資本流動對於經濟成長以及國內投資的影響

The Impact of Capital Flows on Economic Growth and Domestic Investment

翁梓玲

指導教授 ： 林靜儀

國立清華大學/科技管理學院/經濟學系/碩士(2013年)

https://doi.org/10.6843/NTHU.2013.00227

摘要

本篇研究為探討資本流動對於經濟成長與國內投資的影響，研究的資料期間為1980年至2011年，以季資料進行實證分析。包括的國家有十九個新興國家、十三個開發中國家以及二十二個已開發國家，藉此分別探討對於不同屬性國家是否有大小程度不同的影響。
使用計量模型為一般最小平方法，並且探討在特定條件下資本流動能否對於國內經濟造成影響。除此之外，使用工具變數解決內生性問題，再次觀察資本流動與經濟成長以及國內投資的關係。
分析結果認為，資本流動的確能促進國內經濟成長並且誘發國內投資，為國內經濟成長注入另一波動力。其中又以具有發展潛力且足夠吸收能力的新興國家最為明顯。關於已開發國家，資本流動已無法再次帶動經濟成長。國際直接投資與有價證券投資在三個不同經濟體皆以有價證券投資影響力大。

關鍵字

資本流動 ； 經濟成長 ； 國內投資

並列摘要

This thesis uses quarterly data over the 1980-2011 to investigate the impact of capital flows on economic growth and domestic investment and also to assess whether these results differ from economies-distinguishing samples which includes 19 emerging countries, 13 developing countries, and 22 developed countries. Using interaction terms to assess whether this relationship depends on the level of economic development, human capital, and macroeconomic policies, this study uses OLS estimator and also use a 2-stage least squares instrumental variable estimator to control for simultaneity bias while allowing for heteroskedasticity-consistent errors. The results suggest capital flows exert a positive influence on economic growth and boost domestic investment in emerging countries. However, it’s not significant in the sample of developed countries.

並列關鍵字

Capital Flow ； Economic Growth ； Domestic Investment

參考文獻

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