1、1本科毕业论文外文翻译外文题目THERELATIONSHIPBETWEENFDIANDGROWTHUNDERECONOMICINTEGRATIONISTHEREONE出处INTERNATIONALCONFERENCEONEMERGINGECONOMICISSUESINAGLOBALIZINGWORLD作者ANTONIOMARASCOLAHOREUNIVERSITY,PAKISTAN原文1ABSTRACTTHISSTUDYISACONTRIBUTIONTOTHEDEBATEONTHERELATIONSHIPBETWEENFDIANDGROWTHTHEIDEATHATTHEALLEGEDLINKB
2、ETWEENFDIANDGROWTHISRATHERTHECONSEQUENCEOFBOTHFDIANDGROWTHRESPONDINGENDOGENOUSLYTOECONOMICINTEGRATIONISTESTEDEMPIRICALLYTHERESULTSCONFIRMPRECISELYTHISPOINTITISNOTFDIASSUCHBUTECONOMICINTEGRATION,INANYFORMORSHAPETHATDETERMINESGROWTHINTRODUCTIONTHERELATIONSHIPBETWEENFDIANDGROWTHISONEOFTHEMOSTINTENSIVEL
3、YRESEARCHEDISSUESININTERNATIONALECONOMICSTHEREISAFAIRAMOUNTOFEVIDENCESUGGESTINGHATTHEREEXISTSAPOSITIVERELATIONSHIPBETWEENTHESETWOQUANTITIES,ALBEITWITHSOMEQUALIFICATIONSSEE,AMONGOTHERS,BORENZSTEINETAL1998MORECONTROVERSIALHASBEENTHEISSUEWHETHERUNDERPINNINGSUCHAPOSITIVERELATIONSHIPTHEREISCAUSALITYRUNNI
4、NGFROMFDITOGROWTHORNOTONERECENTTWISTONTHISDEBATEHASBEENPROVIDEDRECENTLYBYTINGGAO2005ACCORDINGTOTINGGAOSPAPER,THEOFTENOBSERVEDPOSITIVECORRELATIONBETWEENFDIANDGROWTHMIGHTNOTIMPLYANYCAUSALRELATIONSHIP,SINCEBOTHOFTHEMMIGHTRESPONDENDOGENOUSLYTOECONOMICINTEGRATIONTHESITUATIONHESUGGESTSISLIKETHEONEILLUSTRA
5、TEDINFLOWCHART1BELOWTHEECONOMETRICFRAMEWORKTHISSTUDYAIMSATTESTINGTHEEXISTENCEOFACAUSALRELATIONSHIPTHATRUNSFROMECONOMICINTEGRATIONTHROUGHFDITOGROWTHWITHTHISOBJECTIVEINMIND,THE2FOLLOWINGECONOMETRICSPECIFICATIONISUSEDTHEECONOMETRICSPECIFICATIONCONSISTSOFASTRUCTURALMODELMADEUPOFTWOEQUATIONSTHEFIRSTHASTH
6、ERATIOOFFDIFLOWTOGDPFDIASTHEDEPENDENTVARIABLE,WHICHISREGRESSEDONECONOMICINTEGRATIONINTEGR,ONANINSTRUMENTFORFDIANDONASETOFTHREECONTROLVARIABLESCONTROLSTHESECONDEQUATIONHASTHEGROWTHRATEOFOUTPUTGASTHEDEPENDENTVARIABLE,ANDTHISISREGRESSEDONFDI,ECONOMICINTEGRATIONANDTHESAMESETOFCONTROLVARIABLESESTIMATIONI
7、SDONEVIATWOSTAGELEASTSQUARES2SLS,THEMOSTCOMMONMETHODUSEDFORESTIMATINGSIMULTANEOUSEQUATIONMODELSSEEGREENE,2003THEQUALITYOFTHISSTUDYHINGESAGREATDEALONTHECHOICEOFAGOODINSTRUMENTTHEVARIABLETOBEINSTRUMENTEDISFDI,HENCEINTHISCASEANINSTRUMENTISGOODIFITISHIGHLYCORRELATEDWITHFDIANDWEAKLYCORRELATED,IFATALL,WIT
8、HGROWTHTHISISAHARDCALL,PARTICULARLYINGROWTHREGRESSIONS,WHEREMOSTECONOMICVARIABLESHAVESOMEKINDOFRELATIONSHIPWITHGROWTHINTHESPECIFICCASE,THEVARIABLECHOSENASINSTRUMENTISTHELAGGEDVALUEOFFDIANOTHERIMPORTANTISSUERELATESTOTHECOMPUTATIONOFTHEVARIABLEINTEGRTHEEXISTINGLITERATUREONTHESUBJECTHASPRODUCEDMEASURES
9、OFINTEGRATIONWHICHAREBASEDONFDI,TRADEANDPRIVATECAPITALFLOWSASANEXAMPLE,SEEISMIHANETAL,1998INOURCASE,RELIANCEONSUCHANINDEXWOULDCREATEASERIOUSENDOGENEITYISSUEINTHEFIRSTEQUATION,SINCEFDIWOULDENTERBOTHSIDESOFTHEEQUATIONIDEALLY,OURMEASUREOFINTEGRATIONSHOULDNOTINCLUDEFDIATALLINITSCALCULATIONONTHEOTHERHAND
10、,ANACCOMPLISHEDMEASUREOFINTEGRATIONSHOULDTAKEFINANCIALINTEGRATIONINTOACCOUNT,ANIMPORTANTPARTOFWHICHISOFCOURSEFDITHISSTUDYTRIESTOSTRIKEADELICATEBALANCEBETWEENTHESETWOOPPOSITECONSIDERATIONSTOTHISEND,THEVARIABLEINTEGRCONSISTSOFANINDEXCOMPUTEDASTHEAVERAGEOFTWOITEMSTHEFIRSTITEMISATRADEINTEGRATIONINDEXWHI
11、CHISCOMPUTEDASFOLLOWS3THESECONDITEMISAFINANCIALINTEGRATIONINDEXWHICHISCOMPUTEDINALIKEWISEFASHIONASFOLLOWSTHETHIRDMEASUREOFINTEGRATIONEMPLOYEDISJUSTTHETRADEOPENNESSVARIABLEASSUCH,WITHNOFURTHERMANIPULATIONTHATISONEFURTHERALTERNATIVEMEASUREOFINTEGRATIONCOULDALSOPOTENTIALLYBEUSEDTOCHECKFORROBUSTNESSOFTH
12、ERESULTSSUCHAMEASUREWOULDBEBASEDONANEVALUATIONOFTHEBARRIERSTOINTEGRATIONINPRINCIPLE,THISMEASURESHOULDACCOUNTBOTHFORTARIFFSASWELLNONTARIFFBARRIERSNTBBECAUSEOFSEVERELACKOFDATAONNTBINTHETIMEDIMENSION,AMEASURETHATACCOUNTBOTHFORTARIFFSASWELLASNTBISNOTFEASIBLEEVENIFTHEINDEXWERETOBEBASEDONTARIFFSDATAONLY,L
13、ACKOFDATAWOULDSTILLBESEVEREENOUGHTOUNDERMINEANYKINDOFCOMPARISONTHATONEWOULDWANTTOMAKEWITHTHEOTHERMEASURESOFINTEGRATIONTHEREFORELEAVETHISOPTIONASAPOSSIBLEADDITIONTOBEINCLUDEDINFUTURERESEARCH,ONCEDATACOVERAGEONTARIFFSANDNTBIMPROVES2DATAANDSAMPLESELECTIONISSUESTHEREISACHOICEOFSOURCESFORTHEDATAREGARDING
14、THEMAINVARIABLESOFTHISSTUDYFDIDATAWERETAKENFROMTHEUNCTADFDIONLINEDATABASE,GDPDATACAMEFROMTHEUNNATIONALACCOUNTSDATABASEDATAONTRADEOPENNESSUSEDINCALCULATINGINTEGRAREFROMTHEPENNWORLDTABLES,VERSION62DATAREGARDINGFINANCIALASSETSANDLIABILITIES,USEDTOCALCULATETHEFINANCIALINTEGRATIONINDEX,AREFROMTHEEXTERNAL
15、WEALTHOFNATIONSEWNDATABASESEEKOSEETAL,2006ASFORTHECONTROLVARIABLES,DATAONPOPULATIONANDINFLATIONCAMEFROMTHEWORLD4DEVELOPMENTINDICATORS2005WORLDBANKAND,INAFEWINSTANCESMAINLYFOR2004FROMTHEWORLDDEVELOPMENTINDICATORSONLINEFINALLY,DATAFORAVERAGEYEARSOFSCHOOLINGMYPROXYFORHUMANCAPITAL,CAMEFROMBARROANDLEEDAT
16、ASETONEDUCATIONALATTAINMENT2000WITHRESPECTTOSAMPLESELECTION,THISWASDICTATEDBYAVAILABILITYOFDATAFORTHEMAINVARIABLESINITIALLYIHADTHOUGHTTOHAVEAPANELOFBOTHDEVELOPEDANDDEVELOPINGCOUNTRIESCOVERINGASLARGEAGEOGRAPHICALAREAASPOSSIBLEFORTHETIMEINTERVAL19802004INCLUDEDINTHESAMPLEARECOUNTRIESFROMLATINAMERICA,E
17、ASTASIAANDPACIFIC,SOUTHASIA,AFRICA,MIDDLEEAST,EASTERNEUROPE,ASWELLASTHEOECDCOUNTRIESITSOONBECAMECLEAR,THOUGH,THATINORDERTOMAINTAINTHECOUNTRIESOFEASTERNEUROPEINTHESAMPLE,THETIMEINTERVALHADTOBESHORTENEDTOTHEPERIOD19902004AFTERRUNNINGTHEREGRESSIONS,BREATHOFGEOGRAPHICALCOVERAGESEEMEDTOBEQUALITATIVELYMOR
18、EIMPORTANTTHANTHELENGTHOFTHETIMEINTERVALCHOSEN,IOPTEDFORSTICKINGTOTHEPERIOD19902004ANDKEEPINGTHECOUNTRIESOFEASTERNEUROPEINTHESAMPLEASARESULTOFTHISSTRATEGY,THESAMPLEINCLUDES51COUNTRIESTHEFULLLISTISGIVENINTHEAPPENDIXCOVERING15YEARSINTHEYEAR2000,THESE51COUNTRIESACCOUNTEDFORAPPROXIMATELY65OFWORLDGDP3,AN
19、DFOR78OFWORLDPOPULATIONTHEREGRESSIONWITHTHEFULLSAMPLE,BOTHINTERMSOFCOUNTRIESINCLUDEDANDYEARSCOVERED,FEATURES680OBSERVATIONS,INSTEADOFTHEPOTENTIAL7655115765,BECAUSE51VALUESARELOSTWHENLAGGINGFDIFORTHEFIRSTYEAR1990,ANDINFLATIONDATAINCLUDE34NEGATIVERATES,WHICHRESULTINTO34LOSTVALUESWHENTAKINGLOGS51157655
20、171434680DETAILEDDESCRIPTIVESTATISTICSARESHOWNINTABLES4,5AND6RESULTSTHERESULTSOFTHE2SLSREGRESSIONSAREDISPLAYEDINTABLE1FIRSTSTAGEANDTABLE2SECONDSTAGEASDISCUSSEDEARLIER,RESULTSAREGIVENFORTHREEDIFFERENTTYPESOFINTEGRATIONMEASURES,ANDALONGTHREEDIFFERENTLEVELSOFAGGREGATIONALLCOUNTRIES,DEVELOPINGCOUNTRIESA
21、NDDEVELOPEDCOUNTRIESREGRESSIONSAREIDENTIFIEDBYTWODIGITS,THEFIRSTREFERRINGTOTHEINTEGRATIONMEASUREUSED,ANDTHESECONDREFERRINGTOTHELEVELOFAGGREGATIONFOREXAMPLEREGRESSION21REFERSTOINTEGR2ANDTOALLCOUNTRIES,ANDSOONTABLE1CLEARLYSHOWSTHATECONOMICINTEGRATIONISASIGNIFICANTANDPOSITIVELYSIGNEDDETERMINANTOFFDISUC
22、HRESULTHOLDSNOMATTERHOW5ONEDEFINESINTEGRATIONORWHICHLEVELOFAGGREGATIONISCHOSENINTHECASEOFTABLE2,TWOPOINTSEMERGEINALMOSTASEQUALLYCLEARCUTAMANNERASTHEMESSAGECONVEYEDBYTABLE1FIRSTLY,INTEGRATIONISAPOSITIVEDETERMINANTOFGROWTHINALLCASESBUTREGRESSIONS12AND13THISPOINTISINFULLACCORDANCEWITHGAO2005SECONDLY,AN
23、EVENMOREIMPORTANTPOINT,FDIISNEVERASIGNIFICANTCONTRIBUTORTOGROWTHTHISNONRESULTISVERYROBUSTTOALLTYPESOFINTEGRATIONMEASURESANDALLLEVELSOFAGGREGATIONITISALSOPERFECTLYINLINEWITHTHEARGUMENTTHATTHEALLEGEDRELATIONSHIPBETWEENFDIANDGROWTHMIGHTJUSTBEACLASSICALEXAMPLEOFOMITTEDVARIABLEBIAS,WHERETHEOMITTEDVARIABL
24、EINTHESPECIFICCASEWOULDBEECONOMICINTEGRATIONTOMAKETHEEVIDENCEMORECOMPELLING,IRUNAFIXEDEFFECTSREGRESSIONOFFDIONGROWTHWITHOUTECONOMICINTEGRATION5,WHOSERESULTSAREPRESENTEDINTABLE3ASBEFORE,THEEXERCISEISREPEATEDFORALLCOUNTRIESINTHESAMPLE,THEDEVELOPINGCOUNTRIESANDTHEDEVELOPEDCOUNTRIESRESPECTIVELYTHEEVIDEN
25、CETHATIGETISMIXED,SINCEFDIISSIGNIFICANTATTHE5LEVELIFIRESTRICTATTENTIONTODEVELOPEDCOUNTRIES,NOTSIGNIFICANTWHENATTENTIONISRESTRICTEDTODEVELOPINGCOUNTRIESANDSIGNIFICANTATTHE10LEVELIFTHEENTIRESAMPLEISINCLUDEDTHISISPRECISELYTHEKINDOFMIXEDEVIDENCETHATWOULDEMERGEFROMPASTLITERATUREONFDIANDGROWTHSUCHUNCERTAI
26、NTYISWIPEDOUTTHOUGHONCEECONOMICINTEGRATIONENTERTHEFRAME,ASWEHAVESEENTHEN,THEREISSIMPLYNOROLEFORFDI,SINGULARLYCONSIDERED,ASADETERMINANTOFGROWTH3CONCLUSIONTHISSTUDYHASBEENYETONEMOREATTEMPTATSHEDDINGLIGHTONTHERELATIONSHIPBETWEENFDIANDGROWTHTHENEWTWISTHERE,AFTERTAKINGINSPIRATIONFROMRECENTTHEORETICALWORK
27、BYGAO2005,CONSISTEDINADDINGTHEVARIABLE“ECONOMICINTEGRATION”TOTHEANALYSISEXACTLYASEXPECTED,ANDASCLAIMEDBYGAO,THEALLEGEDPOSITIVELINKBETWEENFDIANDGROWTHDISAPPEARSONCEINTEGRATIONISADDEDTHISSTUDYSUGGESTSTHATTHECURRENTFRENZYOFCOUNTRIESFROMALLINCOMEBRACKETSTOATTRACTFDIASAWAYTOIMPROVETHEIRGROWTHPROSPECTS,MI
28、GHTBEMISPLACEDWHATCOUNTRIESTHATWANTTOGROWFASTERSHOULDDOISTOBECOMEEVERMOREINTEGRATEDWITHTHEWORLDECONOMYTHEACTUALMODEOFINTEGRATION,WHETHERTHROUGHTRADE,FDIORELSE,SEEMSNOTTOMATTERTHISSTUDYCANBEIMPROVEDUPONANDEXTENDEDINSEVERALWAYSFIRSTLY,THEDATASETOFREFERENCESHOULDBEEXTENDEDASNEWDATABECOMEAVAILABLE,6PART
29、ICULARLYWITHRESPECTTOTHECOUNTRIESOFEASTERNEUROPEANDTHECOUNTRIESBELONGINGTOTHELOWERINCOMEBRACKETSALSO,THECONCEPTOFECONOMICINTEGRATIONSHOULDBEAUGMENTEDTOINCLUDELABORMARKETINTEGRATIONLABOROFCOURSE,ISAVERYIMPORTANTDIMENSIONOFTHEECONOMY,ANDIHAVELEFTITOUTBOTHFORPROBLEMSOFDATAAVAILABILITYANDALACKOFANEFFECTIVEPROXYTOMEASURELABORINTEGRATIONINFUTUREWORKHOWEVER,THELATTERSHOULDDEFINITELYBEINCLUDEDIFONEISTOMAKEAMORECONVINCINGCLAIMTHAT,UNDERECONOMICINTEGRATION,THEREISNOLINKBETWEENFDIASSUCHANDECONOMICGROWTH
