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1、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,financialmarketsandgrowth.Wemodelaneconomywith
2、acontinuumofagentsindexedbytheirlevelofability.Agentshavetwochoices:theycanworkfortheforeigncompanyintheFDIsectorandusetheirwealthtoearnareturnortheycanchoosetoundertakeentrepreneurialactivities,whicharesubjecttoafixedcost.Betterfinancialmarketsallowagentsintheeconomyto
3、takeadvantageofknowledgespilloversfromFDI.TheempiricalevidencesuggeststhatFDIplaysanimportantroleincontributingtoeconomicgrowth.However,theleveldevelopmentoflocalfinancialmarketsiscrucialforthesepositiveeffectstoberealized.IntroductionThe1990shavebeenmarkedbytheincreasi
4、ngroleofforeigndirectinvestment(FDI)intotalcapitalflows(SeeTable1).In1998,morethanhalfofallprivatecapitalflowstodevelopingcountrieswasaccountedbyFDI.Followingthe1980sdebtcrisis,andrecentlythe1997turmoilintheemergingeconomies,theemphasisamongpolicymakersindevelopingcount
5、rieshasshiftedtowardsattractingmoreFDI.Theirargumentshavebeensupportedbytheinternationalinstitutionsandpolicymakersaswell,asisevidentintheWorldDevelopmentReport(2000):“Since1997,whentheEastAsiancrisisbegan,theworldhaslearnedthatpoorlymanagedfinancialliberalizationcanlea
6、dtoaprotractedeconomicdownturnandarenewedcycleofpoverty.Butthepotentialupsideofinternationalcapitalflowsisenormous,asthepositivecontributionofforeigndirectinvestmenttoboostingproductivityinrecipientcountriesdemonstrates.”Thisreportspecificallyemphasizesthepoliciesandref
7、ormsdevelopingcountriescanpursuetoattractmoreFDI..TherationaleforsuchincreasedeffortstoattractmoreFDIstemsfromthebeliefthatFDIhasseveralpositiveeffectswhichincludeproductivitygains,technologytransfers,theintroductionofnewprocessestothedomesticmarket,managerialskillsandk
8、now-how,employeetraining,internationalproductionnetworks,andaccesstomarkets.Inadditiontotheserealbenefits,itsr
