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On the Impacts of Regional Trading Arrangements on FDI : The Cast of the China-Japan-Korea FTA
On the Impacts of Regional Trading Arrangements on FDI : The Cast of the China-Japan-Korea FTA
논문 기본 정보
- 자료유형
- 학술대회자료
- 저자정보
- 발행연도
- 2004.8
- 수록면
- 309 - 340 (32page)
이용수
On the Impacts of Regional Trading Arrangements on FDI : The Cast of the China-Japan-Korea FTA
초록· 키워드
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The paper examines the impacts of the Northeast Regional Trading Arrangements (RTAs) on inward FDI to Korea. We first study the theoretical background of the relations between RTAs and FDI. Secondly, we analyze the major determinants of the inward FDI to Korea. Finally, a prediction about how the China-Japan-Korea
FTA (hereinafter (CJK FTA) will affect the inward FDI to Korea is provided.
Prior literature shows that there are three motives for FDI; horizontal integration, vertical integration, and advantage for product varieties. Depending upon which characterthe inward FDI to Korea has, the impact of the China-Japan-Korea FTA on the inward FDI will differ. With the theoretical background, we implemented an empirical study.
To characterize the inward FDI to Korea, we constructed a fixed effect regression model where inward FDI was regressed on wage and interest differentials between home and source countries, exchange rates, GDP, trade volume, and the number of labor dispute. Two data sets were used: one consisting of the inward FDI by source country (1980-2003), and the other consisting of the inward FDI by sector and source country (1998-2003). Our empirical results show that the inward FDI to Korea is of both horizontal and vertical character. We argue that the China-Japan-Korea FTA is very likely to encourage FDI inflows to Korea. It is empirically found that the trade volume variable has a positive impact on the inward FDI in all industries, implying that trade and FDI are complements in the Korean industries.
Empirical results also show consistent negative signs on real wage differential variable across industries. It is expected that the elasticity of the inward FDI with respect to the real wage differential is going to be much higher once the CJK FTA is formed. It is also expected that the negative effect of labor dispute on the inward FDI will aggravate when the FTA is created.
A channel through which FTA may promote the FDI to Korea is growing domestic market size. FTA in general prompts economic growth through enlarged international trade. Therefore, growing consumers' purchasing power under the FTA could attract more FDI into Korea. Whether FTA will discourage or encourage the inward FDI depends on the relative magnitude of positive and negative impacts the FTA will bring. But our temporary verdict is that the CJK FTA is more likely to encourage the inward FDI in general as the Korean labor market is becoming more flexible.
FTA (hereinafter (CJK FTA) will affect the inward FDI to Korea is provided.
Prior literature shows that there are three motives for FDI; horizontal integration, vertical integration, and advantage for product varieties. Depending upon which characterthe inward FDI to Korea has, the impact of the China-Japan-Korea FTA on the inward FDI will differ. With the theoretical background, we implemented an empirical study.
To characterize the inward FDI to Korea, we constructed a fixed effect regression model where inward FDI was regressed on wage and interest differentials between home and source countries, exchange rates, GDP, trade volume, and the number of labor dispute. Two data sets were used: one consisting of the inward FDI by source country (1980-2003), and the other consisting of the inward FDI by sector and source country (1998-2003). Our empirical results show that the inward FDI to Korea is of both horizontal and vertical character. We argue that the China-Japan-Korea FTA is very likely to encourage FDI inflows to Korea. It is empirically found that the trade volume variable has a positive impact on the inward FDI in all industries, implying that trade and FDI are complements in the Korean industries.
Empirical results also show consistent negative signs on real wage differential variable across industries. It is expected that the elasticity of the inward FDI with respect to the real wage differential is going to be much higher once the CJK FTA is formed. It is also expected that the negative effect of labor dispute on the inward FDI will aggravate when the FTA is created.
A channel through which FTA may promote the FDI to Korea is growing domestic market size. FTA in general prompts economic growth through enlarged international trade. Therefore, growing consumers' purchasing power under the FTA could attract more FDI into Korea. Whether FTA will discourage or encourage the inward FDI depends on the relative magnitude of positive and negative impacts the FTA will bring. But our temporary verdict is that the CJK FTA is more likely to encourage the inward FDI in general as the Korean labor market is becoming more flexible.
목차
Ⅰ. Introduction
Ⅱ. Recent Trend and Patterns of FDI Inflows
Ⅲ. Theoretical Analysis of FTA, FDI, and Their Relations
Ⅳ. Empirical Analysis
Ⅴ. Estimation Results
Ⅵ. Conclusion
References
ABSTRACT
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UCI(KEPA) : I410-ECN-0101-2010-326-002418000