外商直接投资，宏观经济不稳定和中东和北非国家经济增长外文翻译.docVIP

本科毕业论文外文翻译 出 处： GATE Groupe d’nalyse et de Théorie économique UMR 5824 du CNRS 作 者： Mustapha Sadni Jallab, Monnet Beno?t Patrick Gbakou, René Sandretto Foreign Direct Investment, Macroeconomic Instability And Economic Growth in MENA Countries Abstract This paper aims at analyzing the possible influence of foreign direct investment (FDI) on economic growth in the particular case of Middle East and North African countries (MENA). During the last years, the relation between FDI and growth in LDCs has been discussed extensively in the economic literature. However, the view that FDI stimulates economic growth does not receive an unanimous support. In order to access empirically this relation in MENA countries, we use a dynamic panel procedure with observations per country over the period 1970-2005. To improve efficiency, we use the standard “difference” and “system” GMM and 2SLS estimators. Our findings show that there is no independent impact of FDI on economic growth. The growth-effect of FDI does not also depend on degree of openness to trade and income per capita. But, the positive impact of FDI on economic growth depends on macroeconomic stability: there is a threshold effect of annual percentage change of consumer prices. Key words: Foreign Direct Investment, Macroeconomic stability, Economic Growth, Middle East and North Africa, Two-stage Least Squares, Generalized Moments Methods. 1. Introduction An important aspect of globalisation during the last 20 years has been the impressive surge of Foreign Direct Investment (FDI) to less developed countries (LDCs). According to the UNCTAD database, FDI flows to LDCs has been multiplied by 7 between 1991 and 2000, while the stock of FDI has been multiplied by 5. The inward FDI flows to LDCs considered as a whole increased again by 52% between 2001 and 2005 (see figure 1). Such a fast increase is unprecedented. It does not involve