儘管 FDI 帶來的外溢效果受到各國所期待,眾多文獻卻表明其對經濟成長的貢獻受到地主國吸收能力的限制。金融市場因與外溢效果發生的主要管道直接相關,故在傳遞外溢效果的過程中扮演了關鍵的角色。本文採用 1980-2005 年 69個國家之追蹤資料,探討 FDI 的流入是否能藉由與本國金融市場的交互作用進而促進經濟成長。實證結果顯示交互作用的成長效果在 90 年代中期之前與之後具有顯著的差異;只有 90 年代中期之前的樣本支持了交互作用與經濟成長之正向顯著關係。但在完整的樣本期間下,考慮了金融自由化因素的交互作用,仍對經濟成長具有正向顯著之效果。最後,不同的區域其交互作用的成長效果具有相對的差異,此可能與金融自由化及其他因素有關。
Despite the desirable spillover effects brought by FDI, the exsisting literature indicates that the contribution to economic growth through spillovers is constrained by the host country’s absorbtive capacity. Among numerous factors affecting absorbtive capacity, the domestic financial market plays a crucial part in conveying spillovers with its direct connection to the channels through which spillover effects arise. This paper examines whether the interaction between FDI and financial markets can promote economic growth by using a panel data for 69 countries from 1980 to 2005. The empirical evidence shows that the growth effects through the interaction significantly differ from the period before and after the mid-90s. Only on the sample of the period before mid-90s can the interaction between FDI and financial markets benefit economic growth. In the full sample period, the interaction between FDI and financial markets can be still positively beneficial to growth when taking the factor of financial liberalization into consideration. Finally, the growth effects of the interaction have relative difference across different regions, which may be correlated with the factor of financial liberalization and other possible reasons.