외국인 직접투자의 경제적 효과-중부유럽의 경우-
The Economic Impact of inward Foreign Direct Investment- The Case of Central Europe-
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본 연구에서는 외국인 직접투자(FDI)가 투자유치국 경제에 어떠한 영향을 미치고 있는가를 파악하기 위하여 중부유럽 국가를 대상으로 실증분석을 시도하였다. 중부유럽 제국 10개국에 대한 횡단면 자료와 1994년부터 2004년까지 11개년도의 시계열 자료로 구성된 패널자료를 사용하여 FDI가 무역과 경제성장에 미치는 효과를 분석한 결과 중부유럽에 대한 FDI 유입은 수출과 수입을 모두 증대시킴으로써 무역지향적인 것으로 나타났으며 수출증대 효과보다는 수입증대 효과가 더 큰 것으로 나타났다. 또한 FDI 유입은 이 지역의 경제성장에 긍정적인 기여를 하고 있는 것으로 나타났는데, 경제성장에 가장 큰 기여를 한 것은 국내투자로서 국내투자의 경제성장에 대한 영향력이 매우 높게 나타났으며 노동투입과 수출도 이 지역의 경제성장에 있어서 중요한 요인으로 나타났다.
Abstract
The relationship between Foreign Direct Investment(FDI) and economic growth has been fully analysed in many empirical papers. Primary attention has been given to the beneficial effects of FDI on exports and economic performance. Nevertheless, the results of empirical studies on relation between FDI and economic growth are rather mixed. Although some studies reveal a positive impact of inward FDI on economic growth, others have seriously questioned the significance of this result. The present paper explores the impact of inward FDI on trade and economic growth in Central europe. We use a panel of 11 annual observations(1994-2004) over 10 Central European Countries. The main empirical findings are as follows. First, our results support the hypothesis of the positive relationship between inward FDI and trade performance. However, due to the concentration of FDI in trade and finance, FDI contributed more to imports than to exports of Central European countries. Second, inward FDI appears to have a positive impact on economic growth of Central European countries, even after the impact of domestic investment and employment. Our results highlight the importance of the host country's export orientation for the specific effect of FDI on economic growth. To sum up, FDI has a important role on growth in host countries when FDI is interacted with export orientation.
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