경로형 해외직접투자와 글로벌 가치포획의 재편 = Exploring the Landscape of Global Value Capture through the Lens of Pass-Through Foreign Direct Investment

다국어 초록 (Multilingual Abstract)

This study investigates the growing phenomenon of indirect foreign direct investment (FDI), wherein investment flows are channeled through one host country to another, often facilitated by special purpose entities of multinational corporations. Despite its rising significance, this issue has received limited scholarly attention. Utilizing newly available OECD data on ultimate investor countries, the research contrasts conventional analyses which focus on immediate investor countries, with a deeper exaploration of the true origins and returns of FDI. The findings reveal that conventional statistics often underrepresent countries serving as ultimate investors in the global production system, while tax havens frequently emerge as major hubs for immediate investment. Furthermore, profits disproportionately flow back to a small group of advanced economies that act as ultimate investors, highlighting the role of pass-through FDI in enabling global value capture. This trend illustrates how FDI is evolving into a mechanism increasingly resembling portfolio investment. However, it remains distinct in its reinforcement of hierarchical global production networks, rather than merely signaling deindustrialization or financialization. After all, pass-through FDI distorts international capital flows, concentrates benefits among a small group of multinational corporations in advanced economies, and perpetuates economic imbalances by driving global value capture.

참고문헌 (Reference)

1 정상준, "지식재산과 가치포획 : 글로벌 가치사슬의 재독해" 36 (36): 1-37, 2023

2 홍장표, "외국인직접투자 및 해외직접투자가 국내 산업에 미치는 영향-고용, 자본형성, 생산성 효과를 중심으로-" 21 (21): 123-146, 2013

3 김명록, "금융화는 실물투자를 위축시켰는가? : 금융화에 대한 비판적 검토" 28 (28): 7-36, 2015

4 UNCTAD, "World Investment Report 2016: Investor nationality: policy challenges"

5 UNCTAD, "World Investment Report 2016: Investment and the Digital Economy"

6 UNCTAD, "World Investment Report 2004: The shift toward services"

7 Gómez-Llabrés, C., "Who stands behind European FDI investors? A novel characterisation of pass-through within the EU" Bank for Intermational Settlements 2023

8 Aykut, D., "What to do when foreign drect investment is not direct or foreign : FDI round tripping" World Bank 2017

9 Damgaard, J., "What is real and what is not in the global FDI network?" 2019

10 Blanchard, A., "What does measured FDI actually measure?" 2016

11 Garcia-Bernardo, J., "Uncovering offshore financial centers : Conduits and sinks in the global corporate ownership network" 7 (7): 2017

12 Bureau of Economic Analysis, "U.S. Direct Investment Abroad"

13 Serfati, C., "Transnational corporations as financial groups" 5 (5): 10-38, 2011

14 Lapavitsas, C., "The financialization of capitalism : ‘profiting without producing’" 17 (17): 792-805, 2013

15 Bénétrix, A., "The elusive link between FDI and economic growth, Policy Research Working Paper Series" World Bank 2023

16 Bohle, D., "The comparative political economy of growth models : Explaining the continuity of FDI-led growth in Ireland and Hungary" 49 (49): 75-106, 2021

17 Erokhin, D., "Tax effects on foreign direct investment-Just a rerouting" 46 (46): 2808-2834, 2023

18 Fiebiger, B., "Rethinking the financialisation of non-financial corporations : A reappraisal of US empirical data" 28 (28): 354-379, 2016

19 Adarov, A., "Productivity drivers : Empirical evidence on the role of digital and intangible capital, FDI and integration" 54 (54): 5515-5531, 2022

20 Financial Times, "Phantom investment calls for an exorcism"

21 Ledyaeva, S., "Offshore FDI, capital round-tripping, and corruption : Empirical analysis of Russian regions" 91 (91): 305-334, 2015

22 Casella, B., "Measuring multinational production with foreign direct investment statistics: recent trends, challenges, and developments" 2023

23 Casella, B., "Looking through conduit FDI in search of ultimate investors-a probabilistic approach" 26 (26): 109-146, 2019

24 Accoto, N., "Looking beyond the curtain:pass-through capital and round-tripping in Italy’s foreign direct investment" Bank of Italy 2023

25 Krugman, P., "Leprechaun economics and neo-Lafferism"

26 OECD, "International Direct Investment Statistics"

27 Kaltokay, K., "Indirect FDI" 13 (13): 542-555, 2012

28 Repousis, S., "Foreign direct investments and round tripping between Cyprus and Russia" 22 (22): 442-450, 2019

29 Office for National Statistics, "Foreign direct investment by ultimate controlling economy, UK trends and analysis:2021"

30 Davis, L. E., "Financialization and investment: A survey of the empirical literature" 31 (31): 1332-1358, 2017

31 Lin, H-L., "FDI, trade, and product innovation : Theory and evidence" 77 (77): 434-464, 2010

32 Fertő, I., "FDI according to ultimate versus immediate investor countries : which dataset performs better?" 27 (27): 1067-1070, 2020

33 Brew, K., "Experimental ultimate host economy statistics for U.S. direct investment abroad" 2023

34 Borga, M., "Eliminating the pass‐through: Towards FDI statistics that better capture the financial and economic linkages between countries" 2018

35 Doytch, N., "Does the worldwide shift of FDI from manufacturing to services accelerate economic growth? A GMM estimation study" 30 (30): 410-427, 2011

36 Aitken, B. J., "Do domestic firms benefit from direct foreign investment? evidence from Venezuela" 89 : 605-618, 1999

37 Lipsey, R. E., "Defining and mesruring the location of FDI output" NBER 2007

38 UNCTAD, "Datahub"

39 International Monetary Fund, "Coordinated Diredt Investment Survey"

40 Casanova, C., "China’s outbound direct investment: How much goes where after round-tripping and offshoring?" 2015

41 Regan, A., "Celtic phoenix or leprechaun economics? The politics of an FDI-led growth model in Europe" 23 (23): 223-238, 2018

42 Karhunen, P., "Capital round-tripping : Determinants of emering market firm investments into offshore financial centers and their ethical implications" 181 (181): 117-137, 2022

43 OECD, "Benchmark Definition 4th edition (BMD4): Foreign direct investment(edition 2023)"

44 Gubik, S. A., "Asian foreign direct investments in the Visegrad countries : What are their motivations for coming indirectly?" 11 (11): 239-252, 2020

45 Demena, B. A., "A meta-analysis of FDI and producitivity spillovers in developing countries" 31 (31): 546-571, 2017