世界経済・社会統計 = World development indicators

1. Introduction and Overview. 2. Detecting Influential Observations and Outliers. 3. Detecting and Assessing Collinearity. 4. Applications and Remedies. 5. Research Issues and Directions for Extensions. Bibliography. Author Index. Subject Index.

Regression Diagnostics: Identifying Influential Data and Sources of Collinearity

Governments often promote inward foreign investment to encourage technology 'spillovers' from foreign to domestic firms. Using panel data on Venezuelan plants, the authors find that foreign equity participation is positively correlated with plant productivity (the 'own-plant' effect), but this relationship is only robust for small enterprises. They then test for spillovers from joint ventures to plants with no foreign investment. Foreign investment negatively affects the productivity of domestically owned plants. The net impact of foreign investment, taking into account these two offsetting effects, is quite small. The gains from foreign investment appear to be entirely captured by joint ventures.

/pdf/do-domestic-firms-benefit-from-direct-foreign-investment-1mh59aw3qf.pdf

Do Domestic Firms Benefit from Direct Foreign Investment? Evidence from Venezuela

Resource misallocation can lower aggregate total factor productivity (TFP).We
use microdata on manufacturing establishments to quantify the potential extent
of misallocation in China and India versus the United States. We measure sizable
gaps in marginal products of labor and capital across plants within narrowly
defined industries in China and India compared with the United States. When
capital and labor are hypothetically reallocated to equalize marginal products to
the extent observed in the United States, we calculate manufacturing TFP gains
of 30%–50% in China and 40%–60% in India.

/pdf/misallocation-and-manufacturing-tfp-in-china-and-india-2iv0rc70q7.pdf

Misallocation and Manufacturing TFP in China and India

Many governments offer significant inducements to attract inward investment, motivated by the expectation of spillover benefits. This paper begins by reviewing possible sources of spillovers. It then provides a comprehensive evaluation of the empirical evidence on productivity, wages and exports spillovers in developing, developed and transitional economies. Although theory can identify a range of possible spillover channels, robust empirical support for positive spillovers is hard to find. The reasons for this are explored and the paper concludes with a review of policy aspects.

https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID475044_code355382.pdf?abstractid=475044&mirid=3

Much Ado About Nothing? Do Domestic Firms Really Benefit from Foreign Investment?

FDI and Economic Growth: The Role of Local Financial Markets*

We examine the empirical role of difierent explanations for the lack of ∞ows of capital from rich to poor countries|the \Lucas Paradox." The theoretical explanations include difierences in fundamentals across countries and capital market imperfections. We show that during 1970i2000 low institutional quality is the leading explanation. For example, improving Peru’s institutional quality to Australia’s level, implies a quadrupling of foreign investment. Recent studies emphasize the role of institutions for achieving higher levels of income, but remain silent on the speciflc mechanisms. Our results indicate that foreign investment might be a channel through which institutions afiect long-run development.

/pdf/why-doesn-t-capital-flow-from-rich-to-poor-countries-an-3i855ji9t9.pdf

Why Doesn't Capital Flow from Rich to Poor Countries? An Empirical Investigation

In this paper, we examine the various links among foreign direct investment (FDI), financial markets, and economic growth We explore whether countries with better financial systems can exploit FDI more efficiently Empirical analysis, using crosscountry data between 1975- 1995, shows that FDI alone plays an ambiguous role in contributing to economic growth However, countries with well-developed financial markets gain significantly from FDI The results are robust to different measures of financial market development, the inclusion of other determinants of economic growth, and consideration of endogeneity

https://www.econ.umd.edu/sites/www.econ.umd.edu/files/pubs/fdi_may18_09.pdf

Does foreign direct investment promote growth? Exploring the role of financial markets on linkages

Although it may seem natural to argue that foreign direct investment (FDI) can convey great advantages to host countries, this paper shows that the benefits of FDI vary greatly across sectors by examining the effect of foreign direct investment on growth in the primary, manufacturing, and services sectors. An empirical analysis using cross-country data for the period 1981-1999 suggests that total FDI exerts an ambiguous effect on growth. Foreign direct investments in the primary sector, however, tend to have a negative effect on growth, while investment in manufacturing a positive one. Evidence from the service sector is ambiguous.

/pdf/foreign-direct-investment-and-growth-does-the-sector-matter-12yhymmtf8.pdf

Laura Alfaro

Papers

FDI and Economic Growth: The Role of Local Financial Markets*

Why Doesn't Capital Flow from Rich to Poor Countries? An Empirical Investigation

FDI and Economic Growth: The Role of Local Financial Markets*

Does foreign direct investment promote growth? Exploring the role of financial markets on linkages

Foreign Direct Investment and Growth: Does the Sector Matter? *