해외직접투자와 지역경제성장
FDI and Regional Economic Growth
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Based on the perception that possibility of manufacturing hollowing-out due to foreign direct investment may differ across domestic regions, this paper studies the effects of foreign direct investment on regional economic growth. Major findings are as follows: First, it is found that the share of foreign direct investment from Seoul-metropolitan area including Inchon and Kyunggi is dominant compared to those of other regions. However, the share of Seoul-metropolitan area is gradually decreasing. Second, regression results of pooling and fixed effect models that do not take regional differences into account show that larger foreign direct investment leads to faster regional economic growth. These results are in line with general results that evidence of manufacturing hollowing-out in Korea is weak. However, it is also revealed that significantly positive relationship between foreign direct investment and regional economic growth no longer holds, when regional differences are noted and regressed separately. In Seoul-metropolitan area including Inchon and Kyunggi, positive relationship between foreign direct investment and economic growth is still significant. On the contrary, in other regions the relationship is not significant any longer. It is also noted that in Julla area, larger foreign direct investment leads to slower regional economic growth. This result suggests that manufacturing hollowing-out due to foreign direct investment indeed differ across domestic regions.
Abstract
Based on the perception that possibility of manufacturing hollowing-out due to foreign direct investment may differ across domestic regions, this paper studies the effects of foreign direct investment on regional economic growth. Major findings are as follows: First, it is found that the share of foreign direct investment from Seoul-metropolitan area including Inchon and Kyunggi is dominant compared to those of other regions. However, the share of Seoul-metropolitan area is gradually decreasing. Second, regression results of pooling and fixed effect models that do not take regional differences into account show that larger foreign direct investment leads to faster regional economic growth. These results are in line with general results that evidence of manufacturing hollowing-out in Korea is weak. However, it is also revealed that significantly positive relationship between foreign direct investment and regional economic growth no longer holds, when regional differences are noted and regressed separately. In Seoul-metropolitan area including Inchon and Kyunggi, positive relationship between foreign direct investment and economic growth is still significant. On the contrary, in other regions the relationship is not significant any longer. It is also noted that in Julla area, larger foreign direct investment leads to slower regional economic growth. This result suggests that manufacturing hollowing-out due to foreign direct investment indeed differ across domestic regions.
참고문헌 (27)
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