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Portfolio investment outflow and the complementary role of direct investment

机译：证券投资流出和直接投资的补充作用

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Purpose - This paper aims to uncover potential contemporaneous relationship between foreign portfolio investment (FPI) and another popular type of cross-border investment outflow, namely, foreign direct investment (FDI). Design/methodology/approach - The relationship between FPI and FDI are modeled using simultaneous equations approach to take potential endogeneity in to account. In a panel of 45 countries over the period of 2001-2009, FPI and FDI are found to be strategically complimentary to each other. Findings - The two-stage least square estimates suggest existence of both statistically and economically significant relationship between these two types of outflows. In particular, the FDI outflow has empirically significant predictive power in explaining the FPI outflow. Similarly, the FPI outflow also has significant explanatory power for the observed level of FDI outflow. Second, the FPI has greater explanatory power for FDI outflow than the FDI for the FPI outflow. Originality/value - The authors believe that the paper would contribute to the relevant literature in terms of its originality and scope. The empirical findings of the paper have valuable policy implications.
机译：目的-本文旨在揭示外国证券投资（FPI）与另一种流行的跨境投资流出类型（即外国直接投资（FDI））之间的潜在同期关系。设计/方法/方法-FPI和FDI之间的关系使用联立方程法建模，以考虑潜在的内生性。在2001年至2009年的45个国家中，FPI和FDI在战略上是相互补充的。调查结果-两阶段最小二乘估计表明这两种类型的流出之间在统计和经济上都存在显着关系。特别是，FDI流出在解释FPI流出方面具有经验上显着的预测能力。同样，FPI流出对于观察到的FDI流出水平也具有重要的解释力。其次，与FPI流出相比，FPI对FDI流出的解释力更大。原创性/价值-作者认为，论文的原创性和范围会为相关文献做出贡献。本文的经验发现具有重要的政策含义。

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