外商直接投资和转型经济体经济增长外文翻译.docVIP

本科毕业论文外文翻译 出 处： University of Macedonia, Dept. of Accounting and Finance, Greece International Monetary Fund, USA 作 者： LYROUDI KATERINA, PAPANASTASIOU JOHN,VAMVAKIDIS ATHANASIOS Foreign Direct Investment And Economic Growth In Transition Economies Abstract Empirical research on the effects of Foreign Direct Investment (FDI) on economic growth mainly focuses on the US and the western European countries.The objective of this paper is to investigate the existence and the nature of the effect of FDI on the rate of growth of a panel of transition economies. We apply Bayesian analysis. Our results indicate that FDI does not exhibit any significant relationship with economic growth for the transition countries. Keywords: Foreign Direct Investment (FDI), economic growth, transition Economies. 1. Introduction Many researchers [Ragazzi (1973), Rugman (1976), Agmon and Lessard (1977), Stulz (1981), Doukas and Travlos (1988) Pfaffermayr (1994), Rivoli and Salorio (1996)] have examined thoroughly the consequences of foreign direct investment (hereafter FDI) from the viewpoint of the company’s stockholders, either the parent, or the target company, or both.1 Based on the literature, it is most likely that a foreign firm (usually a multinational corporation) that decides to enter into another market through FDI, enjoys lower costs and higher productive efficiency than its domestic competitors. The effects of FDI from the viewpoint of the target country have also been examined thoroughly, but the empirical results are contradictory. Foreign direct investments (FDI) as transmitted by the multinational corporations, have several welfare implications, one of which is the effect of FDI on the economic growth of the recipient country. Most researchers examining the effects of FDI on economic growth have focused on the U.S. and on Western European economies. The effects of FDI on the target’s growth have significant policy implications. If FDI has