Earticle

본 연구에서는 제도 및 입지요인 기반 수정된 중력모형을 토대로 중국으로의 외국인직접투 자(inward FDIs) 및 중국의 대외직접투자(outward FDIs) 흐름에 영향을 미치는 주요 결정요인에 대한 실증적 분석이 이루어졌다. 패널 데이터 분석결과 중력모형의 기본 설명변수인 투자국 및 피투자국의 경제규모(GDP)와 지리적 거리 차이가 중국의 외국인직접투자와 대외직접 투자 모두에 정의 유의한 영향을 미치는 것으로 나타났다. 또한 대중국 외국인직접투자의 경우 투자국을 선진국과 개도국으로 분류하여 분석한 결과, 선진국의 경우 중력모형 기본 설명 변수 외에 노동비용, 문화적 거리, 정치적 안정성, 이중과세방지협정 여부 등 여타 입지 및 제도적 요인이 대중국 직접투자에 유의한 영향을 미치는 것으로 나타난 반면, 개도국의 경우 문화적 거리, 정치적 안정성, 이중과세방지 등의 요인은 유의한 영향을 미치지 않는 것으로 나타났다. 한편, 중국의 대외직접투자에 있어서는 피투자국이 선진국인 경우 노동비용과 정치적 안정성은 유의한 영향을 미치지 않는 반면, 개도국의 경우에는 유의한 영향을 미치는 것으로 나타났다. 또한 선진국과 개도국의 문화적 거리의 영향력은 정반대의 결과를 보였다. 이는 투자국과 피투자국이 선진국 또는 개도국이냐에 따라 대중국 외국인직접투자와 중국의 대외직접투자에 미치는 요인들의 영향력에 있어 차이가 날 수 있음을 시사하는 것이다. 이러한 연구 결과는 해외직접투자이론에 기초하여 결정요인을 분석하더라도 투자국과 피투자국을 선진국과 개도국으로 분류하여 분석하는 것이 정책적 함의를 더 높일 수 있음을 입증하는 것이다.

After joining WTO, the China inward and outward direct investments have been activated. This paper analyzed the determinants of China inward and outward direct investments with using a panel data. We adopted a modified “gravity model” incorporating the locational and institutional variables such as labor cost, cultural distance, political risk, and double taxation. In this process the standard gravity model variables such as national economic size(GDP) and geographical distance were also analyzed. In addition, we divided the home and host investment countries into two groups, namely developed and less developed countries. First of all, based upon the panel data analysis, it was proven that the standard gravity variables such as GDP and geographical distance between home and host investment countries have significant impacts on both the China inward and outward direct investment flows. It was also found that the locational and institutional variables such as labor costs, cultural distance, political stability, and double taxation agreement have significant impacts on the China inward FDI flows in developed countries, but interestingly not in less developed countries. On the other hand, the labor costs and cultural distance have significant impacts on the China outward FDI flows in less developed countries, but not in the developed countries. In the meantime, the reverse result was found in the impact of cultural distance on the China outward FDI flows. These results indicate that the determinants of FDIs can be different depend upon the developed and less developed countries as the home and host countries.

The purpose of this study is to analyze global income inequalities by examining neo?classical, dependency, and statist analyses. The present study utilizes both cross?sectional and longitudinal analyses for developing and less developed countries for the time frames of the 1970s and 1990s. The cross?sectional analyses tend to suggest that while the level of economic development partially affects income distribution, structural constraint of land tenure offers a greater explanation. The longitudinal analyses suggest that changes in income inequality are best explained by the nature and policies of the state in question.

This paper investigates the extent of capital mobility with respect to less developed countries over the study period 1979-2001. For this purpose, the Feldstein-Horioka equation linking domestic savings and investment is estimated. However, there is a novel empirical approach in this study based on the employment of panel data methods of cointegration testing and estimation of the long-run saving retention coefficient. There is strong evidence of cointegration betwen domestic savings and investment. Panel estimation based on fully modified ordinary least squares indicates that capital is imperfectly mobile with a long-run saving retention coefficient of about one-third. This low value suggests that capital mobility, though imperfect, is nonetheless quite high. Further estimation based on sub-groups comprising Asian and Latin American countries points towards a similar degrees of capital mobility. JEL Classifications: C5, F3, F4, O5

This study tests for relative purchasing power parity for a sample of thirty less developed countries. The empirical analysis is based on testing for the fractional integration of real exchange rates. Using quarterly data covering the period 1973-2001, there is evidence against purchasing power parity for the vast majority of less developed countries using ADF unit root tests. However, we find that the real exchange rates of upto eight countries are fractionally integrated thereby suggesting that mean-reversion is by no means a rare phenomenon. There is mixed evidence that purchasing power parity is restricted to high inflation less developed countries.

OECD-FAO (2015) argues that environmental issue on the agricultural sector, inequality on global food security, and international trade issues are critical aspects influencing the world economy. In particular, less developed countries (LDCs) still suffer from poverty and hunger even if world food security situations have improved since the 1990s. Amidst world food security scenario, this paper aims to analyze the relationship between international trade and food security in LDCs. This paper investigates the positive or negative aspects of international trade on food security with respect to income and local levels. Moreover, economic procedures based on the Environmental Kuznets Curve (EKC) hypothesis, dynamic panel analysis, and Granger causality between international trade and food security are conducted in this study. Results show that international trade and food security have positive, N-shaped relationships and this implies that the initial point of international trade improves food security, but beyond a certain threshold, food security conditions worsen. Income levels and environmental pollutions of LDCs turn out to be important factors that affect food security. Finally, international cooperation is vital to decrease food insecurity as well as agricultural investment.