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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?Theresilienceofforeigndirectinvestmentduringfinancialcrisesm
2、ayleadmanydevelopingcountriestoregarditastheprivatecapitalinflowofchoice.Althoughthereissubstantialevidencethatsuchinvestmentbenefitshostcountries,theyshouldassessitspotentialimpactcarefullyandrealistically.Foreigndirectinvestment(FDI)hasprovedtoberesilientdurin
3、gfinancialcrises.Forinstance,inEastAsiancountries,suchinvestmentwasremarkablystableduringtheglobalfinancialcrisesof1997-98.Insharpcontrast,otherformsofprivatecapitalflows—portfolioequityanddebtflows,andparticularlyshort-termflows—weresubjecttolargereversalsdurin
4、gthesameperiod(seeDadush,Dasgupta,andRatha,2000;andLipsey,2001).TheresilienceofFDIduringfinancialcriseswasalsoevidentduringtheMexicancrisisof1994-95andtheLatinAmericandebtcrisisofthe1980s.ThisresiliencecouldleadmanydevelopingcountriestofavorFDIoverotherformsofca
5、pitalflows,furtheringatrendthathasbeeninevidenceformanyyears(seeChart1).IsthepreferenceforFDIoverotherformsofprivatecapitalinflowsjustified?Thisarticleshedssomelightonthisissuebyreviewingrecenttheoreticalandempiricalworkonitsimpactondevelopingcountries'investmen
6、tandgrowth.ThecaseforfreecapitalflowsEconomiststendtofavorthefreeflowofcapitalacrossnationalbordersbecauseitallowscapitaltoseekoutthehighestrateofreturn.Unrestrictedcapitalflowsmayalsoofferseveralotheradvantages,asnotedbyFeldstein(2000).First,internationalflowso
7、fcapitalreducetheriskfacedbyownersofcapitalbyallowingthemtodiversifytheirlendingandinvestment.Second,theglobalintegrationofcapitalmarketscancontributetothespreadofbestpracticesincorporategovernance,accountingrules,andlegaltraditions.Third,theglobalmobilityofcapi
8、tallimitstheabilityofgovernmentstopursuebadpolicies.Inadditiontotheseadvantages,whichinprincipleapplytoallkindsofprivatecapitalinflows,Feldstein(2000)andRazinandSadka
