개발도상국의 FDI 유입 결정요인 분석 -아시아, 아프리카 및 중남미 국가의 패널 데이터

Abstract

Purpose : Foreign direct investment is one of the important economic characteristics in the modern globalized world. The flow of investments into developing economies is increasingly accounting for a large share of global FDI. The purpose of the study is to find out the factors that influence the attraction of foreign investment into developing countries. Research design, data, methodology : The study collected data from 33 countries in Asia, Africa, Latin, Central America, and Caribbean between 1980 and 2019. By using the Eviews, stationary test, fixed effects and random effects test to find variables that have a significant impact on the development of developing countries as well as each region of Asia, Africa, Central South America. Results : The results show that since 1980, financial development, market size, price stability, trade openness, infrastructure capacity and labor force have had a significant impact on FDI inflows to developing countries. However, when separating with Asia, Africa, the Americas, Central America and the Caribbean, different factors determine the FDI inflows of each region. For Asia market size and trade openness are influential factors that have a positive impact on attracting foreign capital inflows. The larger the trade openness, the more FDI inflows are attracted. Similarly, a larger market, encouraging efficient investment, has been particularly attractive to FDI investors in recent decades. For Africa, the level of financial development, market size, trade openness, infrastructure and labor source are the factors that influence the attraction of FDI inflows. While for Central South America, the level of financial development is the most significant variable affecting FDI attraction, followed by market size, labor source and trade openness are positive factors that have a significant impact on FDI inflows. Conclusions : Therefore, In order to promote FDI inflow, the level of financial development, market size, openness of trade, infrastructure construction and workers' resources should be established. And as the analysis shows, different FDI determinants in Asia, Africa, and Latin America are different, so policy planning and enforcement for each region are needed.