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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?Theresilienceofforeigndirectinvestmentduringfinancialcrisesmayleadmanydevelopingcountries
2、toregarditastheprivatecapitalinflowofchoice.Althoughthereissubstantialevidencethatsuchinvestmentbenefitshostcountries,theyshouldassessitspotentialimpactcarefullyandrealistically.Foreigndirectinvestment(FDI)hasprovedtoberesilientduringfinancialcrises.Forinstance,inEastAsiancountries,suchinve
3、stmentwasremarkablystableduringtheglobalfinancialcrisesof1997-98.Insharpcontrast,otherformsofprivatecapitalflows—portfolioequityanddebtflows,andparticularlyshort-termflows—weresubjecttolargereversalsduringthesameperiod(seeDadush,Dasgupta,andRatha,2000;andLipsey,2001).TheresilienceofFDIdurin
4、gfinancialcriseswasalsoevidentduringtheMexicancrisisof1994-95andtheLatinAmericandebtcrisisofthe1980s.ThisresiliencecouldleadmanydevelopingcountriestofavorFDIoverotherformsofcapitalflows,furtheringatrendthathasbeeninevidenceformanyyears(seeChart1).IsthepreferenceforFDIoverotherformsofprivate
5、capitalinflowsjustified?Thisarticleshedssomelightonthisissuebyreviewingrecenttheoreticalandempiricalworkonitsimpactondevelopingcountries'investmentandgrowth.ThecaseforfreecapitalflowsEconomiststendtofavorthefreeflowofcapitalacrossnationalbordersbecauseitallowscapitaltoseekoutthehighestrateo
6、freturn.Unrestrictedcapitalflowsmayalsoofferseveralotheradvantages,asnotedbyFeldstein(2000).First,internationalflowsofcapitalreducetheriskfacedbyownersofcapitalbyallowingthemtodiversifytheirlendingandinvestment.Second,theglobalintegrationofcapitalmarketscancontributetothespreadofbestpractic
7、esincorporategovernance,accountingrules,andlegaltraditions.Third,theglobalmobilityofcapitallimitstheabilityofgovernmentstopursuebadpolicies.Inadditiontotheseadvantages,whichinprincipleapplytoallkindsofprivatecapitalinflows,Feldstein(2000)andRazinandSadka
