资源描述:
《外商直接投资如何使发展中国家收益【外文翻译】》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、本科毕业论文外文翻译外文题目:HowBeneficialIsForeignDirectInvestmentforDevelopingCountries?出处:Finance&Development,June2001作者:PrakashLounganiandAssafRazin原文:HowBeneficialIsForeignDirectInvestmentforDevelopingCountries?Theresilienceofforeigndirectinvestmentduringfinancialcrisesmayleadmanydevelopingcountries
2、toregarditastheprivatecapitalinflowofchoice.Althoughthereissubstantialevidencethatsuchinvestmentbenefitshostcountries,theyshouldassessitspotentialimpactcarefullyandrealistically.Foreigndirectinvestment(FDI)hasprovedtoberesilientduringfinancialcrises.Forinstance,inEastAsiancountries,suchinve
3、stmentwasremarkablystableduringtheglobalfinancialcrisesof1997-98.Insharpcontrast,otherformsofprivatecapitalflows—portfolioequityanddebtflows,andparticularlyshort-termflows—weresubjecttolargereversalsduringthesameperiod(seeDadush,Dasgupta,andRatha,2000;andLipsey,2001).TheresilienceofFDIdurin
4、gfinancialcriseswasalsoevidentduringtheMexicancrisisof1994-95andtheLatinAmericandebtcrisisofthe1980s.ThisresiliencecouldleadmanydevelopingcountriestofavorFDIoverotherformsofcapitalflows,furtheringatrendthathasbeeninevidenceformanyyears(seeChart1).IsthepreferenceforFDIoverotherformsofprivate
5、capitalinflowsjustified?Thisarticleshedssomelightonthisissuebyreviewingrecenttheoreticalandempiricalworkonitsimpactondevelopingcountries'investmentandgrowth.ThecaseforfreecapitalflowsEconomiststendtofavorthefreeflowofcapitalacrossnationalbordersbecauseitallowscapitaltoseekoutthehighestrateo
6、freturn.Unrestrictedcapitalflowsmayalsoofferseveralotheradvantages,asnotedbyFeldstein(2000).First,internationalflowsofcapitalreducetheriskfacedbyownersofcapitalbyallowingthemtodiversifytheirlendingandinvestment.Second,theglobalintegrationofcapitalmarketscancontributetothespreadofbestpractic
7、esincorporategovernance,accountingrules,andlegaltraditions.Third,theglobalmobilityofcapitallimitstheabilityofgovernmentstopursuebadpolicies.Inadditiontotheseadvantages,whichinprincipleapplytoallkindsofprivatecapitalinflows,Feldstein(2000)andRazinandSadka