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1 本科畢業(yè)論文外文翻譯 外文題目: Openness to Foreign Direct Investment in Services: An International Comparative Analysis 出 處: The World Economy 作 者: Stephen S. Golub 原 文: Openness to Foreign Direct Investment in Services: An International Comparative Analysis Stephen S. Golub Abstract National policies towards FDI typically feature measures aimed at both attracting and discouraging in ?ows. Policies to attract FDI such as tax breaks, favourable regulatory treatment and subsidies of various sorts are usually focused on manufacturing. Policies towards services are far more ambivalent. Laws and regulatory practices frequently discriminate against foreign investors in services such as public utilities (electricity distribution and telemunications in particular), transport (notably air and maritime transport), ?nancial services, and even construction and wholesale/retail distribution. 1. Introduction As in the case of manufacturing, countries bene?t from FDI in services through employment creation, capital accumulation, transfer of technology, improved service and increased petition. Moreover, liberalisation of FDI in services can contribute to manufacturing productivity by increasing availability of quality of productionrelated services (Arnold et al., 2021, 2021。 Gould et al., 2021). Critics argue that FDI can also impose economic costs such as displacement of local ?rms and reduced petition. Infant ‘entrepreneurship’ arguments can be adduced in favour of discrimination against foreign 2 investors. Service sectors are also typically subject to economic or prudential regulation, because of tendencies towards natural monopoly or other market failures, although such market failures do not in themselves provide a clearcut rationale for discrimination between local and foreign investors. The main reasons for limiting foreign ownership in services are noneconomic, relating to national security or economic nationalism. Industries such as telemunications, banking, transportation and electricity provision are often viewed by host countries as ‘strategic’ or ‘sensitive’. Services are therefore generally subject to far more stringent restrictions than manufacturing and even natural resources (Hotelman, 1995). The crossborder provision of services, unlike goods, often can only be delivered through mercial presence. setting up of foreign operations, rather than international trade in the item itself. It is therefore to be expected that FDI plays a prominent role in the globalization of the service sector, fostered in part by partial opening of service industries to FDI. Formal internati