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外国资本流入对巴基斯坦经济增长的影响 英语论文

摘要

外国资本流入（FCI）是经济增长的重要催化剂，特别是对资本稀缺的发展中国家，如巴基斯坦。它对于经济增长的影响有各式各样的渠道，比如通过增加人力资本的形成，通过促进东道国的技术转移，通过知识扩散，通过刺激国内投资，等等。本文的主要目的是考察FCI公司在1970-2007年间（外国直接投资，官方发展援助）对巴基斯坦经济增长的影响。FCI与经济增长之间的关系将会通过“多元线性回归（含截距）模型”的分析。

外资流入（FCI），包括在其他国家向本国输出的所有类型的资本。 FCI在一个国家以多种形式存在，其中包括赠款，贷款，外商直接投资（FDI），外国援助，出口信贷，项目/非项目援助，技术援助和紧急救助等。巴基斯坦是一个资金恐慌的国家，这就是巴基斯坦为什么需要FCI缩小储蓄 - 投资缺口的原因。

ABSTRACT

Foreign Capital Inflows (FCI) are an important catalyst for economic growth, especially for the capital scarce developing countries like Pakistan. It affects the economic growth through various channels like by increasing human capital formation, by facilitating the technology transfer in the host countries, by diffusion of knowledge, by stimulating domestic investment, etc. The main objective of this paper is to examine the impact of FCI (FDI, ODA) on the economic growth in Pakistan, for the period 1970 – 2007. The relationship between FCI and economic growth is analyzed by using the “Multiple Linear Regression (with intercept) model”.

INTORDUCTION

Foreign Capital Inflow (FCI) includes all types of capitals that come in the home country from other countries. FCI comes in different forms in a country, which includes the grants, loans, foreign direct investment (FDI), foreign aid, export credit, project/non-project assistance, technical assistance and emergency relief etc. Pakistan is a capital scare country that is why Pakistan needs FCI to bridge the saving-investment gap for its development. Foreign Capital Inflow (FCI) is a growth-enhancing variable and it has received great attention of developed countries in general and less developed countries in particular in recent decade.

It has been a matter of great concern for many economists that how FCI affects economic growth of the host country. In a closed economy, with no access to foreign saving, investment is financed solely from domestic savings. However, in an open economy investment is financed both through domestic savings and foreign capital flows. The main reason that makes the impact of the trade policies different for the countries operating under different trade regimes is that countries working under IS (Import Substitution) target very small domestic market of the consumers whereas the countries with more open policies of EP (Export Promotion) have bigger international target customer market. Due to this the countries with EP regime attract more foreign investment as compared to the countries operating under IS trade policies. Pakistan also follows export-oriented policies. Pakistan’s trade policy has been moving towards more openness, fewer control and tariff rates have tumbling down. FDI enables investment-receiving (host) countries to achieve investment levels beyond their capacity to save. Foreign direct investment (FDI) can have important positive effects on a host country’s development effort. In addition to the direct capital financing it supplies, FDI can be a source of valuable technology and know-how while fostering linkages with local firms, which can help jumpstart an economy. Based on these arguments, industrialized and developing countries have offered incentives to encourage foreign direct investments in their economies. The special merits of FDI and particularly the kinds of incentives offered to foreign