator of the "China Effect". Due to possible simultaneity between China's and the Asian countries' inward FDI, we use a random effects simultaneous equation model to estimate the "China effect". We have four results: (1) the level of China's FDI is positively related to the levels of these economies' inward direct investments; (2) the level of China's FDI is negatively related to these economies' shares of total Asian inward FDI and shares of total FDI inflows to the developing countries; (3) the China effect on the E&SE Asian countries' shares of the world inward FDI is mixed, minimal and not significant; and (4) the "China effect" is not the most important determinant of inward direct investments to these economies. In particular, corporate tax rate, level of corruption, and openness to trade have more influential effects on FDI inflows.; Chapter 2 studies the effects of five sources of FDI on output. These sources are USA, Japan, Hong Kong, Taiwan, and Korea. The empirical study implements pooled two-stage least square and random effects two-stage least square model. Our main results show that aggregate FDI has positive impact on output. When considering each of the five sources, FDI from the US has the largest effect on GDP, following by FDI from Hong Kong, Japan, Taiwan, and Korea, respectively. The results suggest that effects of FDI by source are fairly consistent, positive, and significant in the pooled two-staged least square model for, except for FDI from Korea whose significance is not as robust. In the random effects two-staged least square model, the effect of each source of FDI is even more consistent than that of the pooled 2SLS. This includes the result from the Korean investment. Moreover, in the random effects 2SLS model, the FDI-human capital interaction term is significant in the case of Japan and Korea. This may reflect the nature of relatively more capital-intensive investment from these two countries, where high skilled workers are required to perform functions. While sources of FDI in our sample are mostly significant, their impacts on China output are rather small compared to domestic investment and employment.
机译：第1章讨论了以下问题：中国是否正在从其他亚洲经济体转移外国直接投资？从理论上讲，不断发展的中国可以通过为生产网络创造更多机会并提高对原材料和资源的需求来增加其他国家的直接投资。同时，当跨国公司考虑使用低成本出口平台的替代地点时，相对较低的中国劳动力成本可能会吸引跨国公司远离其他亚洲地区。在本文中，我们将通过经验探索这一重要问题。我们使用1985年至2001年来自八个亚洲经济体（香港，台湾，大韩民国，新加坡，马来西亚，菲律宾，印度尼西亚和泰国）的数据，并控制了其外来直接投资（FDI）的决定因素。然后，我们将中国的外国直接投资流入量作为“中国效应”的指标。由于中国和亚洲国家的外国直接投资可能同时发生，因此我们使用随机效应联立方程模型来估计“中国效应”。我们有四个结果：（1）中国的外国直接投资水平与这些经济体的对内直接投资水平成正比； （2）中国的外国直接投资水平与这些经济体在亚洲外来直接投资总额中的份额以及流向发展中国家的外国直接投资总额中的份额负相关； （3）中国对欧洲，东欧和亚洲国家在世界外国直接投资中所占份额的影响是混合的，微不足道的并且不重要的； （4）“中国效应”不是这些经济体对内直接投资的最重要决定因素。特别是，公司税率，腐败程度和贸易开放度对外国直接投资的流入有更大的影响。第2章研究了外国直接投资的五种来源对产出的影响。这些来源是美国，日本，香港，台湾和韩国。实证研究实现了两阶段最小二乘和随机效应两阶段最小二乘模型。我们的主要结果表明，外国直接投资总额对产出有积极影响。当考虑这五个来源时，美国的FDI对GDP的影响最大，其次是香港，日本，台湾和韩国的FDI。结果表明，按来源划分的外国直接投资的影响在两阶段最小二乘汇总模型中相当一致，积极且显着，但韩国的外国直接投资的意义不那么强。在随机效应两阶段最小二乘模型中，每个FDI来源的影响甚至比合并的2SLS更为一致。这包括韩国投资的结果。此外，在随机效应2SLS模型中，在日本和韩国，FDI-人力资本相互作用项很重要。这可能反映出这两个国家需要相对较高的资本密集型投资的性质，这两个国家需要高技能的工人来履行职责。尽管我们样本中的外国直接投资来源非常重要，但与国内投资和就业相比，它们对中国产出的影响很小。

著录项

  • 作者

    Chantasasawat, Busakorn.;

  • 作者单位

    University of California, Santa Cruz.;

  • 授予单位 University of California, Santa Cruz.;
  • 学科 Economics General.; Economics Commerce-Business.
  • 学位 Ph.D.
  • 年度 2004
  • 页码 85 p.
  • 总页数 85
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类 经济学;贸易经济;
  • 关键词

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