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1、外文翻译原文ForeignDirectInvestmentandEconomicGrowthinAsiaMaterialSource:SpringerLinkAuthor:KamalP.UpadhyayaStandardeconomictheorypointstoadirect,causalrelationshipbetweeneconomicgrowthandFDIthatcanrunineitherdirection.Ontheonehand,FDIflowscanbeinducedbyhostcountryeconomicgrowthifthehostcountryo
2、ffersasizeableconsumermarket,inwhichcaseFDIservesasasubstituteforcommoditytrade,orifgrowthleadstogreatereconomiesofscaleandcostefficiencyinthehostcountry.Ontheotherhand,FDIitselfmaycontributetohostcountryeconomicgrowth,byaugmentingthecountry’scapitalstock,introducingcomplementaryinputs,ind
3、ucingtechnologytransferandskillacquisition,orincreasingcompetitioninthelocalindustry.Ofcourse,FDImayalsoinhibitcompetitionandthushampergrowth,especiallyifthehostcountrygovernmentaffordsextraprotectiontoforeigninvestorsintheprocessofattractingtheircapital.Empirically,thepositiveeffectofhost
4、countryeconomicgrowthonFDIinflowhasbeenconfirmedbyvariousstudies(seeVeugelers,1991;BarrellandPain,1996;GrosseandTrevino,1996;TaylorandSarno,1999;Trevinoetal.,2002).TheeffectsofFDIonsubsequenteconomicgrowthhasbeenshowntobebothpositive(Dunning,1993;Borenszteinetal.,1998;DeMello,1999;Ericsson
5、andIrandoust,2000;TrevinoandUpadhyaya,2003)andnegative(Moran,1998).Generally,thepositivegrowtheffectsofFDIhavebeenmorelikelywhenFDIisdrawnintocompetitivemarkets,whereasnegativeeffectsongrowthhavebeenmorelikelywhenFDIisdrawnintoheavilyprotectedindustries(EncarnationandWells,1986).Overall,th
6、ough,FDIturnsouttobeassociatedwithgreaterdomesticinvestment,notsmaller.Moreover,thispositiveassociationbetweenFDIanddomesticinvestmenttendstobegreaterthanthatbetweenforeignportfolioinvestmentanddomesticinvestment(BosworthandCollins,1999).Basu,ChakrabortyandReagle(2003)studyapanelof23develo
7、pingcountriesfromAsia,Africa,EuropeandLatinAmerica,andfindthecausalrelationshipbetweenGDPgrowthandFDItorunbothwaysinmoreopeneconomies,andinonlyonedirection—fromGDPgrowthtoFDI—inmoreclosedeconomies.TrevinoandUpadhyaya(2003)findacomparableresult,basedontheirstud
