FDI界定方法论分析.pdfVIP

Definitions of Foreign Direct Investment (FDI): a methodological note 1 Maitena Duce 2 Banco de España Final draft July 31, 2003 Executive Summary The main purpose of this note is to deal with methodological aspects related to Foreign Direct Investment (FDI) from the viewpoint of the Balance of Payments and the International Investment Position (IIP). Special attention is paid to the financial system both as a sector investing directly abroad (home perspective) and receiving investment (host perspective). The note clarifies concepts such as direct investor, direct investment enterprise (subsidiary, associate and branch) and describes the different sector breakdowns available and what they imply for financial sector FDI. The main statistical sources for FDI are reviewed and the discrepancies are shown for total inward FDI flows and stocks both for emerging and industrial countries. Discrepancies appear much larger for stocks particularly for emerging countries. Some very general trends can be found from this data: First, even if FDI flows to emerging countries have grown, the bulk of them continue to be directed to industrial countries. Second, the large reduction in FDI flows to emerging countries in 2001 in the UNCTAD statistics is much milder in the IMF statistics and is not perceived in the stock data. Total stocks, as well as the stock of FDI received by industrial countries, seem to have reached a plateau in IMF statistics but not in the UN