금융개방도가 외국인직접투자 유입에 미치는 영향 분석
The Financial Openness Effects on Inward Foreign Direct Investment
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본 논문은 금융개방도가 외국인직접투자 유입에 미치는 영향에 대해서 동아시아와 라틴 아메리카 지역 국가를 대상으로 비교 고찰하였다. 1985년부터 2011까지 OECD 10개의 투자국과 25개 투자유치국의 양국 간 패널 자료를 이용하여 분석한 결과는 다음과 같다. 첫째, 금융개방도가 높을수록 외국인직접투자 유입에 미치는 긍정적인 영향이 존재하여 외국인직접투자의 결정요소로 고려될 수 있는 것으로 분석되었다. 둘째, 동아시아와 라틴 아메리카 지역의 금융개방화 조치는 외국인직접투자 유입에 서로 다른 영향을 미치는 것으로 나타났다. 셋째, 대외적인 금융개방화 정책이 외국인직접투자 유입에 미치는 긍정적인 영향에도 불구하고 정부 정책의 자의성이 높을수록 그 효과는 반감되는 것으로 분석되었다. 그러므로 외국인직접투자를 효과적으로 유치하기 위해서는 금융개방화 조치뿐만 아니라 정부 정책의 자의성을 낮추는 실질적인 제도적 보완과 노력이 병행될 필요가 있다.
Abstract
This paper investigates the relationship between the financial openness and inward foreign direct investment using the panel data method from 1985 to 2011. In order to study comparatively between East Asia and Latin America regions as emerging countries, the paper focuses on 10 OECD investing and 25 host countries. Firstly, this study found that financial openness policy could help to attract inward foreign direct investment from investing economies. Secondly, the policy of financial openness would tend to have different impacts on foreign direct investment between two regions. Thirdly, although there exists the positive effects of financial openness on foreign direct investment inflows, the arbitrary policy induced by corruption could hinder foreign direct investment in host countries. Therefore, in order to attract foreign direct investment effectively, it is necessary for developing countries to get rid of financial obstacles and restrict the arbitrariness of government policy as well.
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