The Balassa-Samuelson effect provides a theoretical explanation for the deviation of the real exchange rate (RER) from its purchasing power parity based on the heterogeneous productivity growth in the tradable and non-tradable sectors. This paper bridges the literature on foreign direct investment (FDI) spillovers with the Balassa-Samuelson effect by theoretically and empirically showing that (1) the productivity impact of inward FDI is notably larger in the tradable sector than in the non-tradable sector, generating an appreciation effect on the RER; (2) the magnitude of heterogeneous productivity impacts of inward FDI in the tradable and non-tradable sectors is commensurate with the technological backwardness in the two sectors relative to the world leaders.

巴拉萨-萨缪尔森效应为实际汇率 (RER) 与其购买力平价的偏差提供了理论解释，这种偏差基于可贸易和非贸易部门的异质生产率增长。本文通过理论和实证表明 (1) 流入 FDI 对贸易部门的生产率影响明显大于非贸易部门，从而将外国直接投资 (FDI) 溢出效应与巴拉萨-萨缪尔森效应联系起来。对 RER 的升值效应；(2) 贸易和非贸易部门外商直接投资对生产率影响的异质性程度与这两个部门相对于世界领先者的技术落后程度相称。