Boon Or Bane? Reassessing the Productivity of Foreign Direct Investment
使用最新数据和更优模型，研究发现外国直接投资并未损害发展中国家经济前景，反而比国内资本更具生产力，并刺激国内投资。
We assess the effects of foreign and domestic capital on economic growth using the latest data and better models of economic growth than those previously used. We explicitly consider the role of human capital in the process of economic development. We find no evidence that foreign direct investment harms the economic prospects of developing countries. The flow of foreign capital from 1980 to 1991 spurred growth in gross domestic product per capita, while the level of foreign stock, or “foreign penetration,” had no discernible effect. Indeed, new foreign investment was more productive dollar for dollar than was capital from domestic sources. Previous suggestions that foreign investment flows are less beneficial than domestic ones were based on a misinterpretation. Moreover, foreign direct investment stimulates investment from domestic sources. Consequently, developing countries have no reason to eschew foreign capital, as dependency theorists urge.