본 논문은 카자흐스탄의 해외직접투자와 경제성장에 관한 연관관계를 연구한다. 이 연구를 위하여 저자들은 먼서 카자흐스탄의 독립이후로 해외직접투자에 영향을 미친 요인들을 조사하고 그들의 영향정도를 파악한다. 다음으로 일인당 GDP대한 일인당 해외직접투자의 영향을 연구한다. 이러한 연구목적을 달성하기 위하여 1992년부터 2009년 사이의 자료를 World Bank Database에서 수집하여 분석하였다. 자료분석은 중회귀분석, 시계열분석 및 Granger Causality Test를 주로 사용하였다. 연구 결과에 의하면 해외직접투자에 영향을 미치는 요소는 GDP 와 economic freedom index로 나타났으며, 경제성장 또한 해외직접 투자에 영향을 받는 것으로 나타났다. 특별히, 해외직접투자는 GDP 및 economic freedom index와 양의 상관관계가 있었다. 일인당 GDP에 대한 일인당 해외직접투자의 영향은 일인당 해외직접투자 1달러 증가시 일인당 GDP 30.4달러가 증가하는 것으로 나타났다. 본 연구의 결과는 정책결정자들로 하여금 해외투자를 유치하고 경제성장을 촉진하는 정책결정에 유용한 정보를 제공할 것이다.
본 논문은 카자흐스탄의 해외직접투자와 경제성장에 관한 연관관계를 연구한다. 이 연구를 위하여 저자들은 먼서 카자흐스탄의 독립이후로 해외직접투자에 영향을 미친 요인들을 조사하고 그들의 영향정도를 파악한다. 다음으로 일인당 GDP대한 일인당 해외직접투자의 영향을 연구한다. 이러한 연구목적을 달성하기 위하여 1992년부터 2009년 사이의 자료를 World Bank Database에서 수집하여 분석하였다. 자료분석은 중회귀분석, 시계열분석 및 Granger Causality Test를 주로 사용하였다. 연구 결과에 의하면 해외직접투자에 영향을 미치는 요소는 GDP 와 economic freedom index로 나타났으며, 경제성장 또한 해외직접 투자에 영향을 받는 것으로 나타났다. 특별히, 해외직접투자는 GDP 및 economic freedom index와 양의 상관관계가 있었다. 일인당 GDP에 대한 일인당 해외직접투자의 영향은 일인당 해외직접투자 1달러 증가시 일인당 GDP 30.4달러가 증가하는 것으로 나타났다. 본 연구의 결과는 정책결정자들로 하여금 해외투자를 유치하고 경제성장을 촉진하는 정책결정에 유용한 정보를 제공할 것이다.
In this paper, we study the relationship between FDI(Foreign Direct Investment) and economic growth in Kazakhstan. For this research, we, first, investigate the factors that affect FDI infow to Kazakhstan since its independence and determine the degree of their influence. Second, we study the impact...
In this paper, we study the relationship between FDI(Foreign Direct Investment) and economic growth in Kazakhstan. For this research, we, first, investigate the factors that affect FDI infow to Kazakhstan since its independence and determine the degree of their influence. Second, we study the impact of FDI per capita on GDP per capita. To achieve these goals, an empirical study is conducted with 18 years data from 1992 to 2009 from World Bank Database. Data are analyzed using multiple linear regression, time series analysis and Granger causality test. The results show that the determinant of FDI is GDP and economic freedom index in Kazakhstan. Economic growth is affected by FDI, too. Specially, FDI is positively related to GDP and economic freedom index. FDI per capita's impact on GDP per capita is 30.4 dollars increase in GDP per capita by one dollar increase in FDI per capital inflow. The results provides useful information for policy makers to improve obtaining large amount of investments and facilitate economic growth.
In this paper, we study the relationship between FDI(Foreign Direct Investment) and economic growth in Kazakhstan. For this research, we, first, investigate the factors that affect FDI infow to Kazakhstan since its independence and determine the degree of their influence. Second, we study the impact of FDI per capita on GDP per capita. To achieve these goals, an empirical study is conducted with 18 years data from 1992 to 2009 from World Bank Database. Data are analyzed using multiple linear regression, time series analysis and Granger causality test. The results show that the determinant of FDI is GDP and economic freedom index in Kazakhstan. Economic growth is affected by FDI, too. Specially, FDI is positively related to GDP and economic freedom index. FDI per capita's impact on GDP per capita is 30.4 dollars increase in GDP per capita by one dollar increase in FDI per capital inflow. The results provides useful information for policy makers to improve obtaining large amount of investments and facilitate economic growth.
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문제 정의
In this paper, we study the relationship between FDI and economic growth in a country. Specially, we investigate the factors that affect FDI inflow to a country and determine the degree of their influence.
Its stated objective is to measure the degree of economic freedom in the world's nations.
가설 설정
The traditional model of FDI determinants are known as the eclectic OLI (Ownership - O, Location - L, Internalization - I) paradigm (Dunning and Lundan, 2008). Within this framework FDI appears when three conditions are fulfilled: 1) a firm has some specific ownership advantage over local firms, which makes it more competitive; 2) there is a location advantage of producing in the foreign country rather than at home for export; and 3) there has to be internalization advantage.
He postulated some hypotheses to prove the relationship between determinants related to developing economies and FDI inflows. His findings support the hypotheses that market size and market potentials, as well as better infrastructural facilities positively affect FDI inflow. On the other hand, unfriendly business environment and high business start-up costs discourage FDI inflow in the developing countries.
Second, we study FDI impact on economic growth. Grager causality test is conducted to examine whether lagged values of FDI per capita help to predict GDP per capita.
제안 방법
Grager causality test is conducted to examine whether lagged values of FDI per capita help to predict GDP per capita. After obtaining the optimal lagged value of four years based on SBIC, AIC, and HQIC, the fitted model (7) was constructed based on Granger causality test and linear regression. In the model (7), FDI per capita’s impact on GDP per capita is 30.
To conduct this kind of research obtaining data is very difficult. If the data is available we recommend that various models and factors is tested and included to investigate the relationship between FDI and economic growth and factors of FDI determinants.
In this case, GDP, natural resources, fuel export, and gross capital formation are linearly correlated each other at 1% significance level. Since the focus of the research is on relationship between FDI and economic growth, GDP and economic freedom index are selected as candidate independent variables.
이론/모형
Three commonly used techniques to determine optimal time lag are Schwarz’s Bayesian information criterion (SBIC), Akaike’s information criterion (AIC), and Hannan and Quinn information criterion (HQIC) (Torres-Reyna, 2009). STATA statistical package was employed to lag selection procedure.
성능/효과
After obtaining the optimal lagged value of four years based on SBIC, AIC, and HQIC, the fitted model (7) was constructed based on Granger causality test and linear regression. In the model (7), FDI per capita’s impact on GDP per capita is 30.4 dollars increase in GDP per capita by one dollar increase in FDI per capita inflow.
참고문헌 (13)
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Dunning, J. H. and Lundan, S. M. (2008), Multinational Enterprise and the Global Economy, 2nd ed., Edward Elgar Publishing, Cheltenham, UK.
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