무역학회지 (Korea Trade Review)

한국무역학회 (Korea Trade Research Association)
권호 표지
DOI QR코드

DOI QR Code

한·미간 FDI 매력도 비교 연구

A Comparative Study on FDI Attractiveness Index between Korea and the United States

  • 안병수 (서울디지털대학교 경역학과)
  • Byung-Soo Ahn (Department of Business Administration, Seoul Digital University)
  • 투고 : 2021.03.29
  • 심사 : 2021.04.27
  • 발행 : 2021.04.30
PDF 다운로드
⟨ 이전 논문 다음 논문 ⟩

초록

The scale of global FDI has been decreasing since 2016 due to the ongoing US-China trade dispute, the strengthening of FDI inflow screening regulations with concern over strategic technology leaks, and the spread of reshoring trends due to the reinforcement of national preferences. Eventually, the competition to attract FDI between countries is expected to become more intense. Therefore, in order to attract high-quality FDI for Korea that will contribute to the development of the national economy, it is pressing to evaluate and improve the domestic FDI attraction environment. This study aims to analyze which areas of Korea's economic and non-economic environments need improvement for gaining advantage amid the fierce competition to attract FDI between countries, by the relative comparison between Korea and the U.S., and based on the ranking indicated in key FDI attractiveness indices. As a result, improvement is needed in the following areas. First, according to IMD's "World Competitiveness Ranking 2020," Korea was inferior to the US in terms of business efficiency, productivity, finance and business legislation in terms of government efficiency. Second, according to INSEAD's "Global Talent Competitiveness Index 2020," Korea was inferior to the US in terms of internal openness, external openness, employability, lifelong learning, access to growth opportunity, and business and labor landscapes. Third, according to WEF's "Global Competitiveness Index 2019", Korea was inferior to the US in terms of product market, labor market, business dynamism and workforce skills.

키워드

과제정보

This work was supported by the research grant of the Seoul Digital University in 2018.

참고문헌

  1. Aharoni, Y. (1966), The Foreign Investment Decision Process, Cambridge, MA: Harvard University Press.
  2. Aliber, R. Z. (1970), "A Theory of Direct Foreign Investment", In C. P. Kindleberger (Ed.), The International Corporation, Cambridge, MA.: MIT Press. 17-34.
  3. Billington, N. (1999), "The Location of Foreign Direct Investment: An Empirical Analysis", Applied Economics, 31, 65-76.
  4. Blonigen, B. A. (1995), Explaining Japanese Foreign Direct Investment in the United States, Unpublished PhD Dissertation, University of California Davis, 1997.
  5. Blonigen, B. A. (1997), "Firm-Specific Assets and the Link between Exchange Rates and Foreign Direct Investment", American Economic Review, 87(3), 447-465.
  6. Blonigen, B. A. and R. C. Feenstra. (1996), "Effects of U.S. Trade Protection and Promotion Policies", NBER Working Paper, No. 5285.
  7. Bloomberg (2020), Bloomberg Innovation Index, Available from https://www.bloomberg.com/news/articles/2020-01-18/germany-breaks-korea-s-six-year-streak-as-most-innovative-nation?sref=UAieyH5e
  8. Brunetti, A. and B. Weder (1998), "Investment and Institutional Uncertainty: A Comparative Study of Different Uncertainty Measures", Weltwirtschaftliches Archiv, 134, 513-533. https://doi.org/10.1007/BF02707928
  9. Buckley, P. J. and M. Casson (1976), "A Long-Run Theory of the Multinational Enterprise", In P. J. Buckley and M. Casson (Eds), The Future of the Multinational Enterprise, London: Macmillan, 32-65.
  10. Cassou, S. P. (1997), "The Link between Tax Rates and Foreign Direct Investment", Applied Economics, 29(10), 1295-1301. https://doi.org/10.1080/00036849700000019
  11. Caves, R. E. (1974), "Multinational Firms, Competition, and Productivity in HostCountry Markets", Economica, 41(162), 176-193. https://doi.org/10.2307/2553765
  12. Caves, R. E. (1988), "Exchange-Rate Movement and Foreign Direct Investment in the United States", Harvard Institute of Economic Research, Harvard University.
  13. Ceoworld Magazine (2020), World's Best Countries To Invest In Or Do Business For 2020, Available from https://ceoworld.biz/2020/02/17/worlds-best-countries-to-invest-in-or-do-business-for-2020/
  14. Cho, Dong-Sung and Hwy-Chang Moon (2013) "International Review of National Competitiveness - A Detailed Analysis of Scources and Rankings", Cheltenham UK.Northampton MA: Edward Elgar.
  15. Cho, Dong-Sung, Hwy-Chang Moon and Min-Young Kim (2009) "Does One Size Fit All? A Dual Double Diamond Approach to Country-Specific Advantages", Asian Business & Management, 8(1), 83-102. https://doi.org/10.1057/abm.2008.27
  16. Cho, Taek Hee (2008), "Analysis on The Determinants of FDI Using Nonstationary Panel Data in Korea by Industry", Korea review of Applied Economics, 10(1), 283-306.
  17. Cho, Taek Hee (2008), "Analysis on the Determinants of FDI Using Stationary Panel Data in Korea by Industry", Journal of Economics Studies, 26(2), 77-105.
  18. Choe, Chang-Gyu (2000), "Determinants of Foreign Direct Investment to Korea", Kukje Kyungje Yongu, 10(1), 49-68.
  19. Coase R. H. (1937), "The Nature of the Firm", Economica, 4, 386-405. https://doi.org/10.1111/j.1468-0335.1937.tb00002.x
  20. Cornell University, INSEAD and WIPO (2020), Global Innovation Index 2020, Available from https://www.globalinnovationindex.org/home
  21. Culem, C. G. (1988), "The Locational Determinants of Direct Investments among Industrialized Countries", European Economic Review, 32(4), 885-904. https://doi.org/10.1016/0014-2921(88)90051-7
  22. Delios, A. and W. Henisz (2003), "Political Hazards, Experience, and Sequential Entry Strategies: The International Expansion of Japanese Firms, 1980-1998", Strategic Management Journal, 24(11), 1153-1164. https://doi.org/10.1002/smj.355
  23. Dollar, D. (1992), "Outward-Oriented Developing Economies Really Do Grow More Rapidly: Evidence from 95 LDC's 1976-1985", Economic Development and Cultural Change, 40(3), 523-544. https://doi.org/10.1086/451959
  24. Dunning, J. H. (1977), "Trade, Location of Economic Activity and the MNE: A Search for an Eclectic Approach", In B. Ohlin, P.O. Hesselborn and P.M. Wijkman (Eds), The International Allocation of Economic Activity, London: Macmillan, 395-431.
  25. Dunning, J. H. (1981), "Explaining the International Direct Investment Position of Countries: Towards a Dynamic or Developmental Approach", Review of World Economics(Weltwirtschaftliches Archiv), 117(1), 30-64. https://doi.org/10.1007/BF02696577
  26. Dunning, J. H. (1988), "The Eclectic Paradigm of International Production: An Update and a Reply to Its Critics", Journal of International Business Studies, 19(1), 1-31. https://doi.org/10.1057/palgrave.jibs.8490372
  27. Dunning, J. H. (1993): Multinational Enterprises and the Global Economy, Harlow, UK: Addison-Wesley Publication Company.
  28. Dunning, J. H. (1998), "Location and the Multinational Enterprise: A Neglected Factor?", Journal of International Business Studies, 29(1), 45-66. https://doi.org/10.1057/palgrave.jibs.8490024
  29. Egger, P. and H. Winner (2005), "Evidence on Corruption as an Incentive for Foreign Direct Investment", European Journal of Political Economy, 21(4), 932-952. https://doi.org/10.1016/j.ejpoleco.2005.01.002
  30. Forbes (2019), Best Countries for Business, Available from https://www.forbes.com/best-countries-forbusiness/list/#tab:overall
  31. Froot, K. A. and J. C. Stein (1991), "Exchange Rates and Foreign Direct Investment: An Imperfect Capital Markets Approach", Quarterly Journal of Economics, 106(4), 1191-1217. https://doi.org/10.2307/2937961
  32. Gastanaga, V. M., B. N. Jeffrey and B. Pashamova (1998), "Host Country Reforms and FDI Inflows: How Much Differences Do They Make?", World Development, 26(7), 1299-1314. https://doi.org/10.1016/S0305-750X(98)00049-7
  33. Grubert, H. and J. Mutti (1991), "Taxes, Tariffs and Transfer Pricing in Multinational Corporate Decision Making", Review of Economic and Statistics, 73, 285-293. https://doi.org/10.2307/2109519
  34. Gupta, V. K. (1983), "A Simultaneous Determination of Structure, Conduct and Performance in Canadian Manufacturing", Oxford Economic Papers, 35, 281-301. https://doi.org/10.1093/oxfordjournals.oep.a041596
  35. Ha, Jong-Wook (2005), "Analysis on the Determinants of Inward and Outward Direct Investment in Korea by Industry", Korea Trade Review, 30(2), 105-131.
  36. Ha, Jong-Wook and Gui-Yun Choi(2003), "A study on the Dynamic Characteristics and Determinants of Inward Foreign Direct Investment into Korea", Journal of International Trade and Industry Studies, 8(1), 25-51.
  37. Hartman, D. G. (1984), "Tax Policy and Foreign Direct Investment in the United States", National Tax Journal, 37, 475-487. https://doi.org/10.1086/NTJ41791979
  38. Hein, S. (1992), "Trade Strategy and the Dependency Hypothesis: A Comparison of Policy, Foreign Investment, and Economic Growth in Latin America and East Asia", Economic Development and Cultural Change, 495-521.
  39. Henisz, W. (2000), "The Institutional Environment for Multinational Investment", Journal of Law, Economics, and Organization, 16, 334-364. https://doi.org/10.1093/jleo/16.2.334
  40. Hennart, J. F. and Young-Ryeol. Park (1994), "Location, Governance, and Strategic Determinants of Japanese Manufacturing Investment in the United States", Strategic Management Journal, 15(6), 419-436. https://doi.org/10.1002/smj.4250150602
  41. Hines, J. R. and E. M. Rice (1994), "Fiscal Paradise: Foreign Tax Havens and American Business", The Quarterly Journal of Economics, 109, 149-182. https://doi.org/10.2307/2118431
  42. Hufbauer, G. C. (1970), "The Impact of National Characteristics & Technology on the Commodity Composition of Trade in Manufactured Goods", In R. Vernon (Ed.), The Technology Factor in International Trade, NBER Books, Cambridge, MA: 145-231.
  43. Hymer, S. H. (1976[1960]), The International Operations of National Firms; A Study of Direct Investment, Cambridge, MA: MIT Press. 
  44. IMD (2020), The IMD World Competitiveness Ranking, Available from https://worldcompetitiveness.imd.org/rankings/wcy
  45. INSEAD (2020), 2020 Global Talent Competitiveness Index, Available from https://gtcistudy.com/wp-content/uploads/2020/01/GTCI-2020-Report.pdf
  46. Jun, K. W. and H. Singh (1996), "The Determinants of Foreign Direct Investment in Developing Countries: New Empirical Evidence", Transnational Corporations, 5(2), 67-106.
  47. Kearney (2020), Entering the storm: anticipating risk in an uncertain world, Available from https://www.kearney.com/foreign-direct-investment-confidence-index/2020-full-report
  48. Kemp, M. C. (1964), The Theory of International Trade, London: Prentice Hall.
  49. Kemsley, D. (1998), "The Effect of Taxes on Production Location", Journal of Accounting Research, 36, 321-341. https://doi.org/10.2307/2491480
  50. Kim, Jae-Hoon (2015), "Location Choices of Foreign-invested Firms in Korea", Journal of International Trade and Industry Studies, 20(1), 93-121.
  51. Kindleberger, C. P. (1969), American Business Abroad: Six Lectures on Direct Investment, New Haven, CT: Yale University Press.
  52. Klein, M. W. and E. S. Rosengren (1994), "The Real Exchange Rate and Foreign Direct Investment in the United States: Relative Wealth vs. Relative Wage Effects", The Journal of International Economics, 36, 373-389.
  53. Knickerbocker, F. T. (1973), Oligopolistic Reaction and the Multinational Enterprise, Boston, MA: Harvard University Press.
  54. Ko, Suk-Nam (2006), "What has Caused Inconsistent Empirical Results in the Determinants of FDI?", Journal of Industrial Economics and Business, 19(3), 1051-1070.
  55. Kogut, B. and S. J. Chang (1991), "Technological Capabilities and Japanese Foreign Direct Investment in the United States", The Review of Economics and Statistics, 73(3), 401-413. https://doi.org/10.2307/2109564
  56. Kolde, E. J. (1968), "Business Enterprise in a Global Context", In R.N. Farmer (Ed.), International Management, Dickenson Pub.Co., Belmont, CA: 8-32.
  57. Kravis, I. B. and R. E. Lipsey (1982), "The Location of Overseas Production and Production for Export by U.S. Multinational Firms", Journal of International Economics, 12, 201-223. https://doi.org/10.1016/0022-1996(82)90036-8
  58. Kumar, N. (1987), "Intangible Assets, Internalisation and Foreign Production: Direct Investments and Licensing in Indian Manufacturing", Weltwirtschaftliches Archiv, 123(2), 325-345. https://doi.org/10.1007/BF02706666
  59. Lall, S. and N. S. Siddharthen (1982), "The Monopolistic Advantage of Multinationals: Lessons from Foreign Direct Investment in the U.S", The Economic Journal, 92, 668-683. https://doi.org/10.2307/2232556
  60. Lee, Jeong-Yeon and E. Mansfield (1996), "Intellectual Property Protection and U. S. Foreign Direct Investment", Review of Economics and Statistics, 78(2), 181-186. https://doi.org/10.2307/2109919
  61. Lee, Ki-Dong, Seok-Joon Hwang and Min-Hwan Lee (2008), "Horizontal and Vertical Agglomeration and the Location Choice of Foreign Direct Investments in Korea", Journal of Korean Economy Studies, 21, 161-189.
  62. Lee, Min-Hwan and Taek-Dong Yeo (2008), "An Empirical Study on the Determinants of Foreign Direct Investment into Korean Service Industry", The Journal of Korea Research Society for Customs, 9(1), 419-444.
  63. Lee, Seung-Rae, Jun-Gu Kang, Hyuk-Hwang Kim, Ji-Hyun Park, Jun-Won Lee and Ju-Mi Lee (2015), The Determinants of Greenfield and M&A Foreign Direct Investment, (Policy Analysis 15-08), Sejong: Korea Institute for International Economic Policy
  64. Lim, D. (1983), "Fiscal Incentive and Direct Foreign Investment in Less Developed Countries", The Journal of Development Studies, 19(2), 207-212. https://doi.org/10.1080/00220388308421859
  65. Loree, D. and S. Guisinger (1995), "Policy and Non-Policy Determinants of US Foreign Direct Investment', International Journal of the Economics of Business, 6(1), 65-79.
  66. Lucas, R. (1993), "On the Determinants of Direct Foreign Investment: Evidence from East and Southeast Asia", World Development, 21(3), 391-405. https://doi.org/10.1016/0305-750X(93)90152-Y
  67. Lunn. J. (1980), "Determinants of U.S. Direct Investment in the E.E.C.: Further Evidence", European Economic Review, 13, 93-101.
  68. MacDougall, G. D. A. (1958). "The Benefits and Cost of Private Foreign Investment Abroad: A Theoretical Approach", Economic Record, 36.
  69. Ministry of Trade, Industry and Energy (2021), "Foreign Direct Investment Trends 2020", News Release. Sejong, Korea.
  70. Moon, Hwy-Chang and Jin-Sup Jung (2010), "Economic Effects of Inward Foreign Direct Investment: A Case of Korea", Korean Corporation Management Review, 17(2), 133-156.
  71. Mundell, R. A. (1957), "International Trade and Factor Mobility", American Economic Review, 47, 321-335.
  72. OECD (2019), OECD Regulatory Restrictiveness Index (OECD.Stat). Available from https://stats.oecd.org/Index.aspx?datasetcode=FDIINDEX#
  73. Owen, R. F. (1982), "Inter-Industry Determinants of Foreign Direct Investments: A Canadian Perspective", New Theories of Multinational Enterprise, 238-253.
  74. Porter, M. E. (1985). Competitive Advantage: Creating and Sustaining Superior Performance, New York, NY: Free Press.
  75. Porter, M. E. (1990). The Competitive Advantage of Nations, New York, NY: Free Press.
  76. Prachowny, M. J. (1972), "Direct Investment and the Balance of Payments of the U.S.: A Portfolio Approach", Working Paper, Economics Department, Queen's University.
  77. Ragazzi, G. (1973), "Theories of the Determinants of Direct Foreign Investment", IMF Econ Rev 20, 471-498. https://doi.org/10.2307/3866325
  78. Rhee, Dong-Kee and Young-Gon Cho (2000), "The Determinants of Inward Foreign Direct Investments into Korea", International Business Review, 4(1), 271-281. https://doi.org/10.21739/IBR.2000.12.4.1.271
  79. Root, F. and A. A. Ahmed (1979), "Empirical Determinants of Manufacturing Direct Foreign Investment Developing Countries", Economic Development and Cultural Change, 27, 751-767. https://doi.org/10.1086/451139
  80. Sader, F. (1993), "Privatization and Foreign Investment in the Developing World", World Bank Working Paper, No. 1202.
  81. Scaperlanda, A. E. and L. S. Mauer (1969), "The Determinants of U.S. Direct Investment in the E.E.C", American Economic Review, 59, 558-568.
  82. Schmitz, A. and J. Bieri (1972), "EEC Tariffs and U.S. Direct Investment", European Economic Review, 3, 259-270. https://doi.org/10.1016/0014-2921(72)90007-4
  83. Schneider, F. and B. S. Frey (1985), "Economic and Political Determinants of Foreign Direct Investment", World Development, 13(2), 161-175. https://doi.org/10.1016/0305-750X(85)90002-6
  84. Scholes, M. and M. Wolfson. (1990), "The Effects of Changes in Tax Laws on Corporate Reorganization Activity", Journal of Business, 63, 141-164.
  85. Shamsuddin, A. F. (1994), "Economic Determinants of Foreign Direct Investment in Less Developed Countries", The Pakistan Development Review, 33, 41-51. https://doi.org/10.30541/v33i1pp.41-51
  86. Statistics Korea (2021), Record of Attracting Foreigner Investment by Industry (KOSIS). Available from https://kosis.kr/eng/statisticsList/statisticsListIndex.do?menuId=M_01_01&vwcd=MT_ETITLE&parmTabId=M_01_01&statId=1976023&themaId=#SelectStatsBoxDiv
  87. Stevens, G. V. G. (1972), Capital Mobility and the International Firm, In F. Machlup, W.S. Salant and L. Tarshis (Eds), International mobility and movement of capital, 461-468.
  88. Swenson, D. L. (1994), "The Impact of U.S. Tax Reform on Foreign Direct Investment in the United States", Journal of Public Economics, 54, 243-266. https://doi.org/10.1016/0047-2727(94)90062-0
  89. The European House Ambrosetti (2020), Global Attractiveness Index 2020, Available from https://www.ambrosetti.eu/en/global-attractiveness-index/
  90. The Heritage Foundation (2020), 2020 Index of Economic Freedom, Available from https://www.heritage.org/index/pdf/2020/book/2020_IndexofEconomicFreedom_Highlights.pdf
  91. The World Bank (2020), Ease of Doing Business 2020 (Doing Business). Available from https://www.doingbusiness.org/en/rankings
  92. Torrisi, C. R. (1985), "The Determinants of Direct Foreign Investment in a Small LDC", Journal of Economic Development, 10, 29-45.
  93. Tsai, P. (1994), "Determinants of Foreign Direct Investment and Its Impact on Economic Growth", Journal of Economic Development, 19, 137-163.
  94. UNCTAD (2020), World Investment Report 2020, International Production Beyond the Pandemic, New York and Geneva: UNCTAD.
  95. UNCTAD (2021), Investment Trends Monitor, New York and Geneva: UNCTAD.
  96. WEF (2019), The Global Competitiveness Index 2019, Available from https://www.weforum.org/reports/global-competitiveness-report-2019
  97. Wei, S. J. (2000a), "How Taxing is Corruption on International Investors?", Review of Economics and Statistics, 82(1), 1-11. https://doi.org/10.1162/003465300558533
  98. Wei, S. J. (2000b), "Local Corruption and Global Capital Flows", Brookings Papers on Economic Activity, 2, 303-346. https://doi.org/10.1353/eca.2000.0021
  99. Wells, L. T., Jr (1981), "Foreign Investors from the Third World", In K. Kumar and M. McLeod (Eds.) Multinationals from Developing Countries, London: Lexington Books, 23-36.
  100. Wheeler, D. and A. Mody (1992), "International Investment Location Decisions: The Case of U.S. Firms", Journal of International Economics, 33, 57-76. https://doi.org/10.1016/0022-1996(92)90050-T
  101. Yeo, Taek-Dong (2020), "Analysis of the Prior Studies on the Theory of International Trade", Korea Trade Review, 45(6), 181-205.
  102. Yeo, Taek-Dong and Lee, Min-Hwan (2009), "A Study on the Features and Determinants of Foreign Direct Investment in Korea", Korea Trade Review, 34(4), 339-367.