1、1本科毕业论文外文翻译外文文献译文标题外国直接投资如何影响经济增长资料来源国际经济学杂志作者E布雷斯顿1简介在经济发展的进程中，技术扩散扮演了重要的核心作用。相比较于其中技术变化还是遗留不明的传统增长结构，最近经济增长方面的文献强调了经济增长率依赖于国内技术与世界其他地区联系的状况。如此一来，发展中国家的经济增长率从某种程度上可以被认为就是技术水平赶超的一个过程。在典型的技术扩散模型中，落后国家的经济增长率依赖于对那些已经在领先国家中所运用的新技术的采纳和实施的程度。技术扩散的进行可以通过多种涉及思想和新技术船舶的渠道。高科技产品的进口，国外新技术的采用以及通过各种方式进行的人力资本的收购都是
2、相当重要的国际技术扩散的渠道。除了这些渠道，跨国公司进行的外国直接投资被认为是发展中国家摄取先进技术的一种主要手段。跨国公司往往是一些技术最先进的公司，经营着世界相当大一部分的研究与发展的投资。最近一些关于经济增长的研究强调了外国直接投资在发展中国家技术进步过程中的作用。芬德利（1978）认为，外商直接投资对东道国技术进步率的促进是通过一种来源于被外国公司采用的更先进的技术和管理措施等的“传染效应”。王（1990）将这个想法纳入模型使之与新古典主义经济增长框架接轨，通过假设对应用于生产的知识的增加决定着外国直接投的运作。本文的目的是实证地研究发展中国家的外国直接投资在技术扩散和经济增长过程中的
3、作用。我们通过一种内生增长模型来促进该实证研究，其中技术进步率是长期收入增长率的主要因素。技术进步是在以引进各种资金产品的新品种的方式进行的资本深化过的程中进行。跨国公司拥有更加先进的“知识”，这使得他们能够以更低的成本引进新的资本货物。然而，这种更先进技术的运用同时需要东道国经济有足够的人力资本水平的呈现。东道国的人力资本存量限制了发展中国家的吸收能力，尼尔森和菲尔普斯（1966），本哈比和斯皮尔格（1994）。因此，该模型强调更先进技术的引进和吸收能力的要求双方面作为经济增长的决定因素，同时建议对外国直接投资和人力资本在生产率增长过程中的互补性进行实证调查。我们通过跨国回归利用框架对过去二
4、十年从工业化国家流入69个发展中国家的外2国直接投资数据来测试外国直接投资对于经济增长的影响。我们的研究结果表明外国直接投资实际上是一种技术转让的重要手段，相比国内投资更大程度促进经济增长。此外，我们发现外国直接投资和人力资本之间存在这一种很强的互补效应，外商直接投资与东道国人力资本水平的相互作用能够提升外国直接投资对经济增长的贡献。但是，我们的实证结果表明，外国直接投资只有在东道国人力资本存量的门槛最低时才能比国内投资更有效。根据莱文和R奈特1992年的敏感性分析表明了外国直接投资、人力资本和经济增长之间存在着密切的关系。2结果我们实证研究的目的是估量外国直接投资对经济增长的影响以及通过哪种
5、渠道对经济增长更具效益。特别是，在第二节讨论的，我们研究外国直接投资和人力资本存量的相互作用是否对经济增长率产生影响。我们还检验外国直接投资的水平是否对国家总体投资水平以及投资效益有一定的影响。主要的回归分析结果表明外国直接投资对经济增长具有积极的整体性的影响，但是其影响的程度取决于东道国人力资本存量的利用状况。然而，对于那些人力资本水平过低的国家，外国直接投资和人力资本的相互作用所产生的外国直接投资的直接影响却是负面的。跨国回归同时还表明外国直接投资对国内投资具有一种积极作用，即使不强，大概是因为外国投资者与其国内投资竞争者之间活动的互补性吸引相较于竞争性占支配地位。这是一种间接的队经济增长
6、的影响，因为它的运行是通过拉动其他投资来源进行的。所有的回归分析是基于197079年和198089年两个十年的面板数据，估计使用的是表面无关回归技术。我们对截面回归不做报告，其基本上与面板估计产出相同性质的结果。最终的样本涵盖69个发展中国家，其所有变量数据都可用。3结论有一个较好的推理假设外国直接投资比国内投资更有成效。正如格雷厄姆和克鲁格曼在1991年提出，国内企业更了解和深入国内市场；如果一个外国公司打算进入国内市场，它就必须补偿国内企业所享有的优势。很可能是一个国外企业打算以比国内竞争对手更低的成本和更高的生产效率投资该国。尤其是在发展中国家的情况下，很可能外国直接投资高效率源自于先进
7、管理技能和更多现代化技术的结合。外国直接投资或许是先进技术传入发展中国家的主要渠道。然而，不同形式的经济畸形可能会危及外国直接投资作为一种先进技术中转手段的角色。例如，由于贸易保护政策外国直接投资可能成为外国公司唯一获准进入国内市场的方式，不然业已是该东道国的出口方。同样地，从增加外汇储备或基于工业政3策而发展相关部门所考虑的策略的目的这一角度来说，政府可能会向外国投资商提供一套激励机制以此刺激外国直接投资的流入。这些考量使外国直接投资的表现的实证估量成为一个引人关注的问题。我们通过外国直接投资从工业化国家流入发展中国家形成的样本调研这些问题。本文最大的发现是外国直接投资对经济增长的影响依赖于
8、东道国现有的人力资本水平。外国直接投资和教育水平现状之间存在着一种强烈的良性互动。值得注意的是，同样的互动在国内投资时并不显著，可能是外国直接投资和国内投资之间的技术性质差异反应。我们还发现一些关于挤入效应的证据，即外国直接投资和国内投资是相辅相成的。然而，这种影响似乎弱于我们其他的研究结果。但是，在进行外国直接投资对经济增长影响的规模大小解释时需要谨慎一些。我们衡量外国直接投资来源的国际流动的数据收入在国际收支平衡表里。然而，只有其中一部分的资源由跨国公司所投资，因为有些部分的投资通过国内市场的债务或股权融资。这样一来，我们所评估的外国直接投资将低估跨国公司进行的混合投资的总值，外国直接投资
9、的弹性系数比例将被高估。最后，本文的研究结果为今后的研究提供了一些方向。结果表明，外国直接投资对经济增长的有利影响来自于更高的效率而非简单地取决于更高的资本积累。这表明了对外国直接投资对全要素生产率的影响测试在受援国存在可能性。此外，鉴于人力资本和外国直接投资之间相互作用的稳健影响而有利于探索外国直接投资对于人力资本水平的影响。正如我们之前主张的，外国直接投资作为一种采纳新技术的方式，而操作新技术需要相应的劳动力技能培训表明或许外国直接投资对人力资本的积累存在一定影响。4外文文献原文TITLEHOWDOESFOREIGNDIRECTINVESTMENTAFFECTECONOMICGROWTHM
10、ATERIALSOURCEJOURNALOFINTERNATIONALECONOMICSAUTHOREBORENSZTEIN1INTRODUCTIONTECHNOLOGYDIFFUSIONPLAYSACENTRALROLEINTHEPROCESSOFECONOMICDEVELOPMENTINCONTRASTTOTHETRADITIONALGROWTHFRAMEWORK,WHERETECHNOLOGICALCHANGEWASLEFTASANUNEXPLAINEDRESIDUAL,THERECENTGROWTHLITERATUREHASHIGHLIGHTEDTHEDEPENDENCEOFGROWT
11、HRATESONTHESTATEOFDOMESTICTECHNOLOGYRELATIVETOTHATOFTHERESTOFTHEWORLDTHUS,GROWTHRATESINDEVELOPINGCOUNTRIESARE,INPART,EXPLAINEDBYACATCHUPPROCESSINTHELEVELOFTECHNOLOGYINATYPICALMODELOFTECHNOLOGYDIFFUSION,THERATEOFECONOMICGROWTHOFABACKWARDCOUNTRYDEPENDSONTHEEXTENTOFADOPTIONANDIMPLEMENTATIONOFNEWTECHNOL
12、OGIESTHATAREALREADYINUSEINLEADINGCOUNTRIESTECHNOLOGYDIFFUSIONCANTAKEPLACETHROUGHAVARIETYOFCHANNELSTHATINVOLVETHETRANSMISSIONOFIDEASANDNEWTECHNOLOGIESIMPORTSOFHIGHTECHNOLOGYPRODUCTS,ADOPTIONOFFOREIGNTECHNOLOGYANDACQUISITIONOFHUMANCAPITALTHROUGHVARIOUSMEANSARECERTAINLYIMPORTANTCONDUITSFORTHEINTERNATIO
13、NALDIFFUSIONOFTECHNOLOGYBESIDESTHESECHANNELS,FOREIGNDIRECTINVESTMENTBYMULTINATIONALCORPORATIONSMNCSISCONSIDEREDTOBEAMAJORCHANNELFORTHEACCESSTOADVANCEDTECHNOLOGIESBYDEVELOPINGCOUNTRIESMNCSAREAMONGTHEMOSTTECHNOLOGICALLYADVANCEDFIRMS,ACCOUNTINGFORASUBSTANTIALPARTOFTHEWORLDSRESEARCHANDDEVELOPMENTRANDDIN
14、VESTMENTSOMERECENTWORKONECONOMICGROWTHHASHIGHLIGHTEDTHEROLEOFFOREIGNDIRECTINVESTMENTINTHETECHNOLOGICALPROGRESSOFDEVELOPINGCOUNTRIESFINDLAY1978POSTULATESTHATFOREIGNDIRECTINVESTMENTINCREASESTHERATEOFTECHNICALPROGRESSINTHEHOSTCOUNTRYTHROUGHACONTAGIONEFFECTFROMTHEMOREADVANCEDTECHNOLOGY,MANAGEMENTPRACTIC
15、ES,ETCUSEDBYTHEFOREIGNFIRMSWANG1990INCORPORATESTHISIDEAINTOAMODELMOREINLINEWITHTHENEOCLASSICALGROWTHFRAMEWORK,BYASSUMINGTHATTHEINCREASEINKNOWLEDGEAPPLIEDTOPRODUCTIONISDETERMINEDASAFUNCTIONOFFOREIGNDIRECTINVESTMENTFDITHEPURPOSEOFTHISPAPERISTOEXAMINEEMPIRICALLYTHEROLEOFFDIINTHEPROCESSOF5TECHNOLOGYDIFF
16、USIONANDECONOMICGROWTHINDEVELOPINGCOUNTRIESWEMOTIVATETHEEMPIRICALWORKBYAMODELOFENDOGENOUSGROWTH,INWHICHTHERATEOFTECHNOLOGICALPROGRESSISTHEMAINDETERMINANTOFTHELONGTERMGROWTHRATEOFINCOMETECHNOLOGICALPROGRESSTAKESPLACETHROUGHAPROCESSOFCAPITALDEEPENINGINTHEFORMOFTHEINTRODUCTIONOFNEWVARIETIESOFCAPITALGOO
17、DSMNCSPOSSESSMOREADVANCEDKNOWLEDGE,WHICHALLOWSTHEMTOINTRODUCENEWCAPITALGOODSATLOWERCOSTHOWEVER,THEAPPLICATIONOFTHISMOREADVANCEDTECHNOLOGIESALSOREQUIRESTHEPRESENCEOFASUFFICIENTLEVELOFHUMANCAPITALINTHEHOSTECONOMYTHESTOCKOFHUMANCAPITALINTHEHOSTCOUNTRY,THEREFORE,LIMITSTHEABSORPTIVECAPABILITYOFADEVELOPIN
18、GCOUNTRY,ASINNELSONANDPHELPS1966,ANDBENHABIBANDSPIEGEL1994HENCE,THEMODELHIGHLIGHTSTHEROLESOFBOTHTHEINTRODUCTIONOFMOREADVANCEDTECHNOLOGYANDTHEREQUIREMENTOFABSORPTIVECAPABILITYINTHEHOSTCOUNTRYASDETERMINANTSOFECONOMICGROWTH,ANDSUGGESTSTHEEMPIRICALINVESTIGATIONOFTHECOMPLEMENTARITYBETWEENFDIANDHUMANCAPIT
19、ALINTHEPROCESSOFPRODUCTIVITYGROWTHWETESTTHEEFFECTOFFDIONECONOMICGROWTHINAFRAMEWORKOFCROSSCOUNTRYREGRESSIONSUTILIZINGDATAONFDIFLOWSFROMINDUSTRIALCOUNTRIESTO69DEVELOPINGCOUNTRIESOVERTHELASTTWODECADESOURRESULTSSUGGESTTHATFDIISINFACTANIMPORTANTVEHICLEFORTHETRANSFEROFTECHNOLOGY,CONTRIBUTINGTOGROWTHINLARG
20、ERMEASURETHANDOMESTICINVESTMENTMOREOVER,WEFINDTHATTHEREISASTRONGCOMPLEMENTARYEFFECTBETWEENFDIANDHUMANCAPITAL,THATIS,THECONTRIBUTIONOFFDITOECONOMICGROWTHISENHANCEDBYITSINTERACTIONWITHTHELEVELOFHUMANCAPITALINTHEHOSTCOUNTRYHOWEVER,OUREMPIRICALRESULTSIMPLYTHATFDIISMOREPRODUCTIVETHANDOMESTICINVESTMENTONL
21、YWHENTHEHOSTCOUNTRYHASAMINIMUMTHRESHOLDSTOCKOFHUMANCAPITALTHERESULTSAREROBUSTTOANUMBEROFALTERNATIVESPECIFICATIONS,WHICHCONTROLFORTHEVARIABLESUSUALLYIDENTIFIEDASTHEMAINDETERMINANTSOFECONOMICGROWTHINCROSSCOUNTRYREGRESSIONSTHISSENSITIVITYANALYSISALONGTHELINESOFLEVINEANDRENELT1992SHOWSAROBUSTRELATIONSHI
22、PBETWEENECONOMICGROWTH,FDIANDHUMANCAPITALWEALSOINVESTIGATETHEEFFECTOFFDIONDOMESTICINVESTMENT,NAMELY,WHETHERTHEREISEVIDENCETHATTHEINFLOWOFFOREIGNCAPITALCROWDSOUTDOMESTICINVESTMENTINPRINCIPLE,THISEFFECTCOULDHAVEEITHERSIGNBYCOMPETINGINPRODUCTANDFINANCIALMARKETSMNCSMAYDISPLACEDOMESTICFIRMSCONVERSELY,FDI
23、MAYSUPPORTTHEEXPANSIONOFDOMESTICFIRMSBY6COMPLEMENTARITYINPRODUCTIONORBYINCREASINGPRODUCTIVITYTHROUGHTHESPILLOVEROFADVANCEDTECHNOLOGYOURRESULTSARESUPPORTIVEOFACROWDINGINEFFECT,THATIS,AONEDOLLARINCREASEINTHENETINFLOWOFFDIISASSOCIATEDWITHANINCREASEINTOTALINVESTMENTINTHEHOSTECONOMYOFMORETHANONEDOLLAR,BU
24、TDONOTAPPEARTOBEVERYROBUSTTHUS,ITAPPEARSTHATTHEMAINCHANNELTHROUGHWHICHFDICONTRIBUTESTOECONOMICGROWTHISBYSTIMULATINGTECHNOLOGICALPROGRESS,RATHERTHANBYINCREASINGTOTALCAPITALACCUMULATIONINTHEHOSTECONOMY2RESULTSTHEPURPOSEOFOUREMPIRICALINVESTIGATIONISTOESTIMATETHEEFFECTSOFFDIONECONOMICGROWTH,ANDTOINVESTI
25、GATETHECHANNELTHROUGHWHICHFDIMAYBEBENEFICIALFORGROWTHINPARTICULAR,ASDISCUSSEDINSECTION2,WEEXAMINEWHETHERFDIINTERACTSWITHTHESTOCKOFHUMANCAPITALTOAFFECTGROWTHRATESWEALSOTESTWHETHERTHELEVELOFFDIHASANEFFECTONTHEOVERALLLEVELOFINVESTMENTINTHECOUNTRYANDONTHEEFFICIENCYOFINVESTMENTTHEMAINREGRESSIONRESULTSIND
26、ICATETHATFDIHASAPOSITIVEOVERALLEFFECTONECONOMICGROWTH,ALTHOUGHTHEMAGNITUDEOFTHISEFFECTDEPENDSONTHESTOCKOFHUMANCAPITALAVAILABLEINTHEHOSTECONOMYHOWEVER,THENATUREOFTHEINTERACTIONOFFDIWITHHUMANCAPITALISSUCHTHATFORCOUNTRIESWITHVERYLOWLEVELSOFHUMANCAPITALTHEDIRECTEFFECTOFFDIISNEGATIVETHECROSSCOUNTRYREGRES
27、SIONSALSOSHOWTHATFDIEXERTSAPOSITIVE,THOUGHNOTSTRONG,EFFECTONDOMESTICINVESTMENT,PRESUMABLYBECAUSETHEATTRACTIONOFCOMPLEMENTARYACTIVITIESDOMINATESTHEDISPLACEMENTOFDOMESTICCOMPETITORSTHISISANINDIRECTEFFECTOFFDIONGROWTH,SINCEITOPERATESTHROUGHPULLINGINOTHERSOURCESOFINVESTMENTALLREGRESSIONSAREBASEDONPANELD
28、ATAFORTHETWODECADES197079AND198089,ANDWEREESTIMATEDUSINGTHESEEMINGLYUNRELATEDREGRESSIONSTECHNIQUESURWEDONOTREPORTCROSSSECTIONREGRESSIONS,WHICHBASICALLYYIELDTHESAMEQUALITATIVERESULTSASTHOSEOFTHEPANELESTIMATIONTHEFINALSAMPLECONSISTSOF69DEVELOPINGCOUNTRIES,FORWHICHDATAONALLTHEVARIABLESAREAVAILABLE21DOE
29、SFDICROWDOUTDOMESTICINVESTMENTTOFURTHERINVESTIGATETHECONTRIBUTIONOFFDITOECONOMICGROWTH,WEANALYZEITSRELATIONSHIPWITHTOTALINVESTMENTFDICOULDADDECONOMICGROWTHSIMPLYBYAUGMENTINGCAPITALACCUMULATIONINTHEHOSTCOUNTRYTHISWOULDREQUIRETHATFDIDOESNOTCROWDOUT7EQUALAMOUNTSOFINVESTMENTFROMDOMESTICSOURCESBYCOMPETIN
30、GINPRODUCTMARKETSORFINANCIALMARKETSFOREXAMPLE,UNDERCONDITIONSOFFINANCIALREPRESSIONINADDITION,FDICOULDINCREASEECONOMICGROWTHIFITISMOREPRODUCTIVE,OREFFICIENT,THANDOMESTICINVESTMENTTOINVESTIGATETHESEISSUES,WEFIRSTANALYZETHEEFFECTSOFFDIONTOTALFIXEDINVESTMENTTABLE2PRESENTSANESTIMATIONOFTHEDETERMINANTSOFT
31、OTALFIXEDINVESTMENTREGRESSIONS21TO24SHOWTHATFDIINCREASESTOTALINVESTMENTMORETHANONEFORONESINCEDATAONTOTALINVESTMENTINCLUDEFDI,ACOEFFICIENTEQUALTOONEWOULDIMPLYTHATFDIDOESNOTAFFECTTHETOTALLEVELOFINVESTMENTTHECOEFFICIENTSONFDIRANGEFROM15TO23ACCORDINGTOTHEPARTICULARSPECIFICATION,ANDIMPLYTHATFDIACTUALLYST
32、IMULATES,ORCROWDSINDOMESTICINVESTMENTTHEINTERACTIONBETWEENFDIANDHUMANCAPITAL,HOWEVER,TURNSOUTTOBESTATISTICALLYINSIGNIFICANTFORTHEDETERMINATIONOFTOTALINVESTMENTREGRESSION22,SUGGESTINGTHATTHECOMPLEMENTARITYBETWEENFOREIGNANDDOMESTICINVESTMENTISNOTSENSITIVETOTHEPRODUCTIVITYOFFDITHECOMPLEMENTARITYBETWEEN
33、DOMESTICANDFOREIGNINVESTMENT,HOWEVER,ISNOTVERYROBUSTTODIFFERENTSPECIFICATIONSEXCEPTFORTHEBASELINESPECIFICATION,THEESTIMATEDCOEFFICIENTSARESTATISTICALLYINSIGNIFICANTWHILEMULTICOLLINEARITYANDTHEOVERALLPOORERFITOFTHEFIXEDINVESTMENTREGRESSIONSMAYACCOUNTFORTHELACKOFROBUSTNESSOFTHECROWDINGINEFFECT,THISRES
34、ULTSUGGESTSTHATMOSTOFTHEEFFECTOFFDIONGROWTHPROBABLYDERIVESFROMEFFICIENCYGAINSRATHERTHANANOVERALLHIGHERINDUCEDLEVELOFINVESTMENT22ISFDIMOREEFFICIENTTHANDOMESTICINVESTMENTTOEXPLORETHEPOSSIBILITYOFHIGHEREFFICIENCYOFFDI,WETESTWHETHERFDIHASEFFECTSOVERANDABOVETHOSEOFAGGREGATEINVESTMENTINTHEGROWTHEQUATIONST
35、ABLE3PRESENTSTHEGROWTHRATEREGRESSIONSTHATCONTROLFORTOTALFIXEDINVESTMENTINADDITIONTOTHEOTHERDETERMINANTSOFGROWTHTHERESULTSDONOTDIFFERQUALITATIVELYFROMTHOSEOBTAINEDWITHOUTTHEINCLUSIONOFTOTALFIXEDINVESTMENTTHECONTRIBUTIONOFFDITOGROWTHISEVIDENTONLYWHENTHEINTERACTIONBETWEENHUMANCAPITALANDFDIISINCLUDEDHOW
36、EVER,THEREQUIREMENTSONHUMANCAPITALAREHIGHERCOMPAREDTOTHOSEREPORTEDINTABLE1INTHEBASICREGRESSION33,THEVALUESOFTHECOEFFICIENTS21461FORFDIAND1647FORTHEINTERACTIONTERMIMPLYTHATTHETHRESHOLDLEVELOFEDUCATIONFORWHICHTHEEFFECTSOFFDITURNPOSITIVEIS088,WHICH8ISSATISFIEDBY29COUNTRIESINTHESAMPLENOTE,HOWEVER,THATCO
37、UNTRIESWITHSCHOOLATTAINMENTBELOW088WOULDSTILLBENEFITFROMFDIIFTHECROWDINGINEFFECTONDOMESTICINVESTMENTWERESIGNIFICANTFOREXAMPLE,TAKINGAVALUEOF15FORTHECROWDINGINCOEFFICIENTCLOSETOTHEAVERAGEOFTHEPOINTESTIMATESINTABLE3ANDUSINGTHEPARAMETERVALUESESTIMATEDINREGRESSION33,THETHRESHOLDVALUEOFHUMANCAPITALBECOME
38、S076YEARSOFPOSTPRIMARYEDUCATION,WHICHISSATISFIEDBY36COUNTRIESINTHESAMPLEINORDERTOINVESTIGATEWHETHERTHEINTERACTIONEFFECTISUNIQUETOFOREIGNINVESTMENT,ORITAPPLIESTOINVESTMENTFROMALLSOURCES,WEHAVEALSOADDEDANINTERACTIONTERMBETWEENAGGREGATEINVESTMENTANDSECONDARYSCHOOLATTAINMENTINREGRESSION34,THEINTERACTION
39、TERMBETWEENAGGREGATEINVESTMENTANDHUMANCAPITALISNOTSTATISTICALLYSIGNIFICANT,WHILETHERESTOFTHECOEFFICIENTSAREVERYSIMILARTOTHOSEOBTAINEDINSPECIFICATIONSINWHICHTHISTERMISNOTINCLUDEDTHESAMERESULTOBTAINSWHENTHEINTERACTIONTERMBETWEENDOMESTICINVESTMENTANDSECONDARYSCHOOLINGISINCLUDEDINTHEOTHERSPECIFICATIONSR
40、EPORTEDINTABLES3AND4THEREFORE,WECANCONCLUDETHATTHEINTERACTIONBETWEENHUMANCAPITALANDINVESTMENTISAPARTICULARCHARACTERISTICOFFDITHEABOVERESULTMAYBEINDICATIVEOFDIFFERENCESINTHETECHNOLOGYINVOLVEDINFOREIGNDIRECTINVESTMENTFDIMAYPRIMARILYFLOWTOSECTORSWHEREAPROCESSOFTECHNOLOGICALINNOVATIONSIMILARTOTHATDESCRI
41、BEDINTHEMODELOFSECTION2ISPRESENT,ANDTHUSTHEINTERACTIONWITHHUMANCAPITALISANIMPORTANTFACTORINEXPLAININGTHEEFFECTSOFFDIINECONOMICGROWTHBYCONTRAST,DOMESTICINVESTMENTMAYLARGELYFALLONMORETRADITIONALACTIVITIES,ANDTHUSTHEINTERACTIONEFFECTBETWEENAGGREGATEFIXEDINVESTMENTANDHUMANCAPITALMAYNOTBESUFFICIENTLYLARG
42、ETOBEDETECTEDINTHEREGRESSIONSREGRESSIONS35TO38INCLUDETHEADDITIONALDETERMINANTSOFECONOMICGROWTH,SUCHASCONTINENTALDUMMIES,POLITICALVARIABLES,FINANCIALDEVELOPMENT,THEINFLATIONRATEANDTHEQUALITYOFINSTITUTIONSTHEINTERACTIONTERMBETWEENFDIANDHUMANCAPITALISALWAYSSTATISTICALLYSIGNIFICANT,IRRESPECTIVEOFTHESPEC
43、IFICATIONSTHEINCLUSIONOFMOREADDITIONALVARIABLESINTOTHEBASICREGRESSIONSRAISESTHETHRESHOLDSTOCKFORSECONDARYSCHOOLING,REACHINGAMAXIMUMVALUEOF110YEARSINCLUDINGTHECROWDINGINEFFECTINREGRESSION38,WHICHISSATISFIEDBY23COUNTRIESINTHESAMPLE3CONCLUSIONS9THEREISAGOODAPRIORICASETOPRESUMETHATFDIISMOREPRODUCTIVETHA
44、NDOMESTICINVESTMENTASGRAHAMANDKRUGMAN1991ARGUE,DOMESTICFIRMSHAVEBETTERKNOWLEDGEANDACCESSTODOMESTICMARKETSIFAFOREIGNFIRMDECIDESTOENTERTHEMARKET,ITMUSTCOMPENSATEFORTHEADVANTAGESENJOYEDBYDOMESTICFIRMSITISMOSTLIKELYTHATAFOREIGNFIRMTHATDECIDESTOINVESTINANOTHERCOUNTRYENJOYSLOWERCOSTSANDHIGHERPRODUCTIVEEFF
45、ICIENCYTHANITSDOMESTICCOMPETITORSINTHECASEOFDEVELOPINGCOUNTRIESINPARTICULAR,ITISLIKELYTHATTHEHIGHEREFFICIENCYOFFDIWOULDRESULTFROMACOMBINATIONOFADVANCEDMANAGEMENTSKILLSANDMOREMODERNTECHNOLOGYFDIMAYBETHEMAINCHANNELTHROUGHWHICHADVANCEDTECHNOLOGYISTRANSFERREDTODEVELOPINGCOUNTRIESDIFFERENTTYPESOFECONOMIC
46、DISTORTIONS,HOWEVER,MAYJEOPARDIZETHEROLEOFFDIASAMEANSFORADVANCEDTECHNOLOGYTRANSFERFOREXAMPLE,BECAUSEOFPROTECTIONISTTRADEPOLICIES,FDIMAYBETHEONLYWAYTOGAINACCESSTODOMESTICMARKETSBYFIRMSTHATWOULDOTHERWISEHAVEBEENEXPORTERSTOTHEHOSTCOUNTRYSIMILARLY,GOVERNMENTSMAYOFFERASETOFINCENTIVESTOFOREIGNINVESTORSTOS
47、TIMULATETHEINFLOWOFFDI,WITHTHEOBJECTIVEOFINCREASINGFOREIGNEXCHANGERESERVESOROFDEVELOPINGCERTAINSECTORSCONSIDEREDSTRATEGICFROMANINDUSTRIALPOLICYVIEWPOINTTHESEPOLICIESMAYRESULTINAFLOWOFFDITHATDOESNOTRESPONDTOHIGHEREFFICIENCYBUTONLYTOPROFITOPPORTUNITIESCREATEDBYDISTORTEDINCENTIVESTHESECONSIDERATIONSMAK
48、ETHEEMPIRICALEVALUATIONOFTHEPERFORMANCEOFFDIANAPPEALINGQUESTIONWEINVESTIGATEDTHESEISSUESINASAMPLETHATCOMPRISESFDIFLOWSFROMINDUSTRIALCOUNTRYINTODEVELOPINGCOUNTRIESTHEMOSTROBUSTFINDINGOFTHISPAPERISTHATTHEEFFECTOFFDIONECONOMICGROWTHISDEPENDENTONTHELEVELOFHUMANCAPITALAVAILABLEINTHEHOSTECONOMYTHEREISASTR
49、ONGPOSITIVEINTERACTIONBETWEENFDIANDTHELEVELOFEDUCATIONALATTAINMENTOURPROXYFORHUMANCAPITALNOTABLY,THESAMEINTERACTIONISNOTSIGNIFICANTINTHECASEOFDOMESTICINVESTMENT,POSSIBLYAREFLECTIONOFDIFFERENCESOFTECHNOLOGICALNATUREBETWEENFDIANDDOMESTICINVESTMENTWEALSOFOUNDSOMEEVIDENCEOFACROWDINGINEFFECT,NAMELYTHATFDIISCOMPLEMENTARYTODOMESTICINVESTMENTTHISEFFECT,HOWEVER,SEEMSTOBELESSROBUSTTHANOUROTHERFINDINGSSOMECAUTIONMUSTBEEXERCISED,HOWEVER,INTHEINTERPRETATIONOFTHESIZEOFTHEEFFECTONECONOMICGROWTHOFFDIOURDATAMEASURESTHEINTERNATIONALFLOWOFRESOURCESFOR10FOREIGNDIRECTINVESTMENT,ASRECORDEDINBAL
