the_economic_determinants_of_chinese_fdi_to_africa英语论文

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1、TheEconomicDeterminantsofChineseFDItoAfricaName:TianwenHuanDepartment:EconomicDevelopmentandPoliciesKobeUniversity11SummaryForeigndirectinvestment(FDI)hasbecomeanincreasinglypopulartopicinrecentdecadesandChina,asanewmajor‘emerging’investor,hasdrawnmoreandmoreattentionamongworldeconomies.AsChin

2、eseforeigndirectinvestmenthasplayedaveryimportantroleineconomicactivitiesinAfrica,thispaperempiricallyanalyzestheeconomicdeterminantsofChineseFDIto37Africancountriesfrom2003to2012.ThispaperfirstmeasuresexchangeratevolatilityusingtheGARCH(1,1)model.Then,allthevariablespresentedincurrentUS$werea

3、djustedbyusingtheUSGDPdeflatorinunitsofonemilliondollars.Astheargumentabouttheunitroottestforpaneldata,twointerpretativemodelsareusedinthefinalcalculationtoanalyzetherelationshipbetweenvariablesandChineseFDItoAfrica.Theresults,whichillustratehowChineseFDItoAfricaisdrivenbycharacteristicsoftheh

4、ostcountries,canbesummarizedasfollows:First,GDPcanbeseenasoneofthemostimportantconsiderationstoattractChineseFDItoAfrica,whichmeansAfricancountrieswithalargermarketsizenormallyreceivemoreChineseFDI.Inaddition,ChineseinvestmenttoAfricaisempiricallygeneratedasasupplementaryparttoChineseexportsto

5、Africa.Interestingly,iftheamountofimportsfromChinatoasinglecountrygrowstooquickly,ChineseOFDIdecreasestothatcountry.Second,anotherdeterminantofChineseOFDItoAfricacanbeexplainedbythephenomenaofresourceseeking.Inthispaper,fuelexportsareusedasaproxyforresourceseeking.TheresultshowsthatChineseOFDI

6、isattractedtocountrieswithlargerenergyresources.Finally,thispaperfindsthattherelationshipbetweenmacroeconomicinstabilityandChineseOFDItoAfricaisinsignificant.However,countrieswithalowerexchangerateattractmoreChineseOFDIthancountrieswithhigherexchangerate.11ContentsAbstract11.Introduction12.Lit

7、eratureReview32.1Market-seekingandFDI32.2Resource-seekingandFDI42.3RiskAversionandFDI52.4MeasureofExchangeRateVolatility62.5Summary73.EmpiricalModelandData103.1InterpretativeModel103.2ExpectedResults124.MethodologyandEconometricSpecific