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首页> 外文期刊>The World Economy >The Role of Geography in Financial and Economic Integration: A Comparative Analysis of Foreign Direct Investment, Trade and Portfolio Investment Flows
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The Role of Geography in Financial and Economic Integration: A Comparative Analysis of Foreign Direct Investment, Trade and Portfolio Investment Flows

机译：地理在金融和经济一体化中的作用：对外国直接投资，贸易和证券投资流的比较分析

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In this paper, we investigated the determinants of FDI, trade and portfolio investment flows with an emphasis on the role of geography. Although there are few studies that examine the geographical allocation of financial flows, to the best of our knowledge, there is no other study that provides a direct comparison of the determinants of North-North, North-South and South-North FDI, trade and portfolio flows. There are significant differences between North-North and North-South flows. Our results find support for the argument that most FDI among industrial countries are horizontal, whereas most FDI investment in developing countries is vertical. Industrial countries trade in financial assets and goods with developing countries that are more developed and have higher income, rather than larger markets. For host developing countries, growth-promoting measures will therefore attract trade, FDI and portfolio investment. We conclude that geographical factors have a significant role in explaining the spatial allocation of FDI and portfolio investment flows, as well as trade. The fact that the significance of geographical variables on financial flows still remained even after controlling for the macroeconomic fundamentals, is in contrast to the standard capital market model. The results can, however, be reconciled if geographical factors can proxy for information costs. Also bilateral FDI, trade and portfolio investment flows react to fundamentals in the same way, however, with different degrees of sensitivity. Our results indicate that portfolio investment flows, compared to FDI, are highly sensitive to changes in GDP per capita. This implies that if there is a negative output shock, portfolio investment flows will be more volatile than FDI. The significant effect of distance on financial flows may also explain how such idiosyncratic shocks are spread (i.e. contagion) to other countries in the same region. Ultimately, the geographical location of a country may determine its economic and financial integration into the world economy. The results from this study provide evidence for the existence of significant information costs in financial flows, which may explain why country portfolios are still home-biased. Host countries that have a greater distance to investor countries, may overcome geographic determinism by taking policy actions to facilitate information flows.
机译：在本文中，我们调查了FDI，贸易和证券投资流量的决定因素，重点是地理位置的作用。尽管就我们所知，很少有研究检查资金流向的地理分布，但是没有其他研究可以直接比较北北，北南和南北外商直接投资，贸易和投资的决定因素。投资组合流量。北北流和南北流之间存在显着差异。我们的结果支持以下论点：工业国家中大多数外国直接投资是水平的，而发展中国家中大多数外国直接投资是垂直的。工业国家与较发达，收入更高的发展中国家而不是更大的市场进行金融资产和商品的贸易。因此，对于东道发展中国家，促进增长的措施将吸引贸易，外国直接投资和证券投资。我们得出结论，地理因素在解释外国直接投资，证券投资流量以及贸易的空间分配方面具有重要作用。即使在控制了宏观经济基本面之后，地理变量对资金流动的重要性仍然存在，这一事实与标准资本市场模型形成了鲜明对比。但是，如果地理因素可以替代信息成本，则结果可以协调。此外，双边外国直接投资，贸易和证券投资流以相同的方式对基本面做出反应，但敏感性不同。我们的结果表明，与外国直接投资相比，证券投资流量对人均GDP的变化高度敏感。这意味着，如果出现负面的产出冲击，证券投资的流动性将比外国直接投资更大。距离对资金流动的重大影响也可能解释了这种特异的冲击如何传播（即传染）到同一地区的其他国家。最终，一国的地理位置可能决定其经济和金融融入世界经济的程度。这项研究的结果为资金流动中存在大量信息成本提供了证据，这也许可以解释为什么国家投资组合仍然偏向于家庭。与投资国距离较远的东道国可以通过采取政策行动以促进信息流动来克服地理确定性问题。

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