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首页> 外文期刊>Review of development economics >Do regional trade agreements stimulate FDI? Evidence for the Agadir, MERCOSUR and AFTA regions
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Do regional trade agreements stimulate FDI? Evidence for the Agadir, MERCOSUR and AFTA regions

机译：区域贸易协定会刺激外国直接投资吗？阿加迪尔，南锥体共同市场和AFTA地区的证据

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The integration of emerging markets into the global economy is heavily promoted by foreign direct investment (FDI) inflows. Among the factors explaining the location of FDI, regional trade agreements (RTAs) can be relevant for emerging markets, as they can promote economic integration and increase the attractiveness of the region for foreign investors. This paper investigates the impact of South-South trade agreements on the FDI decision of multinationals, where the Agadir, mercado comun del sur (MERCOSUR), and ASEAN free trade area (AFTA) agreements are considered. Three panels of countries are defined, where the members joined a specific agreement or not. Non-Gulf Arab states are compared to better performing regions in Latin America and Southern and Eastern Asia. The analysis provides evidence that openness to foreign trade and financial markets are among the main catalysts to attract FDI, provided that business-friendly institutions exist in the host country. Other variables, like the size of the industrial sector, urbanization rates, and external debt appear to be important in some cases. The integration of China into the world economy is a specific trigger for FDI to Asian destinations. Since RTAs influence the market size by reducing barriers to trade, their impact operates via GDP growth and openness. Gains from the agreement are striking for Latin America and Asia, but not for Arab states. To attract more FDI. business-friendly institutional reforms and mechanisms to support new firm foundation should be implemented in this region.
机译：外国直接投资（FDI）的流入极大地促进了新兴市场融入全球经济。在解释外国直接投资位置的因素中，区域贸易协定（RTA）可能与新兴市场有关，因为它们可以促进经济一体化并增加该区域对外国投资者的吸引力。本文研究了南南贸易协定对跨国公司FDI决定的影响，其中考虑了阿加迪尔，默多尔市（MERCOSUR）和东盟自由贸易区（AFTA）协定。定义了三个国家小组，成员是否参加了特定协议。将非海湾阿拉伯国家与拉丁美洲，南亚和东亚表现较好的地区进行比较。该分析提供了证据，证明对对外贸易和金融市场的开放是吸引外国直接投资的主要催化剂，但前提是东道国存在对商业有利的机构。在某些情况下，其他变量，例如工业部门的规模，城市化率和外债似乎也很重要。中国融入世界经济是外国直接投资流向亚洲目的地的特定诱因。由于RTAs通过减少贸易壁垒来影响市场规模，因此它们的影响通过GDP增长和开放来发挥作用。该协议的收益对于拉丁美洲和亚洲而言是惊人的，但对于阿拉伯国家而言却并非如此。吸引更多的外国直接投资。应在该地区实施对企业友好的机构改革和支持新公司基础的机制。

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