Outbound foreign direct investment (OFDI) was traditionally the realm of developed countries. However, recently OFDI originating from emerging countries has increased rapidly but hardly any study noticed its impact on the economic activities in emerging source countries. Therefore, this study explores the impact of OFDI on exports and private investment in emerging source countries by employing cross-sectional dependence autoregressive distributed lag model. The findings in this paper suggest that OFDI contributes significantly to exports in the emerging countries both in the long and in the short run; however, OFDI contribution to private investment in emerging countries is limited to long run only. Moreover, the findings suggest that the positive impact of OFDI on exports and private investment in emerging countries requires quality institutions. The positive impact of OFDI on exports and private investment in emerging countries is low when compared with developed countries. However, the significant and high values of a dummy variable for the 2007–2008 financial crisis show that emerging countries are converging on developed countries in terms of gains from OFDI in post-crisis era. We find that OFDI is an effective policy tool for emerging countries to diversify and kick start the local economy.

中文翻译：

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对外直接投资对出口和私人投资的影响：新兴国家和发达国家的比较分析

对外直接投资（OFDI）传统上是发达国家的领域。然而，最近来自新兴国家的对外直接投资迅速增加，但几乎没有研究注意到它对新兴来源国经济活动的影响。因此，本研究采用横截面依赖自回归分布滞后模型探讨了对外直接投资对新兴来源国出口和私人投资的影响。本文的研究结果表明，无论是长期还是短期，对外直接投资都对新兴国家的出口做出了重大贡献；然而，OFDI 对新兴国家私人投资的贡献仅限于长期。此外，调查结果表明，对外直接投资对新兴国家出口和私人投资的积极影响需要高质量的机构。与发达国家相比，OFDI 对新兴国家出口和私人投资的积极影响较低。然而，2007-2008 年金融危机虚拟变量的显着和高值表明，在后危机时代，新兴国家在对外直接投资的收益方面正在向发达国家趋同。我们发现，对外直接投资是新兴国家实现多元化和启动当地经济的有效政策工具。