外商直接投资如何使发展中国家收益【外文翻译】

外商直接投资如何使发展中国家收益【外文翻译】

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时间:2018-05-14

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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?Theresilienceofforeigndirectinvestmentduringfinancialcrisesm

2、ayleadmanydevelopingcountriestoregarditastheprivatecapitalinflowofchoice.Althoughthereissubstantialevidencethatsuchinvestmentbenefitshostcountries,theyshouldassessitspotentialimpactcarefullyandrealistically.Foreigndirectinvestment(FDI)hasprovedtoberesilientdurin

3、gfinancialcrises.Forinstance,inEastAsiancountries,suchinvestmentwasremarkablystableduringtheglobalfinancialcrisesof1997-98.Insharpcontrast,otherformsofprivatecapitalflows—portfolioequityanddebtflows,andparticularlyshort-termflows—weresubjecttolargereversalsdurin

4、gthesameperiod(seeDadush,Dasgupta,andRatha,2000;andLipsey,2001).TheresilienceofFDIduringfinancialcriseswasalsoevidentduringtheMexicancrisisof1994-95andtheLatinAmericandebtcrisisofthe1980s.ThisresiliencecouldleadmanydevelopingcountriestofavorFDIoverotherformsofca

5、pitalflows,furtheringatrendthathasbeeninevidenceformanyyears(seeChart1).IsthepreferenceforFDIoverotherformsofprivatecapitalinflowsjustified?Thisarticleshedssomelightonthisissuebyreviewingrecenttheoreticalandempiricalworkonitsimpactondevelopingcountries'investmen

6、tandgrowth.ThecaseforfreecapitalflowsEconomiststendtofavorthefreeflowofcapitalacrossnationalbordersbecauseitallowscapitaltoseekoutthehighestrateofreturn.Unrestrictedcapitalflowsmayalsoofferseveralotheradvantages,asnotedbyFeldstein(2000).First,internationalflowso

7、fcapitalreducetheriskfacedbyownersofcapitalbyallowingthemtodiversifytheirlendingandinvestment.Second,theglobalintegrationofcapitalmarketscancontributetothespreadofbestpracticesincorporategovernance,accountingrules,andlegaltraditions.Third,theglobalmobilityofcapi

8、tallimitstheabilityofgovernmentstopursuebadpolicies.Inadditiontotheseadvantages,whichinprincipleapplytoallkindsofprivatecapitalinflows,Feldstein(2000)andRazinandSadka

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