본문 바로가기
KERD
논문KCI 등재

Effects of Corruption on FDI Inflow in Asian Economies

ALEMUAYEMENGISTU
경제연구소 (Hanyang Economic Research Institute)|2012.11|Seoul Journal of Economics|제25권 제4호|pp. 387-412|DOI 10.22904/sje.2012.25.4.002

1

조회

0

다운로드

3

인용

0

참고문헌

키워드

OpennessCorruptionHuman capitalEconomic growthREMPanel dataFGLSFDI inflow
주제분류경제학

초록

This study offers fresh insights on and investigates the effects of corruption on foreign direct investment (FDI) inflow from 1995 to 2009 in 16 Asian economies. The empirical result suggests that a 1 percent increase in corruption level triggers an approximately 9.1 percentage point decrease in FDI inflow. Thus, some of the arguments that corruption does not keep FDI out of corrupt countries are either flawed or invalid. The results of this study suggest that some of the countries characterized by a high level of corruption but have remarkable FDI inflows could even double their inward FDIs if they manage to reduce the present pervasive level of corruption.

Abstract

This study offers fresh insights on and investigates the effects of corruption on foreign direct investment (FDI) inflow from 1995 to 2009 in 16 Asian economies. The empirical result suggests that a 1 percent increase in corruption level triggers an approximately 9.1 percentage point decrease in FDI inflow. Thus, some of the arguments that corruption does not keep FDI out of corrupt countries are either flawed or invalid. The results of this study suggest that some of the countries characterized by a high level of corruption but have remarkable FDI inflows could even double their inward FDIs if they manage to reduce the present pervasive level of corruption.

참고문헌 (54)

  1. Aidt, Toke S, "Economic Analysis of Corruption: A Survey", Economic Journal, 113(491), pp.632~652 (2003)
  2. Ang, J. B., "Determinants of Foreign Direct Investment in Malaysia", Journal of Policy Modeling, 30(1), pp.185~189 (2008)
  3. Argandona, R. A., "The United Nations Convention against Corruption and Its Impact on International Companies", Journal of Business Ethics, 74(4), pp.481~496 (2007)
  4. Ashenfelter, O., "Using the Longitudinal Structure of Earnings to Estimate the Effect of Training Programs", Review of Economics and Statistics, 67(4), pp.648~660 (1985)
  5. Beck, P., "A Comparison of Bribery and Bidding in Thin Markets", Economic Letters, 20(1), pp.1~5 (1986)
  6. FDI Locational Determinants and the Linkage between FDI and Other Macro- economic Factors: Long-run Dynamics in Pacific Asia, "Bende-Nabende, A.", University of Birmingham, ~, pp.Discussion Paper 00-11 (2000)
  7. Bhattacharya, A., "Private Capital Flows to Sub-Saharan Africa: An Overview of Trends and Determinants" (1996), World Bank
  8. Bliss, C., "Does Competition Kills Corruption", The Journal of Political Economy, 105(5), pp.1001~1023 (1997)
  9. The Impact of Foreign Investment on Host Countries: A Review of the Empirical Evidence, "Blomstrom, M.", World Bank Policy Research, ~, pp.Paper No. 1745 (1996)
  10. The Perception of Corruption: A Market Discipline Approach, "Busse, L.", Emory University, ~ (1996)
  11. The Social Rate of Return to Infra- structure Investments, "Canning, David", World Bank Policy Research, ~, pp.Working Paper No. 2390 (2000)
  12. Casserley, D., "Banking in Asia: The End of Entitlement" (1999), J. Wiley
  13. Hsiao-hung Nancy Chen, "Political Economy of Cross-Strait Investments: The Taiwanese High-tech Industry as an Example", Seoul Journal of Economics, 24(2), pp.171~195 (2011), 경제연구소
  14. Patterns of Capital Flows to Emerging Markets: A Theoretical Perspective, "Chen, Zhaohui", IMF, ~, pp.IMF Working Paper WP (1997), 97[DOI]
  15. Choi, G., "Foreign Direct Investment and in a Developing Country with Economic Reforms", Seoul Journal of Economics, 11(2), pp.185~222 (1998)
  16. Dunning, H. J., "Multinational Enterprises and the Global Economy" (1993), Addison-Wesley
  17. Does Good Government Draw Foreign Capital? Explaining China’s Exceptional FDI Inflow, "Fan, J.", World Bank, ~, pp.Policy Research Paper No. 4206 (2007)
  18. Gaviria, A. F., "Assessing the Effects of Corruption and Crime on Firm Performance: Evidence from Latin America", Emerging Markets Review, 3(2), pp.245~268 (2002)
  19. Globerman, S., "The Impact of Government Policies on Foreign Direct Investment: the Canadian Experience", Journal of International Business Studies, 30(3), pp.513~532 (1999)
  20. Gujarati, D. N., "Basic Econometrics" (2003), McGraw-Hill
  21. Habib, M., "Corruption and Foreign Direct Investment", Journal of International Business Studies, 33(2), pp.291~307 (2001)
  22. Hausman, J. A., "Specification Tests in Econometrics", Econometrica, 46(6), pp.1251~1271 (1978)
  23. Henisz, W. J., "The Institutional Environment for Multi-national Invest- ment", Journal of Law, Economics and Organization, 16(2), pp.334~364 (2000)
  24. Hope, K. R., "Corruption and Development in Africa", pp.17~39 (2000), St. Martin’s Press
  25. Huntington, S. P., "Political Order in Changing Societies" (1968), Yale University Press
  26. 김부용, "Foreign Direct Investment and Income Inequality in China", Seoul Journal of Economics, 22(3), pp.311~339 (2009), 경제연구소
  27. Does Grease Money Speed Up the Wheels of Commerce?, "Kaufmann, D.", NBER, ~, pp.NBER Working Paper No. 7093 (1999)
  28. Lambsdorff, J. G., "The Transparency International Corruption Perceptions Index – Framework Document", Transparency International, ~ (1999)
  29. Lambsdorff, J. G., "How Corruption Affects Productivity", KYKLOS, 56(4), pp.457~474 (2003)
  30. Lawal, G., "Corruption and Development in Africa: Challenges for Political and Economic Change", Humanity and Social Science Journal, 2(1), pp.1~7 (2007)
  31. Leff, N. H., "Economic Development through Bureaucratic Corruption, In Political Corruption: A Handbook", pp.389~403 (1989), Transaction Books
  32. Lui, F. T., "An Equilibrium Queuing Model of Bribery", Journal of Political Economy, 93(4), pp.760~781 (1985)
  33. Markusen, J., "Foreign Direct Investment as a Catalyst for Industrial Development", European Economic Review, 43(2), pp.335~356 (1999)
  34. Mauro, P., "Corruption and Growth", Quarterly Journal of Economics, 110(3), pp.681~712 (1995)
  35. Mbekeani, K., "Foreign Direct Investment and Economic Growth", NIEPO Occasional Paper Series, ~ (1997)
  36. Miynt, U., "Corruption and Income Distribution", Asia Pacific Development Journal, 7(2), pp.33~58 (2000)
  37. Fortune or Evil? The Effects of Inward Foreign Direct Investment on Corruption, "Pinto, P.", Saltzman Institute of War and Peace Studies (SIWPS), ~, pp.Working Paper No. 10 (2008)
  38. Quah, Jon S. T., "Bureaucratic Corruption in the ASEAN Countries: A Comparative Analysis of their Anticorruption Strategies", Journal of Southeast Asian Studies, 13(1), pp.153~177 (1982)
  39. Rose-Ackerman, S, "Corruption and Government" (1999), Cambridge University Press
  40. Saha, B., "Red Tape, Incentive Bribe, and the Provision of Subsidy", Journal of Development Economics, 65(1), pp.113~133 (2001)
  41. Sarkar, H., "Impact of Corruption on the Efficiency of Investment: Evidence from a Cross-Country Analysis", Asia Pacific Development Journal, 8(2), pp.111~116 (2001)
  42. Shapiro, D., "National Infrastructure and Foreign Direct Investment" (2001), Mimeo, Simon Fraser University
  43. The Geography of International Investment, "Shatz, H.", World Bank, ~, pp.Policy Research Working Paper No. 2338 (2000)
  44. Shleifer, A., "Pervasive Shortages under Socialism", The RAND Journal of Economics, 23(2), pp.237~246 (1992)
  45. Shleifer, A., "Corruption", Quarterly Journal of Economics, 108(3), pp.599~617 (1993)
  46. Corruption around the World-causes, Consequences, Scope, and Cures, "Tanzi, V.", ~, pp.IMF Working Paper No. 98 (1998), 63
  47. Vittal, N., "Corruption and the State", Harvard International Review, 23(3), pp.20~25 (2001)
  48. Wei, S., "How Taxing is Corruption on International Investors?", Review of Economics and Statistics, 82(1), pp.1~11 (2000)
  49. Wei, S., "Local Corruption and Global Capital Flows", Brookings Papers on Economic Activity, 31(2), pp.303~354 (2000)
  50. Wheeler, D., "International Investment Location Decisions: The Case of US Firms", Journal of International Economics, 33(1), pp.57~76 (1992)
  51. Wooldridge, J, "Econometric Analysis of Cross Section and Panel Data" (2002), MIT Press
  52. World Bank, "Administrative Barriers to Investment in Africa: The Red Tape Analysis" (1999), FIAS
  53. Zhang, Kevin H., "Vertical Multinationals and Host Country Characteristics", Journal of Development Economics, 59(2), pp.233~252 (1999)
  54. Zhao, J., "The Impact of Corruption and Trans- parency on FDI: An Empirical Analysis", Management International Review, 23(2), pp.116~129 (2003)

관련 논문AI추천

The Impact of Corruption on a Country’s FDI Attractiveness: A Panel Data Analysis, 1984-2004Jung-Yeop Woo국제학연구소 · Journal of International and Area Studies2010 · 제17권 제2호Does Foreign Direct Investment Increase Corruption in Host Countries?이승찬, 최성희한국경제통상학회 · 경제연구2011 · 제29권 제1호THE IMPACT OF BRIBERY ON FOREIGN DIRECT INVESTMENT: THE EVIDENCE FROM CHINA AND INDIARajib Sanyal, The College of New Jersey사람과세계경영학회 · Global Business and Finance Review2007 · 제12권 제2호Determinants of Corruption in South and Southeast Asia한진원, Priyanka Khati동남아연구소 · 동남아연구2023 · 제33권 제2호Empirical Evidence on the Relationship between Foreign Direct Investment and Economic Growth: A Cross-Country Exploration in AsiaKumarjit Mandal, Samrat Roy경제연구소 · Seoul Journal of Economics2012 · 제25권 제4호The Effect of Corruption on Energy Intensity and the Analysis of Outlying Countries in East Asia이재형사회과학연구소 · 사회과학논총2017 · 제20권 제2호

이 간행물의 다른 논문 (4건)

Are Currencies Coordinating?: The Coupling-Decoupling Behavior of Won-Dollar and Yen-Dollar Exchange Rates박웅용, 김재영, 왕윤종pp. 367-386Empirical Evidence on the Relationship between Foreign Direct Investment and Economic Growth: A Cross-Country Exploration in AsiaKumarjit Mandal, Samrat Roypp. 413-439Survival, Arbitrage, and Equilibrium with Financial Derivatives in Constrained Asset Markets원동철, 한광석pp. 441-461Nonparametric Kernel Estimation of Evolutionary Autoregressive Processes김우철pp. 463-488
원문 보기