동유럽제국의 외국인 직접투자와 경제성장
Foreign Direct Investment and Economic Growth in Eastern Europe
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본 연구에서는 동유럽제국의 외국인 직접투자가 경제성장에 어떠한 영향을 미치고 있는가를 파악하기 위하여 실증분석을 시도하였다. 동유럽제국 10개국에 대한 횡단면자료와 1994년부터 2004년까지 11개년도의 시계열 자료로 구성된 패널자료를 사용하여 외국인 직접투자가 경제성장에 미치는 효과를 분석한 결과 동유럽의 외국인 직접투자는 경제성장에 상당히 긍정적인 효과를 가지는 것으로 나타났다. 동유럽의 경제성장에 가장 큰 기여를 한 것은 투자로서 투자의 경제성장에 대한 영향력이 매우 높게 나타났으며 노동투입과 수출도 동유럽의 경제성장에 있어서 중요한 요인으로 나타났다. 외국인 직접투자는 경제성장에 직접적으로 영향을 줄 뿐 아니라 수출증대효과를 통해서 간접적으로 경제성장에 영향을 준다고 가정하여 직접적 효과와 간접적 효과를 따로 추정하여 종합한 결과 외국인 직접투자의 간접적인 효과도 상당한 영향력을 가지며 외국인 직접투자는 동유럽의 경제성장에 긍정적인 기여를 하고 있음을 보여 주고 있다.
Abstract
The present paper explores the impact of inward Foreign Direct Investment(FDI) on Economic growth in Eastern Europe. We use a panel of 11 annual observations(1994-2004) over 10 Eastern European Countries. Our results indicate that inward Foreign Direct Investment has positive effect on economic growth in Eastern European countries. Our results highlight the importance of the host country' s export orientation for the specific effect of FDI on economic growth. To sum up, FDI has a important role on growth in host countries when FDI is interacted with export orientation.
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