外国直接投资与经济增长：本地金融市场的角色外文翻译.docVIP

本科毕业论文外文翻译 出 处： Journal?of?International?Economics,2004 作 者： Laura?Alfaro?and?Areedam?Chanda 原 文： FDI and Economic Growth: The Role of Local Financial Markets Abstract The purpose of this paper is to examine the various links among foreign direct investment, financial markets and growth. We model an economy with a continuum of agents indexed by their level of ability. Agents have two choices: they can work for the foreign company in the FDI sector and use their wealth to earn a return or they can choose to undertake entrepreneurial activities, which are subject to a fixed cost. Better financial markets allow agents in the economy to take advantage of knowledge spillovers from FDI. The empirical evidence suggests that FDI plays an important role in contributing to economic growth. However, the level development of local financial markets is crucial for these positive effects to be realized. Introduction The 1990s have been marked by the increasing role of foreign direct investment (FDI) in total capital flows (See Table 1). In 1998, more than half of all private capital flows to developing countries was accounted by FDI. Following the 1980s debt crisis, and recently the 1997 turmoil in the emerging economies, the emphasis among policymakers in developing countries has shifted towards attracting more FDI. Their arguments have been supported by the international institutions and policymakers as well, as is evident in the World Development Report (2000): “Since 1997, when the East Asian crisis began, the world has learned that poorly managed financial liberalization can lead to a protracted economic downturn and a renewed cycle of poverty. But the potential upside of international capital flows is enormous, as the positive contribution of foreign direct investment to boosting productivity in recipient countries demonstrates.” This report specifically emphasizes the policies and reforms developing countries can pursue to attract more FDI.. The rationale