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1、本科毕业论文外文翻译原文外文题目:OutwardFDIandeconomicgrowth出处:JournalofEconomicStudies作者:DierkHerzer原文:Howdoesoutwardforeigndirectinvestment(FDI)affectdomesticeconomicactivity?Thisquestionhasbeenthesubjectofextensivepublicpolicydebateintheindustrializedworld.Opponents
2、ofoutwardFDIarguethatoutwardinvestmentsubstitutesforeignfordomesticproductionwhenfirmsshiftpartsoftheproductionabroad.Accordingly,outwardinvestmentinevitablyreducesdomesticinvestment,employment,productivity,andtherebyeconomicgrowth.Proponentsofoutwardin
3、vestment,incontrast,pointoutthatoutwardFDIenablesfirmstoenternewmarkets,toimportintermediategoodsfromforeignaffiliatesatlowercosts,andtoaccessforeigntechnology.Fromthispointofview,theentiredomesticeconomybenefitsfromoutwardFDIduetotheincreasedcompetitiv
4、enessoftheinvestingcompaniesandassociatedproductivityspilloverstolocalfirms.Unfortunately,empiricalstudiesdonotprovideaclearpictureofwhetherandhowdomesticeconomicactivityisinfluencedbyoutwardFDI.StevensandLipsey(1992),forexample,analyzethedomesticinvest
5、mentbehaviorofsevenUSmultinationalcompanies.Theirresultssuggestthatthatoutwardinvestmentanddomesticinvestmentaresubstitutes.Desaietal.(2005),ontheotherhand,usingtime-seriesdatafortheUSfirms,findapositiverelationshipbetweendomesticandforeigninvestment.Th
6、isfinding,inturn,isconsistentwithastudybyLipsey(1994),whoreportsapositivecorrelationbetweenforeignproductionanddomesticemploymentlevelsbytheUSfirms.Incontrast,theresultsbyBlomstrometal.(1997)suggestthatintheUSmultinationalfirms,higherforeignproductionis
7、associatedwithloweremploymentathome,whereasSwedishparentcompaniesemploymorelaborathomewhentheyproducemoreabroad.Finally,Braconieretal.(2001)examinetherelatedquestionofwhetherdomesticproductivityisaffectedbyoutwardFDI.Usingfirm-andindustry-levelpaneldata
8、forSweden,theyfindnoevidenceofFDI-inducedproductivitygains.This,however,isincontrasttotheresultsbyBarbaNavarettiandCastellani(2004),whofindthatinItalianfirms,outwardinvestmentincreasesdomesticoutputandproductivitygrowth.Admittedl