Foreign direct investment and business start-up in developing countries: The role of financial market development

Munemo Jonathan

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Foreign direct investment and business start-up in developing countries: The role of financial market development

机译：发展中国家的外国直接投资和创业：金融市场发展的作用

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This paper investigates whether financial market development has an impact on the relationship between foreign direct investment (FDI) and business start-up, which is a salient feature of entrepreneurship. In a panel of 92 developing countries, the paper finds that the ability of FDI to crowd-in business start-ups significantly depends on financial market development in the host economy. Based on the results, there is a threshold level of financial market development above which FDI crowds-in new businesses. Improving financial conditions in developing countries where they are unfavorable is therefore an important precondition for facilitating the positive externalities from FDI inflows which stimulate entrepreneurship. The results also support the policy propositions that a good regulatory environment and higher growth in income per capita are important for enhancing entrepreneurship.

机译：本文研究了金融市场的发展是否会影响外国直接投资（FDI）与创业之间的关系，这是企业家精神的显着特征。在由92个发展中国家组成的小组中，该论文发现，外国直接投资挤入商业初创企业的能力在很大程度上取决于东道国经济中金融市场的发展。根据结果，存在一个金融市场发展的门槛水平，高于该门槛水平，外国直接投资就会涌入新业务。因此，改善不利条件的发展中国家的财务状况，是促进外国直接投资流入刺激企业家精神的积极外部性的重要前提。结果还支持政策主张，即良好的监管环境和较高的人均收入增长对增强企业家精神至关重要。

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来源
《The quarterly review of economics and finance》 |2017年第8期|97-106|共10页
作者
Munemo Jonathan;
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作者单位

Perdue School of Business, Salisbury University, Salisbury, MD, United States;

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原文格式 PDF
正文语种 eng
中图分类
关键词
Crowding-out; Entrepreneurship; Financial development; Foreign direct investment;

机译：挤出;创业精神;金融发展;外商直接投资;

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1. Financial market development in host and source countries and their effects on bilateral foreign direct investment [J] . Donaubauer Julian, Neumayer Eric, Nunnenkamp Peter The World Economy . 2020,第3期

机译：主持人和来源国家的金融市场发展及其对双边外国直接投资的影响
2. Foreign Direct Investment into Developing Asian Countries: The Role of Market Seeking, Resource Seeking and Efficiency Seeking Factors [J] . Kavita Wadhwa, Sudhakara Reddy S International Journal of Business and Management . 2011,第11期

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3. ILLICIT FINANCIAL FLOWS AND FOREIGN DIRECT INVESTMENT IN DEVELOPING COUNTRIES [J] . Emmanuel Innocents Edoun, Alexandre Essome Dipita, Dikgang Motsepe Risk Governance & Control: Financial Markets & Institutions . 2016,第4期

机译：发展中国家的非法资金流动和外国直接投资
4. The role of transport and logistics to attract foreign direct investment in the developing countries [C] . Saidi Samir, Hammami Sami 2011 4th International Conference on Logistics . 2011

机译：运输和物流在吸引发展中国家外国直接投资中的作用
5. Impact of foreign direct investment on developing country credit markets. [D] . Vora, Ankur. 2003

机译：外国直接投资对发展中国家信贷市场的影响。
6. China’s outward foreign direct investment in energy sector: The role of intimate relations between countries [O] . Na Tan, Liang Chang, Rui Guo 2021

机译：中国向外外国直接投资能源部门：亲密国家之间的作用
7. Financial Development and the Distributional Effects of Monetary Policy Do the distributional consequences of monetary policy depend on the extent of financial development? Should optimal monetary policy vary across countries? In order to answer these questions, we develop a monetary growth production model with heterogeneous agents. In our economy, optimal policy needs to weigh the effects of policy across two groups — capital owners and individuals who hold liquid assets. While banks help limit the exposure to inflation, there are limits because money alleviates the frictions of private information and limited communication. In this environment, we compare two economies that are identical in every aspect except for their level of financial development. In a country with limited financial development, a stock market is absent. In the other, an equity market is active. In either economy, inflation adversely affects capital formation and output. Individuals who hold liquid assets are always adversely affected by inflation, but the attitude of capital owners depends on the level of financial development. In particular, in the presence of a stock market, the impact of inflation on the welfare of capital owners is non-monotonic. Nevertheless, optimal monetary policy is always more conservative at higher levels of financial development. [O] . TINA M. Edgar A. Ghossoub, TINA M. Robert R. Reedy 100

机译：金融发展和货币政策的分配效应货币政策的分配后果是否取决于金融发展的程度？各国的最优货币政策应该不同吗？为了回答这些问题，我们开发了一个具有异构代理的货币增长生产模型。在我们的经济中，最优政策需要权衡两个群体的政策效应 - 资本所有者和持有流动资产的个人。虽然银行帮助限制通胀风险，但存在限制，因为资金减轻了私人信息的摩擦和有限的沟通。在这种环境下，我们比较两个经济体在各个方面都是相同的，除了它们的金融发展水平。在金融发展有限的国家，缺乏股票市场。另一方面，股票市场活跃。在任一经济体中，通胀都会对资本形成和产出产生不利影响持有流动资产的个人总是受到通货膨胀的不利影响，但资本所有者的态度取决于金融发展的水平。特别是，在股票市场存在的情况下，通货膨胀对资本所有者福利的影响是非单调的。尽管如此，在较高的金融发展水平下，最优货币政策总是更加保守。

Foreign direct investment and business start-up in developing countries: The role of financial market development

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