外商直接投资与经济增长：中国理论与实践外文翻译（已处理） .doc

外商直接投资与经济增长：中国理论与实践外文翻译 本科毕业论文外文翻译外文题目:Foreign Direct Investment and Economic Growth: Theory andApplication to China出 处:TReview of Development Economics, 42, 140?155, 2000作 者: Jean-Claude Berthélemy and Sylvie Démurger原 文: Foreign Direct Investment and Economic Growth: Theory and Application to China Abstract The paper investigates the relationship between foreign direct investment and economic growth. A model of endogenous growth first highlights the transfer of foreign technology as a key determinant of economic growth, and suggests that economic growth may conversely influence the inflows of foreign capital. Simultaneous-equation model estimation based on a sample of 24 Chinese provinces, from 1985 to 1996, confirms the fundamental role played by foreign investment in provincial economic growth in China, and stresses the importance of potential growth in foreign investment decisions. Introduction The dramatic economic growth of the Peoples Republic of China over the last twenty years has generated an increasing number of empirical studies aimed at explaining this performance.When compared with other developing countries as well as with transition economies of eastern Europe, China offers a striking example of success; and it is usually recognized that its policy of opening up to the outside world, combined with a range of domestic economic reforms, has enhanced economic growth. Among other aspects, China is mainly characterized by its ability to attract foreign technology and capital by means of incentive policies.This ability allowed China to become from 1994 the first recipient of foreign direct investment among developing countries and the second in the world after the United StatesForeign direct investment is usually viewed as a channel for technology to spread from developed countries to developing countries Balasubramanyam et al., 1996;Borensztein et al., 1998. In facilitating technology transfers and marginal capital productivity improvement through the externalities it may engender, it thus contributes to economic growth. Although this role is widely recognized, up to now few contributions have attempted to model it formally. One exception lies in Borensztein et al.1998 who developed a growth model where technological progress determines thelong-term growth rate of incomeForeign direct investment is viewed as a channel of technological progress and thus introduced in a Romers 1990 model framework, by “making it easier to adopt the technology of producing new capital varieties.” However, if the Borensztein et al. 1998 model succeeds in introducing foreign direct investment as a main determinant of economic growth, it fails to account for the endogeneityof that investmentOne purpose of this paper is to go one step ahead and develop an endogenous growth model in which foreign direct investment interacts with long-run growth rate. As in Borensztein et al. 1998, the starting point of the model presented here isRomers model in which technical progress consists in the creation of new varieties of goods.We distinguish two categories of firms in the intermediate sector of the economy, one producing goods stemming from an innovation process of a higher technology level than the other, and show that the growth rate of the economy depends partly on the relative weight of each categoryAs mentioned above, the role of foreign direct investment in economic growthis usually highlighted as taking the form of technological diffusion. If foreign funded firms bring a more advanced technology into the host economy, the distinction between“low-tech” and“high-tech” firms can be interpreted in terms of local versus foreign firms.In order to examine how foreign direct investment can influence economic growth, we thus assume that goods whose innovation process is of a higher technological level are produced by foreign-owned firms settled in the domestic economy while domestically owned firms produce the so-called “low technological goods.” The impact of foreign direct investment on the local economy appears through two channels. The first one, which can be referred to as an “extension effect,” comes from the fact that foreign direct investment contributes to the extension of the intermediate-good sector and thus to the increased specialization of inputs producers.The second one comes from an external effect which appears in the research activity because it is assumed that domestic firms can use, at least partly, advanced knowledge incorporated in foreign enterprises. This specification differs from that proposed by Borenszteinet al. 1998, where foreign direct investment FDI affects growth only indirectly, through the reduction of costs associated with innovation activity. Our extension effect is much more direct in the sense that the number of varieties and not its growth rate influences economic growth. Furthermore, our specification has the advantage of leading to a resolution in decentralized equilibrium in which economic growth, which is endogenous, is partly determined by FDI. Section 1 describes the framework of an endogenous growth model in which the existence of a kind of duality in technology affects economic growth. Section 2 formallycharacterizes the steady-state equilibrium, and section 3 discusses the results of the model in terms of foreign direct investment and establishes a reverse connection from economic growth to FDI. The results of the model are then used to assess statistically the dynamics between FDI and growth in the case of Chinese provinces during the 1985?96 period. Section 4 provides a description of the data used in the statistical analysis, and section 5 contains an empirical application to the Chinese economy.2. Model FrameworkWe consider an economy in which there are three different production factors, which are unskilled labor L, human capital H and a set of intermediate goods.We assume that the aggregate factors L and H are exogenous and fixed. The productive sector of the economy is composed of two subsectors: one produces a homogenous final good intended for final consumption and saving, the other produces intermediate differentiated goods to be used as inputs in the production of the final good. All prices are measured in units of the homogenous final good.FOREIGN DIRECT INVESTMENT AND ECONOMIC GROWTHChinese provinces over the period 1985 to 1996. It first developed a model of endogenous growth built on recent contributions, highlighting the importance of foreign direct investment in economic growth. It was particularly intended to expand the Borensztein.1998 model,in which technological progress is the main determinant of long-term growth rate, by explicitly modeling foreign direct investment.To avoid an ad hoc specification of the intermediate-sector cost function, we thus added a complete specification for foreign direct investment such as in the steady state,a reciprocal interaction between FDI and growth appears.While in Borensztein et al. 1998 it was considered exogenous, foreign direct investment here appears to be also dependent on economic growth. It takes the form of foreign-funded firms settled in the domestic economy, whose presence enhances technological progress.The model highlights the transfer of foreign technology as a key determinant of economic growth and also suggests that such economic growth may conversely influence the inflows of foreign capitalAlthough the positive effect of such investment in promoting growth is highlighted by most empirical studies on the Peoples Republic of China since implementation of the opening-up and reform policy, the question of whether an inverse relationship may exist is seldom, if ever, discussed. Thus, using panel data for a sample of 24 Chinese provinces throughout the 1985?96 period, we provided an empirical application based on our theoretical results, which takes into account the dynamics between foreign direct investment and economic growth. The estimation of a system of simultaneous equations confirms the fundamental role played by foreign investment in provincial economic growth in China, and stresses the importance of the potential for future growth in foreign investment decisions. It also provides new evidence on the role of human capital in Chinese provincial growth. Using an original variable reflecting the stock of primary and secondary educated people, our estimation suggests that human capital may contribute to growth by facilitating the adoption of foreign technologies. Another original result of the empirical analysis is that the direct impact of exports growth disappears when both exports and foreign investment are introduced in the growth regression. This result is to be contrasted with recent work of Prime and Park1995 who found some support for the hypothesis that exports growth explains income growth of Chinese provinces. However, we found an indirect effect through foreign investment in the sense that openness, measured by the ratio of total trade on GDP, positively affects foreign investment decisions which in turn influence economic growth.译文: 外商直接投资与经济增长:中国理论与实践 摘要 本文考察了外国直接投资与经济增长之间的关系。 内生型增长的第一亮点是外国技术作为经济增长的关键因素转移,并指出经济增长可能反过来影响外国投资的流入。同时,方程模型的估计基于对中国24个省的样本,从1985年到1996年十年数据,确认外商投资中国在全省经济增长的基本作用,强调了在国外投资的增长对决定经济增长潜力的重要性。引言 中国戏剧性的经济增长,人民共和国的在过去二十年已产生了越来越多的解释这种现象的实证研究。当与其他发展中国家相比,以及过渡东欧经济体,中国提供了一引人注目的成功例子,这是通常认识到其政策的开放,与外面的世界交往,国内范围的经济改革,增强了经济增长。在其他方面,中国是其主要特点是通过能够吸引外国技术和资本激励政策的手段。这种能力使中国成为1994年外国直接投资的第一个接受国家和发展中国家之间第二,在世界上仅次于美国。 外国直接投资通常被认为是从发达国家向发展中国家技术传播的渠道(Balasubramanyam,1996. Borensztein)。在它可通过外部产生改善促进技术转让和边际资本生产率 ,从而有助于经济增长。虽然这个结论是举世公认的,到现在,很少产生贡献,它曾试图成为正式模型。唯一的例外在于Borensztein (1998年)谁开发的增长模式,技术进步决定了长期收入的增长速度。外国直接投资被看作是一个技术进步渠道 ,因此在一罗默(1990)模型的框架内,通过 “使其更容易采用新的资本品种的生产技术。” 但是,如果采用Borensztein (1998)模型成功引进外国直接投资作为经济增长的主要决定因素,它没有考虑内生性这些投资。 本文的目的之一就是去领先一步,发展内源性增长模型,其中外商直接投资互动与长期增长率。正如Borensztein (1998年),该模型的出发点是这里提出罗默的模型中的技术进步,在创造的新品种组成货物。我们在经济部门的中间区分两个类别的公司,从一个更高的技术创新过程中所产生的生产商品水平,并表明,经济增长速度一定程度上取决于每个范畴上的相对权重。 如上所述,外国直接投资在经济增长中的作用通常是由于参加了技术扩散的形式突出。如果外商投资公司带入东道国经济较先进的技术,区别与“低技术”和“高新技术”企业可以在本地条款的解释与外国公司。为了探讨如何影响外国直接投资与济增长的关系,我们认为货物,创新的过程是一个更高所生产的技术水平在国内落户的外商独资企业经济的产生过程,而国内拥有的企业生产所谓的“低科技货“。 外国直接投资对当地经济的影响似乎通过两个渠道。第一个,它可以被称为一个以“扩展效应”,来源于事实上,外国直接投资有助于延长中间的几个部门,从而为提高专业化生产的投入。 第二个是来自外部效果的研究活动中出现因为它是假定国内企业可以使用,至少部分,先进的知识成立于外国企业。本规范提出了不同的 Borensztein (1998年),其中外商直接投资(FDI)的增长只会间接地影响经济增长,通过与创新活动相关的成本降低。我们的扩展效果,更直接的意义上说,品种和数量的不会影响经济增长速度增长。此外,我们的规格有优势,领导到一个平衡的决议,其中分散的经济增长, 这是内生的,部分取决于外国直接投资第1节描述了一个内生增长模型中的框架 一个对偶的一种技术的存在影响经济增长。第2节正式 刻画了稳态平衡,第3节讨论的结果 在外国直接投资方面模型,并建立了反向连接从经济增长到外国直接投资。该模型的结果将用于评估统 在1985年至1996年期间,在中国各省情况下,外国直接投资与经济增长之间的动态 。第4条规定了数据在统计中使用的描述分析,以及第5条载有一个经验应用到中国经济。我们认为,一个经济体中,有三个不同的生产因素,技术不熟练劳动(L和人力资本(H)和一个中间产品集合。我们假设该聚合L和H的因素外源性和固定。生产部门经济是由两个界别分组:一家生产最终产品的同质用于最终消费和储蓄预期,其他生产中间有区别的 作为货物在最终产品生产的投入。所有价格 计量单位最终产品的同质。 在1985年至1996年期间的中国各省。它首先开发出了内生增长模型,最近的捐款兴建的增长,突出的外国直接投资于经济增长重要性 。它特别旨在扩展Borensztein(1998)模型,其中技术进步是经济增长长期的主要决定因素 ,通过明确外国直接投资建模。为了避免临时规范的中间部门的成本函数,因此我们增加了一个完整的规范,外国直接投资,如在稳定状态,相互之间的相互作用, 外国直接投资和经济增长出现。虽然Borensztein (1998年)它被认为是外生的, 外国直接投资在这里似乎也对经济增长的依赖。这是以外商投资企业在国内经济形式解决,他们的存在提高技术进步。该模型强调了外国技术转让作为经济增长的关键决定因素,也表明这种经济增长可能反过来影响外资的流入。 尽管这种投资在促进经济增长的正效应突出得到大多数实证。而有关研究中国的经济增长与人民共和国已经实施在改革开放政策,是否存在反比关系的可能性很少,甚至根本没有讨论。因此,使用24个省在整个1985至1996年期间的样本面板数据 ,我们的应用对我们的理论成果提供了经验 ,它考虑到与国外的动态,外国直接投资和经济增长的关系。一个系统的估计方程确定省级外商投资对中国经济增长及增长的潜力发挥的基本作用,未来的重要性 生长由国外的投资所决定。它还提供了的新证据人力资本在中国各省的经济增长的作用。使用原始变量反映,小学和中学教育的人的数量,我们的估计表明,人力资本可能通过才用外国先进技术促进经济增长。 另一种原始的实证分析结果是,出口的直接影响经济增长和外国投资以引进增长回归。这个结果将与总理和公园最近的工作对比(1995年)谁发现了一些假设的支持,出口收入与经济增长的解释?经济增长的中国省份。然而,我们发现通过对外间接影响 在这个意义上投资开放,衡量的贸易总额对GDP的比例,积极影响外商投资决策,进而影响经济。