공적개발원조(ODA)와 해외직접투자(FDI)가 개도국 경제성장에 미치는 영향에 대한 실증연구

Abstract

Purpose: Through a precise empirical analysis with consideration of endogeneity and omitted variable problems, this study examines the impact of official development assistance (ODA) and foreign direct investment (FDI) of South Korea and the world on economic growth in developing countries.
 Originality: This study contributes the literature on ODA and FDI both by solving the problems of endogeneity and omitted institutional variables to which previous regression models might be vulnerable and by analyzing ODA’s promotion effect on FDI which great importance has recently been put on.
 Methodology: This research uses a 3SLS methodology to solve endogeneity problem caused by simultaneity among ODA, FDI and economic growth. In addition, this research compares the results of simultaneous equation 3SLS regression with those of single equation system GMM regression.
 Result: ODA of both South Korea and the world has a positive and significant impact on growth. However, neither FDI’s impact of growth nor ODA’s promotion effect on FDI is significant in both Korean model and world model. Regarding institutions, corruption perception index affects economic growth positively and significantly in the both models but investment risk index has a positive and significant impact on growth only in Korean model.
 Conclusion and Implication: Through supplementing the limitations to which previous regression models might be vulnerable and comparing the regression results of South Korea with those of the world, this study provides useful information for establishment of national policies on Korean ODA and FDI.