The Effect of High-Skilled Emigration, Foreign Direct Investment, and Policy on the Growth Rate of Source Countries: A Panel Analysis
2
조회
0
다운로드
0
인용
0
참고문헌
키워드
초록
We study the effect of the high-skilled emigration rate on the growth rate of the source countries. We incorporate the foreign direct investment and the policy variables into the panel model and also their interactions with the high-skilled emigration rate, as they are related to the network externality that may be created by the high-skilled emigrants working abroad. We apply the static fixed-effects model and compare it with the results obtained in the dynamic panel model with system generalized methods of moments estimators. We find the negative effect of the high-skilled emigration rate by itself and in its interaction with the foreign direct investment only in the dynamic model. However, we find positive coefficient for the interaction of the high-skilled emigration rate and the civil liberties index, which holds across the static and dynamic specifications. This implies that the effect of the high-skilled emigration rate on the growth rate of the source countries can be positive, and the extent is larger for countries with ‘poor’ civil liberties. The developing countries with low levels of foreign direct investment inflows and ‘poor’ civil liberties can best benefit from the high levels of skilled emigration outward. Through finding significant interactions with other variables, we confirm that the high-skilled emigration should be considered along with other related variables in measuring its impact on growth. The implications offer suggestions for the international trade and aid policies.
Abstract
We study the effect of the high-skilled emigration rate on the growth rate of the source countries. We incorporate the foreign direct investment and the policy variables into the panel model and also their interactions with the high-skilled emigration rate, as they are related to the network externality that may be created by the high-skilled emigrants working abroad. We apply the static fixed-effects model and compare it with the results obtained in the dynamic panel model with system generalized methods of moments estimators. We find the negative effect of the high-skilled emigration rate by itself and in its interaction with the foreign direct investment only in the dynamic model. However, we find positive coefficient for the interaction of the high-skilled emigration rate and the civil liberties index, which holds across the static and dynamic specifications. This implies that the effect of the high-skilled emigration rate on the growth rate of the source countries can be positive, and the extent is larger for countries with ‘poor’ civil liberties. The developing countries with low levels of foreign direct investment inflows and ‘poor’ civil liberties can best benefit from the high levels of skilled emigration outward. Through finding significant interactions with other variables, we confirm that the high-skilled emigration should be considered along with other related variables in measuring its impact on growth. The implications offer suggestions for the international trade and aid policies.
참고문헌 (51)
- Acemoglu, D., "Handbook of Economic Growth, vol. 1", pp.385~472 (2005), Elsevier
- Arellano, M., "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations", Review of Economic Studies, 58(2), pp.277~297 (1991)
- Arellano, M., "Another Look at the Instrumental Variable Estimation of Error-components Models", Journal of Econometrics, 68(1), pp.29~51 (1995)
- Aroca, P., "Migration, Trade, and Foreign Direct Investment in Mexico", The World Bank Economic Review, 19(3), pp.449~472 (2005)
- Beine, M., "Brain Drain and Economic Growth: Theory and Evidence", Journal of Development Economics, 64(1), pp.275~289 (2001)
- Beine, M, "Brain Drain and Human Capital Formation in Developing Countries: Winners and Losers", Economic Journal, 118(528), pp.631~652 (2008)
- Bhagwati, J., "The Brain Drain, International Integration of Markets for Professionals and Unemployment: A Theoretical Analysis", Journal of Development Economics, 1(1), pp.19~42 (1974)
- Blundell, R., "Initial Conditions and Moment Restrictions in Dynamic Panel Data Models", Journal of Econometrics, 87(1), pp.115~143 (1998)
- Borjas, G. J, "The Labor Market Impact of High-skill Immigration", American Economic Review, 95(2), pp.56~60 (2005)
- Borjas, G. J., "Comment: On Estimating Elasticities of Substition", Journal of the European Economic Association, 10(1), pp.198~210 (2012)
- Card, D., "Is the New Immigration Really So Bad?", Economic Journal, 115(507), pp.F300~F323 (2005)
- Carrington, W. J., "How Extensive is the Brain Drain?", Finance and Development, 36(2), pp.46~49 (1999)
- Cinar, D., "Brain Drain and Remittances: Implications for the Source Country", Brussels Economic Review, 47(1), pp.103~118 (2004)
- Docquier, F., "Skilled Migration and Business Networks", Open Economies Review, 21(4), pp.565~588 (2010)
- Docquier, F., "Emigration and democracy", Journal of Development Economics, 120, pp.209~223 (2015)
- Measuring the International Mobility of Skilled Workers (1990-2000): Release 1.0, "Docquier, F.", World Bank, ~, pp.Policy Research Working Paper, no. 3381 (2004)
- Docquier, F., "International Migration, Remittances and the Brain Drain" (2000), McMillan and Palgrave
- Feridun, M., "Does Immigration have an Impact on Economic Development and Unemployment? Empirical Evidence from Finland (1981-2001)", International Journal of Applied Econometrics and Quantitative Studies, 1(3), pp.39~60 (2004)
- "Freedom House Index Methodology" (2015)[URL]
- "Freedom in the World Comparative and Historical Data" (2015)[URL]
- Gao, T, "Ethnic Chinese Networks and International Investment: Evidence from Inward FDI in China", Journal of Asian Economics, 14(4), pp.611~629 (2003)
- Gibson, J., "Eight Questions about Brain Drain", The Journal of Economic Perspectives, 25(3), pp.107~128 (2011)
- Gibson, J, "The Microeconomic Determinants of Emigration and Return Migration of the Best and Brightest: Evidence from the Pacific", Journal of Development Economics, 95(1), pp.18~29 (2011)
- Glaeser, E. L., "Do Institutions Cause Growth?", Journal of Economic Growth, 9(3), pp.271~303 (2004)
- Gould, D. M, "Immigrant Links to the Home Country: Empirical Implications for US Bilateral Trade Flows", Review of Economics and Statistics, 76(2), pp.302~316 (1994)
- Groizard, J. L., "Skilled Migration and Growth. Testing Brain Drain and Brain Gain Theories (No. 20)", Universitat de les Illes Balears, Departament d'Economía Aplicada, ~ (2006)
- Hirschman, A. O., "Exit, Voice, and Loyalty: Responses to Decline in Firms, Organizations, and States" (1970), Harvard University Press
- "New Zealand, Unemployment Rate Increases as Immigration Rates Increase" (2015)[URL]
- Kugler, M., "Skilled Emigration, Business Networks and Foreign Direct Investment", Paper presented at CESIFO Area Conference on Global Economy (2004)
- Li, X., "Does Brain Drain Lead to Institutional Gain? A Cross Country Empirical Investigation", Queen's University, ~ (2006)
- 임응순, "두뇌유출과 국가경쟁력 간의 관계에 대한 탐색적 연구", 국가정책연구, 28(1), pp.25~46 (2014), 국가정책연구소
- Lipset, S. M, "Party Systems and the Representation of Social Groups", European Journal of Sociology, 1(1), pp.50~85 (1960)
- 이창근, "숙련노동력 이민의 경제적 요인: 국가수준 횡단면 분석, 1990~2000", 노동경제논집, 29(2), pp.1~27 (2006), 한국노동경제학회
- Lee, S. M., "Analysis of Decision Factor for International Migration and High-skilled Foreign Labors", Master, pp.2013
- Narayan, P. K., "What Determines Migration Flows from Low-income to High-income Countries? An Empirical Investigation of Fiji-US Migration 1972-2001", Contemporary Economic Policy, 24(2), pp.332~342 (2006)
- O'Brien, R. M., "A Caution Regarding Rules of Thumb for Variance Inflation Factors", Quality & Quantity, 41(5), pp.673~690 (2007)
- "Database on Immigrants in OECD Countries (DIOC)"[URL]
- "International Mobility of the Highly Skilled" (2001)[URL]
- "Education at a Glance 2014: OECD Indicators" (2014)[URL]
- O'rourke, K. H., "The Determinants of Individual Attitudes Towards Immigration", European Journal of Political Economy, 22(4), pp.838~861 (2006)
- Rauch, J., "Overcoming Informational Barriers to International Resource Allocation: Price and Group Ties", Economic Journal, 113(484), pp.21~42 (2003)
- Rauch, J. E., "Ethnic Chinese Networks in International Trade", Review of Economics and Statistics, 84(1), pp.116~130 (2002)
- Roodman, D, "How to do xtabond2: An Introduction to Difference and System GMM in Stata", Stata Journal, 9(1), pp.86~136 (2009)
- Samuelson, P. A, "International Trade and the Equalisation of Factor Prices", Economic Journal, 58(230), pp.163~184 (1948)
- Stark, O., "A Brain Gain with a Brain Drain", Economics Letters, 55(2), pp.227~234 (1997)
- "Manual 13: Postestimation Tools for Regress"[URL]
- UNESCO Institute for Statistics, "International Standard Classification of Education ISCED 2011", UNESCO Institute for Statistics, ~ (2011)
- "Country Classification"[URL]
- "World Development Indicators (WDI)"[URL]
- "Panel Data on International Migration 1975-2000" (2011)[URL]
- Live long and Prosper: Aging in East Asia and Pacific (World Bank East Asia and Pacific Regional Report; Series), "World Bank", World Bank, ~ (2016)