international investment in insurance services in the us

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1、J.ofMulti.Fin.Manag.14(2004)249260InternationalinvestmentininsuranceservicesintheUSDonghuiLi∗,FariborzMoshirianSchoolofBankingandFinance,TheUniversityofNewSouthWales,SydneyNSW2052,AustraliaReceived16May2002;accepted10April2003Availableonline14December2003AbstractThepur

2、poseofthisstudyistoanalyzeanddiscussthedeterminantsofforeigndirectinvestment(FDI)ininsuranceservicesintheUS.ThisstudydemonstratesthatsolideconomicfundamentalsinthehostcountriesarethemajorfactorswhichattractFDIininsuranceservices,whiletheuncertaintyoftheinternationalexc

3、hangemarketincreasestheinvestmentriskandreducesforeigninvestorswillingnesstoinvest.Theempiricalresultsofthisstudyindicatethatnationalincome(NI),thesourcecountriesinsurancemarketsizeandfinancialdevelopment(FD)ofthehostcountriescontributetotheexpansionofFDIininsuranceserv

4、ices,whiletherelativelyhigherwagesandhighercostofcapitalinthehostcountriesdiscourageFDIininsuranceservices.TheempiricalresultsalsosuggestthatFDIininsuranceservicescomplementFDIinbankingaswellastotaltradeininsuranceservices.©2003ElsevierB.V.Allrightsreserved.JELclassific

5、ation:G15;G25Keywords:FDIininsuranceservices;Globalization;FDIinbanking1.IntroductionForeigndirectinvestment(FDI)1hasbeenimportantfortheworldeconomyfordecadesandoftenfunctionsastheprincipalvehicleofinternationalcapitalmovement,viawhich∗Correspondingauthor.Tel.:+61-2-93

6、855873;fax:+61-2-93856730.E-mailaddress:donghui@unsw.edu.au(D.Li).1AccordingtoWTO(1996),FDIoccurswhenaninvestorbasedinthehomecountryacquiresanassetinthehostcountrywiththeintenttomanagethatasset.TherearethreemaincategoriesofFDI:(1)equitycapital(thevalueoftheMNCsinvestme

7、ntinsharesofanenterpriseinaforeigncountry).Tenpercentormoreoftheordinarysharesorvotingpowerofanequitycapitalstakeinanincorporatedenterprise,oritsequivalentinan1042-444X/$seefrontmatter©2003ElsevierB.V.Allrightsreserved.doi:10.1016/j.mulfin.2003.04.001250D.Li,F.Moshirian

8、/J.ofMulti.Fin.Manag.14(2004)249–260theintegrationoftheglobaleconomy,orwhatispopularlyknownasglobalization,ispromoted