Does FDI crowd out domestic investment in transition countries?
Does FDI crowd out domestic investment in transition countries?
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DOI：
10.1111/ecot.12184
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发表时间：
2019-01-01
影响因子：
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通讯作者：
Jude, Cristina
中科院分区：
文献类型：
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作者：
Jude, Cristina
本文的目的是实证研究外国直接投资（FDI）和国内投资之间的关系在10个中欧和东欧国家的样本在1995年至2015年期间。我们发现，外国直接投资会导致一种创造性破坏现象，对国内投资产生短期挤出效应，然后产生长期挤入效应。格林菲尔德FDI与国内投资具有较强的长期互补性，而并购对国内投资的影响并不显著。金融发展似乎减轻了挤出压力，甚至促进了兼并和收购的挤入。
The aim of this paper is to empirically investigate the relationship between foreign direct investment (FDI) and domestic investment in a sample of 10 Central and Eastern European countries over the period 1995-2015. We find FDI to lead to a creative destruction phenomenon, with a short-term crowding out effect on domestic investment, followed by a long-term crowding in. Greenfield FDI develops stronger long-run complementarities with domestic investment, while mergers and acquisitions do not show a significant effect on domestic investment. Financial development seems to mitigate crowding out pressures and even foster a crowding in for mergers and acquisitions.