B GIÁO D O I H C KINH T TP H CHÍ MINH C LINH M I QUAN H GI A F NG NG C A CÁC Y U T CH NG TH CH NG KINH T LU Tp H Chí Minh – m 2015 B GIÁO D O I H C KINH T TP H CHÍ MINH C LINH M I QUAN H GI NG NG C A CÁC Y U T CH NG TH CH NG KINH T Chuyên ngành: Tài – Ngân hàng Mã s : 60340201 LU NG D N KHOA H C: TS NGUY N KH C QU C B O Tp H Chí Minh – L Tôi Lu n th c ng c a y u t ch t “M i quan h gi a FDI ng th ch môi tr ng ng kinh t mơ” cơng trình nghiên c u c a riêng Các k t qu nghiên c u Lu n trung th c i t ng c công b b t k cơng trình nghiên c u khác Tác gi Th c Linh M CL C TRANG PH BÌA L AN DANH M C CÁC CH VI T T T DANH MUC CÁC B NG TÓM T T : GI I THI U 1.1 tv .1 1.2 M c tiêu nghiên c u 1.3 Câu h i nghiên c u 1.4 p nghiên c u 1.5 Ph m vi nghiên c u .8 1.6 u 1.7 B c tài : M I QUAN H GI 2.1 NG KINH T 11 Các khái ni m 11 2.1.1 V 2.1.2 V v 2.1.3 V th ch .13 2.1.4 V 2.2 Lý thuy t v 2.3 Các nghiên c ng kinh t 11 c ti ng kinh t c 12 14 ng kinh t .15 21 2.3.1 Các nghiên c u v m i quan h gi 2.3.2 Các nghiên c u v vai trò c a nhân t h gi ng 21 u ki n m i quan ng 24 :D LI HÁP NGHIÊN C U 32 3.1 D li u 32 3.2 u 39 : N I DUNG VÀ K T QU NGHIÊN C U 44 4.1 Mô t bi a bi n 44 4.2 H i quy d li u cho toàn b m u .46 4.3 H i quy d li n có thu nh p trung bình cao thu nh p trung bình th p .51 : K T LU N 60 TÀI LI U THAM KH O DANH M C CH FDI Ngu n v GDP T ng s n ph m qu c n i GMM Mơ hình Moments t ng qt GNP T ng s n ph m qu c gia IMF Qu ti n m t qu c t MNCs c ti VI T T T c gia UNCTAD Di WB Ngân hàng th gi i WIR c i Phát tri n Liên Hi p qu c gi i DANH M C CÁC B NG B ng 3.1: B ng phân nhóm qu c ch n m u B ng 3.2: B ng mô t bi n s d ng mơ hình h i quy B ng 4.1: Th ng kê mơ t bi n tồn b m B ng 4.2: Ma tr n h s n 1985-2013 a bi n B ng 4.3: Bi n ph thu b m u 20 qu i K t qu h i quy cho toàn n 1985- ng: System- GMM B ng 4.4: Bi n ph thu i M u 10 qu c gia Châu Á có thu nh n 1985- ng: System-GMM B ng 4.5: Bi n ph thu có thu nh i M u 10 qu c gia Châu Á i trung bình th n 1985- ng: System-GMM B ng 4.6: Bi n ph thu c : T có thu nh bi n gi Vi i M u 10 qu c gia Châu Á i trung bình th n 1985-2013 (có s d ng ng: System-GMM L i ích d ki n c a dòng v c bi tài tranh lu n c a nhi u nghiên c u, ng c ng Nghiên c u th c nghi m cho th y hi u qu c h p th n n kinh t c a c s t i Tuy nhiên, nh ng nghiên c u th c nghi h v v gi i thích m p lu nhân t u ki n c ng nh t c s t i ngu n g c c a s khác bi t k t lu n c a nghiên c u th c nghi m Bài nghiên c u s góp ph n vào cu c tranh lu n b ng cách cung c p m ki y u t n m i quan h gi a dòng v ng kinh t Nghiên c b ng c a 20 qu u c c th c hi n v i k thu t GMM cho d li u o n 1985-2013 Nghiên c u l a ch n s d ng mơ hình GMM, nh m kh c ph c nh ng h n ch phân tích d li u b ng, t cho th y t m quan tr ng c a vi y u t ch ng th ch Trong t t c kinh t ng kinh t c a dòng v c tính, k t qu cho th y bi u t ch ng kinh t ng kinh t i di nh a, chia m ng gián ti p c ng ng th ch có góp ph n tr c ti c có thu nh p trung bình cao trung bình th p, k t qu cịn cho th y bi kh c n m i quan h FDI - i FDI, ng GI I THI U 1.1 tv Các dòng v c bi t v c ti c (FDI), m t nh ng thành ph n quan tr ng c a tồn c u hóa h i nh p qu c t c a n n kinh t i qu c t tr c ti p 10 l n tồn th gi i Nhìn chung, c n, t l c a FDI t ng dòng v n ch ng s , 2007) gi ch v c ti ngày 24/6/2014 c a i Phát tri n c a Liên h p qu c (UNCTAD), dòng c (FDI) toàn c ng Theo mm t 1,45 nghìn t USD Dịng v n FDI ghi nh c c cho th y s ng c: n n kinh t phát tri C th i n kinh t nv ng v n FDI ch y vào v i s v t t u th gi i v n 778 t USD, chi m 54% t ng v n FDI toàn c c phát tri chi m 39% t ng FDI c a th gi i Các n n kinh t chuy USD, i nh c 108 t USD v Xét theo khu v c châu Á v u th gi i v i dòng v t 426 t USD, chi m 30% t ng v n FDI toàn c cM c kho ng 250 t USD nh tr , xã h i vi n c nh h i nh p kinh t khu v c ti u thu hút n c a th gi i v châu Á G n 30% v c (FDI) toàn c v u nt i M hi nh t th gi i M c dù FDI vào M ng s v n FDI vào M ng su t c thu hút FDI l n m d n t n cu c kh ng ho ng tài n 188 t USD (so v i 161 t i m c c a Trung Qu c - c thu hút FDI th hai th gi i (124 t n ch chi m kho i l lên t i 54% Theo UNCTAD, v i vi c kinh t tri s c phát i ph c c giàu ng s s chi m t i 52% t ng FDI toàn c u 57 2004, 2006, 2008, Ơt-xtrây-lia Niu Di- 2009, 2009 Ngồi ra, ta - - Chi- 2011 2008 t Nam , FTA khác Ngoài ra, - (APEC), 2006 2017 30 a Vi t Nam kinh t linh ho uv m tr c ti ti p t nh tr , Vi t Nam m t nh h pd c (FDI) v n ODA v n ti p t u S d án có v c c p phép t i Vi t i 17.000 d án v i t ng v tháng 9- u n tháng 7-2014 lên USD (v n FDI ch tính riêng t 10 t USD) Khu v c FDI hi 46,3% giá tr s ng công nghi p ( m c giá hi n hành), 66,2% giá tr xu t c, t u vi c làm Tóm l i, h i nh p qu c t ngu n nhân l o cho Vi n , góp ph n y c i cách hành chính, c i cách th ch kinh t th c a Vi ng, nâng cao v th ng qu c t K t h p ti n trình h i nh p v i vi c áp d ng thành cơng sách nh kinh t ô, Vi c nhi u thành qu ng kinh t nh cd n i ASEAN Trong nh c ti kh u c c c i thi n Nh sách c trì m i cao nh v i m c - 6% trung bình m T l l m phát d n bình n, gi m t 20% nh - 2011 (do áp d ng bi n pháp kích c u) xu ng 1.000 USD thu nh trung bình” Tóm l i, có th nói ch t qua c x p lo ng th ch c có thu nh p ng kinh t 58 trò h t s c quan tr iv ng nói riêng, khơng ch n ng nói chung m i quan h gi a Vi t Nam mà h u h t qu c gia 59 Tóm t Nhìn chung, FDI th hi nh m i v i m u 20 qu n tr ng c a FDI t ng tích c c quan ng v n y u t c u trúc, th ch kinh t c xem xét h c u h t h i c ti u phù h p v ng v ng tích c c c n n kinh t phát tri h tv thi u a ch n nh a, s c i thi n v ch m u ng th ch s ns s l c a h tích nh kinh t ng kinh t , th hi n qua h a ecfree, exdeb infl (mơ hình 4-7) M cao gi a l m phát n ng 4.3) s bi n minh cho vi c thi u t m quan tr ng c a t l l m phát mơ hình Khi phân chia m n có thu nh p trung bình th p n trung bình cao, h i quy cho k t qu thú v v s n bi ng c a bi iv n có thu nh ng C th iv i u FDI th hi ny n ecfree, exdeb infl v o mơ hình Cịn k t qu cl ng dân n có thu nh p trung bình th p u ch ng t m u qu n không th c s ng nh t nhân t u ki n tiên quy qu c gia ng l i t dòng v n FDI Tóm l i, thơng qua k t qu nh ng h n ch c c tính c a h i quy GMM nh m kh c ph c c tính tiêu chu xem xét c hai y u t th ch ng kinh t c u trúc h t ng vi c tính c a nghiên c u, ch nh c ng kinh t n y t m quan tr ng c a vi c ts y ut ng kinh t c a dòng v c a th ch tính n ng c Châu Á 60 K T LU N Thông qua vi c s d ng mơ hình h vi ng c a ch quan h gi ki ng th ch nh th c nghi m, ng kinh t c ti nm i ng kinh t n 1985 - 2013 M c dù ki c Châu Á nh v tính h p lý c a bi n cơng c có m m c K t qu nghiên c u cho th y có m t m m nh m gi c ti ng kinh t , y u t ng tr c ti p gián ti c ti a ng c a c Trong nh c th c hi n v i m t t t ng có th gi dịng v thành m t thành ph n c a g ng th hi n su t báo cáo này, nghiên c u th c nghi m v s ng c a n n kinh t phát tri n v Các tài li u nghiên c u v FDI cho th y r ng m i quan h gi ng nh t gi a qu c gia M t câu h i gây tranh cãi li ng kinh doanh có ng hay khơng Bài vi câu h i b i c n m i quan h gi a g ng cung c p b ng ch ng m i cho c Châu Á – qu i qua nh ng c i p k qua Phát hi n c a nghiên c u cung c p nh ng hi u bi t b ng ch ng m i gi i thích mâu thu n m i quan h gi a FDI ng n n kinh t hát tri n m t khía c nh khác Th nh t, nghiên c u cho th y t m quan tr ng c a vi c xem xét kinh t ng th ch ng kinh t c a dòng v n FDI Trong t t c bi n góp ph n tr c ti cho th nh c tính, k t qu cho th y r ng ng kinh t i FDI, kh nh a, k t qu h i quy ng gián ti p c a chúng 61 n m i quan h FDI nghiên c u c a Alguacil, Cuadros m quan tr ng c a c i cách kinh t nhóm qu c gia Châu Á Châu M nh n k t qu c th ch cho n 1976- Th hai, k t qu ng khác bi t c a FDI phát tri n khác C th , m c nhân t t qu cho th y tác ng th hi n ngày m t rõ nh p trung bình th c a dòng v c phân lo i thành u ki ng tích c c c cl i m c phát tri c có thu ng m nh m c vào n n kinh t có th liên quan v i nh i m t vi c nâng cao t l công ngh Cịn l i ích c a dịng v bình th p ph thu c vào vi c li n trình c có thu nh p trung ng kinh t ng th ch c xem xét hay không Tóm l i, k t qu ng h th c hi ng r c thi t k t u ki n kinh t t C i thi ng kinh ch t t c Chính ph ph i k t h p trì y u t t c ah c t o m phát huy t c ch nhà ng phù h p v i b i c nh riêng ng kinh t v i nh ng sách cho phép h ng lan t a t ngu n v n FDI, k t h p v i sách n phát tri n công ngh , t n cho s phát tri n ng l c Acemoglu, D and Johnson, S (2005) Unbundling Institutions Journal of Political Economy, 113 (5), 949-995 Aghion, P and Howitt, P (1998) Endogenous Growth Theory MIT Press, Cambridge, MA Angel de La Fuente (1995) Catch-up, Growth and Convergence in the OECD CEPR Discussion Papers, No 1274 Alfaro, L., Chanda, A., Kalemli-Ozcan, S and Sayek, S (2004) FDI and Economic Growth: the Role of Local Financial Markets Journal of International Economics, 64, 89-112 Alfaro, L., Kalemli-Ozcan, S and Sayek, S (2009) Foreign Direct Investment, Productivity and Financial Development The World Economy, 32 (1), 111-135 Alfaro, L., Chanda, A., Kalemli-Ozcan, S and Sayek, S (2010) Does Foreign Direct Investment promote growth? Exploring the role of financial markets on linkages Journal of Development Economics, 91 (2), 242-256 Alguacil, M Cuadros, A and V Orts (2002) Foreign Direct Investment, Exports and Domestic Performance in Mexico: a Causality Analysis Economics Letters, 77, 371-76 Alguacil, M., Cuadros, A y Orts, V (2008) EU Enlargement and Inward FDI Review of Development Economics, 12 (3), 594-604 Alguacil, M., Cuadros, A., & Orts, V (2011) Inward FDI and growth: The role of macroeconomic and institutional environment Journal of Policy Modeling, 33, 481–496 Arellano, M and Bond S (1991) Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations Review of Economic Studies, 58, 277-297 Arellano, M and Bover O (1995) Another lookat the instrumental variable estimation of error-components models Journal of Econometrics, 68, 29-51 Azman-Saini, W.N.W., A.Z Baharumshsh and S.H Law (2010) Foreign Direct Investment,Economic Freedom and Economic Growth: International Evidence Economic Modelling 27, 1079-1089 Baharumshah, A and Thanoon, M (2006) Foreign capital flows and economic growth in East Asian countries China Economic Review, 17, 70-83 Balasubramanyam, V.N., Salisu, M and Sapsford D (1999) Foreign Direct Investment as an Engine of Growth The Journal of International Trade and Economic Development, 8, 27-40 Barro, R., (1979) On the Determinants of the Public Debt Journal of Political Economy, 85 (5), pp 940- 71 Barro, R., (1996) Determinants of Economic Growth: A Cross-Country Empirical Study NBER Working Papers 5698, National Bureau of Economic Research, Inc Basu, P., C Charkraborty and Reagle D (2003) Liberalization, FDI, and Growth in Developing Countries: A Panel Cointegration Approach Economic Inquiry, 41, (3), 510-516 Bengoa, M and Sanchez-Robles, B (2003) Foreign Direct Investment, Economic Freedom and Growth: New Evidence from Latin America European Journal of Political Economy, 19, 529-545 Blomström, M., Globerman, S and Kokko, A (2001) The Determinants of Host Country Spillovers from Foreign Direct Investment In Pain, N (Ed.), Inward Investment, Technological Change and Growth: the Impact of Multinational Corporations on the UK Economy, Palgrave, London Blomström, M and Kokko, A (1998) Multinational Corporations and Spillovers Journal of Economic Surveys, 12, 247-77 Blomström, M and Wolf, E (1994) Multinational Corporations and Productivity Convergence in Mexico In W Baumol, R Nelson and E Wolf (Eds.), Convergence of Productivity: Cross-National Studies and Historical Evidence, 26384, Oxford and New York: Oxford University Press Blonigen, B.A and Wang M.G (2005) Inappropiate Pooling of Wealthy and Poor Countries in Empirical FDI Studies In Moran, T., Graham, E and Blömstrom, M (eds.): Does FDI Promote Development?, Washington D.C.: Institute for International Economics, 221-243 Bloom, D and D Canning (2001), Cumulative causality, economic growth, and the demographic transition, in N Birdsall, A.C Kelley and S Sinding (eds), Population Matters: Demographic Change, Economic Growth, and Poverty in the Developing World, Oxford: Oxford University Press Blundell, R and Bond S (1998) Initial conditions and moment restrictions in dynamic panel data models Journal of Econometrics, 87, 115-143 Bond, S., Hoeffler, A.E., and Temple J (2001) GMM Estimation ofEmpirical Growth Models CEPR Discussion Paper No 3048, Centre for Economic Policy Research, London Borensztein, E.J, De Gregorio, J and Lee J.W (1998) How Does Foreign Direct Investment Affect Economic Growth Journal of International Economics, 45, 115-135 Bosworth, B.P and Collins S.M (1999) Capital Flows to Developing Economies: Implications for Saving and Investment Brookings Papers on Economic Activity No.1, Brookings Institution, 146-69 Braunstein, E., and G Epstein (2002) Bargaining Power and Foreign Direct Investment in China: Can 1.3 Billions Consumers Tame the Multinationals?, CEPA Working Paper 2002/13, New York, Center for Economic Policy Bruno, M., & Easterly, W (1998) Inflation crises and long-run growth Journal of Monetary Economics, 41, 3-26 Calderón, C and Servén L (2004) The effects of infrastructure ongrowth and income distribution The World Bank Policy Research Working Paper No 3400, Washington Campos, N and Kinoshita, Y (2008) Foreign Direct Investment and Structural Reforms: Evidence from Eastern Europe and Latin America IMF Working Paper 08/26 Carkovic, M and Levine R (2005) DoesForeign Investment Accelerate Economic Growth? In Moran T.H., E.M Graham, and M Blömstrom (Eds.), Does FDI Promote Development?, Washington D.C.: Institute for International Economics, 195-220 Cavalcanti, T., Magalhaes, A and Tavares, J (2008) Institutions and Economic Development in Brazil The Quarterly Review of Economics and Finance, 48, 412432 Chakrabarti, A., (2001) The Determinants of Foreign Direct Investment: Sensitivity Analyses of Cross-Country Regressions, KYKLOS, 54, 89-114 Cohen, D., (1997) Growth and External Debt: A New Perspective on the African and Latin American Tragedies Centre of Economic Policy Discussion Paper, No 1753 Cuadros, A, V Orts, and Alguacil M (2004) Openness and Growth: Reexamining Foreign Direct Investment, Trade and Output Linkages in Latin America The Journal of Development Studies 40, 167-192 Daniele, V and Marani, U (2006) Do Institutions Matter for FDI? A Comparative Analysis for the MENA Countries MPRA paper nº 2426 De Haan, J and Sturm J.E (2000) On the relationship between economic freedom and economic growth European Journal of Political Economy, 16, 215241 De Mello, L (1997) Foreign Direct Investment in Developing Countries and Growth: a Selective Survey The Journal of Development Studies, 34 (1), 1-34 Demekas, D., Horváth, B., Ribakova, E and Wu, Y (2007) Foreign Direct Investment in European Transition Economies The Role of Policies Journal of Comparative Economies, 35 (2), 369-386 Dotsey, M (1994) Some Unpleasant Supply Side Arithmetic Journal of Monetary Economics, pp 507– 24 Douglass C North Robert Paul Thomas (1973) The Rise of the Western World: A New Economic History, Cambridge: Cambridge University Press Douglass C North (1991) Institutions The Journal of Economic Perspectives, 5(1), pp 97–112 Durham, J (2004) Absorptive Capacity and the Effects of Foreign Direct Investment and Equity Foreign Portfolio Investment on Economic Growth European Economic Review, 48, 285-306 Dyson, T (2010) Population and Development: The Demographic Transition, New York, NY: Zed Books Easterly, W (2001) The Lost Decades: Developing Countries’ Stagnation in Spite of Policy Reform 1980-1998 Journal of Economic Growth, 6, 135-157 Easterly, W (2005) National Policies and Economic Growth: a Reappraisal Handbook of Economic Growth, Vol 1A, Chapter 15 Elmendorf, D and N G Mankiw (1999) Government Debt, in J B Taylor and M Woodford (eds.) Handbook of Macroeconomics, Vol 1C, Amsterdam, NorthHolland Fisher, S (1993) The role of macroeconomic factors in growth, Journal of Monetary Economics, 32 (3), 485-512 Görg, H and Greenaway, D (2004) Much Ado about Nothing? Do Domestic Firms Really Benefit from Foreign Direct Investment? World Bank Research Observer, 19 (2), 171-97 Görg, H and Strobl, E (2001) Multinational Companies and Productivity Spillovers: A Meta-analysis Economic Journal, 111 (475), 723-39 Guillaumont, P and Chauvet (2001) Aid and Performance: a Reassesment” Journal of Development Studies, 37, 66-92 Gwartney, J and Robert Lawson with Herbert Grubel, Jakob de Haan, JanEgbert Sturm, and Eelco Zandberg (2009): Economic Freedom of the World: 2009 Annual Report Vancouver, BC: The Fraser Institute Data retrieved from www.freetheworld.com Hansen, H and Rand, J (2006) On the Causal Links between FDI and Growth in Developing Countries The World Economy, 29 (1), 21-41 Hermes, N and Lensink (2003) Foreign Direct Investment, Financial Development and Economic Growth, Journal of Development Studies, 40 (1), 142163 Herzer, D., Klasen, S and Nowak-Lehmann, F.(2008) In search of FDI-led Growth in Developing Countries: the Way Forward Economic Modelling, 25, 793810 Huang, Y (1998) FDI in China: An Asian Perspective, Singapore, Institute of Southeast Asian Studies Hsiao, C (2003), Analysis of Panel Data, 2nd edition, Cambridge University Press, Cambridge Islam, N (1995) Growth empirics: A panel data approach The Quarterly Journal of Economics, 4, 1127–1170 Jallab, M.S., Gbakou, P.B and Sandretto, R (2008) Foreign Direct Investment, Macroeconomic Instability and Economic Growth in MENA Countries CNRS Working Paper, 17, Centre National de laRecherche Scientifique Kalemli-Ozcan, S (2002), Does mortality decline promote economic growth?, Journal of Economic Growth, 7(4): 411-39 Kemeny, T (2010) Does Foreign Direct Investment Drive Technological Upgrading? World Development, in press Kose, M., Prasad, E, Rogoff, K and Wei,S (2006) Financial Globalization: A Reappraisal IMF Working Paper 06/189 Kose, M., Prasad, E and Terrones, M (2009).Does Openness to International Financial Flows Raise Productivity Growth? Journal of International Money and Finance, 28 (4), 554-80 Kinoshita, Y and Lu, C., (2006) On the role of Absorptive Capacity: FDI Matters to Growth William Davidson Institute Working Paper, nº 845 Kumar, N 1994 Determinants of Export Orientation of Foreign Production by US Multinationals: An Inter-Country Analysis Journal of International Business, 25 (1), 141-156 Lensink, R and Morrissey, O (2006) Foreign Direct Investment: Flows, Volatility and Growth in Developing Countries Review of International Economics, 14, 478-93 Loree, D W and Guisinger (1995) Policy and Non-Policy Determinants of U S Equity Foreign Direct Investment Journal of Business Studies, 26 (2), 281-299 Li, X and X Liu (2004) Foreign DirectInvestment and Economic Growth: an Increasingly Endogenous Relationship World Development, 33, 393-407 Lipsey, R (2002) Home and host country effects of FDI NBER Working Paper 9293, Cambridge Mass.: National Bureau of Economic Research Lipsey, R E and Sjöholm, F (2005) The Impact of Inward FDI on Host Countries: Why Such Different Answers? In T.H.Moran, E Graham, and M Blömstrom (Eds.), Does Foreign Direct Invetment Promote Development?, Washington D.C.: Institute for International Economics, 23-43 Mankiw, N.G., Romer, P and Weil, D.N (1992) A Contribution to the Empirics of Economic Growth The Quarterly Journal of Economics, 107, 407-437 Modigliani, F (1961) Long-Run Implications of Alternative Fiscal Policies and the Burden of the National Debt Economic Journal, 71(4), pp 730-755 Mody and Srinivasan (1998) Japanese and U.S firms as foreign investors: Do they march to the same tune? Canadian Journal of Economics, 31(4), 778-799 Nair-Reichert, U and Weinhold, D (2001) Causality Tests for Cross-Country Panels: New Look at FDI and Economic Growth in Developing Countries Oxford Bulletin of Economics and Statistics, 63 (2), 153-171 Paolino, M., (2009) The Effect of Domestic Investment, Economic Growth and Human Development on Foreign Direct Investment into China Bryant Economic Research Paper, Vol 62 No 2, PP 1-22 Pattilo, C., Poirson, H and Ricci, L.A., (2002) External Debt and Growth International Monetary Fund Working Paper, No 02/69 Prüfer, P and Tondl G (2008) The FDI-Growth Nexus in Latin America: the Role of Source Countries and Local Conditions Tilburg University, Center for Economic Research Discussion Paper, nº 61 Rigobon, R and Rodrik, D (2004) Rule ofLaw, Democracy, Openness, and Income: Estimating the Interrelationships NBER Working Paper nº 10750 Robert J Barro & Xavier Sala-i-Martin (1990) Public Finance in Models of Economic Growth, NBER Working Papers 3362, National Bureau of Economic Research, Inc Robert M Solow, (1956) A Contribution to the Theory of Economic Growth, The Quarterly Journal of Economics, Vol 70, No 1., pp 65-94 Rodrik, D., Subramanian, A and Trebbi, F.(2004) Institutions Rule: the Primacy of Institutions over geography and Integration in Economic Development Journal of Economic Growth, 9, 131-165 Romer, P (1986) Increasing Returns and Long-Run Growth The Journal of Economics Perspectives, 8, 3-22 Sevil Acar & Mahmut Tekce (2008) Multilateralism or Bilateralism: Trade Policy of the EU in the Age of Free Trade Agreements, Papers of the Annual IUE- SUNY Cortland Conference in Economics, in: Proceedings of the Conference on Emerging Economic Issues in a Globalizing World, pages 272-284 Samuel Adams (2009) Foreign Direct investment, domestic investment, and economic growth in Sub-Saharan Africa Journal of Policy Modeling, 939–949 Simon Kuznet (1996) Some Lessons From The East Asian Miracle The World Bank Research Observer 11 (2), 151–177 Smeets, R (2008) Collecting the Pieces of the FDI Knowledge Spillovers Puzzle World Band Research Observer, 23 (2), 107-138 Smyth, D.J and Y ve Hsing, (1995) In search of an optimal debt ratio for economic growth Contemp Economic Policy, 13(4): 51-59 Soto, M (2009) System GMM Estimation With A Small Sample UFAE and IAE Working Papers 780.09, Unitat de Fonaments del'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC), Barcelona Strauss, J., and Thomas, D (1998), Health, nutrition and economic development, Journal of Economic Literature, 36(2): 766-817 Sumei Tang, E A Selvanathan and S Selvanathan (2008) Foreign Direct Investment, Domestic Investment, and Economic Growth in China: A Time Series Analysis WIDER Research Paper, No 2008/19 Tintin, C (2012) Does FDI Spur Economic Growth and Development? A Comparative Study Brussels, Belgium, 1-53 Trevino, L.J & Mixon, F.J (2004) Strategic factors affecting fdi decisions by multi-national enterprises in Latin America, Journal of World Business, 39(3): 233243 Tsai, P (1994), Determinants of Foreign Direct Investment and Its Impact on Economic Growth, Journal of Economic Development, 19, 137-63 UNCTAD (2014) World Investment Report: Transnational Corporations, Extractive Industries and Development, United Nations Vu Bang Tam, Gangnes Byron and Ilan Noy (2006), Is Foreign Direct Investment Good for Growth? Evidence from Sectoral Analysis of China and Vietnam, mimeo, Department of Economics, University of Hawaii-Manoa Wagner, Adolph (1939) Speech on the Social Question (abridged), in Donald O Wagner, ed Social Reformers Adam Smith to John Dewey New York: Macmillan, pp 489–506 Wheeler, D and A Moody 1992 International Investment Location Decisions: The C ase of U S Firms Journal of International Economics, 33, 57-76 World Bank (2014), World Development Indicators, Washington, DC: World Bank Yao, S and Wei, K (2007) Economic Growthin the Presence of FDI: the Perspective of Newly Industrialising Economies Journal of Comparative Economies (35), 211-234 Yeyati, E., Panizza, U and Stein, E (2007) The cyclical nature of North-South FDI Flows Journal of International Money and Finance, 26, 104-130 ... dài h n n n kinh t ph i gi i quy t ng 15 2.2 Lý thuy t v ng kinh t Mô ng kinh t cách di n nh t v ng kinh t thông qua bi n s kinh t m i liên h gi a chúng Ngay t m ng kinh t nhà kinh t mô t c th... th ki nh tác -1999 áp d ng c a FDI t ng ng kinh t i quan h hai chi u gi a chúng Các tác gi tìm th y r ng m i quan h tích c c hai chi u c a ng kinh t ch t n t ng tích c c t it tác ng kinh t ch... xem li u n n kinh t v cm lan truy n t phát tri n 11 M I QUAN H GI A FDI VÀ NG KINH T 2.1 Các khái ni m 2.1.1 V ng kinh t ng kinh t s gia n v ng v s n ph i”, theo Douglass C North ng kinh t x y