外商直接投资能长期促进经济增长外文翻译.docVIP

外商直接投资能长期促进经济增长？外文翻译 Does Foreign Direct Investment Always Enhance Economic Growth? Joze Mencinger Introduction For international financial institutions, politicians, and the vast majority of economists foreign direct investment FDI appears to be a sort of panacea for every economic problem in the emerging market economies; its positive impact on economic growth has acquired the status of conventional fact. Economic theory namely suggests that unfettered international capital flows foster efficient allocation of resources, which by itself should promote growth. The economic benefits of FDI are considered to be twofold. First, FDI can help countries if domestic savings are insufficient to finance economic expansion; secondly, a foreign corporate presence is associated with positive externalities. The almost desperate efforts of many countries to attract as much FDI as possible indirectly support the theory. However, substantial gains of inward FDI for the host countries have been much more asserted than confirmed by empirical evidence. The results of a rapidly growing number of empirical studies on the relation between FDI and economic growth differ, although most studies start with essentially the same benchmark cross-country growth model. The differences in the sets of the countries included, sample periods, data, and estimation techniques hamper comparisons across the studies Edison et al. 2002. In many studies dealing with subsets of the countries, FDI or FDI in combination with some other factor or factors, is positively related to growth, while several studies Rodrik 1998, Grilli and Milesi-Ferretti 1995, Kraay 1998 have found no significant relationship between FDI and growth. Most studies have stressed the differences among the sets of countries included regarding their trade policies, institutional characteristics, or level of development. More than two decades ago Bhagwati 1978 suggested that the impact of FDI on growth depends on the trade policy of a