Journal of Policy Modeling ( IF 2.727 ) Pub Date : 2021-07-09 , DOI: 10.1016/j.jpolmod.2021.06.004 Pravakar Sahoo 1 , Ashwani Bishnoi 2
The study makes an attempt to contribute to the ongoing policy debate on whether OFDI has a complementary or substitution effect on domestic investment and hence, growth. For the purpose, the current paper uses panel data analysis to understand the impact of OFDI for 14 emerging economies in the period 1981–2019. We supplement the cross-country evidence with a time series analysis for India, given that FDI outflows from the country have been steadily increasing over the years. The results confirm the positive effect of OFDI on economic growth, but the substitution effect for domestic investment. This indicates that the OFDI positively affects growth through its effect on trade and other positive spillover effect, rather than domestic investment. However, in case of India, the findings support the complementary effect of OFDI on domestic investment.
中文翻译:
对外直接投资的影响:来自亚洲的证据
该研究试图为正在进行的关于对外直接投资是否对国内投资产生补充或替代影响并进而对增长产生影响的政策辩论做出贡献。为此,本文使用面板数据分析来了解 1981 年至 2019 年期间对外直接投资对 14 个新兴经济体的影响。鉴于多年来从该国流出的外国直接投资一直在稳步增加,我们通过对印度的时间序列分析来补充跨国证据。结果证实了 OFDI 对经济增长的积极影响,但对国内投资的替代效应。这表明对外直接投资通过其对贸易的影响和其他积极的溢出效应而不是国内投资对增长产生积极影响。然而,就印度而言,研究结果支持对外直接投资对国内投资的互补作用。