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Does Foreign Direct Investment Promote Human Capital Accumulation? The Role of Gradual Financial Liberalization

机译:外国直接投资会促进人力资本积累吗?渐进的金融自由化的作用

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摘要

We argue that the effect of inward foreign direct investment (FDD on domestic human capital (HO accumulation depends on the degree of financial deregulation. Using 383 observations from provincial yearly panel data of the reform period in China, we find the following: FDI has a positive and significant interaction effect with financial deregulation on HC in both least squares dummy variable and system generalized method of moments estimations that address the endogeneity of all important explanatory variables including FDI, financial deregulation, and their interaction term. That is, a higher level of financial deregulation increases the marginal effect of inward FDI on domestic HC.
机译:我们认为,外国直接投资(FDD)对国内人力资本(HO积累)的影响取决于金融放松管制的程度。使用来自中国改革时期各省年度面板数据的383条观察结果,我们发现:FDI有一个最小二乘虚拟变量和系统广义矩估计方法中,金融管制放松对HC的积极和显着的交互作用,解决了所有重要的解释变量(包括FDI,金融管制放松及其相互作用项)的内生性。金融放松管制增加了外国直接投资对国内HC的边际影响。

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