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| 外商直接投资对发展中国家经济增长的影响essay (沙哈,库雷希和布托,2011)巴基斯坦在技术准备方面的表现并不佳，并且它在创新上没有发展的能力，潜在的因素是较低的识字率，和教育系统没有关注可持续的经济增长。一个国家只能产生一个完整的国家科学和技术政策(1984)，并且一个国家技术政策(1993)已经失去了它的大部分国家的发展的理由，更精确地说是可持续发展的理由。巴基斯坦缺乏正规的引入政策的原因是存在政治动荡、政治意愿、官僚的动机、领导能力不足和科技政策专家的缺乏这些因素。在巴基斯坦，多数政策是由执政党的政治家制定的，他们由在政府中担任关键职位的官僚支持。政客和官僚们倾向于逃避负担而不想采取创新思维。政策决策者的这种被动方法导致了巴基斯坦的科技情况定期恶化的政策无效性。 Fdi On Economic Growth In Developing Countries Economics Essay (Shah, Qureshi & Bhutto, 2011) Pakistan has been performing poorly in terms of technological readiness and its inability to advance in innovation and the underlying factors are lower literacy rates and education systems having no focus on sustainable economic growth. A country which is only able to produce one full National Science and Technology Policy (1984) and one National Technology Policy (1993) had already lost much of its grounds for the development of its Nation more precisely on the ground of sustainable development. The factors responsible for the absence of regular introduction of policies in Pakistan are political instability, political will, bureaucrats’ motivation, leadership deficiencies and unavailability of S&T policy experts. In Pakistan majority of policies are formulated by politicians of ruling parties supported by bureaucrats holding key posts in government. Politicians and bureaucrats tend to avoid taking the burden taking do not want to adopt innovative thinking. This passive approach of policy makers results in unavailability of policies on regular basis responsible for deteriorating condition of science and technology in Pakistan. (LeBel, 2008) the choice of institutional regime may have much to do with the positive effects of foreign direct investment. an increase in a region’s national saving rate and its level of trade dependence on real per capita GDP. Although increases in these variables do produce positive effects on the level of real per capita GDP, they are outweighed in most instances by reductions in aggregate country risk and in increases in creative innovation. Strengthened property rights are a necessary mechanism for this to take place, while a nurturing and open environment also has a role to play. Devising suitable policies built around credible models is an important step in raising per capita income. (Kyriakou, 2002) adequate technical progress was able to guarantee Sustainable economic growth. (WU, 2000) Since the initiative of economic reform in the late 1970s, the Chinese economy has sustained a continuously high rate of annual growth. This seemingly miraculous growth has attracted the attention of many economists in the world. However, most previous studies have focused only on the industrial or agricultural sectors, perhaps due to the limitation of statistics. However, the potential in efficiency improvement has been almost exhausted in the 1990s, and hence, economic growth in the future will mainly rely on innovation, i.e., technological progress which, in contrast, may continue indefinitely. Technological progress has now become an important factor propelling China's economic growth. This change is very favourable for sustained growth. (Bazhanov, 2010) (Shah et al., 2011) Science and technology status of Pakistan after its independence in 1947 was not strong. It inherited very meager infrastructure of science and technology, which included one university, four research laboratories and a few industries with primitive technology [8]. Pakistan S&T status further suffered from the early loss of its founder and first Prime Minister. The early loss of its prime leadership further weakened the Pakistan’s vision for setting up its S&T priorities. The real work for S&T policy formulation in real terms was started very late after the establishment of S&T cell in the Ministry of Science and Technology in 1975. The cell produced the first policy draft of National Science and Technology in 1976, which was approved in 1984. A country which took almost 37 years to produce its first S&T policy had already lost much of its ground to accelerate in S&T. Still now National Science and Technology Policy (NSTP) of 1984 is the only full combined policy of S&T produced by Pakistan, whereas only one separate National Technology Policy (NTP) was launched in 1993. The NSTP-1984 touched all the aspects related to scientific and technological development of Pakistan. It defines and provides outlines for the organization and structure of S&T to university research, technology development to S&T manpower, service condition and incentive for S&T manpower to the promotion of S&T, international liaison to financing of S&T. However, recently the new government also constituted a committee to formulate a new science and technology policy. (Herzer, Klasen & Nowak-Lehmann, 2007) Cross-country studies Cross-country studies generally suggest a positive role for FDI in generating economic growth. However, the growth impact seems to be conditional on a number of factors, such as the level of per capita income, human capital, trade openness, and financial market development. For instance, Blomstr?m et al. (1994), using cross-country data from 78 developing countries find that low-income developing countries do not enjoy substantial growth benefits from FDI, whereas high-income developing countries do. The authors conclude from this that a certain threshold level of development is necessary to absorb new technology from investment of foreign firms. Balasubramanyam et al. (1996), on the other hand — using cross-country data for a sample of 46 developing countries — find that trade openness is crucial for acquiring the potential growth impact of FDI. They argue that more open economies are likely to both attract a higher volume of FDI and promote more efficient utilisation thereof than closed economies. Moreover, their estimates indicate that FDI has stronger effects on growth than domestic investment, which may be viewed as a confirmation of the hypothesis that FDI acts as a vehicle of international technology transfer. Similarly, Borensztein et al. (1998) use cross-country analysis of 69 developing countries and find that the effect of FDI on growth depends on the level of human capital in the host country, where FDI has positive growth effects only if the level of education is higher than a given threshold.4 Finally, Alfaro et al. (2004) examine the links between FDI, financial markets and economic growth using cross-country data from 71 developing and developed countries. Their empirical evidence suggests that FDI plays an important role in contributing to economic growth, but the level of development of local financial markets is crucial for these positive effects to be realised.5 However, given the problems inherent to cross-country studies, these findings on FDI and growth should be viewed with skepticism. A well-known problem with cross-country studies is the assumption of identical production functions across countries. In fact, production technologies, institutions and policies differ substantially across countries, so that the growth effects of FDI are also likely to differ. As a consequence of cross-country parameter heterogeneity, these regression results are generally not robust to the selection of countries (Ericsson et al., 2001). Moreover, unobserved heterogeneity due to omitted variables may lead to biased parameter estimates (see, e.g. Carkovic and Levine, 2005). Furthermore, a statistically significant coefficient of FDI in the growth equation does not necessarily need to be the result of an impact of FDI on economic growth. Given that rapid economic growth usually generates higher demand and better profit opportunities for FDI, a positive correlation can also be compatible with causality running from growth to FDI (Nair-Reichert and Weinhold, 2001). Accordingly, cross-country studies may suffer from serious endogeneity biases. (Azman-Saini, Law & Ahmad, 2010) The provision of incentives (i.e., tax incentives and/or subsidies) and the adoption of FDI-stimulating policies stem from the expectation that FDI will bring tremendous benefits to the recipient countries. They have highlighted the adverse socioeconomic impacts of economic freedom (i.e., investment freedom) that include linkages, asset bubbles, foreign dominance, economic instability, and massive inflows of foreign labors, among others. For instance, Krugman (2000) argues that foreign investors can take advantage of liquidity constrained domestic investors' fire sales of assets during financial crises. In this situation, foreign investors acquire local firms because of their superior cash position, and not because of technology advantage. Likewise, Hausmann and Fernández-Arias (2001) are doubtful about the benefits associated with FDI. They argue that a recent rise of FDI in Latin American countries is not a sign of good health, but instead a sign that local markets are not working properly. Domestic residents are selling their companies to foreigners because they do not have the markets and institutions that allow them to grow. Razin et al. (1999) in their article argue that foreign investors' asymmetric information advantage might lead to over-investment. With regard to this issue, Stiglitz (2000) warned that without an efficient regulatory framework, full capital account liberalization will bring instability to a developing economy due to free flows of short-term speculative capitals. However, the author recognized that FDI flows are not as disruptive as short-term flows that can rush into a country and, just as suddenly, rush out. |
