SHORT-TERM AND LONG-TERM EFFECTS OF FOREIGN DIRECT INVESTMENT ON THE ECONOMIC GROWTH——ZHEJIANG CASE
利用1983-2004年时间序列数据，估计了外商直接投资对浙江经济增长的短期和长期效应，发现FDI在短期和长期均有显著正向影响，且长期溢出效应大于短期需求拉动效应。
Foreign direct investment(FDI) has been rapidly increasing in Zhejiang province,China since the 1980's.Using time series in the period of 1983-2004,this paper estimates the short-term and long-term effects of FDI on the economic growth in Zhejiang province.It demonstrates that FDI growth has a positive and significant effect on Zhejiang's economic growth in both the short-term and long-term.The long-term spillover effect of the prior two-year FDI on Zhejiang's economic growth is larger than the short-term need-pull effect on Zhejiang's economic growth.In both the short-term and long-term,the effect of FDI in the period of 1992-2004 is larger than that in the period of 1983-1992.Finally this paper suggests new strategies and policy making to further attract FDI and increase the economic growth in Zhejiang.