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Crowding-out/Crowding-in Effect of FDI on Domestic Investment:Empirical Study Based on Provincial Panel data

MA Jing-mei WANG Hong-qi  
FDI directly increases capital accumulation by enlarging the scale of social fixed capital and domestic savings after the open policy in China.Mean-while,FDI influences the volume of domestic capital indirectly by its crowd-ing-out/crowding-in effect on.This paper analyzes the direct effect on domestic capital,and constitutes a panel data model of impact of FDI on domestic invest-ment by employing provincial panel data in the period of 1991-2009 to investi-gate the crowding-out/crowding-in effect of FDI on domestic investment in over-all China,eastern,middle and western regions respectively.Conclusions are drew that there exists neutral effect of FDI on domestic investment in overall China and eastern region,no significant crowding-out/crowding-in effect in middle re-gion,and that only the lag variable of FDI impacts domestic investment in west-ern region with neutral effect.Moreover,FDI plays an important role in promot-ing the capital stock in eastern region while curbing the capital accumulation in middle and western ones.The transformation speed from FDI into domestic capi-tal in western region lags behind other regions in China.
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