triestodevelopingcountriesoverthelasttwodecades.OurresultssuggestthatFDIisinfactanimportantvehicleforthetransferoftechnology,contributingtogrowthinlargermeasurethandomesticinvestment.Moreover,wefindthatthereisastrongcomplementaryeffectbetweenFDIandhumancapital,thatis,thecontributionofFDItoeconomicgrowthisenhancedbyitsinteractionwiththelevelofhumancapitalinthehostcountry.However,ourempiricalresultsimplythatFDIismoreproductivethandomesticinvestmentonlywhenthehostcountryhasaminimumthresholdstockofhumancapital.Theresultsarerobusttoanumberofalternativespecifications,whichcontrolforthevariablesusuallyidentifiedasthemaindeterminantsofeconomicgrowthincross-countryregressions.ThissensitivityanalysisalongthelinesofLevineandRenelt()showsarobustrelationshipbetweeneconomicgrowth,FDIandhumancapital.WealsoinvestigatetheeffectofFDIondomesti济贡献总增长是通过促进技术进步,而不是资本积累。
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