外商直接投資與制度環(huán)境--在轉(zhuǎn)型經(jīng)濟(jì)體中的作用研究外文翻譯-環(huán)境工程(已修改)
2025-06-01 12:29 本頁面
【正文】 1 本科畢業(yè)論文外文翻譯 外文題目： Foreign Direct Investment and Institutional Environment in Transition Economies 出 處 :Transition Studies Review 作 者： Andrej Sujan Foreign Direct Investment and Institutional Environment in Transition Economies Andrej Su?jan ABSTRACT We analysed the relation between foreign direct investment and the quality of the institutional environment in transition economies. The analysis confirmed a significa nt impact of various institutional aspects on the inflow of foreign capital. To isolate the importance of the institutional environment from the impact of other factors, a panel data analysis was performed using the data of 24 transition economies in the period 1995–2020. The results showed that in the observed period the quality of the institutional environment significantly influenced the level of foreign direct investment in transition economies. Other variables that proved to have a statistically significant influence were budget deficit, insider privatization, and labour cost per hour. Introduction Foreign direct investment (FDI) is widely believed to make major contributions to the economic development of emerging markets. On the other hand, FDI is also of crucial importance to multinational firms. Thus, both the developed and the developing economies have a mon interest in encouraging FDI flows, although their targets vary (Resmini 2020, Estrin and Meyer 2020): positive externalities of FDI are important for host economies, while profits and corporate growth are a typical target of globally oriented panies. A positive impact of FDI on economic growth has been confirmed by a number of 2 studies (., Lunn 1980, Schneider and Frey 1985, Carkovic and Levine 2020). FDI contributes to economic growth through several channels. First, it is expected to be growth enhancing through capital accumulation more inputs are incorporated into production (Buckley et al. 2020) and there is a wider range of intermediate goods (Feenstra and Markusen 1994). Second, FDI is an important source of technological change and human capital intensification (Buckley et al. 2020) and also leads to technology diffusion (Lucas 1993a, b。 Borensztein et al. 1998). FDI is especially important for transition economies, since these economies have sufficient stocks of human capital but lack the technology and capital needed to spur growth (Aleksynka 2020。 see also Billington 1999, Bevan and Estrin 2020). Crossborder capital flows (their magnitude as well as position and stability) are important for the success of transition (Garibaldi et al. 2020, Neuhaus 2020). Although over the last fifteen years many transition economies have recorded negative experiences with foreign fastprofit seekers and asset strippers, there are several cases showing that FDI is actually contributing to growth. After receiving significant amounts of foreign capital, for example, Slovakia, Romania, and Bulgaria have recently been recording high rates of growth. To a considerable extent this growth can be explained also by the exportled model of growth, since FDI not only brought new technology, knowledge, and employment to these countries but also opened new markets for them. One of the most important determinants of FDI flows to a country is the quality of its institutional framework. According to Pejovich (1990, p. 25–34), there are three basic institutions that define the nature of the capitalist system: private property rights, the law of contracts, and a strong but limited government. The positive impact that property rights protection and the respect of contracts have for a market economy has been empirically confirmed by many
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