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研究生： 邱威廉
Joly, William
論文名稱： Foreign Direct Investment and Financial Development in Taiwan: Analysis on the Economic Growth
Foreign Direct Investment and Financial Development in Taiwan: Analysis on the Economic Growth
指導教授： 楊曉瑩
Yang, Ann Shawing
學位類別： 碩士
Master
系所名稱： 管理學院 - 國際經營管理研究所碩士班
Institute of International Management (IIMBA--Master)
論文出版年： 2012
畢業學年度： 100
語文別： 英文
論文頁數： 53
外文關鍵詞： FDI, Financial Development, GDP, VAR Model, Taiwan
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    • The relationships between Foreign Direct Investment (FDI), FinancialDevelopment (FD) and Gross Domestic Product (GDP) are complex and requiresophisticated tools to determine their interactions. In a first step, this study will address this problematic with a focus on financial data available in Taiwan. Then, it will investigate the direct relationship between FDI and GDP and between FD and GDP to finally examine whether the association of FDI and FD could enhance specifically GDP. Using the Vector Auto Regression model, tests have been performed on five specific variables from 1981 to 2010 on a monthly basis to get a global picture of the elements that could favor the development of these operations.
    The results of this paper are partially different from the general trends observed between FDI, FD and GDP. Indeed, they emphasize more specific approaches for Taiwan. First, the unidirectional causality is coming from GDP to FDI and tends to decrease its attractiveness due to high GDP value. Then, only bank-based variables appear to be presently more effective to stimulate GDP while market-based factors may stabilize the benefits of FDI. These findings seem consistent with the outcomes from other financial literature papers and contribute to better understand the FDI & FD mechanisms from a financial perspective in Taiwan.

    ACKNOWLEDGEMENTS................................................................I ABSTRACT..................................................................................II TABLE OF CONTENTS....................................................................III LIST OF TABLES.....................................................................................V LIST OF FIGURES...............................................................................VI CHAPTER ONE INTRODUCTION......................................................1 1.1 Background of the Study...............................................................1 1.2 Motivation of the Study...................................................1 1.3 Objectives of the Study.....................................................2 1.4 Contributions...................................................3 1.5 Study Outline.........................................................................3 CHAPTER TWO LITERATURE REVIEW............................................4 2.1 The Economic Growth with Foreign Direct Investment...................4 2.2 The Economic Growth through Financial Development.......................7 2.3 FDI and Financial Development on Economic Growth...................11 CHAPTER THREE METHODOLOGY...............................................14 3.1 Conceptual Framework............................................................14 3.1.1 FDI and GDP......................................................................................14 3.1.2 Financial Development and GDP.......................................................14 3.1.3 FDI & Financial Development on GDP.............................................14 3.2 Data Collection................................................................15 3.2.1 Databases............................................................................15 3.2.2 Specifications..........................................................15 3.3 Variable Selection..................................................................16 3.4 Methodology and Model...............................................................18 3.4.1 Evaluation of the Stationarity...........................................18 3.4.2 Unit Root Test................................................................18 3.4.3 The Augmented Dickey Fuller Test.....................................................20 3.4.4 The Vector Auto Regression Model.....................................................21 3.4.5 The VAR Granger Causality................................................................22 3.4.6 The Dynamic Behavior of VAR...........................................................22 CHAPTER FOUR RESEARCH RESULTS..........................................25 4.1 Data Analysis.............................................................................25 4.2 Unit Root Tests...................................................................28 4.3 VAR Model...........................................................................31 4.3.1 Lag Length..........................................................................................32 4.4 VAR Granger Causality...............................................................33 4.5 Impulse Response Function.....................................................34 4.6 Variance Decomposition...........................................................40 CHAPTER FIVE CONCLUSION AND RECOMMENDATIONS...........................43 5.1 Research Discussion...............................................................43 5.2 Research Results Interpretation.................................................44 5.3 Research Suggestions..................................................................46 5.4 Limitations and Future Perspectives.........................................50 REFERENCES........................................................................................51

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