The Performance of Foreign Firms and the Macroeconomic Impact of FDI
The Performance of Foreign Firms and the Macroeconomic Impact of FDI
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外国公司的表现和外国直接投资的宏观经济影响
DOI：
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发表时间：
2007
期刊：
影响因子：
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通讯作者：
K. Fukao
中科院分区：
文献类型：
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作者：
K. Fukao
在本文中，我考察了流入日本的外国直接投资对宏观经济的影响。从宏观经济的一般均衡角度来看，外国直接投资流入的最重要的东道国好处可能是管理资源流入带来的生产率提高。在本文的第一部分，主要基于Fukao，Ito和Kuan(2005)的结果，我回顾了关于FDI流入提高日本企业平均全要素生产率的证据。第二部分，利用开放宏观经济的一般均衡模型，模拟FDI存量增加对宏观经济的影响。结果表明，如果安倍首相关于外商直接投资的目标得以实现，即到2010年底将外商直接投资存量增加到国内生产总值的5%，这将有助于将日本国内生产总值提高0.226个百分点，实际工资水平提高0.156个百分点。外资企业在海外的分红，以及资本流入(或资本流出)导致的日本对外投资收入的下降，将使日本国民生产总值(包括外国投资净收入)的增幅小于GDP的增幅。国民生产总值增幅为国内生产总值的0.125个百分点。
In this paper, I examine the macroeconomic impact of inward FDI in Japan. From a general equilibrium point of view of the macroeconomy, probably the most important host country benefit of inward FDI is improvements in productivity caused by the inflow of managerial resources. In the first part of this paper, which is largely based on the results of Fukao, Ito and Kwon (2005), I review the evidence suggesting that inward FDI raises the average total factor productivity of firms in Japan. In the second part, using a general equilibrium model of an open macroeconomy, I simulate the macroeconomic impact of an increase in the inward FDI stock. The results suggest that if Prime Minister Abe's goal on inward FDI, which is to increase the inward FDI stock to 5 percent of GDP by the end of 2010 is achieved, this will help to raise Japan's GDP by 0.226 percent and real wage rates by 0.156 percent. Dividend payments abroad by foreign-owned firms and the fall in Japan's foreign investment income caused by the inflow of capital (or the decline in capital outflows), will make the increase in Japan's GNP (which includes net foreign investment income) smaller than the increase in GDP. The increase in GNP will be 0.125 percent of GDP.