선진국과 개발도상국간의 양자투자협정이 해외직접투자를 증가시키는가? = Do Bilateral Investment Treaties Increase Foreign Direct Investment?

다국어 초록 (Multilingual Abstract)

The goal of this paper is to examine the effects of Bilateral Investment Treaty (BIT) on OECD members` Foreign Direct Investment (FDI) toward Non-OECD from 1985 to 2011. For this purpose, we set up the panel data set by combining FDI with BIT and estimate fixed-effects model based on gravity model. There are some differences from pre-research as follows. First, we confirmed the existence of different FDI trends between groups which are separated the targeted-investment country as OECD members or not. Second, we not only extend total periods but also split into two terms to test that a structural break has occured on 1995. As the result, BIT and FTA have significantly positive effects on FDI of OECD countries for all counter groups and periods. Moreover, the results are consistent in robustness check which was a try to correct latent endogeneity problem after 1995.

참고문헌 (Reference)

1 Swenson, D., "Why Do Developing Countries Sign Bilateral Investment Treaties?" 12 (12): 131-156, 2005

2 Tobin, L. J., "When Bilateral Investment Treaties Have Some Bite: The Political-economic Environment for Bilateral Investment Treaties" 6 (6): 1-32, 2010

3 United Nations Conference on Trade and Development, "WORLD INVESTMENT REPORT InvestIng In the SDGs: An Action Plan 2014" United Nations 2014

4 Büthe, T., "The Politics of Foreign Direct Investment into Developing Countries: Increasing Foreign Direct Investment through International Trade Agreements?" 52 (52): 741-762, 2008

5 Egger, P., "The Impact of Bilateral Investment Treaties on Foreign Direct Investment" 32 (32): 2004

6 United Nations Conference on Trade and Development, "The Entry into Force of Bilateral Investment Treaties (BITs)" United Nations 3-, 2006

7 Sachs, L. E., "The Effect of Treaties on Foreign Direct Investment: Bilateral Investment Treaties, Double Taxation Treaties and Investment Flows" Oxford University Press 27-62, 2009

8 Houde, M. F., "Relationships between International Investment Agreements" OECD Publishing 2004

9 Malik, M., "Recent Developments in International Investment Agreements:Negotiations and disputes" International Institute for Sustainable Development 2011

10 Grosse, R., "New Institutional Economics and Foreign Direct Investment Location in Central and Eastern Europe" 45 (45): 123-145, 2005

11 Berger, A., "More Stringent Bilateral Investment Treaties, Less Ambiguous Effects on Foreign Direct Investment? Not a Bit!" 112 (112): 270-272, 2011

12 United Nations Conference on Trade and Development, "Investment-Related Trade Measures" United Nations 1999

13 Tobin, J., "Foreign Direct Investment and the Business Environment in Developing Countries: The Impact of Bilateral Investment Treaties" 2005

14 Desbordes, R., "Foreign Direct Investment and Bilateral Investment Treaties: An International Political Perspective" 37 (37): 372-386, 2009

15 United Nations Conference on Trade and Development, "Foreign Direct Investment Statistics" United Nations 2005

16 Busse, M., "Foreign Direct Investment Promotion through Bilateral Investment Treaties: More than a bit?" 146 (146): 147-177, 2010

17 Aisbett, E., "Effects of Treaties on Foreign Direct Investment Treaties, Double Taxation, and Investment Flows 395" 2009

18 Rose, A. K., "Do We Really Know That the WTO Increases Trade?" 94 (94): 98-114, 2002

19 Gallagher, K. P., "Do Investment Agreements Attract Investment? Evidence from Latin America" 7 (7): 961-974, 2006

20 Neumayer, E., "Do Bilateral Investment Treaties increase Foreign Direct Investment to developing countries?" 33 (33): 1567-1585, 2005

21 Salacuse, J., "Do Bilateral Investment Treaties Really Work? An Evaluation of Bilateral Investment Treaties and Their Grand Bargain" 46 (46): 67-130, 2004

22 Hallward-Driemeier, M., "Do Bilateral Investment Treaties Attract Foreign Direct Investment? Only a Bit … and They could Bite" World Bank 2003

23 Oh, C. H., "Do Additional Bilateral Investment Treaties Boost Foreign Direct Investments?" 2010

24 United Nations Conference on Trade and Development, "Developments in international investment agreements in 2005"

25 James, P. W., "Determinants of Foreign Direct Investment: A Sectoral and Institutional Approach" IMF Publishing 2010

26 OECD, "Detailed Benchmark Definition of Foreign Direct Investment" OECD Publishing 1996

27 Elkins, Z., "Competing for Capital: the Diffusion of Bilateral Investment Treaties, 1960～2000" 60 (60): 811-846, 2006

28 Yackee, J. W., "Bilateral Investment Treaties, Credible Commitment, and the Rule of(International) Law: Do Bilateral Investment Treaties Promote Foreign Direct Investment?" 42 (42): 805-832, 2008

29 United Nations Conference on Trade and Development, "Bilateral Investment Treaties in the Mid-1990s" United Nations 1998

30 Egger, P., "Bilateral Investment Treaties Bite: An Anatomy of the Impact of Bilateral Investment Treaties on Multinational Firms" 114 (114): 1240-1266, 2012

31 International Monetary Fund, "Balance of Payments Manual" IMF 1993

32 Neumayer, E., "Are Stricter Investment Rules Contagious? Host Country Competition for Foreign Direct Investment Through International Agreements" 2014