期刊名称：Discussion Paper Series / Department of Economics, Monash University
出版年度：2007
卷号：1
出版社：Monash University
摘要：Services trade is an important source of growth in Malaysia and Singapore. Both economies are
export-oriented and actively court foreign direct investment (FDI) to advance their economic
objectives of industrialisation and economic development. This paper examines the causal
linkages between inward FDI and the country¡¯s engagement in services trade in bi-variate and
tri-variate VAR frameworks. The empirical findings for Singapore show evidence of bidirectional
causality between inward FDI and the total trade volume in services (i.e. the
absolute sum of payments and receipts) as well as between FDI and services imports (in the
tri-variate specification). This may reflect her relative open foreign investment policy and free
trade regime in services. For Malaysia, the evidence of causality is weaker and unidirectional,
from inward FDI to services imports. These findings are consistent with the different stages of
economic development and openness attained by the two sample countries, and they provide
useful background for trade and foreign investment policies and development strategies.
关键词：Causality; services trade; foreign direct investment
