Abstract

This paper analyses the macroeconomic gains to Asia-Pacific economies from liberalising foreign investment flows. It first presents an intertemporal theoretical framework to convey, in principle, how higher national income stems from the narrowing of the gap between domestic and foreign rates of return on capital. Using a computable general equilibrium model it then empirically quantifies the impact on investment, the capital stocks, the external accounts and national income of a one percentage point reduction of the rate of return on capital due to further liberalisation of impediments to foreign investment. The results show national income gains for Asia-Pacific economies are on average around 0.3 percent per annum, which compounded through time implies significant long-term improvement in living standards in the region. This suggests APEC should afford greater priority to foreign investment liberalisation.

摘要

本文分析了开放外国投资流动给亚太经济体带来的宏观经济收益。它首先提出了一个跨期理论框架，从原则上传达更高的国民收入如何源于国内和国外资本回报率差距的缩小。然后，使用可计算的一般均衡模型，它凭经验量化了由于进一步放开对外国投资的障碍而导致资本回报率降低一个百分点对投资、资本存量、外部账户和国民收入的影响。结果显示，亚太经济体的国民收入平均每年增长约 0.3%，随着时间的推移，这意味着该地区生活水平的长期显着改善。