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首页> 外文期刊>International Journal of Economic Policy Studies >The importance of economic openness on technical efficiency in global perspective
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The importance of economic openness on technical efficiency in global perspective

机译：经济开放技术的重要性全球视角的效率

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Macroeconomic efficiency governs a substantial role in defining a country's welfare. It ignites a competitive advantage in global competition and demonstrates favorable allocation of resources. The creation of macro efficiency is multidimensional, however previous literature had emphasized the relevance of economic openness. International trade enables firms to access the global demand, acquiesces scalability in expanding their production, and uphold economies of scale. Foreign direct investment (FDI) caters to the financing needs of the host countries, providing a lower cost of capital compared to internal sources. However, openness also creates interdependence among countries possibly have negative results on efficiency through the building up ofdownward risks and external shocks. Our study attempts to identify the influence of international trade and FDI on the technical efficiency of macroeconomics in the global context. We differentiate countries based on income level, and further investigatewhether technical efficiency in each cluster responds differently to openness. Panel data is used encompassing 88 countries and 28 years (1990-2017). We apply a stochastic frontier model based on the Cobb-Douglas production function. The result characterizes high-income countries as being the most technically efficient, followed by middle- and low-income countries, consecutively. The dispersion of technical efficiency among low-income countries is relatively high compared to other income groups, indicating a wide within-group and overtime efficiency gap. Further, FDI is found to have a positive effect on technical efficiency in all income levels, but a higher proportion of FDI toward the global stock would deteriorate a country's technical efficiency.Trade is found to be beneficial only to economies with adequate levels of export proportion. The result suggests that policymakers need to balance the source of growth, between internal and foreign-sourced. It further points to the urgency of developingexport-oriented industries, filtering imports, on facing global trade.
机译：宏观经济管理大量效率在定义一个国家的福利。在全球竞争和竞争优势展示了良好的资源配置。建立宏观效率多维,然而先前的文献强调经济开放的相关性。国际贸易使公司访问全球需求,鉴于可伸缩性扩大生产,维护经济的规模。东道主国家的融资需求,提供一个较低的资本成本相比内部来源。国家间的相互依存负面结果的效率建立ofdownward风险和外部冲击。我们的研究试图确定的影响国际贸易和FDI的技术在全球宏观经济的效率上下文。收入水平,并进一步investigatewhether在每个集群响应技术效率不同的开放。包括88个国家和28年(1990 - 2017)。基于柯布-道格拉斯生产函数。结果是高收入国家在技术上是最有效,其次是中低收入国家,连续。技术效率的色散低收入国家相比是比较高的其他收入群体,表明宽类内和加班的效率差距。此外,外国直接投资是有积极的作用在技术效率在所有收入水平,但是向全球更高比例的外国直接投资股票将恶化一个国家的技术效率。经济水平足够的出口比例。需要平衡增长的来源,两者之间内部和来源于外国。developingexport-oriented的紧迫性在面对全球产业,进口过滤,贸易。

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