[[alternative]]The Role of FDI between Financial Development and Economic Growth

[[abstract]] 有別於早期金融發展對經濟成長的研究， 本文將FDI(foreign direct investment)因素納入考慮，檢視FDI 在金融發展與經濟成長間所扮演的角色。本文以1990 年至2004 年，30 個國家的追蹤資料(panel data)為研究對象。依世界銀行所定義的所得標準，將樣本區分為高所得與中低所得國家分別進行估計，同時將各變數的數據取5 年移動平均，以避免景氣波動的影響。經過Hausman 檢定後，以固定效果模型進行分析 。 茲將實證結果整理如下：一、於中低所得水準的國家，股市部門發展無法有效提升經濟成長，但金融機構流動性負債對經濟成長影響呈正向顯著；二、於高所得水準國家，銀行部門發展對經濟成長呈負向顯著影響，股市部門呈正向顯著影響；三、FDI 不論對高所得及中低所得水準國家的股市部門皆能夠有效增強對經濟成長效果；四、FDI對銀行部門發展無法有效幫助，甚至會增強銀行部門對經濟成長負向關係。[[abstract]] At different with early literature of financial markets in economic development, we bring FDI into economic growth model and examine the role of FDI between financial markets and economic growth. Empirical analysis , with a panel of 30 countries over the period of 1990-2004 and using Fixed effect and Random effect panel techniques. The results indicate that stock sector development has a insignificant promote on economic growth, but the liquid liabilities of the financial system(LLY) of banking sector has significant positive influence on economic growth in middle-low income group. In high-income group, the stock sector development has a positive influence on economic growth ,but banking sector development has negative ininfluence on economic growth. FDI net inflows have positive influence on stock sector in all sample, especially robustly linked with high income group. Relative in banking sector, FDI net inflows has insignificant effect,even has strengthen the negative impacts of banking development on economic growth