Purpose This paper aims to examine the dynamics of foreign direct investment (FDI) inflows into Indonesia. It is interested specifically in analysing and deliberating on two important policy questions: First, are all kinds of FDI useful from a policy perspective and what does the existing data on FDI reveal about the type of FDI inflows into Indonesia? Second, does the existing data help understand the extent of de facto bilateral linkages between Indonesia and other countries? Design/methodology/approach The paper offers an in-depth case study of Indonesia using extensive exploratory data analysis on FDI inflows into Indonesia. As discussed in the paper, the data investigation uses and reconciles available FDI data both from national and international sources to understand the usefulness of such data for policy analysis. Findings A data investigation of the trends in different types of FDI flows reveals a discernible downward trend in the ratio of mergers and acquisitions (M&A)–FDI ratio over the years. The paper argues that from a sequencing perspective, while a medium-to-long-term framework encouraging both domestic and foreign Greenfield investments could help Indonesia regain its growth luster, in the near term much more attention needs to be paid to FDI inflows in the form of M&As. Further, reconciling FDI and M&A data might help identify the original sources of FDI flows because existing data are based on flow of funds rather than ultimate ownership. Practical implications Since the Asian financial crisis, Indonesia has successfully embarked on a phase of economic and political transition post-Suharto, with the cornerstones of such a strategy being a process of greater democratisation and decentralisation. However, there have been growing concerns of economic growth stagnation in recent years. One of the policies to revive the economy’s lustre adopted by the government has been to attract greater FDI inflows. In this light, this paper examines the dynamics of FDI into Indonesia and deliberates on what kinds of FDI policymakers should focus on attracting to restore the country’s growth lustre. Originality/value The question of whether a policy to attract FDI should be careful in distinguishing the kind of FDI it wants to attract has not been sufficiently addressed in the related literature. This paper provides a framework to understand the different macroeconomic policy implications of types of FDI and provides extensive data analysis to not only understand the types of FDI but also sources of bilateral FDI inflows to Indonesia by reconciling FDI and M&A data.

中文翻译：

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了解印尼的外国直接投资

目的本文旨在研究流入印尼的外国直接投资（FDI）的动态。它特别有兴趣分析和审议两个重要的政策问题：首先，从政策角度来看，各种外国直接投资是否有用，关于外国直接投资的现有数据揭示了流入印度尼西亚的外国直接投资的类型有哪些？第二，现有数据是否有助于了解印度尼西亚与其他国家之间事实上的双边联系的程度？设计/方法/方法本文使用对印尼直接投资流入的大量探索性数据分析，对印尼进行了深入的案例研究。正如本文所讨论的那样，数据调查使用并协调了来自国家和国际来源的可用外国直接投资数据，以了解此类数据对政策分析的有用性。调查结果对不同类型的外国直接投资流量趋势进行的数据调查显示，这些年来并购（F＆A）与外国直接投资的比率呈明显下降趋势。该论文认为，从排序的角度来看，虽然鼓励国内外绿地投资的中长期框架可以帮助印度尼西亚重新获得增长的光彩，但在短期内仍需要更多地关注印度尼西亚的外国直接投资流入。并购形式。此外，核对外国直接投资和并购数据可能有助于确定外国直接投资流量的原始来源，因为现有数据基于资金流量而不是最终所有权。实际意义自亚洲金融危机以来，印度尼西亚已经成功地进入了苏哈托之后的经济和政治过渡阶段，这种战略的基石是更大程度的民主化和权力下放的过程。但是，近年来人们对经济增长停滞的担忧日益增加。政府采取的恢复经济活力的政策之一就是吸引更多的外国直接投资流入。有鉴于此，本文研究了流入印尼的外国直接投资的动态，并探讨了哪些外国直接投资决策者应着重吸引以恢复该国的经济增长。原创性/价值在相关文献中，关于吸引外国直接投资的政策是否应谨慎区分其想要吸引的外国直接投资的类型的问题尚未得到充分解决。