外文翻译--中国的FDI国内投资与经济增长：一个时间序列分析-精品.docx

中文3080字本科毕业论文外文翻译外文题目：FOreignDireCtInVeSlment,DomeStiClnVeStmentandEConomiCGrOWthinChina:ATimeSerieSAnaIySiS出处：TheWorldEconomy,2023.10.1467-9701.作者：SUmeiTang,E.A.SelVanathanandS.SelVanathan.外文原稿ForeignDirectInvestment,DomesticInvestmentandEconomicGrowthinChina:ATimeSeriesAnalysisSumeiTang,E.A.SelvanathanandS.Selvanathan1. IntroductionDespitealargeamountofliteratureonthesubject,theroleofFDIineconomicgrowthremainshighlycontroversial.TheproponentsofFDlarguethatithelpspromoteeconomicgrowththroughtechnologydiffusionandhumancapitaldevelopment.ThisisparticularlythecasewhenMNEsinahosteconomyhaveverticalinter-firmlinkageswithdomesticfirmsorhavesub-nationalorsub-regionalclustersofinter-relatedactivities.Throughformalandinformallinksandsocialcontactsamongemployees,MNEsdiffusetechnologyandmanagementknow-howtoindigenousfirms.Consequently,economicrentsarecreatedaccruingtooldtechnologiesandtraditionalmanagementstyles.Also,FDIhelpsovercomecapitalshortageinhostcountriesandcomplementsdomesticinvestmentwhenFDlflowstohigh-riskareasornewindustrieswheredomesticinvestmentislimited.WhenFDIoccursinresourceindustries,domesticinvestmentinrelatedindustriesmaybestimulated.Moreover,FDImayresultinanincreaseddemandforexportsfromthehostcountry,helpingattractinvestmentintheexportindustries.EmpiricalstudiessupportingtheseargumentsincludeSun(1998)andShan(2002).Usingtheconventionalregressionmodelandpaneldata,Sun(1998)findsahighandsignificantlypositivecorrelationbetweenFDIanddomesticinvestmentinChina.Shan(2002)usesaVARmodeltoexaminetheinter-relationshipsbetweenFDIJndustrialoutputgrowthandothervariablesinChina*HeconcludesthatFDlhasasignificantlybeneficialimpactontheChineseeconomywhentheratioofFDItoindustrialoutputrises.Incontrast,opponentsofFDIarguethatFDIcrowdsoutdomesticinvestment,andhasanadverseeffectongrowth.Inparticular,theindustrialorganisationtheorystipulatesthatFDlisanaggressiveglobalstrategybyMNEstoadvancemonopolypoweroverandaboveindigenousfirmsofthehosteconomy.Theownership-specificadvantagesofMNEs(e.g.advancedtechnologies,managementknow-howskills,transactioncostminimisingandotherintangibleadvantages)couldbetransformedintomonopolypower.ThismonopolypowercanbefurtherreinforcedbytheothertwoadvantagesofMNEs:themarketinternalisationspecific-advantageandthelocation-specificadvantage(Dunning,1981).Inaddition,FDImaydisruptbackwardlinkagesthroughsubstitutionofimportsfordomesticcommodities(Noorzoy,1979).ThepresentpapercontributestotheexistingliteraturebyapplyingamultivariateVARsystemwiththeerrorcoectionmodel(ECM)andtimeseriestechniquesofco-integrationandinnovationaccountingtoexplorethepossiblelinksbetweenFDI,domesticinvestmentandeconomicgrowthinChina.Specifically,weusetheimpulseresponsefunctionandvariancedecompositionplustheGrangercausalitytestingprocedurestoinvestigatewhether:(1)FDIhasaComplementaryZsubstitutioneffectondomesticinvestmentinChina;(2)thereexistsanycausalrelationshipbetweenFDLdomesticinvestmentandeconomicgrowth;(3)FDIhasplayedanimportantroleinChina,seconomicgrowth;and(4)FDIcontributestogrowthmorethandomesticinvestment.Thispaperdiffersfromearlierstudiesinanumberofrespects.Firstly,itrepresentsthefirstattempttodirectlytesttherelationshipbetweenFDIanddomesticinvestmentinChina.Second,weusepuretime-seriesdatawhilepreviousstudiesuseeithercross-sectionalorpaneldata,whicharelikelytosufferfromproblemsofdatacomparabilityandheterogeneity.Third,earlierstudiesdonottestforcausalitybetweenFDI,domesticinvestmentandeconomicgrowth.Thefailuretoconsiderthepossibletwo-waycausalitybetweenthevariablesmayleadtothesimultaneityproblem.Finally,ourVARmodelincorporateslong-rundynamicsorECM.Neglectingthesedynamicsmayproducevariousestimationbiases.Theorganisationofthepaperisasfollows*Section2offersanoverviewofFDIinflows,domesticinvestmentandeconomicgrowthinChina.ThisisfollowedbyeconometricanalysisinSection3.Thefinalsectionofthepaperpresentstheconclusionandsomepolicyimplications.2. ANOVERVIEWOFFDIINFLOWS,Domesticinvestmentandeconomicgrowthinchina：1978-2003Intheearly1980s,specialeconomiczoneswereformedwithpreferentialpoliciesincludingtaxconcessionsandspecialprivilegesforforeigninvestors.Duringthereformperiod,theChinesegovernmentintroducedvariousnewlegislativemeasurestoimproveinvestmentconditionsandthebusinessenvironmentinordertoattractFDI.Table1presentstheratiosofFDItoGDP,DItoGDP,andFDItoDIfrom1978to2003.Ascanbeseen,theproportionsofFDItoGDP(column2)werequitelowandlessthan1percentuntil1990.Itincreasedtoapeakvalueof6.2percentin1994andthensteadilydecreasedto3.8percentin2003.TheproportionofDItoGDPwas18.5percentin1978andincreasedsteadilyto47.6percentin2003.TheproportionofFDItoDIincreaseddramaticallyfrom0.1percentin1978to1.7percentin1984,andby1994ithadreachedanall-timehighof18.1percent.Sincethen,itgraduallydecreasedto8.0percentin2003.3. EMPIRICALANALYSISANDFINDINGSa.DataandUnitRootTestQuarterlytimeseriesdataforFDI,DlandGDPareavailableandallincurrentpricesoftheChinesecurrency(yuan).TheyarecompiledfromChinaMonthlyStatistics19