Outward FDI and economic growth外文翻译.docVIP

本科毕业论文外文翻译原文 外文题目：Outward FDI and economic growth 出 处: Journal of Economic Studies 作 者：Dierk Herzer 原 文：How does outward foreign direct investment (FDI) affect domestic economic activity? This question has been the subject of extensive public policy debate in the industrialized world. Opponents of outward FDI argue that outward investment substitutes foreign for domestic production when firms shift parts of the production abroad. Accordingly, outward investment inevitably reduces domestic investment, employment, productivity, and thereby economic growth. Proponents of outward investment, in contrast, point out that outward FDI enables firms to enter new markets, to import intermediate goods from foreign affiliates at lower costs, and to access foreign technology. From this point of view, the entire domestic economy benefits from outward FDI due to the increased competitiveness of the investing companies and associated productivity spillovers to local firms. Unfortunately, empirical studies do not provide a clear picture of whether and how domestic economic activity is influenced by outward FDI. Stevens and Lipsey (1992), for example, analyze the domestic investment behavior of seven US multinational companies. Their results suggest that that outward investment and domestic investment are substitutes. Desai et al. (2005), on the other hand, using time-series data for the US firms, find a positive relationship between domestic and foreign investment. This finding, in turn, is consistent with a study by Lipsey (1994), who reports a positive correlation between foreign production and domestic employment levels by the US firms. In contrast, the results by Blomstrom et al. (1997) suggest that in the US multinational firms, higher foreign production is associated with lower employment at home, whereas Swedish parent companies employ more labor at home when they produce more abroad. Finally, Braconier et al. (2001) examine the related question of whether domestic