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《fdi对外汇储备增长的实际效应_（_ actual effect of fdi on the growth of foreign exchange reserves）》由会员上传分享，免费在线阅读，更多相关内容在教育资源-天天文库。
1、fdi对外汇储备增长的实际效应_（_actualeffectofFDIonthegrowthofforeignexchangereserves）TheactualeffectofFDIonthegrowthofforeignexchangereserves*SunWenkai,1,maypine2(1RenminUniversityofChina;2McKinseyCo)Abstract:mostscholarsbelievethatthelarge-scaleinflowofFDIisanimportantreasonf
2、ortherapidgrowthofChina'sforeignexchangereservesinrecentyears.ButsomescholarshavepointedoutthatalargepartofFDIisphysicalassetsinvestment,andnotreallyformedforeignexchangesupply,sotheactualcontributionofFDItothegrowthofforeignexchangereservesislowerthanitsnominalco
3、ntribution.ThispaperarguesthattheimpactofFDIonthescaleofforeignexchangereservesshouldnotonlytakeintoaccountthedirecteffect,butalsoconsidertheindirectchangesinforeignexchangereservescausedbyFDI'sparticipationinproduction,importandexportandothereconomicactivities.Th
4、ispaperestimatesthesetwoeffectsseparatelyandfindsthattheactualcontributionofFDItoforeignexchangereservesin1986~2007accountsforabout50%ofthetotalforeignexchangereserves.Before2003,thedirecteffectoftheleadingposition,butfrom2004onwards,theindirecteffectgreatlyexceed
5、sthedirecteffect,isthemainreasonfortheextraordinarygrowthofforeignexchangereserves.Keywords:ForeignDirectInvestment(FDI);foreignexchangereserve;actualeffectFDI's,Real,Effect,on,the,Large,Increase,of,,Foreign,Exchange,ReservesAbstract:Itiswidelybelievedthatthelarge
6、inflowofFDIisakeyfactoronthelargehoardingofofficialreservesinChina.However,somescholarshavearguedthatalargeportionofFDIisinvestedinequipmentandtechnologywhichinfactdoesnotprovideforeignexchanges.Thispaperarguesthatboththedirecteffectandtheindirecteffectshouldbecon
7、sideredwhenassessingFDI'scontributiontoforeignexchangereserves.ThispapercalculatebotheffectandfindFDI'scontributiontoforeignexchangereservesisabout50%from1986to2007,anddirecteffecttookthemainpositionbeforewhileindirecteffectsurpasseddirecteffect2003dramaticallysin
8、ce2004.Keywords:FDI;ForeignExchangeReserves;RealEffectAuthorinformation:SunWenkai,Schoolofeconomics,RenminUniversityofChina,contactinformation:837office
