美国经济学论文 [11]
论文作者:英语论文论文属性:硕士毕业论文 thesis登出时间:2014-08-29编辑:yangcheng点击率:20127
论文字数:5981论文编号:org201408252319303927语种:英语 English地区:日本价格:免费论文
关键词:进口代替时代外国直接投资经济学论文economics essay
摘要:在本文中,我们主要关注了外国直接投资,并且认为,,巴西和印度两国的外国直接投资政策的对比可以追溯到19世纪,那时的各自的殖民地或半殖民地经验的差异。通过我们对巴西和印度的外国直接投资的比较分析,说明了历史和制度认知的重要性,这有助于理解每个社会感知外国投资在他们的社会中所扮演的角色的方式。通过这样的行为,我们得到了一种关于这些国家对外国投资采取不同的态度和政策原因的理解。
sis of FDI in Brazil and India shows the importance of historical and institutional awareness in gaining an understanding of the manner in which each society perceived the role of foreign investments in their societies. By doing this, we gained an understanding of the reasons these countries adopted different attitudes and policies towards foreign capital.
We have shown how historical experiences of both countries shaped both, formal (laws and regulations) and informal institutions (perceptions regarding foreign investment) in the post-independence era. During the ISI era, FDI came to play an important role in the industrial development of Brazil. In the case of India the colonial experiences, in addition to political and social restrictions, prevented it from fully exploiting the advantages of FDI.
In the neo-liberal era, though both countries have opened their doors to foreign investments, the institutions established during the ISI era have persisted. In comparison with Brazil, the Indian liberalization policy continues to be marked by export pessimism and gradualism. As a result, Brazil has been far more successful at attracting FDI than has India: in 2010 FDI stocks in Brazil were more than twice the FDI stocks in India.
Though FDI is an important ingredient of development, the extent to which FDI contributes to economic development depends not only on the quantity of inflows but also on its structural composition and its spillover effects on the domestic economy, or what has been come to be known as FDI quality. By analyzing two key determinants of FDI quality- the sector wise distribution of FDI and its mode of entry- we find that the structure of FDI has undergone tremendous changes in the neo-liberal era. First, there has been a shift of FDI away from manufacturing sector towards public utilities and services. Second, M&A related FDI inflows have become predominant in Brazil and to a lesser extent in India.
FDI may have contributed in part to the high industrial growth rates of India and of Brazil’s recovery from its slow growth rates in the last decades of the 20th century. Yet as we have noted, that a strong presence of the state can also influence the effectiveness of foreign investments by increasing public spending in infrastructure and other key sectors of the economy. From a policy perspective our analysis makes it clear that an effective FDI policy is one in which state intervention and foreign investments complement each other, thereby maximizing the potential for industrial growth and development.
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