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1、外国直接投资与经济增长：本地金融市场的角色外文翻译本科毕业论文外文翻译出处:Journal?of?International?Economics,2004作者:Laura?Alfaro?and?Areedam?Chanda原文:FDIandEconomicGrowth:TheRoleofLocalFinancialMarketsAbstractThepurposeofthispaperistoexaminethevariouslinksamongforeigndirectinvestment,financialmarketsandgrow
2、th.Wemodelaneconomywithacontinuumofagentsindexedbytheirlevelofability.Agentshavetwochoices:theycanworkfortheforeigncompanyintheFDIsectorandusetheirwealthtoearnareturnortheycanchoosetoundertakeentrepreneurialactivities,whicharesubjecttoafixedcost.Betterfinancialmarketsallo
3、wagentsintheeconomytotakeadvantageofknowledgespilloversfromFDI.TheempiricalevidencesuggeststhatFDIplaysanimportantroleincontributingtoeconomicgrowth.However,theleveldevelopmentoflocalfinancialmarketsiscrucialforthesepositiveeffectstoberealized.IntroductionThe1990shavebeen
4、markedbytheincreasingroleofforeigndirectinvestmentFDIintotalcapitalflowsSeeTable1.In1998,morethanhalfofallprivatecapitalflowstodevelopingcountrieswasaccountedbyFDI.Followingthe1980sdebtcrisis,andrecentlythe1997turmoilintheemergingeconomies,theemphasisamongpolicymakersinde
5、velopingcountrieshasshiftedtowardsattractingmoreFDI.Theirargumentshavebeensupportedbytheinternationalinstitutionsandpolicymakersaswell,asisevidentintheWorldDevelopmentReport2000:“Since1997,whentheEastAsiancrisisbegan,theworldhaslearnedthatpoorlymanagedfinancialliberalizat
6、ioncanleadtoaprotractedeconomicdownturnandarenewedcycleofpoverty.Butthepotentialupsideofinternationalcapitalflowsisenormous,asthepositivecontributionofforeigndirectinvestmenttoboostingproductivityinrecipientcountriesdemonstrates.”Thisreportspecificallyemphasizesthepolicie
7、sandreformsdevelopingcountriescanpursuetoattractmoreFDITherationaleforsuchincreasedeffortstoattractmoreFDIstemsfromthebeliefthatFDIhasseveralpositiveeffectswhichincludeproductivitygains,technologytransfers,theintroductionofnewprocessestothedomesticmarket,managerialskillsa
8、ndknow-how,employeetraining,internationalproductionnetworks,andaccesstomarkets.Inadditiontothese
