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1、中文3080字本科毕业论文外文翻译外文题目：FOreignDireCtInVeSlment,DomeStiClnVeStmentandEConomiCGrOWthinChina:ATimeSerieSAnaIySiS出处：TheWorldEconomy,2023.10.1467-9701.作者：SUmeiTang,E.A.SelVanathanandS.SelVanathan.外文原稿ForeignDirectInvestment,DomesticInvestmentandEconomicGrowthinChina:ATimeSeriesAnalysisSumeiTang,E.A.Selvan
2、athanandS.Selvanathan1. IntroductionDespitealargeamountofliteratureonthesubject,theroleofFDIineconomicgrowthremainshighlycontroversial.TheproponentsofFDlarguethatithelpspromoteeconomicgrowththroughtechnologydiffusionandhumancapitaldevelopment.ThisisparticularlythecasewhenMNEsinahosteconomyhavevertic
3、alinter-firmlinkageswithdomesticfirmsorhavesub-nationalorsub-regionalclustersofinter-relatedactivities.Throughformalandinformallinksandsocialcontactsamongemployees,MNEsdiffusetechnologyandmanagementknow-howtoindigenousfirms.Consequently,economicrentsarecreatedaccruingtooldtechnologiesandtraditionalm
4、anagementstyles.Also,FDIhelpsovercomecapitalshortageinhostcountriesandcomplementsdomesticinvestmentwhenFDlflowstohigh-riskareasornewindustrieswheredomesticinvestmentislimited.WhenFDIoccursinresourceindustries,domesticinvestmentinrelatedindustriesmaybestimulated.Moreover,FDImayresultinanincreaseddema
5、ndforexportsfromthehostcountry,helpingattractinvestmentintheexportindustries.EmpiricalstudiessupportingtheseargumentsincludeSun(1998)andShan(2002).Usingtheconventionalregressionmodelandpaneldata,Sun(1998)findsahighandsignificantlypositivecorrelationbetweenFDIanddomesticinvestmentinChina.Shan(2002)us
6、esaVARmodeltoexaminetheinter-relationshipsbetweenFDIJndustrialoutputgrowthandothervariablesinChina*HeconcludesthatFDlhasasignificantlybeneficialimpactontheChineseeconomywhentheratioofFDItoindustrialoutputrises.Incontrast,opponentsofFDIarguethatFDIcrowdsoutdomesticinvestment,andhasanadverseeffectongr
7、owth.Inparticular,theindustrialorganisationtheorystipulatesthatFDlisanaggressiveglobalstrategybyMNEstoadvancemonopolypoweroverandaboveindigenousfirmsofthehosteconomy.Theownership-specificadvantagesofMNEs(e.g.advancedtechnologies,managementknow-howskills,transactioncostminimisingandotherintangibleadv
8、antages)couldbetransformedintomonopolypower.ThismonopolypowercanbefurtherreinforcedbytheothertwoadvantagesofMNEs:themarketinternalisationspecific-advantageandthelocation-specificadvantage(Dunning,1981).Inaddition,FDImaydisruptbackwardlinkagesthroughsubstitutionofimportsfordomesticcommodities(Noorzoy
9、,1979).ThepresentpapercontributestotheexistingliteraturebyapplyingamultivariateVARsystemwiththeerrorcoectionmodel(ECM)andtimeseriestechniquesofco-integrationandinnovationaccountingtoexplorethepossiblelinksbetweenFDI,domesticinvestmentandeconomicgrowthinChina.Specifically,weusetheimpulseresponsefunct
10、ionandvariancedecompositionplustheGrangercausalitytestingprocedurestoinvestigatewhether:(1)FDIhasaComplementaryZsubstitutioneffectondomesticinvestmentinChina;(2)thereexistsanycausalrelationshipbetweenFDLdomesticinvestmentandeconomicgrowth;(3)FDIhasplayedanimportantroleinChina,seconomicgrowth;and(4)F
11、DIcontributestogrowthmorethandomesticinvestment.Thispaperdiffersfromearlierstudiesinanumberofrespects.Firstly,itrepresentsthefirstattempttodirectlytesttherelationshipbetweenFDIanddomesticinvestmentinChina.Second,weusepuretime-seriesdatawhilepreviousstudiesuseeithercross-sectionalorpaneldata,whichare
12、likelytosufferfromproblemsofdatacomparabilityandheterogeneity.Third,earlierstudiesdonottestforcausalitybetweenFDI,domesticinvestmentandeconomicgrowth.Thefailuretoconsiderthepossibletwo-waycausalitybetweenthevariablesmayleadtothesimultaneityproblem.Finally,ourVARmodelincorporateslong-rundynamicsorECM
13、.Neglectingthesedynamicsmayproducevariousestimationbiases.Theorganisationofthepaperisasfollows*Section2offersanoverviewofFDIinflows,domesticinvestmentandeconomicgrowthinChina.ThisisfollowedbyeconometricanalysisinSection3.Thefinalsectionofthepaperpresentstheconclusionandsomepolicyimplications.2. ANOV
14、ERVIEWOFFDIINFLOWS,Domesticinvestmentandeconomicgrowthinchina：1978-2003Intheearly1980s,specialeconomiczoneswereformedwithpreferentialpoliciesincludingtaxconcessionsandspecialprivilegesforforeigninvestors.Duringthereformperiod,theChinesegovernmentintroducedvariousnewlegislativemeasurestoimproveinvest
15、mentconditionsandthebusinessenvironmentinordertoattractFDI.Table1presentstheratiosofFDItoGDP,DItoGDP,andFDItoDIfrom1978to2003.Ascanbeseen,theproportionsofFDItoGDP(column2)werequitelowandlessthan1percentuntil1990.Itincreasedtoapeakvalueof6.2percentin1994andthensteadilydecreasedto3.8percentin2003.Thep
16、roportionofDItoGDPwas18.5percentin1978andincreasedsteadilyto47.6percentin2003.TheproportionofFDItoDIincreaseddramaticallyfrom0.1percentin1978to1.7percentin1984,andby1994ithadreachedanall-timehighof18.1percent.Sincethen,itgraduallydecreasedto8.0percentin2003.3. EMPIRICALANALYSISANDFINDINGSa.DataandUnitRootTestQuarterlytimeseriesdataforFDI,DlandGDPareavailableandallincurrentpricesoftheChinesecurrency(yuan).TheyarecompiledfromChinaMonthlyStatistics19
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