ABSTRACT

This study aims to provide an extensive empirical investigation of the macroeconomic determinants of foreign direct investment. More precisely, influence of macroeconomic stability on foreign direct investment is examined, where macroeconomic stability is defined as composite variables capturing financial, political and price stability. Panel estimation results for 96 countries from 1980 to 2010 show that income and financial openness levels affect foreign direct investment significantly. Estimation results for emerging countries exhibit the key findings, thereby highlight the novel contribution of this study to the literature. It is shown that several components of macroeconomic stability influence foreign direct investment positively significantly.

摘要

本研究旨在对外国直接投资的宏观经济决定因素进行广泛的实证调查。更准确地说，研究了宏观经济稳定性对外国直接投资的影响，其中宏观经济稳定性被定义为捕捉金融、政治和价格稳定性的复合变量。1980 年至 2010 年 96 个国家的面板估计结果表明，收入和金融开放水平显着影响外国直接投资。新兴国家的估计结果展示了关键发现，从而突出了这项研究对文献的新颖贡献。结果表明，宏观经济稳定性的几个组成部分对外国直接投资产生了显着的积极影响。