国际财务竞争力与激励国外直接投资外文翻译.docVIP

外文翻译 International financial competitiveness and incentives to foreign direct investment Material Source: Discussion Paper Series 1: Economic Studies No 29/2008 Author: Axel Jochem Abstract In this paper an index of financial competitiveness is calculated that corresponds to the market-to-book ratio of inward FDI stocks. For a panel of five advanced economies from 1980 to 2006 it is shown that price competitiveness, stable inflation rates and registered patents have a positive impact on the index. Financial competitiveness in turn encourages FDI inflows whereas it benefits fixed investment relative to MA. There is also some evidence that an innovative environment accelerates investment decisions by promoting competition among investors. Keywords: Competitiveness, foreign direct investment, international integration 1. Introduction International financial integration has become an important factor for economic performance in the globalisation process. Access to international capital markets is crucial for a country’s ability to meet its financial needs and to keep up with the challenges of a changing global landscape. In this paper, “financial competitiveness” is interpreted as the attractiveness of a country as perceived by foreign investors.A high degree of financial competitiveness should be reflected in favourable refinancing conditions in international capital markets which can be measured by international return differentials for given classes of investment as defined in the studies of Curcuru et al (2007) or Gourinchas and Rey (2005). While international returns on debt securities are readily available, equity yields as shown in the balance of payments are less reliable since they are heavily biased by the scope of multinational corporations in the ascertainment of profits. 2. Empirical analysis 2.1 Financial competitiveness The market value of inward FDI (V) is calculated according to the method used by the Bureau of Economic Analysis (BEA). Market values of