资源描述:
《利用外资与经济增长【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、外文翻译原文ForeignCapitalandEconomicGrowthMaterialSource:http://ftp.iza.org/dp3186.pdfAuthor:EswarS.PrasadWedocumenttherecentphenomenonof“uphill”flowsofcapitalfromnonindustrialtoindustrialcountriesandanalyzewhetherthispatternofcapitalflowshashurtgrowthinnonindustrialeconomiesth
2、atexportcapital.Surprisingly,wefindthatthereisapositivecorrelationbetweencurrentaccountbalancesandgrowthamongnonindustrialcountries,implyingthatareducedrelianceonforeigncapitalisassociatedwithhighergrowth.Thisresultisweakerwhenweusepaneldataratherthancross-sectionalaverage
3、soverlongperiodsoftime,butinnocasedowefindanyevidencethatanincreaseinforeigncapitalinflowsdirectlyboostsgrowth.Whatexplainstheseresults,whicharecontrarytothepredictionsofconventionaltheoreticalmodels?Weprovidesomeevidencethatevensuccessfuldevelopingcountrieshavelimitedabso
4、rptivecapacityforforeignresources,eitherbecausetheirfinancialmarketsareunderdeveloped,orbecausetheireconomiesarepronetoovervaluationcausedbyrapidcapitalinflows.Inoneofhismostmemorableandwidelyquotedpassages,JohnMaynardKeynesextolledthevirtuesnotonlyoftradeintegrationbutals
5、ooffinancialintegrationwhenhewrote,in1920,ofthefabledEnglishmanwhocould"adventurehiswealthin…newenterprisesofanyquarteroftheworld,andshare,withoutexertionoreventrouble,intheirprospectivefruitsandadvantages."Consistencywas,ofcourse,notaKeynesianvirtue,andin1933,inoneofhisle
6、ssquotedpassages,Keynes'smusingsonglobalizationturnedmoremelancholy,evenskeptical:"Isympathizewiththosewhowouldminimize,ratherthanwiththosewhowouldmaximize,economicentanglementamongnations.Ideas,knowledge,science,hospitality,travel;thesearethethingswhichshouldoftheirnature
7、beinternational.Butletgoodsbehomespunwheneveritisreasonablyandconvenientlypossible."Hereservedhisdeepestskepticismforfinancialglobalization,warning,"and,aboveall,letfinancebeprimarilynational."WhichKeyneswasright?theKeynesof1920ortheKeynesof1933?Andwhy?Or,toputitmoremundan
8、ely,doesforeigncapitalplayahelpful,benign,ormalignroleineconomicgrowth?Thequestionhasfuel