금융시장의 발전은 중남미 국가들에 대한외국인직접투자를 증가시키는가? - 무역정책에 대한 함의 -
Does the Financial Development Increase FDI Flows in Middle and South American Countries? : Implication for Trade Policy
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초록
본 논문은 금융시장 발전 정도가 투자 유치국의 외국인직접투자 유입에 미치는 영향을 연구하였다. OECD 34개 투자국과 31개 중남미 투자 유치국의 외국인직접투자 자료를 이용하여 중력모형에 기반한 패널데이터 분석 방법을 통해 금융시장의 발전이 외국인직접투자 유입을 증가시킬 것이라는 가설을 검증하고자 하였다. 분석결과, 투자 유치국의 금융시장 발전 정도가 높을수록 외국인직접투자 유입을 증가시키는 것으로 나타났다. 이와 같은 분석결과는 투자 유치국의 금융시장의 발전 정도는 외국인직접투자를 유인하는 ‘pull-factor’ 역할을 하며 외국인직접투자 결정요인으로 고려될 수 있음을 보여준다. 따라서 개발도상국이 외국인직접투자의 유입을 증대시키기 위한 무역정책을 고려할 때 자국 내 금융시장의 발전 정도와 연계시킴으로써 정책효과를 증대시킬 수 있음을 시사한다.
Abstract
Purpose : This study investigates the effects of financial development on the foreign direct investment (FDI) flows in Middle and South American countries. Research design, data, methodology : The paper uses bilateral FDI panel data from 34 OECD member countries to 31 host countries and utilizes the panel data analysis based on the gravity FDI equation. It hypothesizes that the financial development would boost to attract more FDI flows in host countries. Results : The result suggests that a better accessible financial market of the Middle and South American countries increases FDI in their countries. Conclusions : This result shows that the financial development can play an important role as a pull-factor to attract more FDI flows in host countries. Therefore, their policy makers have to take into account the level of financial development in relation to FDI and trade. Research design, data, methodology : The paper uses bilateral FDI panel data from 34 OECD member countries to 31 host countries and utilizes the panel data analysis based on the gravity FDI equation. It hypothesizes that the financial development would boost to attract more FDI flows in host countries. Results : The result suggests that a better accessible financial market of the Middle and South American countries increases FDI in their countries. Conclusions : This result shows that the financial development can play an important role as a pull-factor to attract more FDI flows in host countries. Therefore, their policy makers have to take into account the level of financial development in relation to FDI and trade.
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