美国经济学论文 [5]
论文作者:英语论文论文属性:硕士毕业论文 thesis登出时间:2014-08-29编辑:yangcheng点击率:20493
论文字数:5981论文编号:org201408252319303927语种:英语 English地区:日本价格:免费论文
关键词:进口代替时代外国直接投资经济学论文economics essay
摘要:在本文中,我们主要关注了外国直接投资,并且认为,,巴西和印度两国的外国直接投资政策的对比可以追溯到19世纪,那时的各自的殖民地或半殖民地经验的差异。通过我们对巴西和印度的外国直接投资的比较分析,说明了历史和制度认知的重要性,这有助于理解每个社会感知外国投资在他们的社会中所扮演的角色的方式。通过这样的行为,我们得到了一种关于这些国家对外国投资采取不同的态度和政策原因的理解。
of FDI inflows [4] . The stock of FDI increased from USD 185 million in 1974 to USD 189 million in 1980. The share of total FDI in manufacturing increased from 20% in 1948 to 86.9% in 1980 (Kumar 1995). The data shows that British FDI declined from over 75% of all foreign investments in the 1960’s to around 50% by 1987, while shares of Germany, Japan and US steadily increased.
India’s ISI policy was riddled with contradictions. The assumption that domestic consumer demand and heavy public investment could provide the necessary stimulus to industrial growth was clearly misplaced. In reality, a skewed income distribution and negligence of agricultural development in the early planning process meant that domestic consumption could never play an important role. Moreover, the resources for massive public investment were raised by deficit financing and indirect
taxation (Patnaik 1979). As a result, public investment was inflationary and unsustainable in the long-run. Thus, by the late 1970’s, the planning process was already showing signs of breaking down. The 1980’s witnessed a worsening trade balance owing to growing oil imports and a slow-down of exports. By 1990-91 the Indian government took the decision to liberalize its economy and undertake structural adjustment programs. An important part of this liberalization process was a much greater emphasis on attracting FDI.
FDI IN THE NEO-LIBERAL ERA
Brazil
After the debt-crisis of the 1980s, Brazil was persuaded to adopt neo-liberal policies. These consisted of drastic reductions in protective tariffs, privatization of state enterprises and the opening of many sectors for private foreign investments. These policies resulted in a notable re-appearance of FDI in public utilities and in the exploitation of natural resources. Foreign firms were allowed to participate in auctions for concession contracts in various fields of public utilities. Thus, public utilities which had accounted for 50% of the stock of FDI in 1929 and had dropped to 2.4% in 1992, rose to 25% in 2000 and then declined again to about 10% in 2010.
India
The 1990’s marked a major shift in India’s FDI policy. After having followed a restrictive policy towards foreign investment for four decades, India undertook major reforms in its economic policy. The new industrial policy of 1991 abolished industrial licensing requirements and eased restrictions on foreign equity participation.
As a result of these policies, FDI inflows increased steadily during the 1990’s and reached $ 3.6 billion in 1997. After a brief stagnation following the Asian crisis, FDI inflows picked up steam from 2003 onwards. During this period the share of manufacturing in total FDI stock declined from 85% in 1990 to 48% in 1997 (Kumar 1995, 2005). This trend continued even during the 2000-2010 period, with the share of manufacturing in total FDI inflows declining from 41% in 2005 to 20 % in 2008 (Dhar and Rao 2011) . At the same time infrastructure and services (banking and financial services, software and telecommunications) have increasingly attracted FDI inflows (Nagraj 2003, Kumar 2005).
FDI: A COMPARATIVE ANALYSIS
Both Brazil and India adopted an industrial development strategy based on import substitution. However, the policies towards foreign investment and FDI in particular have been very different. In the f
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