文档介绍：Applied Economics, 2009, 41, 1621–1641
An analysis of the relationship
between foreign direct investment
and economic growth
Jonathan A. Battena,* and Xuan Vinh Vob
aGraduate School of Management, Macquarie University, Sydney, NSW,
Australia; Department of Finance, Hong Kong University of Science &
Technology, Kowloon, Hong Kong
bDepartment of Economics, University of NSW, Sydney, Australia
Employing a panel data modelling technique, we contribute to two critical
research issues: what is the link between Foreign Direct Investment (FDI)
and economic growth and does the relationship change under different
educational, institutional and economic conditions? Overall, the analysis
supports the view that FDI has a stronger positive impact on economic
growth in countries with a higher level of education attainment, openness
to international trade and stock market development, and a lower rate of
population growth and lower level of risk. Thus, countries undertaking
reform of cross-border capital restrictions and controls and initiating other
policy aimed at encouraging FDI need to ensure that broader social policy
objectives – such as education and institutional reform – are also
undertaken to leverage the benefits from FDI.
I. Introduction While some policy makers may remain circumspect
about the long-term benefits arising from inward
Worldwide, the development of deeper and more (or inbound) portfolio investment, often citing the
sophisticated domestic and international financial dangers to domestic financial system stability arising
markets, improvements in technology and informa- from its ponent, FDI by virtue of its
tion transmission have contributed to enhanced longer term nature, is regarded more favourably.
economic and financial integration. To capture Academic investigation of the economic impact from
many of the economic benefits arising from these FDI flows also generally support the view of positive
processes, many countries – esp