期刊名称：European Journal of Economic and Political Studies
印刷版ISSN：1307-6000
电子版ISSN：1307-6035
出版年度：2011
期号：1
页码：27-46
语种：English
出版社：Fatih University
摘要：The Zhang-Markusen (ZM) theory hypothesizes an inverse U-shaped relationship between human capital and foreign direct investment (FDI). Therefore, low wage countries with low human capital cannot attract FDI. To test this hypothesis, we regress FDI on educational levels across countries while grouping them in different income cohorts. Our findings partly support ZM. Rich countries with high human capital and poor countries with low human capital demonstrate an inverse correlation between FDI and human capital proxies. However, for middle-income and upper middle-income countries, human capital (especially tertiary education) has a positive relationship with FDI.
