An Empirical Study on the Effect of Oversea Investment Insurance of Korea

IF 2.2 3区经济学 Q2 ECONOMICS

Journal of International Trade & Economic Development Pub Date : 2020-08-01 DOI:10.22875/JITI.2020.21.4.001

J. Sim, Lee Jaehwa

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Abstract

Purpose : The purpose of this study is to empirically examine the effect of Oversea Investment Insurance on Korean foreign direct investment in the 2000s. Research design, data, methodology : For this purpose, the study establishes an econometric model in the framework of theoretical equation for determinants of direct investment. Next, panel data estimations with pooled, fixed effects and random effects models have been conducted by using a panel data set for Korean Foreign Direct Investment to 17 partner countries from 1995 to 2018. Results : The estimation results demonstrate the evidence for the influence of GDP, per capita GDP, trade, and patent in its partner countries on flows of Korea’s foreign direct investment including green field and MA in particular for the green field investment of Korea. These results imply that the effect of the insurance is notable but it differs across the types of investment such as green filed and M&A. Conclusions : The results in the analysis suggest that the policy authority consider the possibility of the difference in the effect across the types of foreign direct investment, and implement more sophisticated management strategies according to the different types for oversea investment insurance in Korea.

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韩国海外投资保险效应实证研究

目的:本研究的目的是实证检验2000年代以来海外投资保险对韩国对外直接投资的影响。研究设计、数据、方法:为此，本研究在直接投资决定因素理论方程框架下建立了计量经济学模型。接下来，利用1995年至2018年韩国对外直接投资(korea Foreign Direct Investment)对17个伙伴国的面板数据集，对汇集效应、固定效应和随机效应模型进行了面板数据估计。结果:估算结果证明了伙伴国的GDP、人均GDP、贸易和专利对包括绿地和MA在内的韩国对外直接投资流动的影响，特别是对韩国绿地投资的影响。这些结果表明，保险的影响是显著的，但在不同类型的投资(如绿色领域和并购)中有所不同。结论:分析结果表明，政策当局考虑了不同类型的外国直接投资的影响差异的可能性，并根据不同类型的海外投资保险实施更复杂的管理策略。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of International Trade & Economic Development ECONOMICS-

CiteScore

4.00

自引率

19.00%

发文量

期刊介绍： The Journal of International Trade and Economic Development ( JITED) focuses on international economics, economic development, and the interface between trade and development. The links between trade and development economics are critical at a time when fluctuating commodity prices, ongoing production fragmentation, and trade liberalisation can radically affect the economies of advanced and developing countries. Our aim is to keep in touch with the latest developments in research as well as setting the agenda for future analysis. Publication of high quality articles covering; theoretical and applied issues in international and development economics; econometric applications of trade and/or development issues based on sound theoretical economic models or testing fundamental economic hypotheses; models of structural change; trade and development issues of economies in Eastern Europe, Asia and the Pacific area; papers on specific topics which are policy-relevant; review articles on important branches of the literature including controversial and innovative ideas are also welcome. JITED is designed to meet the needs of international and development economists, economic historians, applied economists, and policy makers. The international experts who make up the journal’s Editorial Board encourage contributions from economists world-wide.