Does FDI crowd out domestic investment in transition countries?

被引：32
|
作者：
Jude, Cristina [1 ,2 ]
机构：
[1] Banque France, Paris, France
[2] Univ Orleans, Lab Econ Orleans, Orleans, France
来源：
ECONOMICS OF TRANSITION | 2019年 / 27卷 / 01期
关键词：
Investment; FDI; crowding out; economic transition; financial development; FOREIGN DIRECT-INVESTMENT; CAPITAL FLOWS; TECHNOLOGY SPILLOVERS; GREENFIELD INVESTMENT; DEVELOPMENTAL IMPACT; ECONOMIC-GROWTH; FIRMS;
D O I：
10.1111/ecot.12184
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
The aim of this paper is to empirically investigate the relationship between foreign direct investment (FDI) and domestic investment in a sample of 10 Central and Eastern European countries over the period 1995-2015. We find FDI to lead to a creative destruction phenomenon, with a short-term crowding out effect on domestic investment, followed by a long-term crowding in. Greenfield FDI develops stronger long-run complementarities with domestic investment, while mergers and acquisitions do not show a significant effect on domestic investment. Financial development seems to mitigate crowding out pressures and even foster a crowding in for mergers and acquisitions.
引用
收藏
页码：163 / 200
页数：38
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