Is Foreign Aid a Vanguard of Foreign Direct Investment? A Gravity-Equation Approach
Is Foreign Aid a Vanguard of Foreign Direct Investment? A Gravity-Equation Approach
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DOI：
10.1016/j.worlddev.2009.10.005
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发表时间：
2010-04-01
影响因子：
6.9
通讯作者：
Todo, Yasuyuki
中科院分区：
文献类型：
--
作者：
Kimura, Hidemi;Todo, Yasuyuki
本文探讨了外国援助是否以及如何促进外国直接投资（FDI）流入欠发达国家。我们采用了一个大的数据集的来源-接收国对进行重力方程型估计。我们的实证方法使我们能够研究一个捐助国的援助促进来自同一捐助国的外国直接投资的效应，我们称之为“先锋效应”。“我们发现，外国援助一般对外国直接投资没有任何重大影响。但是，考虑到援助国之间援助效果的大小差异，特别是来自日本的援助具有先锋效果，日本的援助促进了来自日本的外国直接投资，但并没有吸引来自其他国家的外国直接投资。(C)2009爱思唯尔有限公司保留所有权利。
This paper investigates whether and how foreign aid facilitates foreign direct investment (FDI) flows into less developed countries. We employ a large data set of source-recipient country pairs and conduct gravity equation-type estimation. Our empirical methodology enables us to examine an effect through which aid from a donor country promotes FDI from the same donor in particular, which we call a "vanguard effect." We find that foreign aid in general does not have any significant effect on FDI. However, when we allow for differences in the size of aid effects across donor countries, we find robust evidence that foreign aid from Japan in particular has a vanguard effect, i.e., Japanese aid promotes FDI from Japan but does not attract FDI from other countries. (C) 2009 Elsevier Ltd. All rights reserved.